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A-1","page_number":17,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"3bcef8d5-e2ac-4981-acbd-3fe6b923c4f0","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":17,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"fc86de8c-4532-43a3-be48-6a7c0ad02d1a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":17,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"ec305a3a-0e44-416e-8091-47b8c21c0e2e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":17,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ae59614-eece-4a23-9f2d-cc0ce05a4901","block_type":"box","text":"PART I: INFORMATION ABOUT ISHARES RUSSELL 2000 SMALL-CAP INDEX FUND","page_number":18,"box":{"x":193,"y":45,"width":593,"height":9}},{"id":"dfcf50fd-2d1c-4b4a-ac8e-55ad00a915de","block_type":"box","text":"AND ISHARES MSCI EAFE INTERNATIONAL INDEX FUND","page_number":18,"box":{"x":284,"y":60,"width":410,"height":9}},{"id":"94f877ae-2b6b-434e-aca1-70dbba6c123d","block_type":"box","text":"Part I of this Statement of Additional Information (“SAI”) sets forth information about iShares Russell 2000","page_number":18,"box":{"x":102,"y":82,"width":766,"height":11}},{"id":"1181d14c-2d09-4189-9edf-41d4e95fbf79","block_type":"box","text":"Small-Cap Index Fund (“Russell 2000 Small-Cap Index Fund”) and iShares MSCI EAFE International Index Fund","page_number":18,"box":{"x":69,"y":98,"width":786,"height":11}},{"id":"2eab0e9c-3654-4e75-b821-b0213e1d3a31","block_type":"box","text":"(“MSCI EAFE International Index Fund”) (each a “Fund” and together the “Funds”), each a series of BlackRock Index","page_number":18,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"e402bc98-d8e9-4ece-8f69-a570a499705a","block_type":"box","text":"Funds, Inc. (the “Corporation”). It includes information about the Corporation’s Board of Directors (the “Board,” and","page_number":18,"box":{"x":70,"y":128,"width":824,"height":11}},{"id":"5e916dc0-6088-419e-b6b1-320973029c28","block_type":"box","text":"the directors thereof, the “Directors”), the advisory and management services provided to and the management fees","page_number":18,"box":{"x":68,"y":143,"width":836,"height":11}},{"id":"51dc4366-680f-49d6-bf38-facc1c015b14","block_type":"box","text":"applicable to the Funds, performance data for the Funds and information about other fees applicable to and services","page_number":18,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"28c79396-76b4-4ca5-84a6-30732717adb7","block_type":"box","text":"provided to the Funds. This Part I of this SAI should be read in conjunction with the Funds’ Prospectuses and those","page_number":18,"box":{"x":70,"y":173,"width":821,"height":11}},{"id":"4f0c87f4-5a71-477f-b5b5-5f50f8371bb0","block_type":"box","text":"portions of Part II of this SAI that pertain to the Funds.","page_number":18,"box":{"x":70,"y":188,"width":389,"height":11}},{"id":"2c3a13a8-cd4f-429e-9978-660600a86013","block_type":"box","text":"I. Investment Objectives and Policies","page_number":18,"box":{"x":69,"y":219,"width":270,"height":11}},{"id":"ced71b54-9064-46d0-862d-2c92f0c29ab4","block_type":"box","text":"The Corporation currently consists of two operating series, Russell 2000 Small-Cap Index Fund and MSCI EAFE","page_number":18,"box":{"x":101,"y":241,"width":791,"height":11}},{"id":"ffe06f8e-cea9-4883-b8b4-ec9cb37d62ad","block_type":"box","text":"International Index Fund. Each Fund’s investment objective is to provide investment results that, before expenses,","page_number":18,"box":{"x":70,"y":256,"width":813,"height":11}},{"id":"39f3de56-9a15-4475-87f8-42b5133a5bf9","block_type":"box","text":"replicate the total return (i.e., the combination of capital changes and income) of a specified securities index. Each","page_number":18,"box":{"x":69,"y":271,"width":819,"height":12}},{"id":"d1ae3a01-4dca-4c28-99ad-c1e375578adf","block_type":"box","text":"Fund is classified as a diversified open-end management investment company under the Investment Company Act of","page_number":18,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"88fdabad-5c10-41c7-84bd-08dc37b45ea2","block_type":"box","text":"1940, as amended (the “Investment Company Act”).","page_number":18,"box":{"x":70,"y":302,"width":373,"height":11}},{"id":"86f60e9d-6fce-40c2-986b-65188753a68a","block_type":"box","text":"Russell 2000 Small-Cap Index Fund seeks to achieve its objective by investing all of its assets in Master Small","page_number":18,"box":{"x":102,"y":324,"width":790,"height":12}},{"id":"14833b00-9499-4e8e-8f55-1a29b738f260","block_type":"box","text":"Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”) that has the same investment","page_number":18,"box":{"x":69,"y":339,"width":826,"height":11}},{"id":"6357e656-55b2-4c11-b528-a7b56a4a2cce","block_type":"box","text":"objective as Russell 2000 Small-Cap Index Fund. Russell 2000 Small-Cap Index Fund’s investment experience and","page_number":18,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"d31fca36-1586-40c3-a882-63df730aea3e","block_type":"box","text":"results will correspond directly to the investment experience of Master Small Cap Index Series. Thus, all of Russell","page_number":18,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"3a2bd8fa-af23-4535-9716-de9560080a4f","block_type":"box","text":"2000 Small-Cap Index Fund’s investments are made at the level of Master Small Cap Index Series. For simplicity,","page_number":18,"box":{"x":69,"y":385,"width":808,"height":11}},{"id":"da87e81e-0e0c-4964-8aa2-9e013b6b1d33","block_type":"box","text":"however, with respect to investment objectives, policies and restrictions, this SAI, like the Prospectus, uses the","page_number":18,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"190ac419-aa4a-4193-951b-0c1ab0e6fe10","block_type":"box","text":"terms “Fund,” as applicable, and “Russell 2000 Small-Cap Index Fund” to include Master Small Cap Index Series.","page_number":18,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"94ca65eb-9df5-4689-b132-1ed81d726ab7","block_type":"box","text":"Reference is made to the discussion under “How Each Fund Invests” in the Prospectus for information with respect","page_number":18,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"b7311010-4b76-4d74-8983-ac96f6e784cd","block_type":"box","text":"to each Fund’s and Master Small Cap Index Series’ investment objectives and policies. There can be no assurance","page_number":18,"box":{"x":68,"y":445,"width":821,"height":11}},{"id":"9c394b30-4f97-461a-83b5-fb5cc79d5f45","block_type":"box","text":"that the investment objectives of the Funds will be achieved.","page_number":18,"box":{"x":68,"y":460,"width":431,"height":12}},{"id":"19d7d1b8-5682-4ae1-abf6-3b7fb72b869d","block_type":"box","text":"The Funds’ investment objectives are not fundamental policies and may be changed by the Board without","page_number":18,"box":{"x":101,"y":483,"width":751,"height":11}},{"id":"8e2c602c-15bc-46a4-bf65-8c3c6b6c51a6","block_type":"box","text":"shareholder approval. The Directors may also change the target index of a Fund if they believe that a different index","page_number":18,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"116cc4cc-01c9-4652-b41a-6dd34ffcb8f8","block_type":"box","text":"would facilitate the management of the Fund in a manner which better enables the Fund to seek to replicate the total","page_number":18,"box":{"x":68,"y":513,"width":835,"height":12}},{"id":"646d53e2-a9b0-4b7e-8377-355b793d34da","block_type":"box","text":"return of the market segment represented by the current index.","page_number":18,"box":{"x":69,"y":528,"width":450,"height":12}},{"id":"32261ca0-89cf-4878-8b89-93c0ef6ecd32","block_type":"box","text":"The Funds that are subject to Rule 35d-1 under the Investment Company Act, will not change their investment","page_number":18,"box":{"x":101,"y":551,"width":783,"height":11}},{"id":"62d87029-e9e4-44e1-a3ac-eec92bd4f687","block_type":"box","text":"policies required by that rule without giving shareholders 60 days’ prior written notice.","page_number":18,"box":{"x":70,"y":566,"width":610,"height":11}},{"id":"d718d2c9-d164-448c-8698-8aaadff110da","block_type":"box","text":"Russell 2000 Small-Cap Index Fund","page_number":18,"box":{"x":70,"y":597,"width":254,"height":10}},{"id":"380ef41b-9289-453b-8223-ab79067e6f18","block_type":"box","text":"The investment objective of the Russell 2000 Small-Cap Index Fund is to match the performance of the Russell","page_number":18,"box":{"x":101,"y":619,"width":794,"height":11}},{"id":"540db1cd-2272-4b0f-b459-af5b2bc2dc43","block_type":"box","text":"2000","page_number":18,"box":{"x":69,"y":634,"width":38,"height":9}},{"id":"62884814-5462-4ad3-ab09-5328ca290043","block_type":"box","text":"®","page_number":18,"box":{"x":108,"y":635,"width":5,"height":4}},{"id":"61421774-ba25-4882-96bc-cfa28f4b2f45","block_type":"box","text":"Index (the “Russell 2000”) as closely as possible before the deduction of Fund expenses. There can be no","page_number":18,"box":{"x":120,"y":634,"width":761,"height":11}},{"id":"ea04aa70-5245-49bd-864d-4bfae1aca9f0","block_type":"box","text":"assurance that the investment objective of the Fund will be achieved.","page_number":18,"box":{"x":69,"y":649,"width":492,"height":11}},{"id":"c184e856-0898-429e-a300-9e9b644069de","block_type":"box","text":"The Fund seeks to achieve its investment objective by investing all of its assets in the Master Small Cap Index","page_number":18,"box":{"x":101,"y":672,"width":789,"height":11}},{"id":"39e5958c-30b4-4754-a902-604b1fa0b83e","block_type":"box","text":"Series of the Master LLC, which has the same investment objective as the Fund. The following is a description of the","page_number":18,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"0bfd9a08-cc92-4f44-8e80-787de8c1aa39","block_type":"box","text":"investment policies of Russell 2000 Small-Cap Index Fund.","page_number":18,"box":{"x":70,"y":702,"width":418,"height":11}},{"id":"217cd123-8f85-4704-8309-3ec02898ef03","block_type":"box","text":"In seeking to replicate the total return of the Russell 2000, BlackRock Advisors, LLC (“BlackRock” or the","page_number":18,"box":{"x":102,"y":725,"width":746,"height":11}},{"id":"4c87b08c-d36a-404f-82a8-f35ef05a824c","block_type":"box","text":"“Manager”) may not allocate the Russell 2000 Small-Cap Index Fund’s investments among all of the common stocks","page_number":18,"box":{"x":70,"y":740,"width":833,"height":11}},{"id":"bb8b5a6c-d038-44da-b324-7d09b1394c9e","block_type":"box","text":"in the Russell 2000, or in the same weightings as the Russell 2000. Instead, the Russell 2000 Small-Cap Index","page_number":18,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"e3dfa38a-6d66-490f-b13f-f450a9b31e4d","block_type":"box","text":"Fund may invest in a statistically selected sample of the stocks included in the Russell 2000 and in derivative","page_number":18,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"a50eb906-c1fb-44f4-b95e-cf6a142cd131","block_type":"box","text":"instruments linked to the Russell 2000. The Manager may use options and futures contracts and other types of","page_number":18,"box":{"x":70,"y":785,"width":797,"height":12}},{"id":"b68b58d9-da6a-477a-a120-9ac53361006a","block_type":"box","text":"financial instruments relating to all or a portion of the Russell 2000. The investments to be included in the Russell","page_number":18,"box":{"x":68,"y":801,"width":820,"height":11}},{"id":"0e3cf93c-ae4a-4f76-89af-cc08404f1386","block_type":"box","text":"2000 Small-Cap Index Fund will be selected so that the market capitalizations, industry weightings and other","page_number":18,"box":{"x":69,"y":816,"width":776,"height":11}},{"id":"6ac3f94f-94e2-4486-885c-dd48ecdf28c2","block_type":"box","text":"fundamental characteristics of the stocks, and of the stocks underlying or otherwise related to the foregoing financial","page_number":18,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"7798babc-adb0-4455-82ec-daefcc22c500","block_type":"box","text":"instruments, closely approximate those same factors in the Russell 2000, with the objective of reducing the","page_number":18,"box":{"x":70,"y":846,"width":770,"height":11}},{"id":"b0e99582-e41f-4509-9049-aa0f2ef37f30","block_type":"box","text":"investment portfolio’s deviation from the performance of the Russell 2000 (this deviation is referred to as “tracking","page_number":18,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"ad6c0665-2e19-4bd1-9f0d-97afd9147c31","block_type":"box","text":"error”). The Russell 2000 Small-Cap Index Fund may also engage in securities lending. See “Securities Lending” in","page_number":18,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"7618dcd8-4f37-4633-99c4-07b4b1ad70af","block_type":"box","text":"Part II of this SAI.","page_number":18,"box":{"x":69,"y":891,"width":124,"height":9}},{"id":"2802dc8d-beb8-46ac-89bf-126c5cd9a213","block_type":"box","text":"I-1","page_number":18,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8a5c99a9-5931-4c1b-9bc8-9f4b7f193ad0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":18,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f7dda44-f413-4c85-b539-79de6dfdd3a6","block_type":"box","text":"The Russell 2000 is composed of approximately 2,000 smaller-capitalization common stocks from various","page_number":19,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"02257c0b-7155-448b-85c4-e43adc000896","block_type":"box","text":"industrial sectors. A company’s stock market capitalization is the total market value of its outstanding shares.","page_number":19,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"90013ecf-ed61-45d1-b41b-a784999a4a1d","block_type":"box","text":"MSCI EAFE International Index Fund","page_number":19,"box":{"x":70,"y":90,"width":254,"height":9}},{"id":"2899b588-50cf-46bc-8d71-498d7d13cfd6","block_type":"box","text":"The investment objective of MSCI EAFE International Index Fund is to match the performance of the MSCI EAFE","page_number":19,"box":{"x":101,"y":113,"width":793,"height":11}},{"id":"0c8f903d-7d23-4a06-8773-172a35a402f9","block_type":"box","text":"Index (Europe, Australasia, Far East) (the “MSCI EAFE Index”) in U.S. dollars with net dividends as closely as possible","page_number":19,"box":{"x":70,"y":128,"width":837,"height":11}},{"id":"d495bea8-e5ed-4501-9ea4-77e82cf9b4b4","block_type":"box","text":"before the deduction of Fund expenses. There can be no assurance that the investment objective of the Fund will be","page_number":19,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"ad6f1819-fe52-4862-87eb-ad061fb44023","block_type":"box","text":"achieved.","page_number":19,"box":{"x":69,"y":158,"width":66,"height":9}},{"id":"6cfba5ed-62f9-4f6d-8c50-c76a098159c8","block_type":"box","text":"The following is a description of the investment policies of MSCI EAFE International Index Fund.","page_number":19,"box":{"x":101,"y":181,"width":677,"height":11}},{"id":"6a8e1f41-fcd7-4af5-a948-64684cd3dee4","block_type":"box","text":"In seeking to replicate the total return of the MSCI EAFE Index, the MSCI EAFE International Index Fund will,","page_number":19,"box":{"x":102,"y":203,"width":764,"height":12}},{"id":"37de04e6-7b22-4b2a-9239-d47074a07fd3","block_type":"box","text":"under normal circumstances, invest in all of the countries in the MSCI EAFE Index, but the Manager may not allocate","page_number":19,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"e530ca27-a092-4245-9f0d-7d650b275aeb","block_type":"box","text":"MSCI EAFE International Index Fund’s investments among all of the companies within a country represented in the","page_number":19,"box":{"x":70,"y":234,"width":815,"height":11}},{"id":"68ab5b76-de45-4c06-8784-60835a386606","block_type":"box","text":"MSCI EAFE Index, or in the same weightings as the MSCI EAFE Index. Instead, MSCI EAFE International Index Fund","page_number":19,"box":{"x":70,"y":249,"width":814,"height":11}},{"id":"72d8a842-df5f-4240-8439-650bfec420c0","block_type":"box","text":"may invest in a sample of the equity securities included in the MSCI EAFE Index and in derivative instruments","page_number":19,"box":{"x":69,"y":264,"width":779,"height":11}},{"id":"6ad71346-6be3-4a1c-b909-bfbe2972172f","block_type":"box","text":"correlated with components of the MSCI EAFE Index based on the Manager’s optimization process, a statistical","page_number":19,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"f40a1c7a-2bd1-495c-adc8-7b0f94882e6d","block_type":"box","text":"sampling technique that aims to create a portfolio that will match approximately the performance of the index with","page_number":19,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"13e340ec-f9e3-450a-8a4b-2e575f6e8690","block_type":"box","text":"lower transaction costs than would be incurred through full replication. In addition, the Manager may use options and","page_number":19,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"2c7d8558-f2a6-46b0-ae2d-aecdbe61b332","block_type":"box","text":"futures contracts and other types of financial instruments relating to all or a portion of the MSCI EAFE Index. The","page_number":19,"box":{"x":68,"y":324,"width":805,"height":12}},{"id":"54476f64-f5a7-4597-881e-7108d5331b20","block_type":"box","text":"investments to be included in MSCI EAFE International Index Fund will be selected so that the market capitalizations,","page_number":19,"box":{"x":70,"y":340,"width":831,"height":10}},{"id":"6f122a17-b105-4769-922e-7b5c7989ec68","block_type":"box","text":"industry weightings and other fundamental characteristics of the stocks, and of the stocks underlying or otherwise","page_number":19,"box":{"x":70,"y":355,"width":815,"height":11}},{"id":"c9d2326b-e0ab-43dc-aba2-6f3ea8ab5fa5","block_type":"box","text":"related to the foregoing financial instruments, closely approximate those same factors in the MSCI EAFE Index, with","page_number":19,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"ebfbf0e3-3e2d-45e7-bb80-d46998a986e9","block_type":"box","text":"the objective of reducing the selected investment portfolio’s deviation from the performance of the MSCI EAFE Index","page_number":19,"box":{"x":68,"y":385,"width":832,"height":11}},{"id":"a742d660-649e-4311-895b-ba5283a0ed8d","block_type":"box","text":"(tracking error). MSCI EAFE International Index Fund may also engage in securities lending. See “Securities Lending”","page_number":19,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"05f0e127-ac90-49f2-9f4b-4b5663ad5e9d","block_type":"box","text":"in Part II of this SAI.","page_number":19,"box":{"x":70,"y":415,"width":141,"height":9}},{"id":"6b91acb3-d90a-4530-ab32-ec021e9326e8","block_type":"box","text":"The MSCI EAFE Index is composed of equity securities of approximately 700 companies, as of March 31, 2026,","page_number":19,"box":{"x":101,"y":438,"width":798,"height":11}},{"id":"16f20817-67e6-41b0-908d-54d66f3677c9","block_type":"box","text":"from various industrial sectors whose primary trading markets are located outside the United States and which are","page_number":19,"box":{"x":68,"y":453,"width":820,"height":11}},{"id":"9f3b4fc6-dd2a-44c6-b169-10101ea74b16","block_type":"box","text":"selected from among the larger capitalization companies in such markets. A company’s stock market capitalization is","page_number":19,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"56600bc5-97ed-4372-919e-fec5caa18a8a","block_type":"box","text":"the total market value of its outstanding shares. The countries currently included in the MSCI EAFE Index are","page_number":19,"box":{"x":68,"y":483,"width":776,"height":11}},{"id":"efb47128-f24d-4b25-a004-00b24351b336","block_type":"box","text":"Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the","page_number":19,"box":{"x":68,"y":498,"width":768,"height":11}},{"id":"7c5448d9-a7b2-411f-9d79-b4dab6175156","block_type":"box","text":"Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The","page_number":19,"box":{"x":70,"y":513,"width":817,"height":12}},{"id":"090bb332-ad4d-4358-aa8a-aa3ec319615e","block_type":"box","text":"weighting of the MSCI EAFE Index among these countries is based upon each country’s relative market capitalization.","page_number":19,"box":{"x":68,"y":528,"width":837,"height":12}},{"id":"788a80ff-1466-4aae-836f-e54758bf3062","block_type":"box","text":"Gross Domestic Product (“GDP”) is the basis for country weightings in another version of the MSCI EAFE Index.","page_number":19,"box":{"x":69,"y":543,"width":791,"height":12}},{"id":"3f8ec241-d922-4bad-851b-ba09d7a0c491","block_type":"box","text":"Relative market capitalization is historically more volatile than relative GDP, so weightings among countries tend to","page_number":19,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"fd5802ac-5f98-4de5-96c3-b10d350dd1cd","block_type":"box","text":"change more over time in a capitalization-weighted index than is the case in a GDP-weighted index.","page_number":19,"box":{"x":69,"y":574,"width":702,"height":11}},{"id":"47c33aee-3a39-47e6-8288-fb5e3a9a1756","block_type":"box","text":"About Indexing and Management of the Funds","page_number":19,"box":{"x":68,"y":604,"width":338,"height":11}},{"id":"78c3a83c-7fbd-4cac-b8c6-4c142a220f35","block_type":"box","text":"About Indexing","page_number":19,"box":{"x":101,"y":627,"width":106,"height":11}},{"id":"d8b58a85-d1ce-4ca6-aef2-bb90f254dc10","block_type":"box","text":". The Funds are not managed according to traditional methods of “active” investment","page_number":19,"box":{"x":207,"y":627,"width":607,"height":11}},{"id":"b1a84471-6898-43f2-9088-cf532dcfc84f","block_type":"box","text":"management, which involve the buying and selling of securities based upon economic, financial, and market analyses","page_number":19,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"897251dc-b7af-45e8-b4dd-02fd8c385709","block_type":"box","text":"and investment judgment. Instead, each Fund, utilizing essentially a “passive” or “indexing” investment approach,","page_number":19,"box":{"x":69,"y":657,"width":813,"height":11}},{"id":"12c8a190-d176-4d29-82c0-6c6141009949","block_type":"box","text":"seeks to replicate, before that Fund’s expenses (which can be expected to reduce the total return of the Fund), the","page_number":19,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"15e2d9b2-c76f-44d8-b5cd-82a1c75540cc","block_type":"box","text":"total return of its respective index.","page_number":19,"box":{"x":68,"y":687,"width":245,"height":11}},{"id":"51c5b677-f6c0-44d1-9c98-ea4a2c01e20f","block_type":"box","text":"Indexing and Managing the Funds.","page_number":19,"box":{"x":102,"y":710,"width":242,"height":11}},{"id":"07a7916d-c96c-44dc-b62b-f353abf507c6","block_type":"box","text":"Each Fund will be substantially invested in securities in the applicable index,","page_number":19,"box":{"x":351,"y":710,"width":542,"height":11}},{"id":"82b62737-7f30-4fd2-8cd3-42c0cfe585ee","block_type":"box","text":"and will invest, under normal circumstances, at least 80% of its net assets in securities or other financial","page_number":19,"box":{"x":69,"y":725,"width":751,"height":10}},{"id":"15ce27a4-4869-4479-9676-1a0dccb45eb4","block_type":"box","text":"instruments which are components of or have economic characteristics similar to the securities included in the","page_number":19,"box":{"x":70,"y":740,"width":790,"height":11}},{"id":"91377739-2ef8-45dc-9dc2-4c18aef2c56d","block_type":"box","text":"applicable index. For this purpose, net assets include any borrowings for investment purposes, calculated at the time","page_number":19,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"82cf0221-e9bc-4b0e-8885-ce13654342f2","block_type":"box","text":"the Fund invests its assets.","page_number":19,"box":{"x":68,"y":771,"width":197,"height":8}},{"id":"1768340e-7c5c-45ec-a3fc-a1e36c3ad210","block_type":"box","text":"Because each Fund seeks to replicate the total return of its respective index, generally the Manager will not","page_number":19,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"2818b7e7-1f90-4098-bdc8-c424c8d3b5b0","block_type":"box","text":"attempt to judge the merits of any particular security as an investment but will seek only to replicate the total return","page_number":19,"box":{"x":69,"y":808,"width":827,"height":11}},{"id":"3b5450b6-b86c-4e9d-b8e4-0dc7418a9c35","block_type":"box","text":"of the securities in the relevant index. However, the Manager may omit or remove a security which is included in an","page_number":19,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"64aa5e38-5839-4ccf-a18a-3d67b2f63856","block_type":"box","text":"index from the portfolio of a Fund if, following objective criteria, the Manager judges the security to be insufficiently","page_number":19,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"876cea2b-6aca-4ea2-9233-3b6f6cc66483","block_type":"box","text":"liquid or believes the merit of the investment has been substantially impaired by extraordinary events or financial","page_number":19,"box":{"x":70,"y":853,"width":804,"height":12}},{"id":"cdf7a01e-819b-482e-948b-52a866b93eb0","block_type":"box","text":"conditions.","page_number":19,"box":{"x":69,"y":869,"width":76,"height":9}},{"id":"48e1d3c3-0793-49f7-b630-ff6dc4ff0096","block_type":"box","text":"The Manager may acquire certain financial instruments based upon individual securities or based upon or","page_number":19,"box":{"x":101,"y":891,"width":755,"height":12}},{"id":"b80d8ff5-2825-4b7a-80e4-7413ab145eb7","block_type":"box","text":"consisting of one or more baskets of securities (which basket may be based upon a target index). Certain of these","page_number":19,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"7a4f8b39-f1b5-4842-805e-d26f8dc84f5c","block_type":"box","text":"I-2","page_number":19,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"0768d4e8-70ec-48eb-8520-6b85cd93d1e5","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":19,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04b159c0-e270-4f28-9d73-fca86e587ab0","block_type":"box","text":"instruments may represent an indirect ownership interest in such securities or baskets. Others may provide for the","page_number":20,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"4daefcee-eac3-40c1-b343-a6b5e50155c5","block_type":"box","text":"payment to a Fund or by a Fund of amounts based upon the performance (positive, negative or both) of a particular","page_number":20,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"861333df-dedc-4ce0-a6fd-ddb6d982f698","block_type":"box","text":"security or basket. The Manager will select such instruments when it believes that the use of the instrument will","page_number":20,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"c70a8819-8aac-482c-a6d5-f2439b00f84d","block_type":"box","text":"correlate substantially with the expected total return of a target security or index. In connection with the use of such","page_number":20,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"e80887b9-de87-4aaf-a32d-c0062dc35ef9","block_type":"box","text":"instruments, the Manager may enter into short sales in an effort to adjust the weightings of particular securities","page_number":20,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"3f8a369a-c6fd-42ac-a3fb-e30a34fe834c","block_type":"box","text":"represented in the basket to more accurately reflect such securities’ weightings in the target index.","page_number":20,"box":{"x":69,"y":120,"width":707,"height":12}},{"id":"122ee1ce-6c22-45ab-9679-65e42e7eadf6","block_type":"box","text":"Each Fund’s ability to replicate the total return of its respective index may be affected by, among other things,","page_number":20,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"5cda49c8-3a67-4163-8a29-dc36b29e2442","block_type":"box","text":"transaction costs, administration and other expenses incurred by the Fund, taxes (including foreign withholding taxes,","page_number":20,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"625c90e1-495f-4595-b739-470d9f7f36ea","block_type":"box","text":"which will affect the performance of the Fund), changes in either the composition of the index or the assets of a","page_number":20,"box":{"x":68,"y":173,"width":801,"height":11}},{"id":"911acda6-3d27-43fb-bfa6-22f51affa77c","block_type":"box","text":"Fund, and the timing and amount of Fund investor contributions and withdrawals, if any. 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There can be no assurance, however, that these levels of correlation will be","page_number":20,"box":{"x":68,"y":279,"width":808,"height":11}},{"id":"b4a0d34c-2ea8-4a67-9fea-1b213e0332fb","block_type":"box","text":"achieved. In the event that this correlation is not achieved over time, the Directors of the Master LLC and the","page_number":20,"box":{"x":69,"y":294,"width":778,"height":11}},{"id":"d363f211-53de-4810-8f47-c2ec5299155e","block_type":"box","text":"Directors of the Corporation will consider alternative strategies for Master Small Cap Index Series and the Funds,","page_number":20,"box":{"x":70,"y":309,"width":804,"height":11}},{"id":"dba2a8bb-98f6-42fa-b33e-3f7630d9b06d","block_type":"box","text":"respectively. Information regarding correlation of a Fund’s performance to that of a target index may be found in each","page_number":20,"box":{"x":69,"y":324,"width":837,"height":12}},{"id":"601893c7-fd0d-4607-9158-4dbd01dad288","block_type":"box","text":"Fund’s Annual Report.","page_number":20,"box":{"x":70,"y":340,"width":156,"height":10}},{"id":"fa859fd9-386d-4d10-a798-90e5f9a481ca","block_type":"box","text":"***","page_number":20,"box":{"x":471,"y":362,"width":36,"height":6}},{"id":"d8a0bbc2-3263-400c-8e8e-257f3a21cf89","block_type":"box","text":"In implementing each Fund’s investment strategy, from time to time, BlackRock may consider and employ","page_number":20,"box":{"x":102,"y":385,"width":752,"height":11}},{"id":"aed8b826-6e7a-4d4f-bfeb-aec30f814d1f","block_type":"box","text":"techniques and strategies designed to minimize and defer the U.S. federal income taxes which may be incurred by","page_number":20,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"0e80ff39-a07a-42cc-b220-c376044c0a82","block_type":"box","text":"shareholders in connection with their investment in such Fund.","page_number":20,"box":{"x":69,"y":415,"width":445,"height":9}},{"id":"58f268a1-7dec-47f4-8cb8-de107d44c184","block_type":"box","text":"Set forth below is a listing of some of the types of investments and investment strategies that the Funds may","page_number":20,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"5913b1f6-884e-43ce-9643-f84d16fc030f","block_type":"box","text":"use, and the risks and considerations associated with those investments and investment strategies. Please see Part","page_number":20,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"e5f79b46-252e-407f-b1f5-c6a117cdf210","block_type":"box","text":"II of this SAI for further information on these investments and investment strategies. Information contained in Part II","page_number":20,"box":{"x":70,"y":468,"width":828,"height":11}},{"id":"a2bc3f07-cd34-4037-ace1-3ebca968adb2","block_type":"box","text":"about the risks and considerations associated with investments and/or investment strategies applies only to the","page_number":20,"box":{"x":69,"y":483,"width":805,"height":11}},{"id":"cf56b581-4265-413b-8295-1980be06c960","block_type":"box","text":"extent a Fund makes each type of investment or uses each investment strategy. Also set forth below is a listing of","page_number":20,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"854150cc-b8e5-4e0d-83b8-57e9e76775fa","block_type":"box","text":"the proxy voting policy and related guidelines applicable to each Fund. Please see “Proxy Voting Policies and","page_number":20,"box":{"x":68,"y":514,"width":771,"height":11}},{"id":"a4d9e8fa-dd4c-4d77-a8bf-f33418bcaa95","block_type":"box","text":"Procedures” in Part II of this SAI for further information about these policies. A copy of each policy is included in","page_number":20,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"5d39118b-de9e-4079-89a4-f08a0a490e3c","block_type":"box","text":"Appendix B. 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Only information that is clearly identified as applicable to a Fund is considered to form a part","page_number":20,"box":{"x":70,"y":596,"width":826,"height":12}},{"id":"20007daf-f976-49c1-85d0-60dd5368dfbe","block_type":"box","text":"of the Fund’s SAI.","page_number":20,"box":{"x":69,"y":612,"width":125,"height":9}},{"id":"7c23a834-4915-4d7b-ab13-9cc06e9c30a0","block_type":"box","text":"Russell 2000 Small-Cap Index Fund MSCI EAFE International Index Fund","page_number":20,"box":{"x":430,"y":641,"width":459,"height":8}},{"id":"cdf590a4-8be3-4dc1-8ca1-88e872056929","block_type":"box","text":"Asset-Backed Securities","page_number":20,"box":{"x":72,"y":660,"width":161,"height":8}},{"id":"137015db-f40c-4ba8-902a-7e6af778be10","block_type":"box","text":"X","page_number":20,"box":{"x":779,"y":660,"width":8,"height":8}},{"id":"8af9e9fe-8bf8-4260-bbf0-60a25e172300","block_type":"box","text":"Asset-Based 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To the extent a Fund uses CFTC Derivatives, it intends","page_number":25,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"985e03a8-ecda-4d0b-a4b3-d44952b1e37a","block_type":"box","text":"to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such","page_number":25,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"5bc10a54-a738-44ee-974c-ad50e5b19a88","block_type":"box","text":"instruments.","page_number":25,"box":{"x":70,"y":105,"width":87,"height":9}},{"id":"72d477c5-263a-41a6-a319-6e5a7fbac132","block_type":"box","text":"BlackRock has claimed an exclusion from the definition of the term “commodity pool operator” under the","page_number":25,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"37c8be17-b908-4040-9e92-97499dfb9a29","block_type":"box","text":"Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA (“Rule 4.5”) with respect to MSCI EAFE","page_number":25,"box":{"x":69,"y":143,"width":779,"height":11}},{"id":"2ab869f8-c56c-4d80-a090-760541a4fa4a","block_type":"box","text":"International Index Fund.","page_number":25,"box":{"x":70,"y":158,"width":173,"height":9}},{"id":"88b6d704-7630-49a3-8599-f065e2651936","block_type":"box","text":"Russell 2000 Small-Cap Index Fund may also have investments in “underlying funds” (and such underlying funds","page_number":25,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"bfcb25ac-5ac8-4f2f-a13b-d615db9d029d","block_type":"box","text":"themselves may invest in underlying funds) not advised by BlackRock (which for purposes of the no-action letter","page_number":25,"box":{"x":68,"y":196,"width":797,"height":11}},{"id":"6e20ed0b-f298-40f9-b111-3f851e89d0cb","block_type":"box","text":"referenced below may include certain securitized vehicles, mortgage real estate investment trusts and/or investment","page_number":25,"box":{"x":69,"y":211,"width":838,"height":11}},{"id":"7fe7f266-c25f-4cf3-86d9-4cdbdedc96fa","block_type":"box","text":"companies that may invest in CFTC Derivatives), and therefore may be viewed by the CFTC as a commodity pool.","page_number":25,"box":{"x":69,"y":226,"width":799,"height":11}},{"id":"10c712e0-270a-4445-942e-7ce955553724","block_type":"box","text":"BlackRock has no transparency into the holdings of these underlying funds because they are not advised by","page_number":25,"box":{"x":70,"y":241,"width":767,"height":11}},{"id":"cc65dd84-6435-4a6e-bd72-6e408b80dfae","block_type":"box","text":"BlackRock. To address this issue of lack of transparency, the CFTC staff issued a no-action letter on","page_number":25,"box":{"x":70,"y":256,"width":712,"height":11}},{"id":"1ebed37a-8ae9-4a2c-b385-f44cad6342a3","block_type":"box","text":"November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would otherwise","page_number":25,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"d5300ed8-9cd8-4c58-88ab-006788343ac6","block_type":"box","text":"have filed a claim of exclusion pursuant to Rule 4.5 to delay registration as a “commodity pool operator” until six","page_number":25,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"a567afd2-ada8-4aaf-86b5-65391e8d4e2b","block_type":"box","text":"months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by","page_number":25,"box":{"x":69,"y":302,"width":809,"height":11}},{"id":"982dd502-279a-4e30-a045-f611bfa691d4","block_type":"box","text":"underlying funds. BlackRock, the adviser of Russell 2000 Small-Cap Index Fund, has filed a claim with the CFTC for","page_number":25,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"c169b694-015d-4930-9b41-dc1451b07cbe","block_type":"box","text":"such Fund to rely on this no-action relief. Accordingly, BlackRock is not subject to registration or regulation as a","page_number":25,"box":{"x":69,"y":332,"width":792,"height":11}},{"id":"c572d114-f16d-4370-8135-7b19c313c38c","block_type":"box","text":"“commodity pool operator” under the CEA in respect of such Fund.","page_number":25,"box":{"x":70,"y":347,"width":472,"height":11}},{"id":"8b1a7d77-4401-42ce-a467-19cacc7f969c","block_type":"box","text":"II. Investment Restrictions","page_number":25,"box":{"x":69,"y":377,"width":194,"height":9}},{"id":"0c99c3fa-b7d3-4c9c-a21d-cc969875250f","block_type":"box","text":"The Corporation, on behalf of each Fund, has adopted restrictions and policies relating to investment of each","page_number":25,"box":{"x":101,"y":400,"width":778,"height":11}},{"id":"4078cd5f-cbf2-4f8d-9af0-38879493deed","block_type":"box","text":"Fund’s assets and its activities. Certain of the restrictions are fundamental policies of each Fund and may not be","page_number":25,"box":{"x":70,"y":415,"width":807,"height":11}},{"id":"e2ada7ea-e14f-4d69-843f-2358aa1adf61","block_type":"box","text":"changed without the approval of the holders of a majority of that Fund’s outstanding voting securities (which for this","page_number":25,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"ecbc1e50-6070-4b8b-bcac-64cf3c425a57","block_type":"box","text":"purpose and under the Investment Company Act, means the lesser of (i) 67% of the shares represented at a meeting","page_number":25,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"52289ad0-5296-4afb-95ef-fca04c59256f","block_type":"box","text":"at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":25,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"028de395-43c1-48b3-87e3-37f0cc035a79","block_type":"box","text":"The Corporation, on behalf of each Fund, has also adopted certain non-fundamental investment restrictions, which","page_number":25,"box":{"x":68,"y":475,"width":816,"height":11}},{"id":"19032da5-9f16-4d59-a0ff-0f9a88e3dad5","block_type":"box","text":"may be changed by the Board without shareholder approval. None of the following fundamental or non-fundamental","page_number":25,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"7917eb81-ba3e-4244-969f-9a312993cf77","block_type":"box","text":"investment restrictions shall prevent a Fund from investing all of its assets in shares of another registered","page_number":25,"box":{"x":70,"y":506,"width":758,"height":11}},{"id":"8f04c2e2-4ee6-4100-b759-55fefb8ce648","block_type":"box","text":"investment company with the same investment objective and fundamental policies (in a master/feeder structure).","page_number":25,"box":{"x":70,"y":521,"width":809,"height":11}},{"id":"186e72e9-badc-4520-90fe-7ee276977321","block_type":"box","text":"Set forth below are the Corporation’s fundamental and non-fundamental restrictions. The Master LLC has","page_number":25,"box":{"x":102,"y":543,"width":751,"height":11}},{"id":"ef01e1ff-b565-4e7e-a339-884d3a97a1f7","block_type":"box","text":"adopted investment restrictions substantially identical to those set forth below, which are fundamental and non","page_number":25,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"ec823142-3d9d-4b3a-9a4b-8bf6a60b7bd0","block_type":"box","text":"fundamental, as applicable, policies of the Master LLC. The Master LLC’s fundamental policies may not be changed","page_number":25,"box":{"x":68,"y":574,"width":826,"height":11}},{"id":"cbea4f4e-4167-40ba-ae31-fb6ac8f442d7","block_type":"box","text":"without the approval of the holders of a majority of interests of the Master LLC. Unless otherwise provided, all","page_number":25,"box":{"x":68,"y":589,"width":785,"height":11}},{"id":"db7c3a0b-6318-46d1-a08d-e4561db6fd3c","block_type":"box","text":"references below to the assets of a Fund are in terms of current market value.","page_number":25,"box":{"x":69,"y":604,"width":559,"height":9}},{"id":"80860dc6-9522-4ed1-988a-c2f09c2b5080","block_type":"box","text":"Under the fundamental investment restrictions, a Fund may not:","page_number":25,"box":{"x":102,"y":627,"width":454,"height":11}},{"id":"90b98039-75ea-4fa2-89f1-6e7911086d73","block_type":"box","text":"(1) Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":25,"box":{"x":102,"y":649,"width":733,"height":12}},{"id":"5420a694-cdb6-4ad9-966d-892f5cee35c5","block_type":"box","text":"Investment Company Act.","page_number":25,"box":{"x":70,"y":665,"width":178,"height":11}},{"id":"e4277834-9698-4c4f-9de7-76ccb10ad2f9","block_type":"box","text":"(2) Invest more than 25% of its total assets, taken at market value, in the securities of issuers in any particular","page_number":25,"box":{"x":102,"y":687,"width":796,"height":11}},{"id":"a622a46a-859d-42d6-b2b9-9aaa2d2ff630","block_type":"box","text":"industry (excluding the U.S. Government and its agencies and instrumentalities); provided, that in replicating the","page_number":25,"box":{"x":70,"y":702,"width":801,"height":12}},{"id":"007f8b32-4b3d-46f2-bc71-caf127986cb5","block_type":"box","text":"weighting of a particular industry in its target index, a Series or Fund may invest more than 25% of its total assets in","page_number":25,"box":{"x":68,"y":717,"width":833,"height":12}},{"id":"e788418f-74d6-4ec3-8c87-d6ca304572d1","block_type":"box","text":"securities of issuers in that industry when the assets of companies included in the target index that are in the","page_number":25,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"3d761027-4af2-4032-bd69-e74c2b87213d","block_type":"box","text":"industry represent more than 25% of the total assets of all companies included in the index.","page_number":25,"box":{"x":70,"y":748,"width":658,"height":11}},{"id":"c89642bc-6fcf-4127-af97-fe4d781e7cfb","block_type":"box","text":"(3) Make investments for the purpose of exercising control or management.","page_number":25,"box":{"x":102,"y":770,"width":537,"height":12}},{"id":"1061d3b4-d53f-48ae-aeab-a1253ba6d1e1","block_type":"box","text":"(4) Purchase or sell real estate, except that, to the extent permitted by law, a Fund may invest in securities","page_number":25,"box":{"x":102,"y":793,"width":762,"height":11}},{"id":"ae87658b-2c13-422b-b778-986067f4d4b1","block_type":"box","text":"directly or indirectly secured by real estate or interests therein or issued by companies which invest in real estate or","page_number":25,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"5160f3a5-99a6-478a-86e4-587031dbf17b","block_type":"box","text":"interests therein.","page_number":25,"box":{"x":70,"y":823,"width":120,"height":9}},{"id":"5ec143da-b63a-43cf-a394-e1d843011dd5","block_type":"box","text":"(5) Make loans to other persons, except (i) that the acquisition of bonds, debentures or other corporate debt","page_number":25,"box":{"x":102,"y":846,"width":774,"height":11}},{"id":"de4e5691-fe2b-4139-b62f-612033f2a691","block_type":"box","text":"securities and investment in government obligations, commercial paper, pass-through instruments, certificates of","page_number":25,"box":{"x":69,"y":861,"width":810,"height":11}},{"id":"3b6df97b-3efe-4f3d-a2cc-bb02898fc992","block_type":"box","text":"deposit, bankers acceptances, repurchase agreements or any similar instruments shall not be deemed to be the","page_number":25,"box":{"x":69,"y":876,"width":804,"height":11}},{"id":"81764466-05a2-4410-8d57-9b4873480a57","block_type":"box","text":"making of a loan, (ii) that the Fund may lend its portfolio securities, provided that the lending of portfolio securities","page_number":25,"box":{"x":69,"y":891,"width":820,"height":12}},{"id":"5a25ddeb-63c3-4c70-859e-a1a1a5560ea1","block_type":"box","text":"may be made only in accordance with applicable law and the guidelines set forth in the Fund’s Registration","page_number":25,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"a4f67fd2-86dc-4897-9a00-9e228b94dfc4","block_type":"box","text":"I-8","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"8b0ec6fe-10aa-4d1e-8852-609f8d2ef262","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecfb6bb8-8b19-4f14-8efc-de8dc9617471","block_type":"box","text":"Statement, as it may be amended from time to time and (iii) as may otherwise be permitted by an exemptive order","page_number":26,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"3a0862c3-6fa7-4e81-a4af-1f7b9eca1579","block_type":"box","text":"issued to the Fund by the Commission.","page_number":26,"box":{"x":70,"y":60,"width":276,"height":11}},{"id":"40279bd6-8107-4723-8804-71ac1cd54cbb","block_type":"box","text":"(6) Issue senior securities to the extent such issuance would violate applicable law.","page_number":26,"box":{"x":102,"y":83,"width":594,"height":10}},{"id":"5297d2bb-4ed0-47d2-8f60-0be5abc697a3","block_type":"box","text":"(7) Borrow money, except that (i) a Fund may borrow in amounts up to 33","page_number":26,"box":{"x":102,"y":105,"width":521,"height":11}},{"id":"674638d4-495e-4107-bc6b-1128c755e65f","block_type":"box","text":"1⁄","page_number":26,"box":{"x":625,"y":105,"width":6,"height":6}},{"id":"b52b8222-161c-49d7-887d-804c0bb8ab06","block_type":"box","text":"1⁄3","page_number":26,"box":{"x":628,"y":105,"width":8,"height":9}},{"id":"e0e8331b-7d42-410b-b752-5111be8713a8","block_type":"box","text":"⁄3","page_number":26,"box":{"x":634,"y":109,"width":6,"height":5}},{"id":"3e6b5c7a-057b-458c-bb14-f20e3b5f6177","block_type":"box","text":"% of its total assets (including the","page_number":26,"box":{"x":641,"y":105,"width":242,"height":11}},{"id":"380faa87-34bc-445b-a5a8-140c32c0fe30","block_type":"box","text":"amount borrowed), (ii) a Fund may borrow up to an additional 5% of its total assets for temporary purposes, (iii) a","page_number":26,"box":{"x":69,"y":120,"width":809,"height":11}},{"id":"61927d5c-ba5d-405a-a54b-05285865fcc5","block_type":"box","text":"Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales of portfolio","page_number":26,"box":{"x":70,"y":135,"width":818,"height":11}},{"id":"e24f2cfd-7c1e-4ee8-a0cf-a2ffd523e4af","block_type":"box","text":"securities and (iv) the Fund may purchase securities on margin to the extent permitted by applicable law. A Fund may","page_number":26,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"f127381b-999e-4dbe-8e60-8e8f359b1a78","block_type":"box","text":"not pledge its assets other than to secure such borrowings or, to the extent permitted by the Fund’s investment","page_number":26,"box":{"x":69,"y":166,"width":798,"height":11}},{"id":"d099a95a-53d6-4e6d-ab77-ef45a962e463","block_type":"box","text":"policies as set forth in its Registration Statement, as it may be amended from time to time, in connection with","page_number":26,"box":{"x":70,"y":181,"width":786,"height":11}},{"id":"09564053-a6e1-4675-8669-c1420d2164a1","block_type":"box","text":"hedging transactions, short sales, when issued and forward commitment transactions and similar investment","page_number":26,"box":{"x":69,"y":196,"width":783,"height":11}},{"id":"7fbef953-4490-481b-b46c-6bcc6f56fd19","block_type":"box","text":"strategies.","page_number":26,"box":{"x":69,"y":211,"width":74,"height":11}},{"id":"5f22f95f-db53-4d55-8139-f1c9998dab56","block_type":"box","text":"(8) Underwrite securities of other issuers except insofar as a Fund technically may be deemed an underwriter","page_number":26,"box":{"x":102,"y":234,"width":780,"height":11}},{"id":"6c8f8496-e65b-4462-a60a-8357fb2c767a","block_type":"box","text":"under the Securities Act of 1933, as amended (the “Securities Act”) in selling portfolio securities.","page_number":26,"box":{"x":69,"y":249,"width":698,"height":11}},{"id":"e5e321f8-db44-4309-af56-4749d14e028d","block_type":"box","text":"(9) Purchase or sell commodities or contracts on commodities, except to the extent that a Fund may do so in","page_number":26,"box":{"x":102,"y":272,"width":776,"height":11}},{"id":"d653dca2-fc77-490e-ac60-b304b427b8b0","block_type":"box","text":"accordance with applicable law and the Fund’s Registration Statement, as it may be amended from time to time, and","page_number":26,"box":{"x":69,"y":286,"width":834,"height":12}},{"id":"b5673f08-e846-46f8-a3be-62b02249deda","block_type":"box","text":"without registering as a commodity pool operator under the Commodity Exchange Act.","page_number":26,"box":{"x":68,"y":302,"width":609,"height":11}},{"id":"ec5849df-72fd-4592-a1da-5b25dd3ed5f6","block_type":"box","text":"Under the non-fundamental investment restrictions, a Fund may not:","page_number":26,"box":{"x":102,"y":324,"width":484,"height":11}},{"id":"1fa1190d-f5f2-4c9d-b457-2a3067e9da1b","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":26,"box":{"x":102,"y":347,"width":747,"height":11}},{"id":"f47fd8d1-9d99-40f4-8d28-84c378615edb","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":26,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"9cb5454b-1a61-48c8-8c12-847272fe4567","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":26,"box":{"x":70,"y":377,"width":829,"height":12}},{"id":"d334a8ad-2fad-4fa8-bebe-031ed359f1e0","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":26,"box":{"x":70,"y":392,"width":808,"height":12}},{"id":"31026b97-408c-4e32-9514-266929f3996b","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":26,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"8dc6560e-a5cb-40b0-aa68-d41cb9907a33","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":26,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"c8d19b84-2118-4c9a-b31e-1f9dbb06952f","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":26,"box":{"x":69,"y":445,"width":741,"height":11}},{"id":"a3f0ffb8-44f1-49b0-b272-ea42cb22400e","block_type":"box","text":"Except with respect to restriction 7, if a percentage restriction on the investment or use of assets set forth","page_number":26,"box":{"x":102,"y":468,"width":762,"height":11}},{"id":"32796279-f516-45b4-a092-2782a39f3ff6","block_type":"box","text":"above is adhered to at the time a transaction is effected, later changes in percentages resulting from changing","page_number":26,"box":{"x":69,"y":483,"width":792,"height":11}},{"id":"e2884482-594d-4319-9851-7cbaee2b70df","block_type":"box","text":"values will not be considered a violation.","page_number":26,"box":{"x":68,"y":498,"width":289,"height":9}},{"id":"ad3230f7-261e-4993-a622-10657acc8956","block_type":"box","text":"For purposes of investment restriction 2 above, with respect to the Fund’s industry classifications, the Fund","page_number":26,"box":{"x":102,"y":521,"width":768,"height":11}},{"id":"f20ced6a-f914-4091-a64a-f7a3037412f1","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":26,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"d337a6b8-65f2-439b-aaf0-e4bd50760bbb","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":26,"box":{"x":70,"y":551,"width":817,"height":11}},{"id":"6de28ca3-f942-46ea-8b3f-183cf08e8e62","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":26,"box":{"x":69,"y":566,"width":597,"height":11}},{"id":"a3698f5d-870e-4126-b75a-e4f0b2bdb467","block_type":"box","text":"Portfolio securities of Master Small Cap Index Series and MSCI EAFE International Index Fund generally may not","page_number":26,"box":{"x":102,"y":589,"width":797,"height":11}},{"id":"1f67ea6c-6f15-457c-ab7e-f2b3458ce43e","block_type":"box","text":"be purchased from, sold or loaned to the Manager or its affiliates or any of their directors, officers or employees,","page_number":26,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"94f7c3d6-c8cc-4b1c-aa31-999f9b9beb5c","block_type":"box","text":"acting as principal, unless pursuant to a rule or exemptive order under the Investment Company Act.","page_number":26,"box":{"x":69,"y":619,"width":714,"height":11}},{"id":"9b284bdd-e5ad-48bd-a8f6-78e1b33e06f6","block_type":"box","text":"III. Information on Directors and Officers","page_number":26,"box":{"x":69,"y":649,"width":294,"height":9}},{"id":"afbc55bb-7917-4b66-a701-fd1d46fb009c","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Director”), eleven of whom are not “interested persons” of","page_number":26,"box":{"x":101,"y":672,"width":791,"height":11}},{"id":"50a219f9-fa99-4827-8b51-1b7a4a74c0fe","block_type":"box","text":"the Corporation as defined in the Investment Company Act (the “Independent Directors”). The same individuals serve","page_number":26,"box":{"x":68,"y":687,"width":837,"height":11}},{"id":"4d4d6e96-4a1f-4232-acf5-3953ce0629eb","block_type":"box","text":"on the Board of Directors of the Master LLC. The registered investment companies advised by the Manager or its","page_number":26,"box":{"x":69,"y":702,"width":805,"height":12}},{"id":"f4577095-375d-4e9f-8851-54c514df5da9","block_type":"box","text":"affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset Complex, the BlackRock","page_number":26,"box":{"x":69,"y":717,"width":799,"height":12}},{"id":"138cb8e4-4f9e-464c-aa6b-62b36d0f294e","block_type":"box","text":"Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The Corporation and the","page_number":26,"box":{"x":70,"y":733,"width":792,"height":11}},{"id":"4278c27f-8005-4aa3-852b-df6eaf7a6795","block_type":"box","text":"Master LLC are included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex. The","page_number":26,"box":{"x":70,"y":748,"width":794,"height":11}},{"id":"68149015-c4e9-4b70-ac6b-644c1c70f5b6","block_type":"box","text":"Directors also oversee as board members the operations of the other open-end registered investment companies","page_number":26,"box":{"x":70,"y":763,"width":806,"height":11}},{"id":"098cc6a5-dbe1-4062-83f4-47f208cb1c19","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":26,"box":{"x":70,"y":778,"width":335,"height":11}},{"id":"33b8d105-e6f1-42d7-9b3b-87fb692a7970","block_type":"box","text":"The Board has overall responsibility for the oversight of the Corporation and each Fund. The Chair of the Board is","page_number":26,"box":{"x":101,"y":801,"width":805,"height":11}},{"id":"91acd38a-c88f-4126-838e-36d43ddd6939","block_type":"box","text":"an Independent Director, and the Chair of each Board committee (each, a “Committee”) is an Independent Director.","page_number":26,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"04314bcd-c1d2-446a-9d75-cc8a6970a7f5","block_type":"box","text":"The Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a","page_number":26,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"65075c6f-0049-489b-b664-d46ff3e3715e","block_type":"box","text":"Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair","page_number":26,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"08002399-bacb-49a5-930e-698a28c5c1a6","block_type":"box","text":"of the Board is to preside at all meetings of the Board and to act as a liaison with service providers, officers,","page_number":26,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"f250e3c7-2493-449f-8d32-c1836829aa59","block_type":"box","text":"attorneys and other Directors generally between meetings. The Chair of each Committee performs a similar role with","page_number":26,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"6ddf1f17-3c8a-41cf-a368-657b292e0e8d","block_type":"box","text":"respect to the Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions","page_number":26,"box":{"x":69,"y":891,"width":836,"height":11}},{"id":"d1006e93-a50f-428e-bc65-d22d41c02ca9","block_type":"box","text":"as may be delegated by the Board or the Committee from time to time. The Independent Directors meet regularly","page_number":26,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"f6b79c4c-adb7-42cf-aa05-a0dfed4e4bdf","block_type":"box","text":"I-9","page_number":26,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d91a3305-49af-4ac5-96c8-90e59b75df27","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fdf130de-c472-438d-91bc-0b42099b2067","block_type":"box","text":"outside the presence of Fund management, in executive session or with other service providers to each Fund. The","page_number":27,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"53c934c5-d103-4c9f-b670-501cb7bb2c56","block_type":"box","text":"Board has regular meetings five times a year, and may hold special meetings if required before its next regular","page_number":27,"box":{"x":70,"y":60,"width":788,"height":11}},{"id":"ee492be1-5199-4038-a592-bbceca215248","block_type":"box","text":"meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the","page_number":27,"box":{"x":69,"y":75,"width":802,"height":11}},{"id":"f7ccaa11-20a0-481d-838d-6207c6751d03","block_type":"box","text":"Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments","page_number":27,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"d665881b-5c41-406b-8f4c-f83c78cf4e0c","block_type":"box","text":"of their oversight function and structure. The Board has determined that the Board’s leadership structure is","page_number":27,"box":{"x":69,"y":105,"width":767,"height":11}},{"id":"cd03c7fb-9c43-4d3a-9433-5ea616cefbf1","block_type":"box","text":"appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of","page_number":27,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"4354935d-1980-429e-8248-7093d8809ed3","block_type":"box","text":"responsibility among Committees and the full Board to enhance effective oversight.","page_number":27,"box":{"x":69,"y":135,"width":593,"height":12}},{"id":"24e2a90f-4f87-4d68-8cf8-c2d6380932c8","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":27,"box":{"x":101,"y":158,"width":788,"height":11}},{"id":"7458b2e1-7195-460e-82d5-20a9b19c2bdb","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in accordance","page_number":27,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"e7285ca0-3f85-4560-a4fe-12a6959f69c2","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Corporation’s charter, and","page_number":27,"box":{"x":68,"y":188,"width":820,"height":11}},{"id":"cc650291-1236-417a-820a-0041ea793ab0","block_type":"box","text":"each Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, each Fund’s performance,","page_number":27,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"a89f90a8-525a-4b84-a887-94803a9bb968","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":27,"box":{"x":69,"y":218,"width":823,"height":12}},{"id":"e593a9ed-b48e-4191-9cbd-56aac3e9ddc6","block_type":"box","text":"in running the operations of each Fund.","page_number":27,"box":{"x":70,"y":234,"width":277,"height":11}},{"id":"967d2813-2703-4023-af80-8cad002a6129","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager or of sub-advisers or","page_number":27,"box":{"x":102,"y":256,"width":796,"height":12}},{"id":"b41d306c-699f-4f62-90df-a96d746ff480","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. Each Fund is","page_number":27,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"72170dfc-a53d-4ee0-81c7-a37a9a791033","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":27,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"84df95aa-5ab7-4583-8674-25fea9e446bc","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":27,"box":{"x":68,"y":302,"width":820,"height":11}},{"id":"6fa4c1ae-827a-42fc-9d41-b3efc6825e4a","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight forms","page_number":27,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"4e087979-d7c6-4221-a8e3-09afb6709ac1","block_type":"box","text":"part of the Board’s general oversight of each Fund and is addressed as part of various Board and Committee","page_number":27,"box":{"x":70,"y":332,"width":778,"height":11}},{"id":"6804d55a-6abb-42a3-b9bf-752fa65c27c4","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":27,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"ca39ea78-bc6b-450d-a07d-8c0e2baa8835","block_type":"box","text":"independent registered public accounting firm for each Fund, sub-advisers and internal auditors for the investment","page_number":27,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"ae217d5a-5e13-4aee-8d27-5fb05aabca52","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by each Fund and management’s or the service","page_number":27,"box":{"x":69,"y":377,"width":776,"height":12}},{"id":"3a922061-6f87-4a84-ab0f-31409134c396","block_type":"box","text":"provider’s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the","page_number":27,"box":{"x":70,"y":392,"width":815,"height":12}},{"id":"2af1f5d9-b660-4c9c-a042-1186ca3ec121","block_type":"box","text":"Directors, and facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund’s","page_number":27,"box":{"x":70,"y":407,"width":834,"height":12}},{"id":"0e0fb3bb-93a7-47f4-837b-043193c9195c","block_type":"box","text":"activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the","page_number":27,"box":{"x":69,"y":423,"width":734,"height":11}},{"id":"18da108e-59a8-44f1-a6e0-500398338310","block_type":"box","text":"implementation and testing of the Corporation’s compliance program and reports to the Board regarding compliance","page_number":27,"box":{"x":70,"y":438,"width":828,"height":11}},{"id":"d888e6cd-5927-4009-855e-b79055086188","block_type":"box","text":"matters for the Funds and their service providers. The Independent Directors have engaged independent legal","page_number":27,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"64fb1c45-8ba2-4c70-b388-c1ca569947c7","block_type":"box","text":"counsel to assist them in performing their oversight responsibilities.","page_number":27,"box":{"x":69,"y":468,"width":487,"height":11}},{"id":"f59ecc07-1099-4707-a6ab-727386f9ddbc","block_type":"box","text":"Audit Committee.","page_number":27,"box":{"x":101,"y":491,"width":122,"height":9}},{"id":"287bd28a-99a4-49ca-b42c-bb11722c6c71","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":27,"box":{"x":229,"y":491,"width":673,"height":11}},{"id":"6b1c0a4d-58c2-4479-ae64-608058f14faf","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Directors. The principal","page_number":27,"box":{"x":68,"y":506,"width":817,"height":11}},{"id":"ec6e937a-db68-40a7-866d-94815d5b65de","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":27,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"6993eb4b-37be-48c1-b5c4-947891b33f46","block_type":"box","text":"retention, termination and compensation of each Fund’s independent registered public accounting firm (the","page_number":27,"box":{"x":69,"y":536,"width":765,"height":11}},{"id":"ed0cac09-5d38-48cf-85a4-5c65f4f4694c","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":27,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"dc116df1-eced-4620-83e9-72eda4cff9e0","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":27,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"6d4b723e-b4c0-4ed5-bfa4-d1a6207addd3","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":27,"box":{"x":70,"y":581,"width":807,"height":12}},{"id":"bd42f3f2-bfb1-424c-819f-71b89115168d","block_type":"box","text":"fees for each Fund; (3) review the conduct and results of each independent audit of each Fund’s annual financial","page_number":27,"box":{"x":68,"y":596,"width":804,"height":11}},{"id":"26369eba-9bec-411b-b4e3-570b2b97f33b","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":27,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"7a392298-e908-4b22-94fd-75365f2b6bc6","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of each Fund and the internal controls of each","page_number":27,"box":{"x":69,"y":627,"width":822,"height":11}},{"id":"9cd5bae6-9522-4a9c-875b-8e94b64aa5b7","block_type":"box","text":"Fund and certain service providers; (5) oversee the performance of each Fund’s Independent Registered Public","page_number":27,"box":{"x":70,"y":642,"width":792,"height":11}},{"id":"010a03ff-4f4b-4e21-bfb1-6445e1022c91","block_type":"box","text":"Accounting Firm; (6) review and discuss with management and each Fund’s Independent Registered Public","page_number":27,"box":{"x":68,"y":657,"width":759,"height":11}},{"id":"ee5433e8-3fa3-49f7-b958-6c987744f2fa","block_type":"box","text":"Accounting Firm the performance and findings of each Fund’s internal auditors; (7) discuss with Fund management","page_number":27,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"0a4ef2e8-d9fe-418a-81c0-71d75456a4f3","block_type":"box","text":"its policies regarding risk assessment and risk management as such matters relate to each Fund’s financial","page_number":27,"box":{"x":70,"y":687,"width":770,"height":11}},{"id":"7d30d429-5921-4b41-aa92-501729b4afc7","block_type":"box","text":"reporting and controls; (8) resolve any disagreements between Fund management and the Independent Registered","page_number":27,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"8e49765e-ec7a-4989-922d-18a447ad2404","block_type":"box","text":"Public Accounting Firm regarding financial reporting; and (9) undertake such other duties and responsibilities as may","page_number":27,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"cd87a5d6-6a31-4e36-9b73-c5b9e541f6eb","block_type":"box","text":"from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written charter for the","page_number":27,"box":{"x":68,"y":732,"width":837,"height":12}},{"id":"ffbf90ba-5fb7-4e01-9849-ff8b25763b52","block_type":"box","text":"Audit Committee. During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":27,"box":{"x":68,"y":748,"width":747,"height":11}},{"id":"9a265bb1-3d31-44a8-8fff-c2b03b38e46d","block_type":"box","text":"Governance and Nominating Committee.","page_number":27,"box":{"x":102,"y":770,"width":286,"height":12}},{"id":"48e06784-095f-4c65-b489-28261aa71dbd","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":27,"box":{"x":394,"y":770,"width":464,"height":12}},{"id":"a8575834-adbc-412c-91a2-06500ed8b697","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":27,"box":{"x":70,"y":786,"width":833,"height":11}},{"id":"99dcd26b-72b1-4245-a32a-b102337e1a2e","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Directors. The principal responsibilities of the Governance","page_number":27,"box":{"x":69,"y":801,"width":771,"height":11}},{"id":"021e1bc4-e4ee-4930-abdb-c368d776bc48","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Directors of the Corporation and","page_number":27,"box":{"x":69,"y":816,"width":763,"height":11}},{"id":"c28167db-75cf-4933-a087-152d3daf587b","block_type":"box","text":"recommend Independent Director nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":27,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"4b61abfa-95d2-4c52-b56c-7c308d765504","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":27,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"fbfe53e0-1836-4114-bca1-1141ed9fed13","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":27,"box":{"x":70,"y":861,"width":809,"height":11}},{"id":"ac8f2dba-e1f6-48c3-9a26-296bd8b43c29","block_type":"box","text":"and make recommendations regarding Independent Director compensation; (5) monitor corporate governance","page_number":27,"box":{"x":69,"y":876,"width":780,"height":11}},{"id":"2791d4b0-e759-4db7-833d-54faf0f9a4de","block_type":"box","text":"matters and develop appropriate recommendations to the Board; (6) act as the administrative committee with","page_number":27,"box":{"x":69,"y":891,"width":782,"height":11}},{"id":"1c38fb6a-9903-4c38-ae77-865c4a557f92","block_type":"box","text":"respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee) and","page_number":27,"box":{"x":69,"y":906,"width":824,"height":11}},{"id":"b7966adf-8f00-402a-9d66-e2c358b1376d","block_type":"box","text":"I-10","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"15b2e40c-4ea0-4951-8895-ea0fb1e1a767","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01fc8847-7a04-499b-ab77-20cd9352e03c","block_type":"box","text":"codes of ethics as they relate to Independent Directors; and (7) undertake such other duties and responsibilities as","page_number":28,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"703491ab-650b-4f3e-8124-182d7df2359f","block_type":"box","text":"may from time to time be delegated by the Board to the Governance Committee. The Governance Committee may","page_number":28,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"f7a50a4b-2dd4-45fc-9a54-1661ad537a17","block_type":"box","text":"consider nominations for Directors made by each Fund’s shareholders as it deems appropriate. Under the","page_number":28,"box":{"x":69,"y":75,"width":755,"height":11}},{"id":"c09a2208-cd4a-43c6-b8db-7b41fff7fb7b","block_type":"box","text":"Corporation’s Amended and Restated Bylaws, shareholders must follow certain procedures to nominate a person for","page_number":28,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"41547bf5-72ae-4d9c-8df8-e1fab8e264ff","block_type":"box","text":"election as a Director at a shareholder meeting at which Directors are to be elected. Under these advance notice","page_number":28,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"671eb032-5165-4ea5-bf85-7a2a50ba363e","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Corporation must be delivered to or mailed and","page_number":28,"box":{"x":70,"y":120,"width":822,"height":11}},{"id":"e9058274-4c8b-4911-b647-1d336f58a843","block_type":"box","text":"received at the principal executive offices of the Corporation not later than the close of business on the fifth day","page_number":28,"box":{"x":69,"y":135,"width":801,"height":11}},{"id":"c1775054-9b7b-4e16-b8c4-773208f512cc","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":28,"box":{"x":68,"y":150,"width":784,"height":12}},{"id":"297e2d68-b1ba-456d-90d2-639c79aabda1","block_type":"box","text":"meeting was made, whichever first occurs. The Corporation’s Bylaws provide that notice of a proposed nomination","page_number":28,"box":{"x":69,"y":166,"width":813,"height":11}},{"id":"3e19e287-5785-4868-b098-bdc93f5f87d6","block_type":"box","text":"must include certain information about the shareholder and the nominee, as well as certain other information,","page_number":28,"box":{"x":69,"y":181,"width":787,"height":10}},{"id":"7c8905d5-c87e-468e-a71d-d0a586455b04","block_type":"box","text":"including a written consent of the proposed nominee to serve if elected. Reference is made to the Corporation’s","page_number":28,"box":{"x":70,"y":196,"width":799,"height":11}},{"id":"b4b7465a-c61e-4536-8854-2a16aa6bd634","block_type":"box","text":"Bylaws for more details. The Board has adopted a written charter for the Governance Committee. During the fiscal","page_number":28,"box":{"x":70,"y":211,"width":812,"height":11}},{"id":"74a7a004-9a38-49d0-b00b-5dc935f90e80","block_type":"box","text":"year ended December 31, 2025, the Governance Committee met eleven times.","page_number":28,"box":{"x":68,"y":226,"width":565,"height":11}},{"id":"66f24e18-8ad5-4d71-9c97-085a98ced701","block_type":"box","text":"Compliance Committee.","page_number":28,"box":{"x":102,"y":249,"width":168,"height":11}},{"id":"97675a07-a696-4752-92d3-5f5c94f6ce24","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":28,"box":{"x":276,"y":249,"width":629,"height":11}},{"id":"33c3fa9f-ae15-4263-8701-40f057357608","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":28,"box":{"x":68,"y":264,"width":789,"height":11}},{"id":"acaecdb3-4683-4f8a-9fce-76ce64abeedf","block_type":"box","text":"Independent Directors. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":28,"box":{"x":70,"y":279,"width":815,"height":11}},{"id":"8f02d9dc-7b97-4d04-9070-013db6b59751","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Corporation, the fund-related activities of","page_number":28,"box":{"x":69,"y":294,"width":764,"height":11}},{"id":"af845e71-bccf-4454-8dc7-0fc738482ecd","block_type":"box","text":"BlackRock and any sub-adviser and the Corporation’s third-party service providers. The Compliance Committee’s","page_number":28,"box":{"x":70,"y":309,"width":801,"height":11}},{"id":"a561c4f1-a3f2-4412-a752-4bcfb3a1aa3f","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Corporation","page_number":28,"box":{"x":69,"y":324,"width":826,"height":11}},{"id":"b2104b64-ad21-4ba1-ac28-a40ce2595291","block_type":"box","text":"and its service providers and recommend changes or additions to such policies and procedures; (2) review","page_number":28,"box":{"x":69,"y":340,"width":761,"height":11}},{"id":"be4022f2-a9c0-4126-84f9-7d3976bccb4f","block_type":"box","text":"information on and, where appropriate, recommend policies concerning the Corporation’s compliance with applicable","page_number":28,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"66ae98d5-1f24-415b-a603-010b7b5f26cf","block_type":"box","text":"law; (3) review reports from, oversee the annual performance review of, and make certain recommendations and","page_number":28,"box":{"x":70,"y":370,"width":805,"height":11}},{"id":"96fd2e64-d27c-44db-9648-cf2a40066394","block_type":"box","text":"determinations regarding the Corporation’s Chief Compliance Officer (the “CCO”), including determining the amount","page_number":28,"box":{"x":69,"y":385,"width":825,"height":11}},{"id":"4807fa59-89d1-49a7-98d1-6e98d41c70d9","block_type":"box","text":"and structure of the CCO’s compensation and recommending such amount and structure to the full Board for","page_number":28,"box":{"x":69,"y":400,"width":779,"height":11}},{"id":"05dd2801-cb99-4ede-9535-54fcba96817c","block_type":"box","text":"approval and ratification; and (4) undertake such other duties and responsibilities as may from time to time be","page_number":28,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"d4cf98a8-11bb-4850-8b2a-034a5597ab94","block_type":"box","text":"delegated by the Board to the Compliance Committee. The Board has adopted a written charter for the Compliance","page_number":28,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"d25b2776-1376-4a93-a4d9-6d0d0d6198dc","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Compliance Committee met four times.","page_number":28,"box":{"x":69,"y":445,"width":753,"height":12}},{"id":"0ffbb4f7-bfe3-4c32-971f-0dab10891af3","block_type":"box","text":"Per formance Oversight Committee.","page_number":28,"box":{"x":102,"y":468,"width":248,"height":11}},{"id":"d372febd-1c7e-495c-9bc0-35d6674af3c9","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":28,"box":{"x":356,"y":468,"width":531,"height":11}},{"id":"11bb0983-0052-4d95-acd1-1b0a350d2a0f","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":28,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"bdb35134-5d5f-472b-adee-163413585300","block_type":"box","text":"A. Cotty, all of whom are Independent Directors. The Performance Oversight Committee’s purpose is to assist the","page_number":28,"box":{"x":68,"y":498,"width":810,"height":11}},{"id":"79abaca8-c1fd-4cc1-be2e-ed61b885b66a","block_type":"box","text":"Board in fulfilling its responsibility to oversee each Fund’s investment performance relative to its agreed-upon","page_number":28,"box":{"x":70,"y":513,"width":780,"height":12}},{"id":"a3a86809-ad02-4115-afe5-17098ec0b3c7","block_type":"box","text":"performance objectives and to assist the Independent Directors in their consideration of investment advisory","page_number":28,"box":{"x":70,"y":528,"width":777,"height":12}},{"id":"49bbd234-71b0-4d99-a593-174d35330f88","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":28,"box":{"x":69,"y":543,"width":782,"height":12}},{"id":"2080b616-170a-4418-ac5b-a96da96fa3c5","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, each Fund’s investment objective,","page_number":28,"box":{"x":70,"y":559,"width":781,"height":11}},{"id":"e2ad17e0-21b8-4905-ac7f-804be2fb395c","block_type":"box","text":"policies and practices; (2) review information on each Fund’s investment performance; (3) review information on","page_number":28,"box":{"x":70,"y":574,"width":799,"height":11}},{"id":"ae1e3377-11f4-42d9-a216-be9e221b1ffd","block_type":"box","text":"appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review","page_number":28,"box":{"x":69,"y":589,"width":784,"height":11}},{"id":"fbd562eb-3a88-4154-9c57-b79fcedd7fcc","block_type":"box","text":"personnel and other resources devoted to management of each Fund and evaluate the nature and quality of","page_number":28,"box":{"x":70,"y":604,"width":769,"height":11}},{"id":"4ce322d2-3552-4198-8818-7f7bcc39e175","block_type":"box","text":"information furnished to the Performance Oversight Committee; (5) recommend any required action regarding","page_number":28,"box":{"x":70,"y":619,"width":779,"height":11}},{"id":"cfbec0d8-4fc2-45aa-a769-132dbe4421d0","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":28,"box":{"x":69,"y":634,"width":799,"height":12}},{"id":"f0c231ea-f47e-4d22-a711-505d89b2b906","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":28,"box":{"x":69,"y":649,"width":780,"height":12}},{"id":"9e9d9a5b-8466-418d-a56e-af3c6427a31c","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":28,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"47a9bc7d-dc83-43e1-94be-456a3c4fb44d","block_type":"box","text":"(8) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":28,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"4cf0df85-bde1-4086-a4cc-86dd05ed8a9b","block_type":"box","text":"Performance Oversight Committee. The Board has adopted a written charter for the Performance Oversight","page_number":28,"box":{"x":69,"y":695,"width":763,"height":11}},{"id":"53ade9db-98ac-4c4e-80e3-1ce3d23b130a","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Performance Oversight Committee met five times.","page_number":28,"box":{"x":69,"y":710,"width":830,"height":11}},{"id":"09980f85-cbec-4ef5-a824-6a23b3564927","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":28,"box":{"x":101,"y":733,"width":186,"height":10}},{"id":"aced00c2-3506-4cd0-96f0-a593d86a5c5d","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":28,"box":{"x":293,"y":732,"width":598,"height":12}},{"id":"d74a2b01-0e16-4928-9a44-8c8b348037c6","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Directors, and John M. Perlowski, who","page_number":28,"box":{"x":70,"y":748,"width":819,"height":11}},{"id":"fa816ad8-3fa0-407e-a5db-3b5116008bf5","block_type":"box","text":"serves as an interested Director. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":28,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"300a87a8-e632-4e9c-b14a-1f35b0509a2f","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":28,"box":{"x":69,"y":778,"width":788,"height":11}},{"id":"4511ad9f-ca2d-493b-bdab-cfb9a1c33cd1","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":28,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"a57cdd9c-068a-4a39-b44b-1c2808b80709","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":28,"box":{"x":68,"y":808,"width":816,"height":11}},{"id":"eeb07523-563b-4698-9f90-dab4dc619b21","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":28,"box":{"x":68,"y":823,"width":618,"height":11}},{"id":"d9fa69e0-a792-468d-a4c4-9537d7aafc03","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":28,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"bd344374-d5a4-4eeb-b435-479f28970267","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Director candidates (the “Statement","page_number":28,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"70ada13f-16b0-4d63-afa0-acaa825bf5c4","block_type":"box","text":"of Policy”). The Board believes that each Independent Director satisfied, at the time he or she was initially elected or","page_number":28,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"88ffb890-6cd8-45c5-b32c-2bc482500864","block_type":"box","text":"appointed a Director, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":28,"box":{"x":69,"y":891,"width":827,"height":11}},{"id":"6f7d399c-db16-4acf-ad47-e93863371a70","block_type":"box","text":"in determining that a particular Independent Director was and continues to be qualified to serve as a Director, the","page_number":28,"box":{"x":70,"y":906,"width":811,"height":12}},{"id":"43eab961-4230-4172-888a-bf5755a043ed","block_type":"box","text":"I-11","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0f6301a2-6925-487b-8826-4c241296fdcf","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ab9e84b-de68-4396-aa03-a8ca9df461bb","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":29,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"c140c312-d788-41bc-b7ff-4cf050906381","block_type":"box","text":"collectively, the Independent Directors have balanced and diverse experience, skills, attributes and qualifications,","page_number":29,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"f8cf5797-96e2-4007-8eb5-6aaf85228d57","block_type":"box","text":"which allow the Board to operate effectively in governing the Corporation and protecting the interests of shareholders.","page_number":29,"box":{"x":68,"y":75,"width":840,"height":11}},{"id":"b2d282b4-1f95-459f-9d02-0e97a13da558","block_type":"box","text":"Among the attributes common to all Independent Directors are their ability to review critically, evaluate, question and","page_number":29,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"88b35c3d-8ebd-4105-8674-54b05507e3f9","block_type":"box","text":"discuss information provided to them, to interact effectively with each Fund’s investment adviser, sub-advisers, other","page_number":29,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"cb775443-d8da-4cff-97c4-3f6103562865","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":29,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"cc110cf5-192d-418f-8c0c-e0f620a0152d","block_type":"box","text":"business judgment in the performance of their duties as Directors.","page_number":29,"box":{"x":69,"y":135,"width":475,"height":12}},{"id":"9b31165a-bf67-436f-aac7-cec64480e2bb","block_type":"box","text":"Each Director’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":29,"box":{"x":102,"y":158,"width":794,"height":11}},{"id":"3362d8f3-d477-415f-9cc0-ea0a4046e1f7","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":29,"box":{"x":69,"y":173,"width":807,"height":11}},{"id":"efb65091-75f3-4fd2-bcb9-c9fbdd7178d8","block_type":"box","text":"board member of the Corporation and the other funds in the BlackRock Fund Complexes (and any predecessor","page_number":29,"box":{"x":69,"y":188,"width":787,"height":11}},{"id":"6cc29fb2-e3a9-4fb8-baab-e8cd06321ca4","block_type":"box","text":"funds), other investment funds, public companies, non-profit entities or other organizations; ongoing commitment to","page_number":29,"box":{"x":68,"y":203,"width":827,"height":12}},{"id":"98770a6c-2ad4-4ee4-8ce2-2869ba6ad2a3","block_type":"box","text":"and participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":29,"box":{"x":69,"y":218,"width":717,"height":12}},{"id":"ab49b82d-8368-4608-b6c9-a52317317c45","block_type":"box","text":"ad hoc","page_number":29,"box":{"x":793,"y":219,"width":47,"height":8}},{"id":"f247ba1f-c752-4c93-bdae-13dba37f79bc","block_type":"box","text":"committees throughout the years; or other relevant life experiences.","page_number":29,"box":{"x":69,"y":234,"width":483,"height":11}},{"id":"9cde0074-121d-4364-8a61-287142eccae9","block_type":"box","text":"Directors Elect.","page_number":29,"box":{"x":102,"y":257,"width":107,"height":8}},{"id":"1eba2da1-30d2-41bc-ab4f-c1d3ac35d920","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Directors of the Corporation effective","page_number":29,"box":{"x":215,"y":256,"width":684,"height":11}},{"id":"f980c0f7-8c55-4254-bfcf-5cd3709b6def","block_type":"box","text":"July 1, 2026 (each, a “Director Elect”). Each Director Elect is expected to qualify as an Independent Director at the","page_number":29,"box":{"x":69,"y":271,"width":818,"height":12}},{"id":"3a1ed8c3-be21-4840-9a25-9c69cf8a43f5","block_type":"box","text":"time of his service. Each Director Elect has been retained as a consultant to the Independent Directors to assist the","page_number":29,"box":{"x":68,"y":286,"width":832,"height":11}},{"id":"2b2ea264-fa5a-4b74-a3f4-adb5d0429100","block_type":"box","text":"Independent Directors in the performance of their duties to the Corporation and is expected to serve in that capacity","page_number":29,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"60035f45-69ca-4507-ac92-f662a67e56ee","block_type":"box","text":"until July 1, 2026.","page_number":29,"box":{"x":69,"y":317,"width":128,"height":11}},{"id":"715b4504-d239-4bae-9e7e-650fa694dc13","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Directors that","page_number":29,"box":{"x":101,"y":339,"width":754,"height":11}},{"id":"dfb6c98b-74f9-41cd-91a4-ccd6d7b30293","block_type":"box","text":"support the conclusion that each Director should serve on the Board.","page_number":29,"box":{"x":69,"y":355,"width":494,"height":11}},{"id":"e58d4742-1421-44a1-9607-0f57884815ff","block_type":"box","text":"Directors Experience, Qualifications and Skills","page_number":29,"box":{"x":69,"y":383,"width":408,"height":9}},{"id":"bc90d9c6-05bd-451a-b54b-a7b9bacd1737","block_type":"box","text":"Independent Directors","page_number":29,"box":{"x":70,"y":400,"width":156,"height":10}},{"id":"ba40ca7e-bfcb-4852-bff4-32eb23f3b8f3","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":29,"box":{"x":69,"y":414,"width":781,"height":12}},{"id":"4840de2e-0bd9-4fcc-9d48-ce8fd35b6d7a","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":29,"box":{"x":265,"y":429,"width":604,"height":12}},{"id":"9ad6d0f3-857d-4499-b1ea-cc0aa60bb430","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":29,"box":{"x":265,"y":445,"width":623,"height":11}},{"id":"8c3bf87a-3915-4d89-980d-691cc5c226c6","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":29,"box":{"x":265,"y":460,"width":637,"height":11}},{"id":"747636a4-f6f3-4984-b22d-6ea0904888d9","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":29,"box":{"x":265,"y":475,"width":631,"height":11}},{"id":"0837f5cf-7049-4174-99b8-4e664931364e","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":29,"box":{"x":264,"y":490,"width":626,"height":10}},{"id":"656ad7bd-f560-42b7-927b-f601cb31d8e8","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":29,"box":{"x":265,"y":505,"width":639,"height":11}},{"id":"30e6fd90-da1b-49e1-acf9-3e5f650deb89","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":29,"box":{"x":264,"y":520,"width":637,"height":11}},{"id":"ede73541-0ac6-4547-877c-a2e2cc32d117","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":29,"box":{"x":265,"y":536,"width":586,"height":11}},{"id":"196d660e-5ce2-4031-8e05-9c1126a6c45e","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":29,"box":{"x":265,"y":550,"width":640,"height":12}},{"id":"dcf0aab6-f25f-4f67-96c1-11d8769f47ad","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":29,"box":{"x":265,"y":566,"width":389,"height":11}},{"id":"009ce5c5-4ac6-4860-bff5-1248b875dbcd","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":588,"width":806,"height":12}},{"id":"27ba9805-f003-4611-aa4b-029a78fdba67","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":29,"box":{"x":265,"y":603,"width":604,"height":11}},{"id":"9d3dfce9-a0ee-4965-8be3-29c5f0f6cee2","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":29,"box":{"x":265,"y":618,"width":632,"height":12}},{"id":"5890d38b-ccc5-478f-8407-fa2c5b49ccce","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":29,"box":{"x":265,"y":634,"width":562,"height":9}},{"id":"9eaadb07-e210-49ba-bcab-af2f9296c1bf","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":29,"box":{"x":265,"y":649,"width":616,"height":10}},{"id":"fd0ef99f-0219-4d77-bcef-175bf5e30574","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":29,"box":{"x":264,"y":664,"width":591,"height":11}},{"id":"81893f5b-3180-47da-8f5e-a7c7b0c2e60b","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":29,"box":{"x":265,"y":679,"width":641,"height":11}},{"id":"b2d7216d-864f-467d-9469-5a527eacd418","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":29,"box":{"x":264,"y":694,"width":638,"height":11}},{"id":"f429cba5-a250-4d29-8de3-171cabfae524","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":29,"box":{"x":265,"y":709,"width":584,"height":11}},{"id":"72b85189-99bc-43e2-82a3-c5329595731d","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":29,"box":{"x":265,"y":724,"width":630,"height":11}},{"id":"731657a1-47ac-44e0-a71c-cc1ebf703f3c","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":29,"box":{"x":265,"y":739,"width":634,"height":12}},{"id":"3d745cfb-7039-4ba9-95df-fcd6d2252d58","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":29,"box":{"x":265,"y":755,"width":599,"height":11}},{"id":"caa10cb1-455a-40a4-b271-58cda2cca0e5","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":29,"box":{"x":265,"y":770,"width":407,"height":11}},{"id":"20f35dbe-9921-4ab7-9859-26c1533ad4e7","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":29,"box":{"x":69,"y":792,"width":837,"height":12}},{"id":"da1f70c6-3c7b-49ae-a839-55ba17dc2d07","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":29,"box":{"x":265,"y":807,"width":638,"height":12}},{"id":"7bde061d-b89e-446a-9620-27b373da1d8a","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":29,"box":{"x":265,"y":823,"width":642,"height":11}},{"id":"205ef902-b5fe-4e12-8fa1-cf3111607c44","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":29,"box":{"x":265,"y":837,"width":601,"height":12}},{"id":"4789bde2-01a4-47c5-9123-5a23da4fde89","block_type":"box","text":"savings assets for the company. 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Cotty has more than 30 years of experience in the financial services industry,","page_number":30,"box":{"x":70,"y":65,"width":798,"height":12}},{"id":"030e8459-1aa4-4b67-a3c6-68060acd1a6e","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":30,"box":{"x":265,"y":81,"width":631,"height":11}},{"id":"5cda8ba7-90bf-4513-b484-d8c29065a92a","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":30,"box":{"x":265,"y":96,"width":633,"height":11}},{"id":"6f3f05dc-d88f-41c7-9732-56308c9c13db","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":30,"box":{"x":265,"y":111,"width":628,"height":11}},{"id":"b6289088-74a1-4493-8221-f7290e2b4587","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. 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Mr. Keizer’s experience also includes service as an","page_number":30,"box":{"x":265,"y":254,"width":642,"height":12}},{"id":"ec67cb5b-5f12-48c1-b90b-d77320779eed","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":30,"box":{"x":265,"y":270,"width":626,"height":11}},{"id":"88132ea2-8fce-4884-9aac-5c2e5684e69d","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":30,"box":{"x":265,"y":285,"width":630,"height":11}},{"id":"edee5d0c-de30-432e-9629-fc8bd57c5b4a","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":30,"box":{"x":265,"y":300,"width":602,"height":11}},{"id":"ca37bf15-9ca6-49d0-b32c-56e3a00b4d43","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":30,"box":{"x":264,"y":315,"width":643,"height":11}},{"id":"4c5ec371-e16f-40a4-ad4d-42a236109116","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":30,"box":{"x":264,"y":330,"width":639,"height":11}},{"id":"358a7f0f-1e09-476d-aae6-ab23f16f0e79","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":30,"box":{"x":264,"y":345,"width":641,"height":11}},{"id":"1894b4e7-4152-42d4-9484-4bc155e9bd41","block_type":"box","text":"applicable Commission rules.","page_number":30,"box":{"x":265,"y":360,"width":208,"height":11}},{"id":"8dc396df-2cff-41bb-8c0e-2ed5daa7a8d2","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":30,"box":{"x":69,"y":383,"width":769,"height":11}},{"id":"29824391-48fb-4646-a704-b764d661faf6","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":30,"box":{"x":265,"y":398,"width":621,"height":11}},{"id":"e43ad966-6d22-4bbe-b538-4fd87b098b8d","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":30,"box":{"x":265,"y":413,"width":599,"height":11}},{"id":"3a02ee7f-3458-4db3-9e42-fe4ec6226be1","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":30,"box":{"x":265,"y":428,"width":641,"height":12}},{"id":"4cdaf516-8b8f-45cc-a127-730205f76d62","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":30,"box":{"x":264,"y":443,"width":602,"height":12}},{"id":"96b2f78d-1a12-414b-b314-9e6a49793634","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":30,"box":{"x":264,"y":459,"width":617,"height":11}},{"id":"54047210-ee7c-4f24-9409-3bc83282633a","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":30,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"a6342211-acca-4efe-9cc7-7c8b4e82da7a","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":30,"box":{"x":264,"y":489,"width":628,"height":11}},{"id":"0905bcf6-c14c-415a-83be-5824055732ae","block_type":"box","text":"articles and books on these topics.","page_number":30,"box":{"x":265,"y":504,"width":251,"height":11}},{"id":"b9a2242d-4a0d-4694-9ce3-997a43530524","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":30,"box":{"x":70,"y":526,"width":764,"height":12}},{"id":"f8acf64d-af80-4264-856c-2b71a8205bf1","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":30,"box":{"x":265,"y":542,"width":642,"height":11}},{"id":"aa51a9e7-b11e-4646-ab88-ac2670c95011","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":30,"box":{"x":264,"y":557,"width":593,"height":11}},{"id":"52ae9811-53f6-48c0-b022-219d3b4109b8","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. 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During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":31,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"fc286cf8-e1d2-40e3-b4ac-95d4da1b6ea2","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":31,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"c062c167-be1e-4387-b584-91b7f16b09b1","block_type":"box","text":"exchanges, and other industry firms. 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More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":31,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"d79b6178-750e-49fc-a7e7-775c65235af2","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":31,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"4a9ad98f-a818-48a6-9aac-2099de784799","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":31,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"09d7f192-5caf-4ec4-9cb0-69f7030c65f3","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":31,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"b44ddac2-cf64-45b0-8752-340e8ad3a4ac","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":31,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"4e5cc394-5d2b-4295-b2f4-09daae1fa5ff","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":31,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"0d937790-85c6-4711-8e2e-039ebcfcf1a8","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":31,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"cddfd54c-22f0-470a-a166-11a83be1038a","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":31,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"291c0d6f-bd96-40b4-9afa-92d40bb5d194","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":31,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"c05e6612-fc2c-4633-9504-88e00dac4632","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":31,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"eb192a3c-1327-4867-949c-3c70179a0542","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":31,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"c981f069-fffe-495a-a871-3c4ffd553ea1","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":31,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"231855d4-1518-4bca-8279-9784eabf4ffe","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":31,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"05d21ff0-e2fc-4eb2-8a7e-cf41a243fea5","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":31,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"48d4cd10-2be8-48ad-8782-d05ebdc412dd","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":31,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"f1824731-8be3-46f5-a13a-80aa203880ad","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":31,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"086b780a-c2c7-41ba-a8ae-b3d99c3bd5a8","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":31,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"07f96f9a-dffa-4155-a0ca-5a922ef23ad7","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":31,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"be82af39-38d0-41bd-8223-3633e8efbd11","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":31,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"50149124-14bf-4604-b865-0709dec7b43f","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":31,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"93f9f9ab-b0ca-4b78-b759-f943e7bbbb00","block_type":"box","text":"various private and non-profit boards.","page_number":31,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"75a6f1c0-0dbc-4646-9e21-f70e6f7ea3bb","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":31,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"dff507e8-433f-45e3-b98d-0336543d13d4","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":31,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"db9d6086-c4b2-4743-89eb-d79b931da20a","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":31,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"40df6c90-17a1-4366-ace4-9be5387a632d","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":31,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"93ddce82-fc26-4e7f-aa7b-cda995331d5a","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":31,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"0b9d2b87-af4d-4a2f-bfaa-fcf6ae87708f","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":31,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"a126d028-44b4-4568-bc6e-06fb1823012a","block_type":"box","text":"Commission rules.","page_number":31,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"3f72d617-4b95-4981-abf5-647de95e12ab","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":31,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"705ca3a0-f6a9-4b14-a870-d9edc3948c49","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":31,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"c7afa295-fad3-43e1-9181-cd29d3db82c6","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":31,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"be9e7c89-7190-48b6-80eb-61883aa055fa","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":31,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"a65b0b31-c9d2-423f-8dfd-1c28a8ba6780","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":31,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"05e481c7-c01d-4cb2-b475-bc0967571610","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":31,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"0266c806-038c-45f2-9076-cd556dfc7cbc","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":31,"box":{"x":265,"y":723,"width":614,"height":11}},{"id":"01e3a9f7-8d4f-4660-996d-58663fbcb3fa","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":31,"box":{"x":264,"y":738,"width":641,"height":11}},{"id":"4faf0eb0-d96e-423d-b026-8fafbb40e240","block_type":"box","text":"applicable Commission rules.","page_number":31,"box":{"x":265,"y":753,"width":208,"height":11}},{"id":"d5578c94-7062-4716-a54c-752c7398108d","block_type":"box","text":"Directors Elect","page_number":31,"box":{"x":70,"y":776,"width":104,"height":9}},{"id":"e525405c-49d4-444a-b392-53ea63863ad1","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":31,"box":{"x":69,"y":791,"width":777,"height":11}},{"id":"5831b1a4-2526-4ded-a962-a56b07e63c5a","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":31,"box":{"x":265,"y":806,"width":613,"height":12}},{"id":"b90ed3b5-88f7-4cfc-be87-646184b29797","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":31,"box":{"x":265,"y":821,"width":563,"height":12}},{"id":"cb8c5fe1-e491-4721-bc5e-0833f71ac311","block_type":"box","text":"Investments’ parent company, FMR LLC. 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The Chairs of the Audit Committee, Compliance Committee,","page_number":37,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"2e56d990-34e3-4ba7-8a51-64a8fd933669","block_type":"box","text":"Governance Committee and Performance Oversight Committee are paid as compensation an additional annual","page_number":37,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"33297664-30f6-4827-ab8e-4f4ab2d51d29","block_type":"box","text":"retainer of $45,000, respectively. 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.","page_number":39,"box":{"x":79,"y":486,"width":228,"height":11}},{"id":"0b6772d3-947d-410c-bd01-39792c710679","block_type":"box","text":"....................................","page_number":39,"box":{"x":313,"y":494,"width":288,"height":1}},{"id":"ccdb7901-c234-4f9c-8cf1-74882e891a7e","block_type":"box","text":"$491,501 $1,013,554","page_number":39,"box":{"x":648,"y":486,"width":233,"height":11}},{"id":"3cbe2d2b-f850-429c-b212-6bf19f4f1f67","block_type":"box","text":"Fees waived by the Manager .","page_number":39,"box":{"x":79,"y":502,"width":212,"height":11}},{"id":"f718900d-99b4-483b-ba0e-e5c553987522","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,630 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.","page_number":39,"box":{"x":79,"y":547,"width":228,"height":11}},{"id":"a8038724-cf30-4b63-afe0-3510a3bf0803","block_type":"box","text":"....................................","page_number":39,"box":{"x":313,"y":554,"width":288,"height":2}},{"id":"03ce5502-9a8d-4827-806b-a06b20997b63","block_type":"box","text":"$404,348 $ 870,479","page_number":39,"box":{"x":648,"y":546,"width":233,"height":11}},{"id":"5d23623e-a88e-4684-bcf2-43576e601837","block_type":"box","text":"Fees waived by the Manager .","page_number":39,"box":{"x":79,"y":562,"width":212,"height":11}},{"id":"708a0480-8c69-4a51-a157-2e06bea1fc58","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,302 $","page_number":39,"box":{"x":297,"y":561,"width":505,"height":11}},{"id":"e076079c-2bad-4199-a618-540556b99c0f","block_type":"box","text":"129,208","page_number":39,"box":{"x":819,"y":562,"width":62,"height":10}},{"id":"967a0b20-2cd9-449f-b6e6-c25306c9285f","block_type":"box","text":"Reimbursements by the Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0","page_number":39,"box":{"x":79,"y":576,"width":802,"height":12}},{"id":"c196f23c-f937-405b-a2cb-4a73bee5ab8c","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":602,"width":3,"height":3}},{"id":"cea7d338-199c-45ab-98c1-db9d3fa07871","block_type":"box","text":"BlackRock has entered into the contractual arrangements described in Notes (2) and (3) to the table above.","page_number":39,"box":{"x":94,"y":601,"width":613,"height":9}},{"id":"c165bcf6-5a2e-4a1c-af90-3be51e38a1d8","block_type":"box","text":"Administration Arrangements","page_number":39,"box":{"x":68,"y":630,"width":214,"height":11}},{"id":"152bbd58-8d1e-4137-8fd5-fa219ee46175","block_type":"box","text":"The Corporation, on behalf of Russell 2000 Small-Cap Index Fund and MSCI EAFE International Index Fund, has","page_number":39,"box":{"x":101,"y":652,"width":793,"height":11}},{"id":"a18bd584-68b5-4bcf-b5f8-954cfb305cbf","block_type":"box","text":"entered into administration agreements (each, an “Administration Agreement”) with BlackRock, as administrator (the","page_number":39,"box":{"x":69,"y":668,"width":833,"height":11}},{"id":"a4c24a06-84f5-41c3-a473-b511ef03d8c2","block_type":"box","text":"“Administrator”). As discussed in the Prospectus, the Administrator receives for its services to Russell 2000 Small","page_number":39,"box":{"x":70,"y":683,"width":824,"height":11}},{"id":"28571da7-29a6-4cf0-981a-728bb45452a4","block_type":"box","text":"Cap Index Fund monthly compensation at an annual rate based on a percentage of the average daily net assets of","page_number":39,"box":{"x":69,"y":698,"width":815,"height":11}},{"id":"26195403-fcef-43ec-8a38-8c9841d963a4","block_type":"box","text":"the Fund. The contractual fee rate payable to the Administrator as a percentage of Russell 2000 Small-Cap Index","page_number":39,"box":{"x":68,"y":713,"width":808,"height":11}},{"id":"157585f6-d442-43c7-a340-c6b1cce45192","block_type":"box","text":"Fund’s average daily net assets is 0.04%. As discussed in the Prospectus, the Administrator receives for its services","page_number":39,"box":{"x":70,"y":728,"width":834,"height":11}},{"id":"f79fa62d-67aa-467d-b681-c2753df06e97","block_type":"box","text":"to MSCI EAFE International Index Fund monthly compensation at an annual rate based on a percentage of the","page_number":39,"box":{"x":68,"y":743,"width":782,"height":12}},{"id":"a4a875e5-b89a-4131-9e05-e66f98bdd330","block_type":"box","text":"average daily net assets of each share class of the Fund as follows:","page_number":39,"box":{"x":69,"y":758,"width":484,"height":12}},{"id":"6ec45983-7f71-4bf1-9205-7a7515705f92","block_type":"box","text":"MSCI EAFE International Index Fund","page_number":39,"box":{"x":69,"y":789,"width":264,"height":9}},{"id":"951b036b-e1eb-4469-9ae5-f54b028de099","block_type":"box","text":"Class Name","page_number":39,"box":{"x":69,"y":827,"width":68,"height":7}},{"id":"62354020-1016-451d-9b47-99d49d8f010e","block_type":"box","text":"Rate of","page_number":39,"box":{"x":834,"y":817,"width":42,"height":7}},{"id":"c8b3ce35-d8ca-4b20-b846-db9754c2ddee","block_type":"box","text":"Administrative Fee","page_number":39,"box":{"x":800,"y":827,"width":109,"height":7}},{"id":"a4b88411-8227-44e5-84ad-9639b5f31c31","block_type":"box","text":"Investor A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.08%","page_number":39,"box":{"x":70,"y":845,"width":818,"height":9}},{"id":"064886ca-befa-4efb-b1f0-9362b8e6f59b","block_type":"box","text":"Institutional .","page_number":39,"box":{"x":70,"y":860,"width":96,"height":9}},{"id":"ab7d00f8-9d3f-4741-81db-9ec6ad6febab","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.08%","page_number":39,"box":{"x":172,"y":860,"width":716,"height":9}},{"id":"e9be850a-89be-4824-ab83-424c61be8fe8","block_type":"box","text":"Investor P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.08%","page_number":39,"box":{"x":70,"y":875,"width":818,"height":9}},{"id":"4c85d1a2-f20a-45e7-8f17-797e3710d22a","block_type":"box","text":"Class K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.03%","page_number":39,"box":{"x":69,"y":890,"width":819,"height":9}},{"id":"6a95fca2-7c59-42e8-b172-ca540e4a67b4","block_type":"box","text":"Class G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.","page_number":39,"box":{"x":69,"y":905,"width":777,"height":9}},{"id":"190ac112-1271-48d3-8c91-d104144df44a","block_type":"box","text":"015%","page_number":39,"box":{"x":848,"y":905,"width":40,"height":9}},{"id":"7a9d0800-ebaa-4385-8c9d-aa9f0e83c2ce","block_type":"box","text":"I-22","page_number":39,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e25390e4-1dfa-4c76-af4f-24dc612c6254","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20feba80-e4d6-4b44-8e5f-0ecdc750aab1","block_type":"box","text":"The fees and expenses of the Independent Directors of the Corporation and counsel to the Independent","page_number":40,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"772b6d55-c2d1-4dbf-a2a4-e331150f4600","block_type":"box","text":"Directors of the Corporation allocated to MSCI EAFE International Index Fund and the Independent Registered Public","page_number":40,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"f67a98a3-87ec-4868-8fa3-2e9428f28035","block_type":"box","text":"Accounting Firm that provides audit services in connection with MSCI EAFE International Index Fund (collectively","page_number":40,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"124b986a-d3da-4976-988d-58be49973503","block_type":"box","text":"referred to as the “Independent Expenses”) are paid directly by MSCI EAFE International Index Fund. BlackRock has","page_number":40,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"5f40a6ae-6463-486e-841d-cf239a97d9dc","block_type":"box","text":"contractually undertaken to reimburse or provide an offsetting credit to MSCI EAFE International Index Fund for such","page_number":40,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"2324c296-ee9e-45e6-ad4b-824ff2b920a9","block_type":"box","text":"Independent Expenses through June 30, 2036. Such contractual arrangements may not be terminated prior to","page_number":40,"box":{"x":70,"y":120,"width":785,"height":12}},{"id":"5de14214-448f-4112-b6d2-bf34f21d955f","block_type":"box","text":"July 1, 2036 unless approved by a majority of the Independent Directors (with 90 days’ notice) or by a vote of the","page_number":40,"box":{"x":69,"y":135,"width":808,"height":11}},{"id":"9a18a177-b565-43d1-b4b0-97d47fa9ba29","block_type":"box","text":"majority of outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":150,"width":372,"height":12}},{"id":"dbe34bde-2e9c-4897-8301-964799a7e5b5","block_type":"box","text":"The Administrator has contractually agreed to waive and/or reimburse the administration fees of Russell 2000","page_number":40,"box":{"x":101,"y":173,"width":788,"height":11}},{"id":"4f335fc5-ecf7-481d-a8d3-282706085e19","block_type":"box","text":"Small-Cap Index Fund so that Russell 2000 Small-Cap Index Fund’s total operating expenses (excluding service fees)","page_number":40,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"8247deb9-7b32-43be-bd9c-d2336e10f0e6","block_type":"box","text":"incurred by each share class will not exceed certain amounts. The tables below set forth information about the total","page_number":40,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"03b9e96e-d77c-4abd-9dbe-0a7b834445c5","block_type":"box","text":"administration fees paid by Russell 2000 Small-Cap Index Fund and MSCI EAFE International Index Fund to the","page_number":40,"box":{"x":69,"y":218,"width":789,"height":12}},{"id":"8ff28ad0-e38d-437f-a12a-8ee7d74c6397","block_type":"box","text":"Administrator and the amount of any waiver and/or reimbursement (if applicable), for the past three fiscal years.","page_number":40,"box":{"x":68,"y":234,"width":801,"height":11}},{"id":"8e0396c5-bc84-4c4b-b96f-c5bbc2a5e379","block_type":"box","text":"Russell 2000 Small-Cap","page_number":40,"box":{"x":771,"y":262,"width":138,"height":9}},{"id":"1a9fa7ac-0ac4-4e8b-8442-14c8cb9ddfb7","block_type":"box","text":"Index 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. . . . . . . . . $ 3,637","page_number":40,"box":{"x":79,"y":319,"width":804,"height":12}},{"id":"cb643bd5-f542-45bf-a374-9411697fbf30","block_type":"box","text":"Fees reimbursed by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $","page_number":40,"box":{"x":79,"y":334,"width":725,"height":12}},{"id":"300a84d9-1cc5-4f0c-9697-4c02b9304970","block_type":"box","text":"148,975","page_number":40,"box":{"x":821,"y":335,"width":62,"height":11}},{"id":"fdedefef-2681-44a6-813c-96f4b906200f","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":40,"box":{"x":70,"y":350,"width":274,"height":11}},{"id":"fa4afc37-cf4b-4df9-b227-cd0784aac926","block_type":"box","text":"Fees paid to the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":40,"box":{"x":79,"y":365,"width":740,"height":11}},{"id":"97fa2676-4b52-478e-b51b-b780c5b7e40b","block_type":"box","text":"125,156","page_number":40,"box":{"x":821,"y":365,"width":62,"height":11}},{"id":"40afab2e-ceb2-4e17-bb82-685afc9ddbc6","block_type":"box","text":"Fees waived by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,492","page_number":40,"box":{"x":79,"y":380,"width":804,"height":12}},{"id":"e1d4d6c7-733a-4f86-8e3d-517449e86d4d","block_type":"box","text":"Fees reimbursed by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $","page_number":40,"box":{"x":79,"y":395,"width":725,"height":12}},{"id":"192391e8-d1c7-4feb-9822-c43fad88ae10","block_type":"box","text":"153,420","page_number":40,"box":{"x":821,"y":396,"width":62,"height":10}},{"id":"a54b2100-11bd-4e97-8fee-9834f664776a","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":40,"box":{"x":70,"y":411,"width":273,"height":10}},{"id":"11e6d284-57bd-4fe5-a959-396fc973daab","block_type":"box","text":"Fees paid to the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":40,"box":{"x":79,"y":425,"width":740,"height":12}},{"id":"f3b7b49f-9c60-436c-b5f0-0cea2a0f500d","block_type":"box","text":"052,529","page_number":40,"box":{"x":821,"y":426,"width":62,"height":10}},{"id":"908b8148-a47b-4625-ba4d-df8cadf914d7","block_type":"box","text":"Fees waived by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,399","page_number":40,"box":{"x":79,"y":440,"width":804,"height":12}},{"id":"64107f01-f997-4b4a-a073-8702f43a9c61","block_type":"box","text":"Fees reimbursed by the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $","page_number":40,"box":{"x":79,"y":455,"width":725,"height":12}},{"id":"c8350788-fc4b-4c4c-9cc9-baa322097a54","block_type":"box","text":"158,836","page_number":40,"box":{"x":821,"y":456,"width":62,"height":10}},{"id":"1f1567ef-62a1-4359-990a-aeed1bbf168a","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":481,"width":3,"height":3}},{"id":"3d4ad615-306e-462a-8052-59a9cfda8ad1","block_type":"box","text":"BlackRock has entered into the contractual arrangement described in Note (1) to the table above.","page_number":40,"box":{"x":94,"y":481,"width":555,"height":8}},{"id":"7075ffe3-2237-46ad-9577-ef6e9064e197","block_type":"box","text":"MSCI EAFE International","page_number":40,"box":{"x":766,"y":503,"width":143,"height":7}},{"id":"42d71aef-ec53-43e8-9434-c8fdf6adf711","block_type":"box","text":"Index Fund","page_number":40,"box":{"x":806,"y":513,"width":63,"height":7}},{"id":"36e868b8-13b0-4d9d-b36b-ea118965eed2","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":40,"box":{"x":70,"y":531,"width":273,"height":10}},{"id":"0f0867bc-cdbf-445e-9abb-082fab5bc54d","block_type":"box","text":"Fees paid to the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,050,878","page_number":40,"box":{"x":79,"y":545,"width":802,"height":12}},{"id":"70bcb967-e057-499a-82aa-f78e53f5dd5f","block_type":"box","text":"Fees waived by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":561,"width":772,"height":11}},{"id":"581f849a-b003-4d92-9645-bebe898133dc","block_type":"box","text":"Fees reimbursed by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":577,"width":772,"height":10}},{"id":"f59f8b4e-504c-4df3-b5a9-b0fec73a587a","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":40,"box":{"x":70,"y":592,"width":274,"height":10}},{"id":"97da6713-251a-4e62-a60f-f676c340f511","block_type":"box","text":"Fees paid to the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,441,571","page_number":40,"box":{"x":79,"y":606,"width":802,"height":11}},{"id":"8ee26f37-abb9-40a8-a474-a54a517e00f2","block_type":"box","text":"Fees waived by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":622,"width":772,"height":11}},{"id":"c83951cc-aae2-49d2-b8c5-b6345248aaff","block_type":"box","text":"Fees reimbursed by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":637,"width":772,"height":11}},{"id":"8e13609d-5c18-40fc-b4b2-10801f218ad3","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":40,"box":{"x":70,"y":652,"width":273,"height":10}},{"id":"f4252d37-7f0f-403d-8c56-51159fc1c1d7","block_type":"box","text":"Fees paid to the Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,360,894","page_number":40,"box":{"x":79,"y":666,"width":802,"height":12}},{"id":"55313f3f-1319-4cdc-b8b4-2265b0e4403d","block_type":"box","text":"Fees waived by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":682,"width":772,"height":11}},{"id":"096268ef-4883-4a4a-a2f2-475a0d27cc64","block_type":"box","text":"Fees reimbursed by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A","page_number":40,"box":{"x":79,"y":697,"width":772,"height":11}},{"id":"2179631c-9bbe-4cd0-a795-1a90a2a06521","block_type":"box","text":"In addition, pursuant to a shareholders’ administrative services agreement, BlackRock provides certain","page_number":40,"box":{"x":102,"y":725,"width":736,"height":11}},{"id":"8214bad1-ba63-4305-b220-bb271c5977a9","block_type":"box","text":"shareholder liaison services in connection with the Corporation’s investor service center. The Corporation, on behalf","page_number":40,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"54c611b3-6367-4ad6-879c-8a0ca65ce6bf","block_type":"box","text":"of each Fund, reimburses BlackRock for its costs in maintaining the service center, which costs include, among other","page_number":40,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"e8645acd-228c-4579-ae7e-0297bc8a92d5","block_type":"box","text":"things, employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":40,"box":{"x":68,"y":770,"width":585,"height":12}},{"id":"3af95e33-05ff-4919-8521-b9a3402805f5","block_type":"box","text":"For the periods shown, the Corporation, on behalf of each Fund, reimbursed to BlackRock fees for shareholder","page_number":40,"box":{"x":102,"y":793,"width":787,"height":11}},{"id":"ec26b3b9-93ae-4987-a483-9e6c0964955e","block_type":"box","text":"liaison services pursuant to such agreement as 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In most cases, these benchmarks are the","page_number":42,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"df7e05a3-bb6f-41f0-ab81-36800c8e20a9","block_type":"box","text":"same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by","page_number":42,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"d78e0b2c-c170-494f-b195-248521ecf1c6","block_type":"box","text":"the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":42,"box":{"x":68,"y":173,"width":832,"height":11}},{"id":"e08a28fd-c6e8-47e0-8aff-0924e02249dd","block_type":"box","text":"determination with respect to each portfolio manager’s compensation based on the performance of the Funds and","page_number":42,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"ef3fbea9-6c2a-4050-a4d0-508462a47d81","block_type":"box","text":"other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income","page_number":42,"box":{"x":69,"y":203,"width":833,"height":12}},{"id":"2fc55384-bab7-463d-ad7c-71acff0a2ad4","block_type":"box","text":"and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3-","page_number":42,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"ccd7d807-74a1-41bc-82c8-91988e538cc0","block_type":"box","text":"and 5- year periods, as applicable. Performance of index funds is based on the performance of such funds relative to","page_number":42,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"e3a923d5-44d9-44ad-beca-d151880b1b2c","block_type":"box","text":"pre-determined tolerance bands around a benchmark, as applicable. The performance of Messrs. Waldron, Sietsema,","page_number":42,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"888dd7e5-b0ad-4493-96d3-aefb7e9b3a0d","block_type":"box","text":"and White and Ms. Hsui is not measured against a specific benchmark.","page_number":42,"box":{"x":69,"y":264,"width":509,"height":11}},{"id":"c56c6ab6-7e42-476d-adf8-7974116fb66e","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":287,"width":389,"height":11}},{"id":"696a2c60-cbd7-4527-8b99-62b8976d001c","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":287,"width":383,"height":11}},{"id":"468f63e0-26b9-4b30-8fbb-c5d4710ad7ab","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":302,"width":815,"height":11}},{"id":"1e0ac720-93e4-41fa-a4ab-5900ca70175f","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":42,"box":{"x":68,"y":317,"width":522,"height":11}},{"id":"88a90ace-21a2-4ee0-89fd-d6794f0a1a85","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":42,"box":{"x":102,"y":339,"width":760,"height":12}},{"id":"1d0ad316-c035-4588-822c-bece0c6ff87f","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"b4e07d03-b3bd-45f8-8fdb-09fd827df9db","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":42,"box":{"x":69,"y":370,"width":805,"height":11}},{"id":"dcf7747c-71d0-48aa-b8b2-b5cdf3998ad2","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":42,"box":{"x":69,"y":385,"width":822,"height":11}},{"id":"eb761418-7261-4125-9c56-4ef7f1b33d6f","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":42,"box":{"x":68,"y":400,"width":839,"height":11}},{"id":"9e7471af-ce4b-404e-b4db-7f203d90ab5c","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":42,"box":{"x":69,"y":415,"width":802,"height":11}},{"id":"2b808f8a-45be-43f3-93fc-11405e298c51","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":42,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"060616e8-88ee-4cac-9498-d6ad779646a6","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":42,"box":{"x":70,"y":445,"width":801,"height":12}},{"id":"cad666e2-9a39-4ede-94a3-54648acced58","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":42,"box":{"x":70,"y":460,"width":831,"height":11}},{"id":"d5607f61-f39f-468b-b11a-5609bd4d8e3d","block_type":"box","text":"managers of these funds have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":475,"width":498,"height":12}},{"id":"543e0f29-25cb-4d0c-8fd1-62697579bd3f","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":42,"box":{"x":102,"y":498,"width":785,"height":11}},{"id":"d9def6e0-8fc5-4700-80cc-8c42576dbae0","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":42,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"b5e451bf-0d3c-40da-8fa7-8a76e5c31379","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":42,"box":{"x":68,"y":528,"width":821,"height":12}},{"id":"e6c81f26-3c77-4151-8fe9-69134cb37903","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":42,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"4befbcb3-825f-4ec3-a0f8-d0fe739c43e3","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":42,"box":{"x":70,"y":559,"width":835,"height":11}},{"id":"5d82fff6-e92b-4c90-873b-696c9b018611","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":574,"width":414,"height":11}},{"id":"8b45628d-1d75-4d7c-a513-94dd211985b5","block_type":"box","text":"Other Compensation Benefits.","page_number":42,"box":{"x":101,"y":596,"width":218,"height":11}},{"id":"fc5ec4a1-025d-4859-832c-16d3a8db4c71","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":42,"box":{"x":327,"y":596,"width":552,"height":12}},{"id":"f5b6e7f4-737f-4e63-a4c4-9a14f53a1501","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":42,"box":{"x":69,"y":612,"width":582,"height":11}},{"id":"5642d78f-51a3-4e8c-8a75-e3fff6e7c103","block_type":"box","text":"Incentive Savings Plans","page_number":42,"box":{"x":102,"y":634,"width":167,"height":12}},{"id":"61f82cb2-c394-4a5c-ad9d-6a34a5db7db9","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":42,"box":{"x":274,"y":634,"width":614,"height":12}},{"id":"711d866d-aff3-4963-a4c1-90a2703470b4","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":42,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"5a9594cb-3eb1-4ad3-98a1-c828af1b9d90","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":42,"box":{"x":70,"y":664,"width":785,"height":12}},{"id":"0a1bd2b5-6440-4fb2-8bf3-b4f088a0e4cc","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":42,"box":{"x":69,"y":679,"width":830,"height":12}},{"id":"47bca4ac-998b-4943-8f9e-42e3afbe6ba8","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":42,"box":{"x":69,"y":695,"width":799,"height":11}},{"id":"1583b55d-f751-4693-bffc-460338faf37c","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":42,"box":{"x":69,"y":709,"width":831,"height":12}},{"id":"83a2733d-2845-4163-be8c-d8332f856030","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":42,"box":{"x":69,"y":725,"width":798,"height":11}},{"id":"5f12f863-64b2-47b0-8c9d-d7c56aa20059","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":42,"box":{"x":70,"y":740,"width":809,"height":11}},{"id":"de4990af-7480-4a0f-b8e9-3132b9aed814","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":42,"box":{"x":68,"y":755,"width":793,"height":11}},{"id":"d9004251-46a6-4ea8-be47-9dd4492e9bb2","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":42,"box":{"x":70,"y":770,"width":832,"height":11}},{"id":"69dbae61-165e-4b1f-ab1b-d0bd19e84ea7","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":42,"box":{"x":68,"y":785,"width":805,"height":11}},{"id":"23c13e31-5a1e-4240-ae37-b725b90fcaae","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":42,"box":{"x":69,"y":800,"width":808,"height":12}},{"id":"9d871e01-ae07-48ff-9810-cae66e12f56b","block_type":"box","text":"participate in these plans.","page_number":42,"box":{"x":70,"y":816,"width":185,"height":11}},{"id":"a67cee7d-08cd-4af8-9f53-633d4c0a5c07","block_type":"box","text":"I-25","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1f4a8da0-239b-4c05-ba62-48035c79f220","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95f3b653-a70a-4cb0-a4e3-a0ebc4a51234","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"b58c4d95-214c-4824-a98e-2c20644f47fe","block_type":"box","text":"The following table sets forth the dollar range of equity securities of the Fund beneficially owned by the portfolio","page_number":43,"box":{"x":101,"y":67,"width":798,"height":12}},{"id":"9caf52eb-1d16-44fc-b851-5f2cab14fa82","block_type":"box","text":"managers as of December 31, 2025.","page_number":43,"box":{"x":69,"y":82,"width":265,"height":12}},{"id":"642db66d-2173-4251-bce5-2fdfec78303d","block_type":"box","text":"Portfolio Manager Fund Managed","page_number":43,"box":{"x":69,"y":121,"width":553,"height":9}},{"id":"f7931476-f706-4033-ab7a-76b359bf6b38","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":111,"width":129,"height":9}},{"id":"f388dfc0-dceb-4bd4-9b52-9e3145b81af5","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":121,"width":173,"height":9}},{"id":"2b8f613b-390f-42e8-873f-a67cfd456dfb","block_type":"box","text":"Jennifer Hsui, CFA. .","page_number":43,"box":{"x":69,"y":138,"width":140,"height":11}},{"id":"35a7354e-0d1b-48b4-a5b9-238f7876d788","block_type":"box","text":".......................... R","page_number":43,"box":{"x":216,"y":139,"width":246,"height":8}},{"id":"ee1aeda1-e1ab-449d-8516-dbfcbee6db49","block_type":"box","text":"ussell 2000 Small-Cap Index Fund None","page_number":43,"box":{"x":463,"y":139,"width":378,"height":10}},{"id":"7a7cc635-790b-4928-ad5c-2cd872747df1","block_type":"box","text":"MSCI EAFE International Index Fund None","page_number":43,"box":{"x":454,"y":154,"width":387,"height":9}},{"id":"b02a5023-ac69-4bae-82f8-89dbd99c780b","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . R","page_number":43,"box":{"x":70,"y":169,"width":392,"height":10}},{"id":"4af47232-df0f-4760-b2e8-f795d5bf93ce","block_type":"box","text":"ussell 2000 Small-Cap Index Fund None","page_number":43,"box":{"x":463,"y":169,"width":378,"height":11}},{"id":"d7f2f043-9500-4d41-b892-2f16588553e4","block_type":"box","text":"MSCI EAFE International Index Fund None","page_number":43,"box":{"x":454,"y":184,"width":387,"height":9}},{"id":"88fff463-c165-4fc4-834b-631264477733","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . R","page_number":43,"box":{"x":69,"y":199,"width":393,"height":10}},{"id":"b75c7e03-dbe9-4770-84a9-4833fda4e107","block_type":"box","text":"ussell 2000 Small-Cap Index Fund None","page_number":43,"box":{"x":463,"y":199,"width":378,"height":11}},{"id":"dbcf646f-acb5-4b71-b5e2-461b7c377d92","block_type":"box","text":"MSCI EAFE International Index Fund None","page_number":43,"box":{"x":454,"y":214,"width":387,"height":9}},{"id":"651c424d-96d1-49b7-a510-56363ec5f069","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R","page_number":43,"box":{"x":69,"y":229,"width":393,"height":9}},{"id":"8cb7aca9-7c0e-4a0f-8ca8-405a4d87f1b2","block_type":"box","text":"ussell 2000 Small-Cap Index Fund None","page_number":43,"box":{"x":463,"y":229,"width":378,"height":11}},{"id":"4ed7b424-2245-407b-bfbb-1c7facbb4dd9","block_type":"box","text":"MSCI EAFE International Index Fund None","page_number":43,"box":{"x":454,"y":244,"width":387,"height":9}},{"id":"8785fd50-b481-4b26-bfa4-9ff89f666c77","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":276,"width":403,"height":11}},{"id":"88f09a1f-e5d8-415e-8b83-52b39efb0443","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":298,"width":727,"height":12}},{"id":"27ef3c10-c9dd-464e-b254-00ba5c3a8448","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":314,"width":814,"height":11}},{"id":"046146e9-f881-4e52-ad29-c96e31a57b26","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":43,"box":{"x":70,"y":329,"width":837,"height":11}},{"id":"449a5dc9-b058-4f2a-9aeb-6564605c8d17","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":344,"width":810,"height":11}},{"id":"d16dc1f4-0c4c-4e44-88d8-fd9ea9a0ea5b","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":359,"width":782,"height":11}},{"id":"2c5ea3ae-e239-4766-ac08-2e70ffb9fb65","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":374,"width":830,"height":11}},{"id":"348f6a44-8a73-42eb-8400-efb1b561d6dc","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":389,"width":828,"height":11}},{"id":"4295bc20-2d3c-443c-93f9-5e65f7e3252d","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":404,"width":834,"height":12}},{"id":"bf7228ad-80ae-476b-bf56-911434ebf8ed","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":43,"box":{"x":70,"y":419,"width":777,"height":12}},{"id":"fd9dbfc3-e54b-4f31-83c4-729048f2592f","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":435,"width":821,"height":11}},{"id":"45e1e1b1-f1c1-4810-a805-c8eaf3ae4aa7","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":450,"width":819,"height":11}},{"id":"51db2d5d-2a5b-405d-b7c4-3fb9ac7df4c6","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":465,"width":831,"height":11}},{"id":"8ce117e0-4cc2-4f4d-aced-bb2d45318ebd","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":480,"width":804,"height":11}},{"id":"563b7d31-21eb-48aa-9605-57196abf71f8","block_type":"box","text":"securities. 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":46,"box":{"x":69,"y":169,"width":559,"height":12}},{"id":"0f4eb062-b2b5-4191-bdf1-d2132b99a6a3","block_type":"box","text":"$20.18 $28.08","page_number":46,"box":{"x":717,"y":169,"width":192,"height":10}},{"id":"54b135ca-c360-4e4d-9339-f8dbbb6022fd","block_type":"box","text":"1","page_number":46,"box":{"x":69,"y":202,"width":3,"height":3}},{"id":"4fab27b6-36f9-489e-8c9f-cd35829d75b4","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":46,"box":{"x":94,"y":202,"width":541,"height":8}},{"id":"d5feaf75-f3e0-4739-adab-854ea9a69940","block_type":"box","text":"The offering price for the Fund’s other share classes is computed by dividing the value of the share class’ net","page_number":46,"box":{"x":101,"y":222,"width":783,"height":12}},{"id":"687a1fd6-d9fa-4394-a7b6-bba1ff97020e","block_type":"box","text":"assets by 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For more information on the purchasing and","page_number":46,"box":{"x":69,"y":237,"width":827,"height":12}},{"id":"0d7cc15e-0c39-45b1-9f87-6bcc01e34382","block_type":"box","text":"valuation of shares, please see “Purchase of Shares” and “Pricing of Shares” in Part II of this Statement of","page_number":46,"box":{"x":68,"y":252,"width":771,"height":12}},{"id":"17c5c377-ccc7-4d41-8bbb-b94a6146ae89","block_type":"box","text":"Additional Information.","page_number":46,"box":{"x":68,"y":268,"width":160,"height":9}},{"id":"085fe7bd-6bf3-4726-af33-442ca7b1fb8f","block_type":"box","text":"VII. 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BTC administers the lending program in accordance with guidelines","page_number":47,"box":{"x":69,"y":265,"width":808,"height":11}},{"id":"619722e5-c7e5-45a4-b174-063654fd1f52","block_type":"box","text":"approved by the Board.","page_number":47,"box":{"x":69,"y":280,"width":163,"height":11}},{"id":"6169750f-e505-4684-a645-100cc1c39df8","block_type":"box","text":"Each of Master Small Cap Index Series and MSCI EAFE International Index Fund retains a portion of the","page_number":47,"box":{"x":102,"y":302,"width":737,"height":11}},{"id":"357f7b64-1dda-4b0c-9a76-a2b75befb0a6","block_type":"box","text":"securities lending income and remits the remaining portion to BTC as compensation for its services as securities","page_number":47,"box":{"x":69,"y":317,"width":808,"height":12}},{"id":"46d84ba6-8c1f-46d0-aa00-9e9a39bdf494","block_type":"box","text":"lending agent. Securities lending income is generally equal to the total of income earned from the reinvestment of","page_number":47,"box":{"x":70,"y":332,"width":812,"height":12}},{"id":"be33355b-362b-4814-96fd-5cb2a6be8730","block_type":"box","text":"cash collateral (and excludes collateral investment fees as defined below), and any fees or other payments to and","page_number":47,"box":{"x":69,"y":348,"width":812,"height":11}},{"id":"8098affb-cc32-4a50-a7f9-e0728e3a18e4","block_type":"box","text":"from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":47,"box":{"x":68,"y":363,"width":840,"height":11}},{"id":"489d9b46-6504-45eb-800b-0e18f5042d72","block_type":"box","text":"lending. Master Small Cap Index Series and MSCI EAFE International Index Fund are responsible for fees in","page_number":47,"box":{"x":70,"y":378,"width":762,"height":11}},{"id":"d1fedd82-bfb9-4358-ad3d-256dc55229db","block_type":"box","text":"connection with the investment of cash collateral received for securities on loan in money market funds advised by","page_number":47,"box":{"x":69,"y":393,"width":818,"height":11}},{"id":"66089730-49da-4c21-94c1-76ad27d7eaac","block_type":"box","text":"BFA or its affiliates, and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC","page_number":47,"box":{"x":70,"y":408,"width":832,"height":11}},{"id":"1305a7d5-1999-4e62-883d-00fc6e84bfc5","block_type":"box","text":"has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":47,"box":{"x":69,"y":423,"width":809,"height":12}},{"id":"f754755f-17aa-46e9-ae27-3b9381f31768","block_type":"box","text":"investment fees Master Small Cap Index Series and MSCI EAFE International Index Fund bear to an annual rate of","page_number":47,"box":{"x":70,"y":438,"width":811,"height":11}},{"id":"33ac6c5c-0a61-42a0-9698-df22c391b773","block_type":"box","text":"0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee. To the","page_number":47,"box":{"x":69,"y":453,"width":804,"height":12}},{"id":"c1afdd3e-4862-4bff-a8c2-3c68360a8fd5","block_type":"box","text":"extent that Master Small Cap Index Series or MSCI EAFE International Index Fund invests cash collateral in a non","page_number":47,"box":{"x":69,"y":469,"width":810,"height":11}},{"id":"0169572b-ba13-4d2b-a9b4-6e46554746e8","block_type":"box","text":"government money market fund, Master Small Cap Index Series or MSCI EAFE International Index Fund may be","page_number":47,"box":{"x":68,"y":484,"width":790,"height":11}},{"id":"ac11ef78-74e0-449e-b8a2-836f5b28db9d","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":47,"box":{"x":69,"y":499,"width":831,"height":11}},{"id":"90b45bef-08dc-41c6-9f5e-f2497ff6c59b","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":47,"box":{"x":68,"y":514,"width":812,"height":11}},{"id":"90b7b166-87ff-474a-a02b-50cd3c38cc3c","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":47,"box":{"x":69,"y":529,"width":799,"height":11}},{"id":"73c38e96-7967-421f-bfec-4ff8782d82cf","block_type":"box","text":"Additionally, Master Small Cap Index Series or MSCI EAFE International Index Fund will be subject to a mandatory","page_number":47,"box":{"x":68,"y":544,"width":808,"height":11}},{"id":"25a0a922-47e4-48c2-b4cb-f3dc0039b3a1","block_type":"box","text":"liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s","page_number":47,"box":{"x":70,"y":559,"width":830,"height":12}},{"id":"eb05f1df-631b-41b5-a153-bcdad327dd6d","block_type":"box","text":"net assets, unless the liquidity costs are de minimis (i.e., less than one basis point (0.01%)). The money market fund","page_number":47,"box":{"x":69,"y":574,"width":839,"height":12}},{"id":"1fd9b995-f1cd-4d5a-b4bb-6b6a3860a993","block_type":"box","text":"will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money","page_number":47,"box":{"x":68,"y":589,"width":805,"height":12}},{"id":"efaefc16-827e-40be-b09e-b6276ba3ec5a","block_type":"box","text":"market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of","page_number":47,"box":{"x":69,"y":605,"width":823,"height":11}},{"id":"8625a7c2-1bdf-4457-984e-415e59e10212","block_type":"box","text":"net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund","page_number":47,"box":{"x":69,"y":620,"width":792,"height":11}},{"id":"1a813188-e715-40db-9973-7c72fffd6130","block_type":"box","text":"cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data,","page_number":47,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"c40e2835-6067-40e7-b2a1-5088a4bc8305","block_type":"box","text":"it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any","page_number":47,"box":{"x":70,"y":650,"width":836,"height":11}},{"id":"f9cb340b-0ff0-4b13-aaf3-74f023a9765c","block_type":"box","text":"such discretionary or mandatory liquidity fee would reduce the Master Small Cap Index Series’ or MSCI EAFE","page_number":47,"box":{"x":69,"y":665,"width":775,"height":11}},{"id":"2ab4b34c-1b50-47ea-95a8-81aef5a5f9ef","block_type":"box","text":"International Index Fund’s returns on securities lending.","page_number":47,"box":{"x":70,"y":680,"width":396,"height":12}},{"id":"f84b404c-12a0-442e-9749-1d4233efdb57","block_type":"box","text":"Under the securities lending program, each of Master Small Cap Index Series and MSCI EAFE International Index","page_number":47,"box":{"x":102,"y":703,"width":802,"height":11}},{"id":"cb9b43d9-359c-4641-8316-4600aaaa9c6a","block_type":"box","text":"Fund is categorized into one of several specific asset classes. The determination of Master Small Cap Index Series’","page_number":47,"box":{"x":70,"y":718,"width":824,"height":11}},{"id":"8922cb0b-aab1-4148-8847-fce7b96a0d51","block_type":"box","text":"or MSCI EAFE International Index Fund’s asset class category (fixed-income, domestic equity, international equity or","page_number":47,"box":{"x":69,"y":733,"width":824,"height":11}},{"id":"3209758e-fa9a-4805-953a-3b8e66ed04aa","block_type":"box","text":"fund of funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by","page_number":47,"box":{"x":68,"y":748,"width":837,"height":12}},{"id":"2e2f8c68-642e-40c4-8ffb-e7440fd13a89","block_type":"box","text":"the Master LLC or Corporation, as applicable, and BTC.","page_number":47,"box":{"x":68,"y":763,"width":393,"height":11}},{"id":"8f33052a-2254-4454-81dd-cb68d529e98e","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) Master Small Cap Index Series retains 81% of securities","page_number":47,"box":{"x":102,"y":786,"width":807,"height":11}},{"id":"ad5b1713-1e07-43fd-88f1-a161c9481c0e","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":47,"box":{"x":70,"y":801,"width":815,"height":11}},{"id":"1a864a3a-7006-45c2-b7ea-aac1d9241454","block_type":"box","text":"sum of securities lending income plus collateral investment fees. Pursuant to the current securities lending","page_number":47,"box":{"x":69,"y":816,"width":765,"height":12}},{"id":"9549bd5b-ce14-472b-94ee-d33198486523","block_type":"box","text":"agreement: (i) MSCI EAFE International Index Fund retains 82% of securities lending income (which excludes","page_number":47,"box":{"x":69,"y":831,"width":770,"height":12}},{"id":"77ec059c-f553-4ce7-91fc-3048284947df","block_type":"box","text":"collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities lending income","page_number":47,"box":{"x":69,"y":846,"width":827,"height":12}},{"id":"07314829-b565-444b-91b7-ceb44f51b650","block_type":"box","text":"plus collateral investment fees.","page_number":47,"box":{"x":70,"y":862,"width":221,"height":11}},{"id":"01f87bab-8f01-476c-a493-cff5e271819d","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":47,"box":{"x":102,"y":884,"width":753,"height":12}},{"id":"134bad9a-750a-4fed-a2ef-d20dddd73a78","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, Master Small Cap","page_number":47,"box":{"x":69,"y":899,"width":835,"height":12}},{"id":"877359b4-a825-40c2-82b5-420bbf56c92d","block_type":"box","text":"I-30","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3a6604fd-b7d0-4111-81dd-86bdc3c84969","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bda29469-d809-4194-b532-cda4e0f187c3","block_type":"box","text":"Index Series, pursuant to the current securities lending agreement, will receive for the remainder of that calendar","page_number":48,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"30a985b8-7727-4211-b7b2-51a193bd3f1f","block_type":"box","text":"year securities lending income as follows: (i) 84% of securities lending income (which excludes collateral investment","page_number":48,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"a14efd26-c058-4b39-898f-e2a9c3a43753","block_type":"box","text":"fees); and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral","page_number":48,"box":{"x":68,"y":75,"width":779,"height":11}},{"id":"841a2ee4-fc10-47ef-a11f-edeed8106411","block_type":"box","text":"investment fees. In addition, commencing the business day following the date that the aggregate securities lending","page_number":48,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"dd403d95-1ef6-4787-8b6e-cdd0634e20f9","block_type":"box","text":"income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, MSCI","page_number":48,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"d46de734-ddd8-4499-9c6b-49a7a4a688a1","block_type":"box","text":"EAFE International Index Fund, pursuant to the current securities lending agreement, will receive for the remainder of","page_number":48,"box":{"x":70,"y":120,"width":832,"height":12}},{"id":"d5e41727-381b-4d2a-998b-d645e51832fc","block_type":"box","text":"that calendar year securities lending income as follows: (i) 85% of securities lending income (which excludes","page_number":48,"box":{"x":68,"y":135,"width":774,"height":12}},{"id":"a84003cf-b768-406e-8f99-564516498e79","block_type":"box","text":"collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities lending income","page_number":48,"box":{"x":69,"y":150,"width":827,"height":12}},{"id":"5653b0c1-ac3b-4630-bf20-fa83ef4a728b","block_type":"box","text":"plus collateral investment fees.","page_number":48,"box":{"x":70,"y":166,"width":221,"height":11}},{"id":"bb2b16a3-36fc-463e-88e2-1318e596db9a","block_type":"box","text":"Prior to January 1, 2026, Master Small Cap Index Series and MSCI EAFE International Index Fund were subject","page_number":48,"box":{"x":102,"y":188,"width":790,"height":11}},{"id":"87d3bf72-d3ae-4228-b924-8bc5191e087e","block_type":"box","text":"to the same securities lending fee arrangements.","page_number":48,"box":{"x":68,"y":203,"width":351,"height":12}},{"id":"77e8479a-690e-496f-992f-5a5856549279","block_type":"box","text":"The services provided to Master Small Cap Index Series and MSCI EAFE International Index Fund by BTC, in the","page_number":48,"box":{"x":101,"y":226,"width":794,"height":11}},{"id":"bdb1d943-1e7c-4bbd-ae59-2754dc79b480","block_type":"box","text":"most recent fiscal year ended December 31, 2025, primarily included the following:","page_number":48,"box":{"x":69,"y":241,"width":594,"height":11}},{"id":"6a70350f-8d41-4789-89b2-a43b07d80281","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":48,"box":{"x":69,"y":261,"width":832,"height":12}},{"id":"65ce7fbb-b35d-48a7-9449-2489e939630d","block_type":"box","text":"behalf of Master Small Cap Index Series and MSCI EAFE International Index Fund with each such borrower;","page_number":48,"box":{"x":69,"y":276,"width":760,"height":11}},{"id":"a71dcd45-b878-45fc-97c5-b9ccf273e147","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":48,"box":{"x":69,"y":297,"width":530,"height":11}},{"id":"18705820-716b-47c2-91f4-17006d28ddc0","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":48,"box":{"x":69,"y":317,"width":321,"height":11}},{"id":"bad7cabe-a687-41b1-82e4-8ab4b2fce8f5","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":48,"box":{"x":69,"y":337,"width":826,"height":11}},{"id":"a1cc3d87-d16d-4d4c-8840-500f9741ea21","block_type":"box","text":"of excess collateral, as necessary;","page_number":48,"box":{"x":69,"y":352,"width":246,"height":11}},{"id":"1b2889a2-465f-444d-b6e0-1efd4c80dbab","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":48,"box":{"x":69,"y":372,"width":554,"height":11}},{"id":"a5df865b-d387-4e2b-b3d7-a2333302533a","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":48,"box":{"x":69,"y":392,"width":657,"height":12}},{"id":"326a6ded-27e9-469c-b3e4-0cf33f564d8b","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":48,"box":{"x":69,"y":412,"width":814,"height":12}},{"id":"9e8e43d8-bbd3-4cdd-84e7-31a513f3446a","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that of","page_number":48,"box":{"x":68,"y":428,"width":823,"height":11}},{"id":"9917b91b-c85b-4709-8894-34d0b1cd2ee6","block_type":"box","text":"the loaned securities; and","page_number":48,"box":{"x":68,"y":443,"width":185,"height":10}},{"id":"06d5df74-bfe3-46ce-81c7-e1972b9df76d","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to Master Small Cap Index Series","page_number":48,"box":{"x":69,"y":463,"width":813,"height":11}},{"id":"bfa5586c-8060-417d-9e72-4e11c1cb1537","block_type":"box","text":"and MSCI EAFE International Index Fund at loan termination.","page_number":48,"box":{"x":69,"y":478,"width":429,"height":9}},{"id":"9d022e44-2070-49ff-a18f-be7944806ba3","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":48,"box":{"x":101,"y":501,"width":805,"height":11}},{"id":"05a11b14-9267-4bfd-9f65-971f896e1104","block_type":"box","text":"activities of each of Master Small Cap Index Series and MSCI EAFE International Index Fund during its most recent","page_number":48,"box":{"x":69,"y":516,"width":816,"height":11}},{"id":"a650af93-a71c-4497-80e7-0179c0e0fd5b","block_type":"box","text":"fiscal year ended December 31, 2025.","page_number":48,"box":{"x":68,"y":531,"width":276,"height":11}},{"id":"81c3d25c-a795-482c-a7a1-33af4543cbe9","block_type":"box","text":"Master Small Cap","page_number":48,"box":{"x":642,"y":559,"width":103,"height":9}},{"id":"b12d4a7d-e53f-44ad-9f95-1b66af454186","block_type":"box","text":"Index Series","page_number":48,"box":{"x":658,"y":569,"width":71,"height":7}},{"id":"7d020a65-3a77-4c0a-87c2-07c01e361911","block_type":"box","text":"MSCI EAFE International","page_number":48,"box":{"x":766,"y":559,"width":143,"height":7}},{"id":"36b83575-8140-45e2-b3cc-a29f975aa70f","block_type":"box","text":"Index Fund","page_number":48,"box":{"x":806,"y":569,"width":63,"height":7}},{"id":"f001eec4-dd8d-4616-85c1-711133e6ddd5","block_type":"box","text":"Gross income from securities lending activities","page_number":48,"box":{"x":69,"y":587,"width":343,"height":11}},{"id":"5f363198-de62-445d-8fd3-1a049589f5e0","block_type":"box","text":"..........................","page_number":48,"box":{"x":415,"y":594,"width":205,"height":2}},{"id":"58c4e300-27b4-4986-9b36-c19afd874d33","block_type":"box","text":"- $1,000,187","page_number":48,"box":{"x":737,"y":586,"width":144,"height":12}},{"id":"91c1b22a-abd9-4f70-b4ac-573e46b0fecf","block_type":"box","text":"Fees and/or compensation for securities lending activities and related","page_number":48,"box":{"x":70,"y":606,"width":501,"height":12}},{"id":"6441e692-66cd-4a8e-8e3f-3eca1303a3d0","block_type":"box","text":"services","page_number":48,"box":{"x":69,"y":619,"width":60,"height":9}},{"id":"3de23f24-7aab-41d1-bb40-348142ff4799","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending","page_number":48,"box":{"x":79,"y":634,"width":511,"height":12}},{"id":"82d95614-cace-4048-81e3-f46d10c89cf1","block_type":"box","text":"agent","page_number":48,"box":{"x":89,"y":648,"width":38,"height":10}},{"id":"8a73de1e-29fa-40c3-9a7c-fa79172fb165","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - $ 33,005","page_number":48,"box":{"x":137,"y":646,"width":744,"height":11}},{"id":"618e2bca-f855-458a-9dc8-9d3292d9dae2","block_type":"box","text":"Cash collateral management expenses not included in securities lending","page_number":48,"box":{"x":79,"y":662,"width":516,"height":11}},{"id":"e41bb99c-f727-4664-a7d1-3251b6740e0d","block_type":"box","text":"income paid to BTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - $ 8,225","page_number":48,"box":{"x":89,"y":674,"width":792,"height":12}},{"id":"89049138-e1db-4e28-91c8-1c08c511be03","block_type":"box","text":"Administrative fees not included in securities lending income paid to BTC. . . $ 0 $ 0","page_number":48,"box":{"x":78,"y":689,"width":803,"height":12}},{"id":"7b66841e-2421-4bd8-b71d-95d7114bb037","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BTC. . $ 0 $ 0","page_number":48,"box":{"x":79,"y":704,"width":802,"height":12}},{"id":"62736668-095a-4655-be96-e1272554c1a2","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":79,"y":720,"width":443,"height":11}},{"id":"242cfafc-7288-4b30-9730-3581767c6df5","block_type":"box","text":". . . . . . . . . . . . $(4,","page_number":48,"box":{"x":529,"y":719,"width":146,"height":12}},{"id":"0cf4a8dd-b464-4bad-8ec6-15f5fe319882","block_type":"box","text":"555,275) $ 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Whenever","page_number":51,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"4b9b0d4a-6387-4f05-b5d7-86c87e60da09","block_type":"box","text":"a Fund is requested to vote on a fundamental policy of a Series, the Corporation will hold a meeting of the investing","page_number":51,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"4fbc428f-7718-4ca6-ba2a-6957ce127224","block_type":"box","text":"Fund’s shareholders and will cast its vote as instructed by such Fund’s shareholders.","page_number":51,"box":{"x":70,"y":498,"width":607,"height":11}},{"id":"1abd37a2-9d6a-49de-b0ac-94df84ab5047","block_type":"box","text":"IX. Financial Statements","page_number":51,"box":{"x":69,"y":529,"width":179,"height":8}},{"id":"09481ae1-c08c-4fa4-93dc-577bc06eeac4","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Funds’ and Master LLC’s Annual","page_number":51,"box":{"x":101,"y":551,"width":789,"height":11}},{"id":"3cb7415d-5a87-480a-ad7f-99363c4821f5","block_type":"box","text":"Financial Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC","page_number":51,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"45facdc3-12a7-45f7-97f8-eb35e0dcbc22","block_type":"box","text":"on Form N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts","page_number":51,"box":{"x":69,"y":581,"width":822,"height":11}},{"id":"00328ddc-cece-46c0-9aeb-86f11f4be875","block_type":"box","text":"of the 2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial","page_number":51,"box":{"x":69,"y":596,"width":756,"height":12}},{"id":"c2590c1c-8076-485c-94f9-69e78d67e023","block_type":"box","text":"Statements have been audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein","page_number":51,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"8915658e-525e-4fa5-8763-685aeef05788","block_type":"box","text":"by reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the report of","page_number":51,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"cd0826a1-3c7e-4b70-8212-466a7509b681","block_type":"box","text":"such firm given their authority as experts in accounting and auditing. Additional copies of the Fund’s Annual and","page_number":51,"box":{"x":69,"y":642,"width":798,"height":11}},{"id":"33aeb853-4116-4934-9dbe-7c3f1e529475","block_type":"box","text":"Semi-Annual Reports to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":51,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"25c52208-eb1f-4256-8baa-7fb5c22c96c0","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":51,"box":{"x":70,"y":672,"width":818,"height":11}},{"id":"bfd4e40e-9a2c-4d0b-b1de-9966f88faa0a","block_type":"box","text":"front page of this SAI.","page_number":51,"box":{"x":68,"y":687,"width":155,"height":11}},{"id":"2b6b1e93-83eb-4fb7-adb1-964de71fe2d6","block_type":"box","text":"I-34","page_number":51,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dd74e2ae-f9c6-4732-a563-b390d59628f4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23161136-57eb-4a19-96d0-29d81a12c64c","block_type":"box","text":"PART II","page_number":52,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"d67cab49-c3eb-4b8c-9ff1-bf2728da90bf","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":52,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"e6dadff3-fc43-4ed1-b15e-28b448167131","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":52,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"02bbd0c6-9910-4c93-92da-738710806dbf","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":52,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"814ac7d9-59e2-429e-9934-852753c98304","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":52,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"153b6dd9-ea93-4938-a57c-e0303e1196b2","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":52,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"95e4ade8-c595-4ecb-af87-21190db8a915","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":52,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"64356134-9314-4a8a-a71f-a8235dae571e","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":52,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"2bb8b5cd-9bf8-4f17-99f1-205d800d8e37","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":52,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"bf996124-d353-48c2-82e4-7d919f161bd8","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":52,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"f8e99024-2613-46b9-95cb-7478f3c1add1","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":52,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"35de610a-02f0-4832-89dd-f7155bd1cb5a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":52,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"3bd1a298-89c4-443f-a0dd-6bf34ce4ebaa","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":52,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"fc70ae91-9408-47d3-a344-65d3c3d15d55","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":52,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"d46aeeeb-e701-4244-a648-a652185e3c4e","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":52,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"91f25358-1148-4a19-94ab-571885bd0897","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":52,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"472d4d76-972c-4639-9250-6bd783da66cc","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":52,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"4eb17a4d-a0cc-49f2-a2c4-2e232de52687","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":52,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"438864cb-77e6-4be8-8a93-2b4af7990085","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":52,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"b93ffbfc-acf6-4208-8af5-020d046f95f6","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":52,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"bf85d8f0-163f-43d7-bb5f-8f8bbb554647","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":52,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"c261236e-0c63-47a6-aa17-e4bbb663c179","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":52,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"650d693b-0818-48b4-9875-21e7f1b89976","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":52,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"ed7ddc41-46bd-45a5-b73b-908c1c4f9bac","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":52,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"ff073995-d6c7-4845-8a2f-834a52c0561f","block_type":"box","text":"particular Fund.","page_number":52,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"57fd91af-0e5f-4613-b6a5-26f7abff31f8","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":52,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"0fe31d65-5d9d-4310-acd9-2e5e7c336ca0","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":52,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"55a453e0-6fc0-4051-91a0-932df6fe53a8","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":52,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"52a77143-8850-4865-b9a9-c24cf56e0301","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":52,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"854c741b-36d0-4b4e-bd3e-234adb9ed0b5","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":52,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"ade370e3-4864-4339-b365-649efc64e75c","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":52,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"d06ca79c-d8a7-460b-bf27-256ef109c06d","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":52,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"7b9708b8-5e12-442a-b3d0-947d8dffc3f6","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":52,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"7bd60835-f757-4c95-93d9-c9641f40ee45","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":52,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"1b19d152-30f4-4a55-b4dd-b3b6380a4234","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":52,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"66a611e4-6411-4b3c-a5a9-e484cae9584c","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":52,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"33a30896-2aad-4b75-be5a-a9a1062011b7","block_type":"box","text":"Asset-Backed Securities.","page_number":52,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"c55d046a-ba28-453f-9e0c-2615d50d57b2","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":52,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"6d7e9d20-2f8c-4524-9a5a-bd5416486fb2","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":52,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"e8a72587-be5d-47ea-826f-b667553e814c","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":52,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"013ed440-0722-4e82-9d5e-8609d75ecd5c","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":52,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"f31f7a34-588a-4cee-a249-94a9461503fe","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":52,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"ccd97853-8047-44d7-863e-655d51011782","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":52,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"3f666da6-fce7-4cf7-8ee1-336fddd8bee6","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":52,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"dfdbab1b-afb8-402f-a0ab-2f4392002378","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":52,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"16150311-9988-4519-ae71-14f021aa3f30","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":52,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"5c6b6447-a7bb-41ff-9e2e-886e11657c0c","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":52,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"1617b3bf-0be9-4236-8256-2404b6f03902","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":52,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"fb1dcc21-c02a-418a-b35f-1716b75b4a5e","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":52,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"7f73ae18-57ef-404d-8d61-ebb3f43274e7","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":52,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"fcdbb845-2057-486b-ba84-18f764e6f739","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":52,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"ddd520ba-13dc-4783-b79b-21858dbf97eb","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":52,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"e6622e02-2ec4-4cab-93b6-da456ea7cc58","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":52,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"24d9b786-525b-45ab-9557-dcba69c09af6","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":52,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"ea74c290-3d1f-4a37-ad0b-f102c8a43270","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":52,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"2c7a1bce-d175-4c49-8687-58e519505c6e","block_type":"box","text":"II-1","page_number":52,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"9286362b-7a70-486d-98bc-1b3e097e5843","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"398c800b-09b4-41c0-96e2-7c62fad1e640","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":53,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"841bd2ba-80a6-46e4-b019-f4f50588f1b6","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":53,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"adb71f41-a3f4-4483-a568-5fd03549e7a1","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":53,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"d45e27eb-896d-4451-9d9f-dddbe37510fe","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":53,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"f32b224a-e60b-4aed-8944-c745d0cec94e","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":53,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"01bcd0e8-a767-42c9-9a6c-b1670427dded","block_type":"box","text":"Asset-Based Securities.","page_number":53,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"cea6bac9-a825-40a6-b3cf-c8241167024f","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":53,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"3a1d5c51-26a7-4544-9f32-1726988a6426","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":53,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"16d11bae-7045-430b-a7fe-f849ac13c589","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":53,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"dc592410-d21e-4717-933c-af106b49cfb8","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":53,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"378cfbda-c75a-4249-b175-feaee5ea0bdd","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":53,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"4f478b2e-2f33-496b-bf2e-6259905e76b6","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":53,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"f7150dd4-67fc-456a-97e5-226339575968","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":53,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"aa93c885-0dcb-44be-83ba-9fdfc5928101","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":53,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"83c0c0b2-a35b-42a7-91bb-e121f98f8cfb","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":53,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"7125c7f1-3d95-4154-803c-8b0c802b570d","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":53,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"4f50f3d1-daa9-46d7-ba4d-c4e5c23af303","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":53,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"12c4c890-a4ea-40ab-b52a-025d75cf8afd","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":53,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"0b8cec55-f0f5-4d8d-9012-9e3d2256ecaf","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":53,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"bacfc02f-4010-4d64-b747-3e0773262874","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":53,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"0bf5fe56-46d0-48ca-bcf3-4154e3028893","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":53,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"a6cb191f-1de8-4ea6-a1c6-877229c48599","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":53,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"d121fa62-caa9-4b7c-86e1-e3a8ff92c2ff","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":53,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"90c49b37-2ab7-4f4c-92b8-91451603feaf","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":53,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"78e9b7ae-852e-4173-954e-9cdb9964720b","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":53,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"b715e764-96b5-4d18-904c-1e99a4477e49","block_type":"box","text":"appreciation in the underlying asset.","page_number":53,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"1d4a69ee-e523-47b1-a7d5-c122187cdb48","block_type":"box","text":"Precious Metal-Related Securities.","page_number":53,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"c8f605e7-a959-4520-a6ac-54c15200c42c","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":53,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"288d05f3-2b69-4a5b-9a1f-3221c3d8160e","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":53,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"49d8a3aa-cfa4-46ed-9e0c-eebd2ab745cb","block_type":"box","text":"e.g.","page_number":53,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"72dcb4b7-01dc-4433-87a4-e9ed9a8c9607","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":53,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"1e519d50-ca7f-4eea-8db9-4d3da7b6fb25","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":53,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"3a6f80d2-6ece-4a5f-a30e-2ed166e3709f","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":53,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"1bf3c28f-bd1c-4ca4-b50d-4ea9450acb47","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":53,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"6b68071d-309c-4ae0-ac7e-f979913664c6","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":53,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"a3339df4-0329-4dee-a7af-32a7763e46ef","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":53,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"67d6f50d-5769-46e3-915d-6f5587848a44","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":53,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"2c29edfe-b9f3-474b-8c93-3f7aee2f588f","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":53,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"9df732a4-e0ff-4552-a97c-99a5c612e7d2","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":53,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"2dae8959-9b1e-4a17-b069-cae2314c6faa","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":53,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"57d4e1ed-ce7d-4bce-b3ca-da3eabfcf443","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":53,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"9dfb4d49-9f70-405e-bc61-56a089ecea10","block_type":"box","text":"South African gold production.","page_number":53,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"3d66a0fd-c420-4cb2-b8d0-4b8945d2a5aa","block_type":"box","text":"Borrowing and Leverage.","page_number":53,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"9f259f2d-49ec-4499-9407-618ae80c5978","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":53,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"426735ce-fbb4-4603-878b-78db9e88cd4a","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":53,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"cde1d6a1-7892-42b2-8bca-f018e77296d9","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":53,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"409e3187-9b5e-4745-aff8-9d44eea467a5","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":53,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"6b36d8cd-ca77-4166-9e90-337bcf56f300","block_type":"box","text":"other securities transactions.","page_number":53,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"8c5b2d92-d83e-41cb-b05a-e5a7fe0a2c95","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":53,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"2a86cdc5-3019-469d-bb4e-8c6634343238","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":53,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"46817769-401a-4d80-8e90-5b20f11ae0cd","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":53,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"034adfa6-ef0e-4dac-9308-3445204901cc","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":53,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"e2d8e2b3-4402-4867-9dbd-c45b4f26aebc","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":53,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"e07b47db-4e12-496f-bd91-adba595af1c4","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":53,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"0189c356-fcc2-40b6-8ff6-a23fbc718730","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":53,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"9e55961f-a848-4e06-abf8-0c27cce325dd","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":53,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"a616f607-953d-4e7c-b282-8fdfdc0dc88e","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":53,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"9816ce05-89d0-4203-b459-e6b1f31371c7","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":53,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"6ac3355e-3f70-4677-a5f7-0c313ba168bd","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":53,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"39ef61ed-2385-4119-9226-afe409b17fce","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":53,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"5efbf0b9-70cd-46d7-9bfa-664243a05ca3","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":53,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"9f642ebd-3a00-4688-ad7a-977d4f324d9b","block_type":"box","text":"II-2","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9bc9bf43-4276-47ed-b026-f31a1a996128","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a861fd90-045f-4cc2-a7de-7739597d9cfd","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":54,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2600b0be-8709-44f1-bf92-b340b806a94b","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":54,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"f261b80c-560d-4cbf-ae12-f7c1352fef8c","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":54,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"a14e66b5-121f-43a3-85ec-aee70dce712c","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":54,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"df1887a9-bc8a-492f-bea0-d0e6f033a00a","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":54,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"c379eb81-17ac-463f-b42d-e1c38a256ef4","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":54,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"047a9ded-d96a-4ec4-ae35-e94eb5607332","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":54,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"73b13523-c4c1-43ed-bb1b-6fd4918e0561","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":54,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"2f870c82-f486-4118-83ba-05f2b2ae60ec","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":54,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"d1ab33bc-8b71-41ce-bcab-15cedac6c4d2","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":54,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"3191dd27-c797-4b78-9dc0-c92709817779","block_type":"box","text":"Cash Management.","page_number":54,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"0353393f-c415-4b6a-b2c2-81dff6a5ad57","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":54,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"a2a8f0c5-d31a-4c70-9441-32615ee273ff","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":54,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"0d73a46a-fc1f-4d39-a0a6-33b6e0c89ba0","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":54,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"e7a527ca-1636-446e-ac32-527be2ea4d80","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":54,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"cee60e38-1add-4fff-8578-9503e7747832","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":54,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"bfc7b402-4649-4976-8025-7dbb3a5e403a","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":54,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"786b603a-be5d-4e9f-8b67-c54b68ebf369","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":54,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"87b09fb7-2be3-4762-87da-414bc39bba85","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":54,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"83a1d221-a6f6-4f8b-b6c7-ca7274b1596c","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":54,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"ff4b198b-f9ad-4988-90a2-ddaf623f4020","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":54,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"a58f83b2-7092-418e-ae97-b21231f426c5","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":54,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"b0bbec7a-f26d-4330-b9cf-6db30ac75109","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":54,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"2b41ba6b-1330-4a42-b837-979af18381f1","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":54,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"004da6e9-535d-4a58-8f86-9424ec1a4721","block_type":"box","text":"Collateralized Debt Obligations.","page_number":54,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"a85f4e3c-7f24-41ac-a287-f9bc1d360fbd","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":54,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"a4f1c82b-26da-45c3-ac05-f1fb3dd146fc","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":54,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"f23e3f90-d3ad-4362-b68e-26edfb1a3681","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":54,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"b478053d-d189-4dd3-9e82-87e3c5f09edc","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":54,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"76b0752c-4d9e-4560-b3e4-ce8abdc7ffb0","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":54,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"e4e68e9e-066d-4380-93df-4934367aa33a","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":54,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"8d3a8aaa-f360-4689-815d-3cf8a370c756","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":54,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"c2ebbef0-5e57-496c-95c2-b0ff592a3ae2","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":54,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"307d6f59-9eec-450f-a7d7-5e207aa34d85","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":54,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"4af484f0-c5aa-44c0-bfc7-782f49ee1078","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":54,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"ea484cad-470b-4166-aa41-171337b41872","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":54,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"423eb2dd-ddb0-44c9-ba17-7a0e405d9f13","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":54,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"81045497-adb0-4a94-a186-05e4cf7c0fb9","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":54,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"3f655a05-2b02-47d6-acd0-e4aefc0bcb99","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":54,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"92389a62-16dc-4c22-92e6-e6f65dae480d","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":54,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"c7ea0685-b430-433c-9982-24f7ca9bd56a","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":54,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"eceadce8-c73f-4378-a282-b212443e43a8","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":54,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"dff6629b-03bd-4bc8-82cb-9e0de913ddcb","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":54,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"b981a162-9a89-4576-86b5-15650c1cdbaf","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":54,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"c8d0c670-5b37-4c7f-9a56-f303d4ea2553","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":54,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"ae8f8cd8-3682-4ff6-bb3c-dbcdae5c7145","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":54,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"aa20e02d-b5af-4aa9-b36f-60876c394ea5","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":54,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e1daa16b-ce9f-4ccc-85db-9a63ae27fc8a","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":54,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"97563373-fc35-4393-9fd7-9caec63d92ee","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":54,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"0d298116-1b8c-419e-a27c-daf9857150d7","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":54,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"bab1913a-dcb0-425d-8175-3dc0831a3de1","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":54,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"ce768a05-5f4d-451d-9aec-5389fe777475","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":54,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"4f0b22b4-4f99-4cee-a4a5-1bd144c5e30f","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":54,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"194e76ee-1249-4771-8339-7beed7f0c87d","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":54,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"ae350a2e-9724-4d38-b174-f74f2024a522","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":54,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"69b12fb7-d3a4-45cf-9255-debe0589a762","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":54,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"70417ebf-85c5-4e1f-9a43-c2b8ce2e9123","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":54,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"1e9667d1-50cb-4e6e-a0ab-98bd7ce1b49a","block_type":"box","text":"II-3","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"01fdb2be-bddd-47fa-9c12-10624a513b2b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b05af255-8a51-4de7-b72a-4f789c538c48","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":55,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"0217756e-d533-4e9c-af40-63b6b8931a35","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":55,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"6785aafe-23a4-40a7-a958-6cd619be606d","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":55,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"95484a0a-bae3-41f6-bddc-3f628b80906b","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":55,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"8b05c5b0-a78e-4603-abce-bd0e2ebc674b","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":55,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"fb4e0b2b-946f-46b0-8c6c-328e1df8fb97","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":55,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"d5343463-eafb-4c06-ab44-11506f7d6d71","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":55,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"998b6591-5fd5-4836-a672-fad59be39827","block_type":"box","text":"Commercial Paper.","page_number":55,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"c6237aba-ea23-4222-bd95-e21cc411095e","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":55,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"32f911a8-02f6-4e4d-b8b3-6d8b1c6179b2","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":55,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"d3d2534b-905d-4204-af9f-0c03b5c13459","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":55,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"a9dd92e4-ec0a-4ba2-9595-c38088d481ae","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":55,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"dc80440c-221c-4101-98e5-e5810b5d89ef","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":55,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"ebb5c59a-fdd5-4a52-95cb-a35308ca222a","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":55,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"aa8a492e-4a5b-4c50-a865-0fb3e046afcc","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":55,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"4104cbe9-5ca1-456a-99ac-59a223b1e2db","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":55,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"62bc744a-1ae5-4ef3-bf3f-77e89f688441","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":55,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"c246eeba-d39c-4b20-b47e-fa9d3771f84f","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":55,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"a0f6a7b5-69f3-4200-a5b2-78cc4235b3e5","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":55,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"682e6a98-0303-4e7f-82ee-7042ceec38e9","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":55,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"eedeec91-f01f-4d3d-b422-c104620c8208","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":55,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"6c4449f5-f0f3-4e12-822d-6e3a93039007","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":55,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"a81c4d05-5f96-40b2-ab8b-2c4310f68671","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":55,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"c8fd2495-cd26-49d9-8f10-b8aae86a983e","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":55,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"1e1ef604-846d-4c77-97c3-c0ff7b8007b7","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":55,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"38ec2a66-5ed8-4c21-9ae8-f8a41d339803","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":55,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"0577f3a7-0529-49d4-a0d1-b143ac687e8a","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":55,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"a6126cc6-d8a9-407e-a22b-a56158fc19a2","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":55,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"6dac8e21-ca4e-41af-9720-0302d8f25b30","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":55,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"23371ecc-03bf-4b1e-b719-6f3931ccf8db","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":55,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"3ffaefd1-98cc-4787-a12d-7ff513855fb3","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":55,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"85ce25cc-6775-4f93-b72f-e6cb22ecf52d","block_type":"box","text":"variable.","page_number":55,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"d5379ac8-6ea4-4f96-928e-dd6c813deb61","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":55,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"0066c501-1fc5-4f0b-8d33-ac922afd8b67","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":55,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"00e1ca91-6816-4a7e-b23a-e29037a05aa2","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":55,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"09b0cc48-fcbc-471f-a31f-56ce9bebef79","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":55,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"118e83f3-b3de-4115-8720-f83611cbd73a","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":55,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"686d106e-7b6c-4958-af2c-beaa59feb797","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":55,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"04575376-fba9-4ea0-a397-280c359b57e1","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":55,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"83c747e2-8342-4124-8e6d-224581585a66","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":55,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"44b85622-de9a-4399-a57c-b4cf6c518a76","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":55,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"5ca64c39-c480-4f15-8df3-f307aa43c127","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":55,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"0feb3697-e501-422b-8946-563b44da14d5","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":55,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"0d800ede-75b0-4eec-ada0-4cf039d2fe3a","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":55,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"f8adc548-d6fd-4b09-a813-c29ec872526d","block_type":"box","text":"correlation with stocks and bonds.","page_number":55,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"475775f7-ccd3-499f-8c5f-9b32ad212d0c","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":55,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"6368a3e8-8121-4816-a92c-d4cf63add2b8","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":55,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"966e8d92-b026-4ae6-9d06-416f723418f3","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":55,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"b0118ed9-61f3-4bd3-8059-47dc69a106bb","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":55,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"9ebdb2e3-bf0a-48be-a5f6-ac65b5006afc","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":55,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"a747a724-c0c8-42d1-9562-f2d9d8ab8120","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":55,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"1b8db109-1ba1-42ee-8c3a-7c7648d37ea2","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":55,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"0062eafc-5ab1-429c-a2c5-12ac1540ac1c","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":55,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"73573c20-0478-4544-b2a6-cf5276480160","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":55,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"48d0c9f0-278d-4e3d-8790-17171da56fa2","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":55,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"9f5cd8ea-d382-44c0-84ab-c47cd0164a01","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":55,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"21c5beab-74a9-4d75-a48e-a92027dfabc3","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":55,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"2bd39bf5-1aac-4058-88c3-cb443a689f38","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":55,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"966e5c3e-0de6-4046-b6f7-41dc68ca15ae","block_type":"box","text":"II-4","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"89209d9a-da80-4bfe-bf22-714351f4dba6","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2b53628-69b7-4fb8-b34f-0fc9dbc96816","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":56,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"005f7353-7c2a-4109-a86b-697c7c1add2e","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":56,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"013a46b6-28a2-4ac3-8172-8e5bbed9a48a","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":56,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"a2c83756-8eee-4fe0-8467-cd07c30cd58c","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":56,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"c7f1a540-41fd-4224-821b-c6ff073c0b1e","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":56,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"6f5dcf59-ad35-4a1a-9997-9043dedda255","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":56,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"e945ef72-a440-4ae9-a768-c3803a6d5e9f","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":56,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"23b9c7d8-f308-4ad7-bfaf-1d68ed7646f8","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":56,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"5009df27-fd68-403f-98ed-33df1e86bfbf","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":56,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"2d4a0ddb-ccce-4f3c-8972-0a3e7638170b","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":56,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"bc822422-9c3e-4be9-bf80-ff74b2824f74","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":56,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"44e0a30b-b22e-43f3-9d75-9d7c4d1fbcb9","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":56,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"8200b07d-7be0-4ded-954d-8e13e2b6ec00","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":56,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"3f292b34-fce0-4e6a-ae98-c6a459c8d8a9","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":56,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"7d8319bf-e85d-4a28-b777-72c62e2fcc47","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":56,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"d4fc4b55-301b-4769-a291-6faf73248299","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":56,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"e8e25829-6aa6-46b5-99d0-c70ec7269065","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":56,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"359411df-810d-4774-ae97-72bbbf257076","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":56,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"f8c744a9-81d7-4481-95e9-eec18e776f63","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":56,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"1bf56530-7874-4df4-9cdc-5c948feef52d","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":56,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"af6a5397-2698-4dad-84b7-a48c49fbb9e7","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":56,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"02015c99-a128-4c8f-b7ed-ebeceb1b6b5c","block_type":"box","text":"the Manager believes are relevant.","page_number":56,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"6feea3fe-8460-4804-9301-8bc7b7bd577a","block_type":"box","text":"Limitations on Leverage.","page_number":56,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"542a3940-0c08-4404-9af9-d60473e17f19","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":56,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"e6bfa08c-7dda-46e8-b890-030ef66a3026","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":56,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"db31a18e-926e-4e35-9f3e-5d15fcf14c64","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":56,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"9b78e41b-57c1-406d-aaf3-1f7b268912b7","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":56,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"413001dc-451d-4366-909f-7f047c0e8c88","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":56,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"504788e5-ce6a-42b1-b1d6-8c9457528b8b","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":56,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"35f3df34-0ecc-4af6-aaee-73729fc3eccd","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":56,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"963a28cd-2a7f-4db0-81ee-06b66544608d","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":56,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"72cb8b29-ce18-44bb-b53f-17757b701ab5","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":56,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"4f75f152-bfcf-42b7-b488-d12d9968205c","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":56,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"5b315d96-faa0-43f0-bc86-53c1ad50a499","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":56,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"8057a489-d921-4de9-9575-1d66de02572c","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":56,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"8ba96d5a-e970-4269-95ac-1718a0dd8af3","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":56,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"56a1a3bc-c60d-4d02-a7f4-906078adbc02","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":56,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"606c9946-0084-4c43-8c5f-7d935271c008","block_type":"box","text":"Counterpar ty Risk.","page_number":56,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"cb18054b-7b4b-47e4-9fdc-c0dc4b32b140","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":56,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"dfbd45d4-55b8-4cd7-a554-a859bf9d2d4b","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":56,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"e6f2d3e5-0a8e-4328-942e-4d8b69e9b743","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":56,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"76324e96-59dc-4636-a7e7-684c3eb4d5cb","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":56,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"5add3d1b-d01d-4c39-99d5-162fe60d941d","block_type":"box","text":"e.g.","page_number":56,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"97a71abb-21e6-483d-ac58-148a8ebae2d6","block_type":"box","text":",","page_number":56,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"3171353c-363f-49da-9a4f-75f91fbfb2f3","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":56,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"18691a5d-1d0e-4b85-ba96-81e322b33137","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":56,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"0a098300-2709-4683-8461-34d66cf1c6de","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":56,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"73cd8d3e-6610-44bd-afda-3ab9a0b786b3","block_type":"box","text":"obligations under the structured note.","page_number":56,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"119ff9c4-2722-4996-b80b-4b5284663fd9","block_type":"box","text":"Convertible Securities.","page_number":56,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"6e255d4c-0b8c-41cf-bd2e-694f5fcdc20c","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":56,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"e10c45ec-a43c-4f4c-9e84-15690dc118cb","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":56,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"903ea378-59e7-49c1-b1f3-52ee4bd3eeac","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":56,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"65b3c9dc-5ffb-412a-9d8b-e5ede6deb0c3","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":56,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"5f8dd50b-d81a-4ffc-87b8-d5e435f9df2b","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":56,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"3afced4a-1dc8-4eb0-8f8b-408343e78f1a","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":56,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"882172d6-7cff-4a79-b166-5f9264ddd269","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":56,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"58ec4592-7713-422e-a7cc-153eb4e544cc","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":56,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"7876109b-179c-4800-913c-eb3d62952ca7","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":56,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"212561d5-aecd-433a-8c90-060b00bd6fb4","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":56,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"8b06b7dd-f882-4042-abca-0bb578fde37e","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":56,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"1ab74426-04a5-4a30-a3e8-e21256d58d2e","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":56,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"9eccca32-af03-47c2-a750-8581a01c7eb0","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":56,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"4837c793-121d-4017-8b28-f20e1e8cbdfd","block_type":"box","text":"II-5","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6fedd3ea-86e5-491c-9162-8f0b9c7f4f07","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daaf1f09-3eaa-402c-9bb4-4178fc9852bb","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":57,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"0ad2e168-5976-46ac-b01b-1de13dba24b2","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":57,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"09c43c94-30bf-45e8-8dcb-80589e6e683f","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":57,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"4d552be2-d9ac-40c2-9aec-067715a30014","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":57,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"5b69a27f-9897-45e6-9e6d-c67a3c0a204e","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":57,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"ccb9aff9-ba0d-4773-8772-bbb7305aebdf","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":57,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"6bac0e45-e341-4ef9-a134-1b35ac0a2b4b","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":57,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"703a099b-69af-48ad-9a42-2fef7be9b076","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":57,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"a5d41881-587d-46b6-8fe1-44b1c469d47e","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":57,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"0d6848b9-945d-4036-af81-6f8511a0b724","block_type":"box","text":"things.","page_number":57,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"2781fd47-8214-4486-a317-3f1f9f148361","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":57,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"3f76f2eb-4e7d-4d78-8341-43db626d4669","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":57,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"2fb39158-7145-4303-aa0e-8dc71f118011","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":57,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"ed0b9f8e-61c9-495a-9046-dca1b03bdd1d","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":57,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"21eb39ab-8809-482c-b870-5212bdb4d7e4","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":57,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"a9ca99f7-2b1c-4f05-9c87-858b18e9f836","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":57,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"b1166e1e-b97f-4989-9a7a-518a03642aa5","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":57,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"78de6fc7-f56e-4e7d-916d-d751a398d596","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":57,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"d2aa7498-18a3-4781-843d-8f34ef055e89","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":57,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"f4513e10-a1fc-4c5b-9f8d-af98a0044d8c","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":57,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"2110ccde-5611-4820-b779-d50eff4594ea","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":57,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"34876109-105f-43cb-ab8a-6c23fe6fbefa","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":57,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"20b56d33-ee1c-4f24-b175-b85924769036","block_type":"box","text":"i.e.","page_number":57,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"22fb17f0-35e4-4991-8753-bb64b7f732e1","block_type":"box","text":", strictly on the basis of its yield) is","page_number":57,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"8c055e61-5842-4210-8d2d-ebb657020359","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":57,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"b7b2f081-6454-4856-9371-4a18c7324f7b","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":57,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"4070440f-7c33-4f9b-b10b-1869bf79f9fa","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":57,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"ae83e6ac-354e-4c5e-960d-f9625d25ace5","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":57,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"0b3590c5-fdfa-464b-b00b-92735c590078","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":57,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"18d3267b-2366-4d24-a1db-79047a49e76e","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":57,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"f865c02c-03ed-45af-b998-aaac2930399f","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":57,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"d92392de-e98d-4188-8374-790d7360996a","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":57,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"b160fa2f-1513-428b-80fb-35d8f340c287","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":57,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"8f1d998c-9fa6-4800-abc0-1e96211af1e5","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":57,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"eea55a96-5d18-4b52-bf59-67536a40d2a7","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":57,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"701f57c2-cb17-4fe5-953d-8d4b5faeb1f2","block_type":"box","text":"than the securities’ investment value.","page_number":57,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"1ff6dc77-21e6-4b84-be40-d432fe5641f1","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":57,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"b14516b3-9219-4591-a148-c6491ee6f511","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":57,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"7548b4d6-692c-4ad1-b7d1-9393b1995a64","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":57,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"04af694e-9cf9-43b9-869d-56f43504b269","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":57,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"98deede0-ee36-487e-944c-56d50608038e","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":57,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"9baf8447-cf1a-41ef-81ae-bd5e204611c3","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":57,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"5351a0fe-d2cd-457c-bf50-427e269106d3","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":57,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"f317d091-784b-47b7-add1-9e2e5d1a2196","block_type":"box","text":"security under certain circumstances.","page_number":57,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"2bf28ad0-26c1-4de0-953d-dbeb6269bd3c","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":57,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"d76b13b4-c363-413e-8879-4c6d7aa843c4","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":57,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"0b1cfdd7-1d76-485f-8919-c73eb5143ecf","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":57,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"13fb87c2-b7ba-4a0b-bc49-63a30f43c8b9","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":57,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"66b99f3b-2f72-41c2-bc09-ae765c615acc","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":57,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"9dde252e-51f3-45a5-b36b-b8b96b422e20","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":57,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"5878ca9a-6d8a-407a-84d9-7f7fe64010dd","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":57,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"87acfee9-50c0-4d02-b725-296ceb217483","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":57,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"d91c91fd-82e5-4f66-85fc-e989bf18e6f8","block_type":"box","text":"i.e.","page_number":57,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"a67a0331-bf01-43b3-8617-6bc4a82c66f7","block_type":"box","text":", fixed-income (“fixed","page_number":57,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"926f5f99-cbc2-4a8b-b38d-c2cd07148d6b","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":57,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"5e91347b-1f72-4ad7-841a-b0df1a074417","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":57,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"d20bda75-3fbe-4c57-b9d7-0176c31754a5","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":57,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"e8739b0d-8456-4cf1-9a57-47aa30adeaf6","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":57,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"863aaec7-22b6-4d32-a109-bad4892242f8","block_type":"box","text":"II-6","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6c3819d4-7483-45d3-b029-e92e95e5f278","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e140dceb-0a79-4cb6-ba97-ae4fade8ae99","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":58,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"0a133f48-954d-4c1b-bad5-77c19cc87422","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":58,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"6e6e35c4-03f9-41f0-9c15-5598414c025e","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":58,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"19945c69-f983-4426-81f0-83982a74fe10","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":58,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"191b0c2d-4da7-4749-b73f-508068c5db79","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":58,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"408e17f6-8440-4655-a6fb-1d6538f89e0f","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":58,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"e9a67065-4cdc-4000-9299-852c8d7f779f","block_type":"box","text":"component.","page_number":58,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"57ecccb9-4b1e-40be-b890-61188232bb13","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":58,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"f2323936-032b-40a1-8967-113884c55e5b","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":58,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"db2867e1-71de-411f-b6a8-e54931a4594f","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":58,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"4678c5d2-fa3a-401c-8164-98bff8040375","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":58,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"a8785ac6-eb5e-41f9-9b2b-691f6bc2b137","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":58,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"1c059bbc-0043-47fd-9028-8d90d43c9a28","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":58,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"a24ac2a3-afdd-4fe0-9d10-76c34681e66b","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":58,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"30e20999-9a71-450b-b4a1-6e8da7fca22a","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":58,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"1c00a228-b54a-4941-9c8c-75cb5320a7b1","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":58,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"1c171568-4313-4f42-8f1d-6fc0a80dd4f5","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":58,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"491f83f4-d6fc-4d53-990e-3c6bdbf8b7e1","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":58,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"5171f260-5fd9-4643-ba84-a9aa02d5adbd","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":58,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"aac6f705-0587-4970-8163-effe55b82fe6","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":58,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"fb1e9b53-89b5-4793-9fe7-7e9e7ff93b25","block_type":"box","text":"favorable market conditions.","page_number":58,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"48407b38-10de-4c9e-8c7d-ece57b6f5ff5","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":58,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"d13d47fc-0f56-4850-b12a-f6163e344cd8","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":58,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"9b455b5e-9f2b-48d9-a5c8-811e71fa4b38","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":58,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"6ab98724-0c68-4af5-803a-e228d5105ca3","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":58,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"c7093d6e-c90e-4eab-a77d-41b57aababfc","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":58,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"c856b250-8702-4aaf-85e7-2f4e291d1c37","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":58,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"8bb2abd9-76a2-4561-a9f0-68f91dec5146","block_type":"box","text":"Corporate Loans.","page_number":58,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"53e1cf9f-9aab-4249-9611-2da6e8d44d44","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":58,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"b7bfee4d-2bc4-4943-b0a9-8a770342154e","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":58,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"857ddae5-5e68-439e-b439-a7c5b90b7639","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":58,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"1309da05-65d0-4d2b-969f-893c132b1981","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":58,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"404201b5-3b89-4b3c-a5dc-5eeac1203213","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":58,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"1cdc4cb6-03a7-4fa8-93b0-3b99b8e25023","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":58,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"f74ff1fe-828e-4b86-90d7-8572226da982","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":58,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"e085471b-dffc-4ebf-9ccc-7e6de6870cdb","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":58,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"f2865819-ef6d-4944-bdd4-efdfc3032be1","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":58,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"9f01d532-f743-473a-a6e6-704c8557a4f9","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":58,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"bbe453ae-9920-4940-a16b-e06eb4e2f891","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":58,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"a0b9a3ee-51e9-4efa-804f-09b5665c9a46","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":58,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"79f25bc8-00c6-494e-9ea3-533a8e200ffb","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":58,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"07cd397f-f90d-4220-93cb-5dd7f1111829","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":58,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"833441c2-47b6-4bf4-a276-fac3000d251b","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":58,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"e2f416c8-2295-4a20-beed-25c48f9dfc76","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":58,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"703b5f78-7ed7-4ad4-afff-7ac37a54fe75","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":58,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"750be03f-87b4-4bd0-b27d-f325a007de10","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":58,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"70e1e3a9-75f3-4ff3-8e71-3cc3a7841a1e","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":58,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"6f6de374-4034-4bfc-9b6a-332caaf7584a","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":58,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"7e2e18bc-4f23-4a11-8822-06c3ceaee8d4","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":58,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"1893a513-668d-4b12-85c6-2be50f8cd8d6","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":58,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"2a5c269c-3071-46be-b1d4-169c81580392","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":58,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"b8db0e06-3f23-448b-8608-507c2c1ce363","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":58,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"5c9a332f-0720-4024-a5b5-a540a0b62c58","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":58,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"99124211-e127-4ced-8448-716c656ef56b","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":58,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"247a763c-7594-4188-961e-80c28a3a533d","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":58,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"a1de1f01-1873-4d84-953c-96c718a84feb","block_type":"box","text":"of the borrower.","page_number":58,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"7e6109ed-a35a-4696-bbfd-f16864435310","block_type":"box","text":"II-7","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"835e496c-932e-459a-9aeb-acfe5e32f454","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06d4fe1c-3d90-49f2-9a63-ce2956e63785","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":59,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"8d2ac065-ce12-46f9-a4bf-ea6dec0fb1df","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":59,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"6ff9a120-89b4-4b5d-9ce4-b4793a993e52","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":59,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"b87c945e-d5f2-45c3-80a8-3dce6220095a","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":59,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"1c79ebed-3266-4b55-8b04-bb999e24b08e","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":59,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"41adc5f2-33e2-4899-b9c2-685c06e4d224","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":59,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"31413a9c-b3fd-490b-93c4-e2e0df1e571f","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":59,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"10021a81-b4c2-419d-ab9b-a11de3b73b99","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":59,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"b8d7014c-dfc2-45cc-a85a-c41f9d41172c","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":59,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"9e8c7f29-8117-42da-9739-ee581f33df17","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":59,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"a06fa60a-d690-462b-8f10-422a8e075d89","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":59,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"c239b9cd-5cd9-4fc8-8e6b-cef91f2ac990","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":59,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"cc8c2506-3351-4fbe-a9f0-3da335bad697","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":59,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"c4a0eecb-2359-41b6-ad40-a4ad6493e531","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":59,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"dd0308b8-5138-4158-b0bb-3346d70afa81","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":59,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"e1c3f614-ac4f-476e-8700-5aabd5a7e775","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":59,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"d0f4d60f-bdcd-4cd8-aa09-fb93c99b3cfd","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":59,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"2f523bfd-2dc3-4ff5-88f4-4ec15a1435ca","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":59,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"352c3ec3-57fa-406b-9c56-5f5a09495d62","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":59,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"356de1ff-0a44-4799-a5f6-1d1f79946a72","block_type":"box","text":"state law.","page_number":59,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"4a3a16c1-7566-41d5-86df-d188c661040c","block_type":"box","text":"Direct Lending.","page_number":59,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"d328c713-8630-4c21-9401-72ccfc20bfb3","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":59,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"0846d8f6-e458-4cb8-ad73-36b66aaf516d","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":59,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"795c94c0-0462-4b2e-8750-967766e78c3e","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":59,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"3d857b92-6435-4198-9d8c-7f12dcbefea5","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":59,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"15a75d4a-3c5c-4d1b-950b-09a69b901520","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":59,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"913d5ae8-57af-4c8c-8e22-273505751d2b","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":59,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"884a09a7-a0fe-41e7-a872-53238c041598","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":59,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"108772fe-9f66-4e62-bce3-8634b617b14c","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":59,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"81ad9abe-b256-4a9e-82a6-76dd68a84f07","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":59,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"5975cf2a-2083-4cce-8d5b-3e2c6104527e","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":59,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"ecfd1c50-5c10-4b6c-b15c-469f00698b24","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":59,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"ad9fe63d-2c31-405a-ab57-713529bfc188","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":59,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"a3f66d20-1527-4d91-99c2-ac699d8f9e34","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":59,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"9467e140-ea44-4753-9f3a-a3bbf07c2591","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":59,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"ed84a1ef-7cd1-44e5-9e26-750619b77bd6","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":59,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"7e99deec-f536-467c-9e8a-69c77be7e958","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":59,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"80c02ede-6dcc-419c-b3df-174d114906bb","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":59,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"6fbde8ac-dc4d-4720-99d2-f74180d62de9","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":59,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"db0c065e-6bb7-4259-b436-a0c255ab6134","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":59,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"7d352b29-9dc1-481f-8e25-f8e6fd3ea5b1","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":59,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"6827d1b0-6c34-4d89-a9db-7f1030a680d1","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":59,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"891034fb-7271-4603-a74d-9db28d4908c3","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":59,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"c69cef4b-ba46-4190-92b7-64d137d1f253","block_type":"box","text":"Credit Linked Securities.","page_number":59,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"502d8101-45a9-4403-ad15-74bff0dcf85e","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":59,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"02007ef7-96a3-4cc5-b1ad-79c78721eff0","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":59,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"dc1bd988-3663-4e41-8d67-db975a9c2030","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":59,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"9b9e9330-2653-4d9e-9199-0840d075b299","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":59,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"50304753-2d2f-4dc7-bb65-63e8450a9b5d","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":59,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"f5e2bd26-eff1-46d8-9743-7667ce4fbf16","block_type":"box","text":"traditional income producing securities are not available.","page_number":59,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"e139a414-35a6-4441-8713-a373e64b0550","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":59,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"ac04d741-e05e-4b66-a6e3-c77a576098e3","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":59,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"6e23777f-506b-4d85-9629-6d925e40386b","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":59,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"69f915d3-b2f5-4121-b9bc-de1288a19fd0","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":59,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"ea59c97b-0f7b-47e4-af85-7d5eb9bf1a2a","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":59,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"329ab1db-83f7-469f-ac9b-005e5252d152","block_type":"box","text":"II-8","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7de6da14-71c9-42ea-a34c-a21ce4630022","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce324e03-43cf-4f7f-a95a-e278a42c0dbe","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":60,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"1188a480-bbe6-4733-9c38-1382a16338ac","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":60,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"d19b8551-1ffc-41cf-818e-6807dc72cc1f","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":60,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"5b317ecf-d06c-44bc-8383-7483ceb1a7c9","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":60,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"4e002230-d8d8-4bb8-8ae5-8f53a0fdf7d4","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":60,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"2f8b29ef-796f-48c1-b56d-f1e6a2195b72","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":60,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"8cfb8b8f-aab2-4df9-b375-af2469100cb8","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":60,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"9b92a0ae-3fa7-45e0-b1de-fb1cd0eb8c13","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":60,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"6f821189-b369-4b7d-9372-1f69a72e36c2","block_type":"box","text":"investments.","page_number":60,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"fbdb37b4-895e-421f-90e1-b81bbaf0c7a9","block_type":"box","text":"Debt Securities.","page_number":60,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"ced81a9e-cb9e-47a7-9502-1563a6404f3b","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":60,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"f8391630-76d7-4699-b9f7-31892feb1839","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":60,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"934f7cd6-f21e-43f7-884e-71114fdc9502","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":60,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"77cf137d-8768-49d5-87dd-c5d60198217c","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":60,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"36cf5b93-40ef-43fb-962c-02706574fa3a","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":60,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"9e3a209f-3d53-4b8c-b05e-d6244c21c2b0","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":60,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"f27b5f71-9286-4bb4-85a5-e9e5ad150e01","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":60,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"4cae8c91-f756-4e55-8347-f8c80b53c74a","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":60,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"3a0d0b43-9d7a-4dd0-b622-e979d87dbc17","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":60,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"cc2c9c41-8ceb-4468-be81-c0c109bc1a22","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":60,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"bf276554-801c-449f-8add-8176a49af114","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":60,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"446821a3-22de-4a35-8bbf-456d286a8d2b","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":60,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"ea8fd000-aac9-4519-8b0c-9e033c3b2325","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":60,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"0ba2711d-8c61-4bc6-b9bd-3a01e3a36dc8","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":60,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"cb89cb11-cbe5-4ff1-9c45-c3d04409f166","block_type":"box","text":"lose value. This is known as extension risk.","page_number":60,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"ff7ca12b-3583-4a6a-950a-81fcacdd167e","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":60,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"64684dca-295a-4810-ac6d-24195c6192c4","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":60,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"4f38111b-7242-48af-b8db-5e7ecb04b9a9","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":60,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"27c3db06-f744-44f9-a12b-272d7ee93d36","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":60,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"70d794eb-eb63-4d0d-b3ea-5be2f46775e4","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":60,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"131a6170-f5bb-4a4a-aacf-15280f94e9e6","block_type":"box","text":"Floating and Variable Rate Securities","page_number":60,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"b78e96b1-f0be-445b-ba47-80a5e799e202","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":60,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"e152493a-b04f-4a9e-a5fe-fd35d538690d","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":60,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"3b16f6ca-87b0-4d4a-a9dd-64d7ac648ece","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":60,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"ad4d9b04-28b5-452b-9044-39688f7ecff5","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":60,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c719b322-7303-494f-8ead-58b0f7850fed","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":60,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"be281cd5-40fc-4d4e-a6ed-18214c125540","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":60,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"c2cfd67a-8652-4080-a14a-df8458095cc8","block_type":"box","text":"market interest rates.","page_number":60,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"bc10b985-1f03-4a52-bf77-643d7c81e5f6","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":60,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"3339e1e1-aed5-43ca-92f6-95cec9251839","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":60,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"7ee21604-1dc6-4e25-8115-6bd55981be5b","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":60,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"81c65729-a5fd-4804-bc6c-7e75f4fee9f9","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":60,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"c3e5ac85-962d-4028-bc62-d8ae9c6c4fbe","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":60,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"88101239-f48c-43f6-8901-6c0d571cc247","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":60,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"e291050e-4a37-4775-a241-7286dd5aa542","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":60,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"c9aa112c-e04d-4f80-bdb0-4cfd86edc5cb","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":60,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"6dbb9824-2726-44ae-aff2-862ae88e26f8","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":60,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"6764c7bd-fdbf-460c-8e00-cdf52a19f3b6","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":60,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"ca51f6d7-90fc-4455-80ee-5c1cdcf34821","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":60,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"8f5a5a94-1f94-4986-a59a-7696ece4f17f","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":60,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"b8994d3f-e06b-46b4-8e08-da337bfed626","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":60,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"87edb2e0-8bcc-47c6-bd68-764642b009b4","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":60,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"4f71c6ec-ad5b-4f70-9aaa-4cb40b2a3515","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":60,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"c9cda0b6-44d3-4828-8ea4-738c34093a6a","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":60,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"566b5167-444c-4463-a66d-2e8576bdfacc","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":60,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"1a89f3ee-2553-47d5-b0b1-eddd838c24ea","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":60,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"e2ed6134-1bd1-420d-ae9d-470af8cd31cd","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":60,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"90d8ce0c-9ff9-4f7e-8277-4f027fc36a41","block_type":"box","text":"II-9","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e04fe8dd-38ab-4cb7-823a-d1667011631b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0304cdd2-f35c-4c73-994d-cc051aff5017","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":61,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"02bb96fc-321d-4d94-911a-bcc741020659","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":61,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"496ebde2-40df-44e0-95c0-0594e39fdadb","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":61,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"a210b404-b086-4293-8096-f3c098b8c6c1","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":61,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"760799c4-922e-429c-ad19-4f92deb2a6e3","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":61,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"b0028c7f-3cfa-4c21-b202-e3640ffe51c2","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":61,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"50b8d544-872e-4364-a661-eb04cbd28c45","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":61,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"18810902-3354-4a48-9299-49f5a3841db9","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":61,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"8eb43ddc-01d9-40b5-a66f-7af6ccfa0f4b","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":61,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"738e9040-85f9-44a6-a5b5-511ab422f2f1","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":61,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"cd2159a1-c2dc-4974-8f1d-57e5333e0b38","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":61,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"164ea5ad-bedc-4e33-9d40-cfaa9fd216fd","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":61,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"2e25679b-1e9d-4cbb-aecd-7b66f892b856","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":61,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"494cb49e-d7d1-4f42-a8e2-caa6578094da","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":61,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"b61e04a6-ec1e-4375-a59f-9df890011c9a","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":61,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"c5f2acd6-861b-4f9d-a308-b2fcaccf5cc1","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":61,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"7279ec19-61b0-4235-a461-0947e89e7934","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":61,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"4fff99e7-c1b0-42fa-bf07-fb11ec433605","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":61,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"d73d4bfd-ca33-42a8-8636-d8429cfb3a77","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":61,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"0320da7b-df13-4e7a-a652-db85fe7d6de9","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":61,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"caba73b8-0dd3-49e5-8365-f24df1a2c5f4","block_type":"box","text":"United States.","page_number":61,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"842e2a0b-3203-488b-bbea-c58baa27dfdc","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":61,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"447e5ed8-ddc3-4e0e-a4b6-52554822ef99","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":61,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"a6b6d387-e741-48aa-aaeb-21d3b290c2eb","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":61,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"faf04d1d-9379-4d36-9749-555ff9349cd1","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":61,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"de2ae487-8e12-4ad8-b6ca-db5646c06eb6","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":61,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"ddb55e0b-6452-4eca-99ce-27706de41194","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":61,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"aed9f71f-ca89-4db6-974e-13239392b7a3","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":61,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"71a92e6b-0467-4dab-ac3b-8f28de72a130","block_type":"box","text":"i.e.","page_number":61,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"b899c2f3-bf9e-4081-bc0e-8d5fa41ec7f9","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":61,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"2406e0ad-8497-4c96-9683-0eb06fe72015","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":61,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"7b7d7765-9c10-460c-a4da-732b30bb6f97","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":61,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"30e7d804-5b50-4aba-bb48-10be75af6633","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":61,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"3149ed7e-57b6-4504-94ce-29ddea2975c2","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":61,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"b10de3ba-0687-428b-8c92-74d05e517513","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":61,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"b46b2817-f821-4fe7-ad1d-9f734771c7c6","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":61,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"f2deb4ba-4326-42e5-84c8-64d137cb9f59","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":61,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"863d9f80-8d80-4fb8-9693-b2757a42e78c","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":61,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"cc15a11f-8208-445d-bc38-e94a28b95396","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":61,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"26668f27-af3d-4de3-b9f0-272428a1a6b7","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":61,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"e369073e-1c69-405d-afbb-45adfeea135c","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":61,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"c5a05fd2-8d5e-4d52-8079-3ad8105882c5","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":61,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"74123fe9-8d03-4562-b5c9-7b562bbe038d","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":61,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"fbb68f78-b245-4410-8c70-417bfa63a6a7","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":61,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"e064ead3-47c9-4ec7-a599-33d54c462c6a","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":61,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"2bb22474-63e7-442d-b0f6-5c2fb59058bc","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":61,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"b895252a-8778-4084-bd52-783773682865","block_type":"box","text":"risk than higher rated securities.","page_number":61,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"358d9b8c-4954-42c9-83fb-7ffee9d51c4c","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":61,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"b595cc44-2ddc-4bd4-99a8-2221f03eb9b4","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"57eb0e8f-1f83-4411-a44c-ac58fda3f016","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":61,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"68bf4b3c-77a9-4945-a2b1-57a63b4dae4d","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":61,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"c2f5e9f6-65f6-4f31-9d1a-14db757fef6f","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":61,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"c176a719-f2ef-4950-b83c-5a81be0f706b","block_type":"box","text":"unavailability of additional financing.","page_number":61,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"67459709-1040-4692-879f-f62c07a90949","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"0202fd8a-6474-4ab1-9a74-8a97f853f605","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":61,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"10022623-aa40-4e6f-9014-71130394271d","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":61,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"fe029e1c-8cbe-4bf1-9566-9d871f9ace6a","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":61,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"4fbf36b3-67f5-41ec-9371-73eecbf83954","block_type":"box","text":"II-10","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f214e7dd-ea21-4c3a-8e59-a17e0b9725e7","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8435651c-b96f-4200-a9bb-80dc9ec9cf46","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":62,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"d5b5b68b-addd-44cd-b64b-84d6d5c04428","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":62,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"ac9b9758-9271-4e75-8e92-d3aff531c1a7","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"a46a608d-acec-480f-ba02-c6efe5c610f2","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":62,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"e7e47580-1cde-4a49-921a-6405bc9a987f","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":62,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"27859db6-1cc4-4611-af31-e2e9a9c4c186","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":62,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"0133de35-81a0-4ba0-a8d5-d92e27a99d3c","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":62,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"e6b84b67-20e8-466b-948c-5414ff18e23b","block_type":"box","text":"investors in higher rated securities.","page_number":62,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"35c7e6a0-7750-4cd4-a335-93a2881359a3","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"769786f3-b1ee-4e10-b800-deab05647f76","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":62,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"4113f79b-0f97-4c21-abfd-8fb2d21d22eb","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":62,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"27f49c47-0a27-434c-a238-590a71e87e5d","block_type":"box","text":"lower yields and may lose income.","page_number":62,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"50fc11e1-d49c-48ba-87fc-d1b92f20696a","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"e724dbdf-5ac8-4c9f-a481-64946ef2d2cd","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":62,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"032544e9-d34f-4ad0-8b08-e2d62ba805e6","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":62,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"d22ce96a-8b55-4e7e-93cc-a0cd9faf9263","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"a8078b6d-89e2-40ad-af2d-db3dee45e005","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":62,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"565e5cd7-cfe5-47c0-8473-392567d2d179","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":62,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"83516cb5-13fb-43e6-9270-a0e42e9f28b6","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":62,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"4b506cc7-bd63-4bb5-84ac-8638cbe5f46d","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":62,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"157a8e06-dfd6-413a-86b2-8b7ef49e04f4","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":62,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"b6c6ffb5-b36e-47e4-88bf-99612ed792ea","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":62,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"ecbaecae-c4ec-48a1-abad-8c89e35ac1a3","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":62,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"1e9252b9-0b28-404f-b17a-a77903e9c8bd","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"66d57d43-b063-431c-930c-cedf13f2b274","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":62,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"238cf636-cbed-4064-98cb-22ecd32cb62d","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":62,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"b245b8a8-32d5-4751-aaac-d06950ffa1dd","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":62,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"9d10fbb8-79fa-42fc-9b1e-d6f6717a6ca4","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":62,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"7f2ab4bc-0161-4d7e-9eeb-dfda7ff57844","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":62,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"ce335f64-d9f4-443e-b805-512bb0a4c60a","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":62,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"45dafbcf-fc6f-4ce3-9ec2-88157d1b9cb5","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":62,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"aaa5b814-3069-45e5-bdc6-7e30bcb6711e","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":62,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"0c70782a-338c-42f3-8742-076a9fd7893c","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":62,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"aa3f8145-202c-456d-b8cf-def652f79ca6","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":62,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"afdfa544-af08-40be-82f3-8128e7a151a6","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":62,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"4171388a-c732-49de-8209-67635587e687","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":62,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"0b1b666d-813e-44dc-9c79-8ec7600d27c3","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":62,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"2478c5e5-168b-433e-aa60-09c286c812a4","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":62,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"dc1cd0a9-e76b-4ce2-91c4-5c80ea434eb0","block_type":"box","text":"role in determining such valuations.","page_number":62,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"1f5a8695-1f45-4723-818c-a69a51a60b04","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"b2546695-ee9f-4648-ac0d-e4bc39d2998c","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":62,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"714af299-8f42-4966-a638-3f09971256d5","block_type":"box","text":"a defaulting issuer.","page_number":62,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"4ed44985-9fac-418a-8e10-4c581f76836c","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"886a2607-d23f-42e1-a8a3-d5203dbd6062","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":62,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"d6a3f207-60a0-4a4e-b890-90f506c162a7","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":62,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"d6b87047-e6c0-4aaa-896f-fe1ef7c71e3a","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":62,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"b0041878-35d0-4e04-a4a3-aa7891210fc1","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":62,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"f505e495-63e4-4524-a6a7-848386c7ca69","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":62,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"89c3a965-8500-4b23-a99f-8e7f85ee8ea4","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":62,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"93d4a2fa-7795-408a-a111-2b648d1577c7","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":62,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"ec86c744-5dd0-496f-a44f-2c5274caae09","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":62,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"c61d77d4-84ec-4e96-8d3d-0ae4f5995f9a","block_type":"box","text":"•","page_number":62,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"2202f99a-ddff-451a-9037-59c2b364b211","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":62,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"e2894de6-2a07-4fb1-8097-0c561b4970af","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":62,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"2f33f5eb-89ee-443d-b00d-a16fc0763f79","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":62,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"7179a56e-266f-4560-baca-f1838800ce7f","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":62,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"abafe497-1a59-49a3-b510-8e1b6c035181","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":62,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"c2c82987-e28b-4af4-9c0f-b4d660c77443","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":62,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"b7bdba88-0528-45a4-89b8-600128c2a821","block_type":"box","text":"higher-rated securities.","page_number":62,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"f07aacf5-d91c-43e9-a42d-5266eff9847a","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":62,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"60551fa6-f9e1-4f91-a7f0-f90aa57772ee","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":62,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"7c2c21fb-ebe0-429d-9f29-f36844794fca","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":62,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"b99e01df-be8d-402d-9729-594a1ee63440","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":62,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"0858045e-92e2-436e-855f-0c838f23b8aa","block_type":"box","text":"II-11","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9759d59b-7891-4097-b2a1-c34d5f85a301","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2a2422e-fc7f-4048-8859-ba9a65180009","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":63,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"a0b53497-e07d-4896-a52f-a56d99bf354b","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":63,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"4287efe7-df6b-4fbf-9d35-a761fc82769e","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":63,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"ccf89b88-bc43-4b1d-b811-aa79ed2e424c","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":63,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"cacda9a7-e7ba-4cde-a6a0-24e9ab099099","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":63,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"0be1ab44-458d-41c7-875e-bf9501f9685d","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":63,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"788b5d50-89d1-4e4a-b595-c0b7cb631318","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":63,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"eaf37b0c-d250-432d-981a-0a4904dcc09e","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":63,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"6f2e1234-8a78-49f8-a752-7a3c0268842c","block_type":"box","text":"Mezzanine Investments.","page_number":63,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"9ecf20bc-ebc5-4b92-9c86-722965d21d8e","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":63,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"b554f7cf-c3f4-4653-a3f2-55438ad7404c","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":63,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"cda86b6f-6a5d-447f-9b9c-4e6c84f43a58","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":63,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"b48e5b20-dba1-4c6d-b56d-b9e9db8b0973","block_type":"box","text":"e.g.","page_number":63,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"ca3f4443-9943-4b84-9735-a3bfb2a7be7d","block_type":"box","text":", with","page_number":63,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"e4bfb002-30e0-46f4-850f-45e21d987e1b","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":63,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"12250a78-a645-4e9e-88e4-f6a77a60fc99","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":63,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"1b7c753a-77fa-4000-b450-086b7f328073","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":63,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"c9a1745b-e958-42c5-9854-1e91fb4ab0d1","block_type":"box","text":"other obligations of the issuer.","page_number":63,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"bddfd3a9-003a-421a-a088-d1c4be11e9f2","block_type":"box","text":"Pay-in-kind Bonds.","page_number":63,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"3eb86e7a-02aa-42bc-8fa8-05d16d4e45d9","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":63,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"8772e1a3-2841-4e1f-ad6f-9da94ab39f39","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":63,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"ffcf3415-e262-45e6-802e-6b5c436c2767","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":63,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"28510f1f-387d-4b02-bad3-67567ef5fb2d","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":63,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"342dd77f-60fe-47e4-bb0c-bc8d53d7fd83","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":63,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"2d8137cf-b6db-4e07-8cf5-7fef91665650","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":63,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"d2702845-2588-4c68-b9eb-1f020029bf7c","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":63,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"cd505eb1-dea7-44c9-8286-30548f57202a","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":63,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"fa6ba514-b409-4c1b-ab59-0a76fe8356cb","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":63,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"9ea9d941-f9be-4041-ba66-dfde06bb07a5","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":63,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"48b10f7b-7c07-48ee-a8f1-ae5183ee7586","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":63,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"eb773de6-fb5d-4a33-8fcc-0dd0691e515c","block_type":"box","text":"Supranational Entities.","page_number":63,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"6a8a983c-f44f-4bba-a011-f716c3662a48","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":63,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"0ba4c160-04d6-4502-a345-fd451decaf39","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":63,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"ff790bb1-119b-4cbd-9f1d-b7e8f9bb2dfd","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":63,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"cd5562be-fd45-4b5b-a0ad-92c74c98459b","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":63,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"b75701e9-3409-4a65-89cb-9fc4a6c7ce37","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":63,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"2936b5df-e778-45e9-8fbc-a64b65c1a539","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":63,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"92cc498f-e618-430e-8a6f-fb54932eaeb7","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":63,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"d691c7d9-f70c-4435-aa4a-c8b3fb487d7c","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":63,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"e38f2026-7733-4c99-a34f-9c345bf6b81f","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":63,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"38af6cf5-eeec-49ed-a90a-0627b742fd57","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":63,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"c8912d7e-98f6-40e6-8b86-bd8531b33453","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":63,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"e8f62160-48c0-454e-8061-3ac2ee270959","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":63,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"0e02a7bc-c295-4d6c-a332-750eddc4391d","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":63,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"2e695455-ef6b-4ceb-b53b-929bfc076fb7","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":63,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"7e03e69f-2e20-4ba8-a08a-0ba74886f6bc","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":63,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"f5aed64d-7457-4b2b-a259-2179be549bf9","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":63,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"51064c2e-0aee-4874-b6cc-e457da43b2bf","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":63,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"e41a997b-8c6f-4aaf-acf6-ad2b8bbe9068","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":63,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"b26f3dd1-8b1f-43fd-a621-7af3ca7e5919","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":63,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"102c51a6-1e31-43b0-9180-84bd49953749","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":63,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"1a763b3f-f568-47f9-9231-1284f95fd1cc","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":63,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"60a89378-64d7-4472-a131-877dc41176d8","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":63,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"fdad9ff6-5ccb-4595-8081-3b3015de32e3","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":63,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"6554dfc9-b3d7-4e94-a2cc-c327b591eea4","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":63,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"d91a7c9c-7307-419b-92f7-115adffa23a9","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":63,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"1843b561-8771-4de4-af24-c73366e872bd","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":63,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"f29adbdd-3349-4633-8131-58ad27dd77eb","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":63,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"213c105f-9856-46df-b255-df6b394dfeaa","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":63,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"cad1a234-bd70-43fb-b769-36948ad13cc9","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":63,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"d3437fb1-08ae-4a97-8d47-d49974105884","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":63,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"9d20410a-1128-4603-ace7-363bfd68fd58","block_type":"box","text":"II-12","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9b301ef-fd52-4c6d-8b1e-a705c5ae9d70","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9231003-a3af-456d-a4ec-a105d0fd9781","block_type":"box","text":"Derivatives.","page_number":64,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"66f799b1-22d5-4da0-af43-2c1337b830f4","block_type":"box","text":"General.","page_number":64,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"de6a7268-19cd-4b19-9811-cbe222993895","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":64,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"fc7436fd-9675-4079-a656-ac78e1745122","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":64,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"0d88af26-eac2-43e2-a12b-3597b222a387","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":64,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"3b6d0937-be0e-4b8d-b7f7-9baa887ada85","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":64,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"c2d6fb29-3699-44e2-a277-b96c5567f8d7","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":64,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"ddbbc282-5ebd-47b3-b10f-9795e99e616e","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":64,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"94d1896b-a0da-47ae-a03f-0f7922baa63a","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":64,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"f790a514-0589-48b6-9e25-1f5c8f044fc0","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":64,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"bb3e7c8b-d0fa-4460-93d2-e709a35c7946","block_type":"box","text":"i.e.","page_number":64,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"b9124bc7-e51b-4db3-8fcf-7eb6455f5f5d","block_type":"box","text":", the payment","page_number":64,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"bfd3b0c0-55f1-4679-bb07-f8c38d2c96ed","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":64,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"659f2e12-1232-46a1-87fc-b3eaeaba7aab","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":64,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"af90007e-3b7f-481f-9296-453054f5c715","block_type":"box","text":"Hedging.","page_number":64,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"28768229-a2da-4077-878a-92dc55013883","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":64,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"64e44d8b-0456-4857-a300-6c25b0e69eee","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":64,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"d2706d4a-ea88-49dc-adae-cc13f6515b90","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":64,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"162436d9-6c47-45e1-a2da-cfd9d3937d0c","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":64,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"a17d3233-a3c6-414f-b3dd-8291e68acefc","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":64,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"cc0629be-260e-4ef3-8530-43e254021d82","block_type":"box","text":"correlation risk,","page_number":64,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"521ef464-9c65-4513-9412-0d9826c0ee97","block_type":"box","text":"i.e.","page_number":64,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"7082c1f2-351e-4f03-9a32-8188c8f88224","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":64,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"1e171672-3e55-41f0-814f-f5a4db055fdd","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":64,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"c67241f0-7ff0-4bff-ad62-2f89f5ff3796","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":64,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"b3710cff-e79c-4bce-b669-bd955193d114","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":64,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"aa354af3-9c22-4342-b05b-ae414f142af9","block_type":"box","text":"Speculation.","page_number":64,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"0e054901-0cb8-4cc8-ab67-5dd987211aec","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":64,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"4f0a6ea1-231d-4c30-9500-70a84c81b0dc","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":64,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"e60b4a11-5ac8-4756-9e71-1e4778b9e8ae","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":64,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"fa3bf1f8-2436-4cba-874a-9e62914aa0d5","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":64,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"4482a467-6370-4f55-88e6-1009bf4030e8","block_type":"box","text":"in certain cases may be unlimited.","page_number":64,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"dcc68031-be77-40c0-9f55-ec2dec125a8b","block_type":"box","text":"Regulation of Derivatives.","page_number":64,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"c89c517b-960c-47fd-934c-ae82148ae685","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":64,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"ebf1a39e-a6ef-4630-9277-508564b9b7c7","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":64,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"baafd5c4-c9f8-4b0d-b8ae-ec3bf62ac595","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":64,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"e3bae711-4fcc-4a4a-b1ea-5c94dd51fc6d","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":64,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"f398d376-fdf1-470d-a83c-a066186f3ed6","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":64,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"fb40846e-4f75-43f0-b584-7420de4fd34c","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":64,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"5057b4f7-b09a-4c94-9c0f-7437de7dba07","block_type":"box","text":"coverage”).","page_number":64,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"f5b0bdac-7079-4b30-a973-b618f82ea945","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":64,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"1d6d9d50-12e9-44d9-9b29-5c522abf6a10","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":64,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"7bffe0fd-b2cc-4cde-ad3d-f19710b576b8","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":64,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"4372dc2c-efe7-463b-9f07-5b442901c7b8","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":64,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"83890e33-1d67-4ab6-9db4-b9d0c6dd008e","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":64,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"bc718f69-0d83-4058-95ac-cd384ada2c3f","block_type":"box","text":"financing transactions (","page_number":64,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"103c16de-ed69-453a-a850-fab908200908","block_type":"box","text":"e.g.","page_number":64,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"44971fa9-98cf-4837-8a8a-dcb003c88b86","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":64,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"1c7fa51d-2323-465d-9279-fe5b5479e071","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":64,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"2a7a962d-30bc-47b5-9cc1-ece45d3540f4","block_type":"box","text":"securities (","page_number":64,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"7cb93ac9-bcd5-4b05-ab88-5f7796e6ed97","block_type":"box","text":"e.g.","page_number":64,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"41a7c862-6b85-4a99-a46c-c3649c3754c1","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":64,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"4dd0152d-9554-47e0-a690-5ec4aaadab8d","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":64,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"3c7afb6a-0cc6-4fb9-a1f9-db7cc08f3670","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":64,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"56aefd45-c69b-4be6-bda0-fc97ad5181b6","block_type":"box","text":"Commitments”).","page_number":64,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"41f5e11a-c34b-442d-8ffd-737ef1d7f669","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":64,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"01662d39-7866-42e7-a95c-0b5e18a958e2","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":64,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"3f9b856b-c10f-4b12-b55d-dac513d612a0","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":64,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"8953ca26-b939-44fc-bc44-08d9e0992750","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":64,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"ea924d03-a2bc-49d5-adf0-663ad1222e35","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":64,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"9739f4c1-69c0-4226-815e-5b8b9683714c","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":64,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"918b46c2-8caf-445a-845c-ea1a0ab15e72","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":64,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"68c19ea0-5e32-42f0-b1e1-0d6a3af3446a","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":64,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"df19b1b7-6e67-46ba-8562-b19f4cc62f7c","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":64,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"ea6543cc-f2f9-44e9-8315-9b0bfdf215e9","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":64,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"d7b9e373-09cc-4441-b3fe-54669223f941","block_type":"box","text":"II-13","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65a37eba-e538-44ee-a996-bde691d508ae","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a838102c-6f82-4f7c-8898-5b962037339d","block_type":"box","text":"Dodd-Frank Regulations.","page_number":65,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"7d0d2914-04c5-4966-a96a-49ec11332b87","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":65,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"d3786ba6-e226-45c8-b37f-99437c4f188b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":65,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"0ffa2990-e250-4c42-9fbe-5eb853fcf79d","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":65,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"dd8753ca-3bd3-4a24-b268-0baa6c128752","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":65,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"796c624d-9858-431c-ad78-cd3be9b224f4","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":65,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"684bc8a0-a5c7-4d89-8b81-3acceb9de262","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":65,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"1cdf1d60-17e7-4d52-889d-418da28ce1dd","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":65,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"0dcc4b18-81dd-429a-bbbe-7d6dc0fa970d","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":65,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"adeb3c01-3b6f-44fc-a509-a7557758f8c2","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":65,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"3b5340aa-3633-4088-8430-22a443d6e515","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":65,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"33e992a9-b562-4c8a-bcfd-0271c0da011d","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":65,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"7dd229b4-639c-4830-9093-6616095f76a0","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":65,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"575d1178-218b-4efe-8d60-47c22578d05d","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":65,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"8c57e1c8-56fb-45b3-a1ce-b1af821e734a","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":65,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"c3d96e17-0857-4020-bf3e-dc14c7ce3c28","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":65,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"25659f52-06de-4a13-a0aa-d01d552a1893","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":65,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"f437eb9c-e70f-4d6f-a77c-4bacb57515a7","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":65,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"e400742c-0c78-46aa-9c29-d6a00cdc7c4a","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":65,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"ad6dc272-d82a-45de-9dca-783e5200634c","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":65,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"25a06113-4d6f-4205-a2f6-89d5c5f861d6","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":65,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"2b92428d-beb2-485d-9661-16dfd687f3a8","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":65,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"14f2927f-a139-4ace-a0db-7b95df4c4a38","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":65,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"263faa0e-89f3-427e-8cd8-e063d1937761","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":65,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"6e330e08-f91b-4a5c-92e7-cffd04f74c67","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":65,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"bc4b8576-a358-4a14-953a-92102baaf44e","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":65,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"3d8ec961-f4df-482e-901b-d2f1ba9378d7","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":65,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"e6976b99-6640-401e-af48-4227ad6422ea","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":65,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"8ce2f538-c7b3-48da-b470-c6cd6a263858","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":65,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"486c0d78-fbd4-4b76-be74-1fd57a68ff61","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":65,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"da442f00-8c43-4565-9169-d9303a63c0d0","block_type":"box","text":"member.","page_number":65,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"703039d6-88f3-4709-b6af-0346e8c8e9fe","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":65,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"66c36cac-8cc6-4b7d-9a11-d80953e3f15a","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":65,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"d8b967ae-b0f3-4ba7-b5dd-d0a772f9d6ef","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":65,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"bed3c883-1cde-49d2-ac9c-3c49ff1f14c4","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":65,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"d862d00a-eae2-444a-90d0-e1713c03567b","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":65,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"e5355464-9994-42b0-a4f8-09f64eb0326d","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":65,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"f9de01b6-aba0-4eac-a63b-1ad858df7a91","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":65,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"23a8e970-dd41-46aa-b82e-1b79de690780","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":65,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"5042f4f3-8a0a-4841-8239-189b87b375ca","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":65,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"ade13672-7ce3-4660-8987-cbef33b2152d","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":65,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"1d3d27c3-e732-4fa3-b95b-43eaad45b425","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":65,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"85f74a05-4c64-472e-a301-254b60b0db46","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":65,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"31beb3f0-8eb5-4c23-b58a-4145dfb11dac","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":65,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"2095f6bf-3ab0-4a05-a38d-9300eadcc2fd","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":65,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"28d55f1e-49f8-4139-a196-fdb71cdd1fa7","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":65,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"0c7fe8b3-4c37-47b8-981f-64a64815d6e0","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":65,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"c704f715-2d17-474c-900e-a8d0a2dd57cf","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":65,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"0439801e-02b7-471d-9fc0-da846a984f46","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":65,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"e5b8f8f4-3ec4-42ef-be99-bcb340ab901c","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":65,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"6bdd9e52-eb29-4d23-8ecc-f0fcb7d622cd","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":65,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"1ac46d65-e6d9-461b-9a93-7fd819588c1f","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":65,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"fc87e35e-d7ba-4f7c-90b2-5ab7b09d3c51","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":65,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"25f31420-a1ae-46c5-9642-ec1e88abae95","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":65,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"9b446c33-3ded-4500-b3e1-f6abb8f3e516","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":65,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"6f413ed2-f422-4f50-8270-1677105aa452","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":65,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"b2fb9139-bbc0-427c-882e-4bd3d29e079a","block_type":"box","text":"II-14","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3f90906-8576-4663-8674-6b0069b380af","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25989543-2c26-4533-bd8c-e78ae98ec496","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":66,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"47d7d7fd-56ec-4e30-846b-6fb76099407d","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":66,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"ddc1ac95-2e7c-4c4d-ac9b-74db0199d415","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":66,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"c136f47e-ea98-47e6-94d9-ad39defdb845","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":66,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"64627154-10c6-4fca-b485-55faaf360a4d","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":66,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"22563ddb-967d-42a9-b969-ab68bc7ab15e","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":66,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"bf4299d6-2e0e-4e26-b5bd-a4c736d30da8","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":66,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"61638488-bacd-4413-87c5-90049c9d9b62","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":66,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"2f21f01f-cb5d-4765-9c98-4fffd1a0ea97","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":66,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"1433b2a3-58e5-44e8-9927-d375e625ed79","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":66,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"58b86a42-91b0-4fc2-ac8a-4eaf9d67e066","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":66,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"c5349801-b296-4e1f-8c08-c6af2296aeea","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":66,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"1aca0386-6e2f-4415-8a64-97a231d51b13","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":66,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"19783fad-9641-491e-b706-9c8141598ffb","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":66,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"d4645277-d1bc-4e78-8500-84cf7bd6b2f4","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":66,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"91583774-042f-4cc9-a91a-e04887d87fd4","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":66,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"9555b356-d88a-4bb4-89e3-e45171c78997","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":66,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"e6a4eef0-58c5-4241-9fb7-c8e3813b1ab9","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":66,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"b020f74f-e8bd-4d53-ad9c-5d8ba109b885","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":66,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"08f95403-3cc2-4a84-91f2-c3a75cda427f","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":66,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"8205b4c6-f63e-4010-8276-7e8876a5211a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":66,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"7af2bb3e-c231-416e-aacd-18a45e5c8e73","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":66,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"071b5987-0a55-4c53-9014-c15ad06556d3","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":66,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"b37831da-45ae-4d4f-8496-0cefe84a7138","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":66,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"7f9735ab-7795-493a-b3d6-2717dfdba32d","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":66,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"da62a8e3-66e1-467f-96f6-81ba965afc5f","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":66,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"902d0f24-0e19-4aa7-9024-ab9d7974d534","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":66,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"e517af6a-1788-481e-90ee-172833a1c730","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":66,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"b34b031e-1533-4f3e-827d-dbe9ec29f43e","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":66,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"ac46e742-f048-40cf-8f4d-d4ac8e4bc969","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":66,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"d2ca3b75-4081-44f0-97e0-9c2919f81109","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":66,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"14581cfe-7d52-4d17-8a35-89d8a29f6fc7","block_type":"box","text":"collateral received under such contracts.","page_number":66,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"020180dd-e059-4c2a-97bb-e22597ca9951","block_type":"box","text":"Risk Factors in Derivatives.","page_number":66,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"cdeae03d-067e-4318-a814-7b0d2f612620","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":66,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"29418fb1-0e16-408a-af14-a563bc08bf9e","block_type":"box","text":"Correlation Risk","page_number":66,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"aadc6746-4fc1-4a8a-901f-50c5b908f4ff","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":66,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"de270d4c-bb87-4a2d-971d-21169aad15b4","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":66,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"2a41ca08-cafa-4a61-8ee4-df2c5739cb7d","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":66,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"a07b205b-24cb-4904-a12b-38da71c9fd75","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":66,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"25923ed9-e22f-4778-a382-f61a729911d7","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":66,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"89745239-3c0c-487d-adbc-34ce2f3a870a","block_type":"box","text":"Counterpar ty Risk","page_number":66,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"04c396f3-8f02-468f-a6b2-c8163faefbf0","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":66,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"1784a6cb-3148-487b-a1d8-d68c8849a387","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":66,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"451a47d8-d3bd-4f71-ab93-1e1785dde3b4","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":66,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"75d7db69-6185-4c7b-8a3a-952e1a2967b2","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":66,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"95345567-e793-414f-8f53-8dfc65bd28f0","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":66,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"24ad96ad-212f-45c7-8665-9de0a3ca8b10","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":66,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"2af639dc-6353-49af-a9ac-3afc19687500","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":66,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"c833ae3a-cf2a-4942-a9ab-5e9518dba89e","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":66,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"a3439f1d-83e5-4652-8e03-9266f9989e1b","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":66,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"c45a683e-3765-42d4-ac60-e7fecb339fcf","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":66,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"b8af0cca-37ee-4706-ad8f-7d62bdf68052","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":66,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"89730853-2e36-43a2-9c31-53915903481e","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":66,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"325d5343-d341-49d5-ad26-6288ad38c9ce","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":66,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"6e35f8b4-dd49-4e72-be1f-4ebafc2d9f76","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":66,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"e28ebffd-017e-486e-9dcf-031327eaf561","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":66,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"a692ecb5-37da-4bf3-a864-cd3990fc3ff7","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":66,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"2e54e120-012c-4e4b-9556-83dcce6bdd36","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":66,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"9958d233-af29-489c-8c7a-ca3ae96a8140","block_type":"box","text":"II-15","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab68b4d9-b5c3-4e48-972a-14e5ff39ceeb","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50c9341c-53bc-48f4-bf0a-aaa46b9dadbd","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":67,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"fc97054e-6278-48c2-87f1-3eb531b94c8c","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":67,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"b6dd797c-fe54-456f-a33b-692fd4d16c56","block_type":"box","text":"by the clearing member.","page_number":67,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"8b77cd23-5f81-438b-93be-22b173dc72ca","block_type":"box","text":"Credit Risk","page_number":67,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"26fa9976-c5c8-4d48-ad0f-ee31a33a0cb3","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":67,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"1e265d1c-361e-4495-bf7e-feaad8c312ca","block_type":"box","text":"honor its financial obligations.","page_number":67,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"8019acab-ec59-4da7-a11f-19a8a377f2a0","block_type":"box","text":"Currency Risk","page_number":67,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"64e2d56b-c0f0-447d-8342-553f551bdb77","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":67,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"64bc9d2c-2f2d-45d3-80f4-f8db793813d4","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":67,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"e678abed-787a-4766-ba07-7fa5bd70a129","block_type":"box","text":"Illiquidity Risk","page_number":67,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"2ca24403-b491-4585-9bad-86f6e304fab6","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":67,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"8e5bf244-3977-4861-a228-42af7a3aa3a6","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":67,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"8ce80c25-0171-4e1d-bc11-00969a86af88","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":67,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"abc69bc3-afb6-4559-8c28-5784a67579b0","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":67,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"cf29131b-7144-4b2e-ba6d-14d26438364b","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":67,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"4eca849a-eb1c-48ca-8c08-dd7d92db9cb3","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":67,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"ec4e470b-de40-4a11-be5e-4903d92e3a5e","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":67,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"263981f7-e04e-454c-9723-1aa053dcce76","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":67,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"094960c0-61e8-4f6f-b506-5b65b84e3f73","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":67,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"12d366eb-1a3e-4e8a-b621-83501f4f3bc7","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":67,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"7346d902-9054-44e7-9cc1-7ef001d82616","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":67,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"41d6e854-dccf-45a6-a713-6e8fa9b0af7a","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":67,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"09d738a2-7fdb-43d7-ad2a-1c570b0025bc","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":67,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"061ab227-e93b-4b1c-8252-65902fac92f1","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":67,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"c8f35b0e-1094-41b1-9abb-e98fb3bf5e31","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":67,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"2d18702a-f688-4ac2-8512-e40802b02096","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":67,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"cd0247b7-d849-4f5a-8585-46e9a995e71d","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":67,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"2302f878-6000-441e-83d4-97b962ad558b","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":67,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"6080fd73-459a-408e-9693-47945bf36466","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":67,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"d7640c9d-afd7-4e39-acab-8e3cb43049e0","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":67,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"11469999-528d-4225-951f-327ed2d2cd0e","block_type":"box","text":"may be disadvantageous to do so.","page_number":67,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"ad159262-75f5-4563-94ea-a99871365cc5","block_type":"box","text":"Index Risk","page_number":67,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"c5acaf9a-441f-4531-9040-f284dd5ab1fd","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":67,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"b76e7f66-a1de-4df3-9e33-9ab06d846c98","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":67,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"7aff691d-e2c1-4f60-ae1d-18f0c2684a65","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":67,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"d5885fb7-9476-477e-a020-d83b4b062761","block_type":"box","text":"Legal Risk","page_number":67,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"99771c1c-2462-4c91-bbec-95f2183de596","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":67,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"7011e97a-c5fd-4636-bdc1-6e2d1d4c7d0f","block_type":"box","text":"or enforceability of a contract.","page_number":67,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"ee0c3f92-b05c-44dc-aa6a-9a6a725da71b","block_type":"box","text":"Leverage Risk","page_number":67,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"8710cc2d-0e5b-450a-bf27-839cbd1c7ae9","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":67,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"37b7abfa-cbac-4b02-8963-1544676cd6a6","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":67,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"66b017ec-e849-4576-a14b-d4d3b4eb5a22","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":67,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"354b1d75-d679-4af4-af8d-2ae2219711d1","block_type":"box","text":"Market Risk","page_number":67,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"7b764961-fd0d-4941-93a2-d1c1e4505795","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":67,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"2324845e-be7c-46e4-9e74-ed6f2adf5b53","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":67,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"af656d4a-adc4-4b08-808e-49c0d60befd4","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":67,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"ad92fcad-cedf-4e36-8f97-86dc5aba7678","block_type":"box","text":"affected.","page_number":67,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"29cbfa4e-9a41-4e46-9c09-7e4855aa4259","block_type":"box","text":"Operational Risk","page_number":67,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"a5db554e-5e81-4ea6-bef8-831408a5a984","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":67,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"366145f5-ccd4-4173-938c-305c9afdb23a","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":67,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"b8254362-25ec-41b3-b080-b8f8670fe105","block_type":"box","text":"Valuation Risk","page_number":67,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"af039f69-52e7-454e-a124-3706da6c67bb","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":67,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"cfff310f-d8c1-48a7-acb8-d3aebbfa8f91","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":67,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"7e1db6ef-0af7-455c-9160-1b414c43b769","block_type":"box","text":"complex instruments or quote prices for them.","page_number":67,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"4090f6bc-83ff-4d86-b966-39374889a5bf","block_type":"box","text":"Volatility Risk","page_number":67,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"ba00b15f-12ab-44f2-baee-6c4f8d3cac81","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":67,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"e88591d2-f4cd-4abc-a8ed-64081a1fa011","block_type":"box","text":"Types of Derivatives Transactions.","page_number":67,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"e48611b7-e43d-47ac-923e-10013932361e","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":67,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"07b5f663-0fe7-40fb-af10-812b6ab2ecff","block_type":"box","text":"including the following:","page_number":67,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"1bfec925-a7ed-4c82-a37f-84243621c480","block_type":"box","text":"Futures.","page_number":67,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"f8ebfb9a-39e6-4a64-b722-2ad305f533c0","block_type":"box","text":"II-16","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2210079-dc5f-40cc-a882-d099dafa1593","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fd4243d-fb10-462a-b518-7c58272a3b6d","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":68,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"45b1b276-6262-4eb3-8d0b-277ae12fa689","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":68,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"f51833c8-49c3-4883-a2dc-fb8130554eb3","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":68,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"983b7383-5bdc-4ae3-9398-81b48e2daa9c","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":68,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"7b1d22cb-e2fe-4315-94f7-8d651a02657c","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":68,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"3d083408-e51f-45fc-8403-95a2b430f471","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":68,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"67270b18-8cd8-4074-b40d-05206747f75c","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":68,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"c046db9d-d485-4dfe-9d75-73676d3eda4f","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":68,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"5645edce-50cc-4161-9534-a2646cc42951","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":68,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"0f6427b1-9561-4f79-9a45-dc238772e461","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":68,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"2399a71a-b8e4-4fa2-a330-d76c105f1213","block_type":"box","text":"of the futures contract.","page_number":68,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"c0916389-7712-4284-b412-467644d14513","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":68,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"48dd3339-fd14-4827-b906-ec20a8dd9d20","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":68,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"f3ea3da2-58c9-43ca-9428-0f15c7e0c1b0","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":68,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"9182194f-a981-4fb0-bdbf-5aa04118df55","block_type":"box","text":"relating to the futures position.","page_number":68,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"bcaa3ed9-2002-4451-9cc9-2b34e229df8a","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":68,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"b3e0d99f-e6d6-4a7f-98fa-530ef17e840c","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":68,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"906f7eab-225d-4253-ba0b-046737bca4d6","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":68,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"dcfd5722-1044-4fdc-95b9-6baf5de520a5","block_type":"box","text":"Regulations” above.","page_number":68,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"c1a427c5-a14e-4760-9369-708a40a31af0","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":68,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"c56342c1-140f-40a7-ac77-b0135c2adf0b","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":68,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"d2750e52-ff3c-4f65-947b-25cbacc59a19","block_type":"box","text":"(","page_number":68,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"868c5bf8-5e4f-43e1-8ea9-ab3e7223c1fa","block_type":"box","text":"i.e.","page_number":68,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"9a324b37-12a7-4717-9573-1c996257c0ce","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":68,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"1c254ca4-77ea-404f-93c7-648f77d2b37b","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":68,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"596a784f-d3a9-41db-afb8-69b06d5fbec7","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":68,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"6b68dc98-cb0b-4d34-adac-b8936c31a9b2","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":68,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"81fee0f8-acc3-40ed-bd3d-53201eb8afb8","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":68,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e6bbc011-fdf2-4492-9b5e-70a7cd57ab34","block_type":"box","text":"Fund intends to purchase.","page_number":68,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"09615678-7329-482c-97ba-e1d368e75dea","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":68,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"7bc26e04-e850-4346-8d62-c3d0c1ae1710","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":68,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"78e867a8-952a-4606-a9d0-72912644a226","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":68,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"de38e5fe-fc07-45ff-84db-d341fb331c13","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":68,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"4f5046ff-7de4-4b5b-bb21-b1e9dbfa19cd","block_type":"box","text":"illiquidity.","page_number":68,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"901eaca4-66d5-41e1-81d9-6423b8a0544d","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":68,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"e322d1bc-74a1-4f67-a820-1e2ccbb7147b","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":68,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"486503c4-6a99-4828-a52a-3bf6d58097de","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"c9e435bf-bd85-4a0d-92f7-c72c6b16aaaa","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":68,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"466126a5-277c-489d-8d51-e1c5c1ccf8b4","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":68,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"87a72430-9dfc-41be-ae74-1c182e69817f","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":68,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"4aef3cc4-f5d5-4c6e-9325-8020d0b1b0cc","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":68,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"ca014e7c-a61c-46ce-85e6-b5068648b0c1","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":68,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"ec066e6b-1a01-4eee-90cb-68d1421223a9","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":68,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"784b2b72-54d8-49cb-a509-1abcae519d95","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":68,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"99113dc0-ddad-494e-9428-c5d3d8952058","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":68,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"8cc76b4b-9c62-4a23-b049-7570a66e5557","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":68,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"5d3e14d4-9bcf-4ea6-8b54-b94b718d8005","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":68,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"10a7790e-1afe-4253-aa7a-e3ac39daeb50","block_type":"box","text":"difficult to find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":68,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"552c130f-9448-4ddb-820a-a75fdf8582e6","block_type":"box","text":"Swap Agreements.","page_number":68,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"e6402b9b-b294-4be7-9407-55c6d15d77dc","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":68,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"5158c665-90de-45e9-9883-8fce19920cda","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":68,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"d9e5235d-cd05-4039-8aeb-0c3a1673c365","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":68,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"59660367-a24c-441a-b8a4-2d64bc17b849","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":68,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"5fa45cb5-0f94-4365-9ba6-2c20847c30b9","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":68,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"b66c78a7-eead-4db1-9651-cc8701d2ad97","block_type":"box","text":"a “notional amount,”","page_number":68,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"965e3e73-2754-4efb-8c05-96030eba4397","block_type":"box","text":"e.g.","page_number":68,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"97d1dcbc-3078-4733-8b75-b8c0e15d42c3","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":68,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"06de6410-bf63-45e7-8524-b79664bfc2f8","block_type":"box","text":"II-17","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bcf3ee25-b5b8-4bcc-b721-f278ebafa1a0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daac9427-ad21-4344-a414-17535c250650","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":69,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"ecb96cec-786d-4317-b456-b4f29e249ec9","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":69,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"25d351b5-67b5-418c-8fa4-d036dd727bd6","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":69,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"747da703-3a6e-41c4-b49f-21964ec375b7","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":69,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"baaa0d18-48d3-4679-8151-6a7a00e163e6","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":69,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"0bc9ea63-7880-4025-b34f-8e9186b67c17","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":69,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"8be7a3e5-51b3-4de5-b6d8-ee2422b6378d","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":69,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"a16264a3-1050-4c31-aa42-e48f629a1ca5","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":69,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"d57791f5-497b-4a75-963d-197961fb2819","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":69,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"6473ccc6-d86b-449e-94b3-363a159ae680","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":69,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"641a3cb6-6e70-41d5-8b7b-bbb6fb94424e","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":69,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"f62cd81f-be65-4a4a-b75e-ddab97c8d5fc","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":69,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"e7f7e428-6342-4e08-92a5-80854c71b561","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":69,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"aaed14fa-af63-4c25-bb73-921ce412461b","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":69,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"eb1a4bf4-0c5a-41a0-a824-b3853b9ab9c9","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":69,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"22cc5ab1-750e-4690-b074-7fe6827d940b","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":69,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"6f351bdd-0f18-4e65-ac66-c59033d7b42e","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":69,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"00481e09-aa38-490a-ae04-848032c3d877","block_type":"box","text":"index CDS.","page_number":69,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"74b835d1-9306-44a7-9a31-6f7887e99df6","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":69,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"d4a432ab-4d07-4d26-9319-de05093f6abf","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":69,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"2d796851-56b1-438b-acca-f1048e392632","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":69,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"b950e34c-78ba-4ae8-b9ed-bb7d59065bee","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":69,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"7e95dd2c-2e0c-4f66-997e-1033aa42864d","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":69,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"1c778da5-a5fc-4a60-95fe-a079a73ece94","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":69,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"c247daea-4b0d-4eb8-99cf-c21415b247d9","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":69,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"103e66e0-5205-477d-a95e-4071cf187b02","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":69,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"4f777513-5c98-4f87-9ecd-fb3974bdd7a9","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":69,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"4b96fbd7-d6ec-4d86-8b17-fe67f7a36013","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":69,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"ab7a0c0f-2c59-4e83-a9eb-41674d3110a4","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":69,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"9566ed62-0964-4f72-a318-5c890d59b152","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":69,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"207c6366-916c-4d61-a2a6-1bb417a359a8","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":69,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"e847f425-bfc3-44f7-a681-4b89bde61613","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":69,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"dd80256f-cdbb-46da-a090-ada692a9df6e","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":69,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"36b030ab-33ff-4663-a0a9-43bc38d8ff48","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":69,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"815178e1-f44d-4def-877c-7f1ca520be9c","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":69,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"ef22a0f0-b867-4a40-b73b-cac8a180249f","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":69,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"9f4cfd71-5957-4747-a4cc-01fb8d9280a1","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":69,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"f1011c83-e7c3-40b9-954e-240a920b474a","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":69,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"f6adb4f7-26ef-48c6-816a-46a5895bf889","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":69,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"78dec772-1525-41a1-8dac-7dcd7c48e141","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":69,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"91938ce1-94b7-4ca3-af98-bf9d71bbf201","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":69,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"7ea3cbc6-be12-4a42-8952-601e3a387238","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":69,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"e3d328f9-af3d-409c-a712-986c0dab2237","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":69,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"8e3b2c6d-69b8-490e-a10c-6407767c511a","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":69,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"34d167d1-637c-4a37-a8f1-c980a2b98b20","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":69,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"35dcbae0-b228-4ebd-9be4-80a29f23da09","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":69,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"853a2dc5-99cb-475a-bf57-f70d9550d264","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":69,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"8af83c06-c2ad-443c-977f-70874f74478d","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":69,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"fa9beb25-c8f6-4a20-a27c-176b8710e38a","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":69,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"12348249-2f69-4d07-8e5f-86b324a5f6ee","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":69,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"c7f3edfc-25c6-4614-8a3d-36f81e4e6d8a","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":69,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"3deb2531-06f5-4a8a-96e4-c324383643bc","block_type":"box","text":"conditions.","page_number":69,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"082b1770-1966-4ab6-9bf4-2b263e432fe2","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":69,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"54f15d2d-c5f2-4733-825e-037358ce00fc","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":69,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"8fc43ded-362a-4051-9aea-62883b7224d0","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":69,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"87663088-9efe-4934-8bc4-23c234c3807f","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":69,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"02a64a6e-1519-496a-bcd7-c0088e52b9f4","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":69,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"1e62e38e-68ad-4c35-a498-660140860ec5","block_type":"box","text":"II-18","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c915fdf8-e416-4363-aae6-f640f4f3bceb","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43e3a560-eae8-45ed-8a51-f3da52331a99","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":70,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"baf3b843-1cf9-4a8e-9945-6b91d8568ce0","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":70,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"4b302584-6908-47d2-b92e-b86b6379fc39","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":70,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"acabf4b2-79b2-484d-901c-a5f849e4aa75","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":70,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"efa335bb-4acc-4a0a-a39d-94a5c030adbb","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":70,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"9319bab8-2830-4503-ae5f-b35854784a1a","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":70,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"64715c37-b7cf-4ac9-b0d7-8d27c1d3dc8e","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":70,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"79ceaed6-e5e6-4165-af24-aa41ca28c6e5","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":70,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"dc8f6cf0-e7e9-45dd-8e31-812479acac55","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":70,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"7212fec9-a966-40bf-856f-3fd230f8db33","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":70,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"75f22c09-3bcd-42d5-8889-e8abd2c3b836","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":70,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"4aaa059a-bc74-499a-a12b-8e5374e3648c","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":70,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"ca0eb7bd-d877-482f-b8b8-f2d7add63b72","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":70,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"0b02b8df-6194-44b2-af27-b445a83de4bc","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":70,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"831a1cbd-eb38-496a-8d95-bdd8a5f02fd5","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"06fa582a-b90c-43d4-8b7f-752f077f66fc","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":70,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"d25110e2-a586-4ea2-838d-107d491a2f7a","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":70,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"c524ab9c-9db6-49e0-83ec-b07d1fc3d5c0","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":70,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"b71ede36-59e9-4fce-aa1c-673575e1d955","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":70,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"762b2d20-4525-4bd0-aa0d-c4ab76f82947","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":70,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"5f1259b7-053f-43d6-a6cf-b416e35acd63","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":70,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"d5dd7463-d600-4263-a9a3-248d8b68c8a0","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":70,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"fd6ef72b-5c06-421c-9458-4507846551ca","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":70,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"a323c994-1d66-4cb6-898a-930adfd0cc98","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":70,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"c4c318f4-07e8-4581-a957-08d276c8cd82","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":70,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"f4bd56a4-fc07-469b-9ed6-68c549773573","block_type":"box","text":"cleared interest rate swaps.","page_number":70,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"5019e0d3-2df4-46d5-8e52-04f04bfb103d","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":70,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"572d18b0-332a-49f8-87c3-4ff827b425d0","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":70,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"1f9557c3-5596-4afc-a55b-703d5971cee7","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":70,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"da88d1d0-b3e9-4046-a135-8f3fadce9ef6","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":70,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"5d0a8aa5-9581-479d-84de-e72bdb42fedc","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":70,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"ca425bdc-ebe2-45df-be52-81a07c18beee","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":70,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"55f33a10-8517-4ba9-ba84-414a07881ff5","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":70,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"94a4b4b9-e74f-4075-96c4-83fa3f18d945","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":70,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"25077df2-d169-423a-830d-196ec97e58e3","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":70,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"b26bf7df-1383-46bc-99aa-99e96b3b61c3","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":70,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"edf6636a-5086-425b-be8f-307e0437f709","block_type":"box","text":"or variable interest rate, index or asset.","page_number":70,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"152dd35c-f912-4679-8528-f47df18563e3","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":70,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"8bc388c4-4f47-4225-a814-b4e80ff95dfe","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":70,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"158ce653-ccd4-438c-a6b8-c8ae99a1bbf9","block_type":"box","text":"such interest rate floor.","page_number":70,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"5974ab69-937f-4984-82a8-5c1cf46a899d","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":70,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"014c5de1-9990-465d-8bd0-d4f4c40dcdbe","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":70,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"73f0e0e8-ce75-4adb-81f2-acbab3d32277","block_type":"box","text":"such interest rate cap.","page_number":70,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"06280c3b-b65f-480f-9e67-069d951d68fa","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":70,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"6cc6c661-f3a1-454f-8086-712e0f0fe11e","block_type":"box","text":"commitments to pay or receive interest,","page_number":70,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"34a031ad-6e3a-481c-afba-76345227e9da","block_type":"box","text":"e.g.","page_number":70,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"0fb86a73-010d-4642-bc4c-5c6153905471","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":70,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"f01be3c5-bd9a-4915-91a1-ff5bca6327af","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":70,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"9adb7ad5-054b-4782-83f9-87df70990c41","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":70,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"aef97204-028a-4ff5-b4cf-f3f2de80c8a0","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":70,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"db102f2b-caed-4bc4-aee4-9048a6bd9438","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":70,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"7c4122f4-6455-4d1f-afec-8f86f1e1e2d7","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":70,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"b0201bd7-ea68-4e59-82e1-24f9fda8fada","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":70,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"78ec8bad-ac9d-47c1-81cf-e6baa7cb704e","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":70,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"5f0a3702-1ed7-417c-931a-3964e93f529c","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":70,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"1eb2f94a-7805-45ac-bfc9-5df0177ca9c5","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":70,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"8755d586-dda2-45e6-8296-61490d621971","block_type":"box","text":"II-19","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"499361de-1361-4d57-b826-9a515d6c373e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83654f95-25be-4ecd-8636-3d517f966b87","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":71,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"11234725-d9f2-49a0-b2d2-7e38c94e3094","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":71,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"3a8f6d01-f446-441b-8aec-fe1d32a6645b","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":71,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"6905d9a6-4a95-4977-b0af-0369016bae88","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"1089a490-e616-4cff-bbec-3016733c4131","block_type":"box","text":"Total Return Swaps.","page_number":71,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"0cdcb6c4-ea52-49f6-8e8e-5409ed7a7059","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":71,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"49c194b1-09aa-430b-97d3-0b38829d6aa9","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":71,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"3efd9483-fd9c-4c30-879e-85abcf727fd1","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":71,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"135a18ce-65a3-436d-8aa1-4f797f3575c4","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":71,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"c0bbc9ac-c68e-4f95-8446-5539e181cb7f","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":71,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"164ec578-9533-40fa-97e6-7e7a29bf3e75","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":71,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"30b826c5-5308-4995-a8fb-f04c802e7ad6","block_type":"box","text":"“contracts for difference.”","page_number":71,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"7d877159-7bce-4a3d-b520-466f1b648fc1","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":71,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"8b42a5c0-f651-4246-9880-48cb5dccaaa7","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":71,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"c40ddc39-cecb-4375-8d0a-ec503e539f6a","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":71,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"1740a02a-6e17-402f-bbda-4b1deb5a87e1","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":71,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"96130f2a-43a7-4e19-bfac-08bf4b4ea0f3","block_type":"box","text":"the notional amount of the swap.","page_number":71,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"7cc73e68-d4e2-4272-94c0-02446506a7ec","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":71,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"5e5eabbc-4fd1-4173-aa34-0ed191a3d7ab","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"dba57249-07c6-4d2d-9f70-44ac3702b0a7","block_type":"box","text":"Options.","page_number":71,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"17ed14c9-21e5-45fe-9a6d-1cecd9b57d8f","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":71,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"3e8b248a-97da-4ea5-a4d5-b9f0723711b9","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":71,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"b6335699-717d-4a48-a231-6bae6ff6d00e","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":71,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"735eb7bd-3411-422c-a630-718a40299cdf","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":71,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"0f95e090-fa81-40e7-ba2d-b4ce09694c9e","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":71,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"df0950f4-eaed-46d5-bf0b-28b2904d33a7","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":71,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"e675fd99-b2c9-467f-b144-aac4c74e5346","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":71,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"c7f3ff0d-3aa8-45d7-81ed-9580d5d9e9f9","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":71,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"f76654d2-fd89-4be5-b2d2-a9681a667f60","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":71,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"6059b7f0-e3ad-4d02-b7df-83fbb56c24e8","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":71,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"acd13f12-db89-4591-9b6a-78fdaec52683","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":71,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"7e7fcfe9-cc9e-4c32-8048-2077ab8b0849","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":71,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"43b3b0f0-381f-45bc-a12e-8117d6d5c31e","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":71,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"648f9bd6-487c-4086-891a-190675db7fba","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":71,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"6fe72af9-f875-4af6-8a7d-3496f2b2799e","block_type":"box","text":"OTC markets.","page_number":71,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"f4ef1f04-c053-4b92-a1d1-fac5750ff162","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":71,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"9faef26b-d5aa-4617-8885-66725e2c8777","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":71,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"fdc0e9f5-02d5-4051-bc2e-0e580ef5aaa9","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":71,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"90456ae2-4910-4202-8375-a1118cd393f1","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":71,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"a488804c-38d5-4fa4-9a2e-69cd332a06ff","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":71,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"bb46276d-2cc9-4ad7-a9b6-43bddc6e881b","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":71,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"531a384f-b9ee-46be-a091-69f1fe4d61b4","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":71,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"cf1c0813-f292-4bf2-8166-53b0cf2adc3e","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":71,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"4b56330d-a23f-4a3e-8af1-8e5a9f41ed95","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":71,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"c3b14e3d-6d89-44ee-8fe7-4c456baccace","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":71,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"b28747bc-5700-43dd-972c-89f8479e1cd1","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":71,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"4839665c-bf09-4f5b-894a-5b63562ee56d","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":71,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"5039151c-4382-482a-8d65-2e12c73a877f","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":71,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"6bc439d3-b577-4cc2-a98f-e31af4331377","block_type":"box","text":"terms.","page_number":71,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"51eb8659-1ec7-4e91-bff8-a50be3409ee9","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":71,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"ea070b20-9c76-4a1a-9e8c-920d60c6c272","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":71,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"1ad5ec92-af8b-458c-bfc1-c3c0721a5e31","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":71,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"7427bef6-09d5-476e-9f46-fc1244b39c42","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":71,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"d67eeedc-1f7e-4437-a209-c6f8e0109302","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":71,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"1d14237d-76c0-4c18-b01e-df55af71d537","block_type":"box","text":"II-20","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"20eafe10-08cd-43fa-9f4d-a44f80d4c148","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6bd326e-8da6-4b7d-9b5b-d0265c3ed55b","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":72,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"0ec16df8-3d55-422b-a390-e4494ba511dd","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":72,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"332ca40d-efe7-4bd9-8585-d37fa0a88fc5","block_type":"box","text":"Call Options.","page_number":72,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"ea7d165e-0615-4e84-9e66-447ac4068744","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":72,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"bf623324-277b-484a-9792-1839e234436c","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":72,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"1ce054d1-20f3-4d3a-9a14-91a2f281e662","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":72,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"bd365d7e-a90f-426f-8baf-9d73b49e3aea","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":72,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"724ae576-31c4-4a28-9ec2-f2a377b99764","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":72,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"69c0d2db-98dd-4e2c-b0b3-e15caf080e12","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":72,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"b107d89c-1c64-49ff-ae4b-912465ecc899","block_type":"box","text":"of the option.","page_number":72,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"b3336118-0201-4ea7-bb2b-b734fef256b0","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":72,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"819328d2-5d1e-4d8c-8cda-d814c14aa737","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":72,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"466ac560-21da-49e2-802a-57ec68c3a99b","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":72,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"8ce38455-631d-449f-ac20-338e72c9481a","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":72,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"72b172d9-b821-4a98-9401-6ebf7acf6283","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":72,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"d9faa651-e151-4c53-9c19-29923397e8d8","block_type":"box","text":"A Fund may write (","page_number":72,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"112c7f12-2ecf-46a1-9f94-443f0159b59c","block_type":"box","text":"i.e.","page_number":72,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"c9c68d8a-0af1-4e19-84bd-ca75016289ba","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":72,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"b6a6f2fd-a7b7-41ef-a126-d3abfc843832","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":72,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"29ff5b26-fb44-4388-b13c-dd2ebf001d8e","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":72,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"391fdbd6-1d89-46cb-923f-76cf7ba0ce2d","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":72,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"5342296b-e2d2-4fdf-a5fc-90caa74967bc","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":72,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"0f4732bf-698d-44d0-ac8b-819b5b2c1ce6","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":72,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"8bf886cf-dc5e-4ca1-8d8f-e24b2dbc50ad","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":72,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"2acd220d-f0ae-41e3-96e9-292b86fd60e2","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":72,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"96cb29e4-eea1-42fe-bd7c-e75ea61c87c6","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":72,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"e129590c-eb9c-4518-9d2c-292acff705ff","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":72,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"e6470eca-84af-45a9-a9bb-8f04311c942a","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":72,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"d67f8fbb-9396-443b-b796-d267b2dbdaaf","block_type":"box","text":"A Fund may write","page_number":72,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"877677a9-8de1-4c80-aaa7-a751946048b0","block_type":"box","text":"(i.e.","page_number":72,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"b009d5f3-924c-49e6-8d74-4e97b65899bc","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":72,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"0e0862ad-143d-446e-9a2a-72d08265846f","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":72,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"9f92efd5-5fd2-4c70-865c-bb7dba08c495","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":72,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"e867b2d1-b7b5-4934-89b2-696660e36926","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":72,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"5a226311-2467-4a0c-9b13-7f4fd570d161","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":72,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"9c1658c4-91ee-466e-bc15-3861a8f603d7","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":72,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"b82de4b2-cbfb-4a6f-9b37-c515a67b6533","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":72,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"f9f7321a-48b8-4b2e-aab9-bd800eae201f","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":72,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"5e3d06c0-46b9-499d-92a7-c421cda1c367","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":72,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"5049bfc7-78f0-472f-99cf-aaa1294d9889","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":72,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"b38abb91-20fd-45f5-a071-f7e619803f7a","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":72,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"1caa60f9-f728-4a7c-8c0b-d1f456eef2fa","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":72,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"bbe1ea20-018e-4fdc-b19c-54c77a0a731b","block_type":"box","text":"Put Options.","page_number":72,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"0b6b30c5-f3bb-41f2-8d61-1008a0f20187","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":72,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"9b629862-781c-4183-ad5c-5b5eb6638bbf","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":72,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"1b749ba2-82c3-420a-ba18-680f986ec519","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":72,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"639a4070-d289-47ee-8d08-feadb2d4d740","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":72,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"45f20f13-1407-4765-84ef-c47ff3b8c2ba","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":72,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"36b8d336-64b2-4f6f-9169-48db637757da","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":72,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"e989a03e-ade7-4b19-8092-24bc6dc78f91","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":72,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"79dc3d76-5328-4b39-9ad5-e5782a4a96fe","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":72,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"8e3e8022-149e-48cc-aef4-c8e890178ecd","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":72,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"b0975005-cac6-4a87-be22-27e396fcc985","block_type":"box","text":"purchase uncovered put options.","page_number":72,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"4d744664-1d40-4bc8-826e-a32a74481c0a","block_type":"box","text":"A Fund also may write (","page_number":72,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"378f9292-d859-4a50-b858-782b90974b0a","block_type":"box","text":"i.e.","page_number":72,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"14d04245-1345-49f0-91d3-f55fd58f2306","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":72,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"1c8564f0-e06c-4068-938e-f85ebfccac62","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":72,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"184078bc-cdba-4ea7-bcf5-60e5e8c3503d","block_type":"box","text":"A Fund also may write (","page_number":72,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"9dd3b454-d2cf-43e5-9575-404664168c61","block_type":"box","text":"i.e.","page_number":72,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"5bcd438b-729e-4812-97ec-a011fba6b598","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":72,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"0fcd0b75-a939-4f33-a12f-9591e3841b53","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":72,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"d498f28b-2849-4117-abff-293bb413139a","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":72,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"49fbec7d-a930-43b5-b398-38a7b7543795","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":72,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"adf21789-a460-4a00-9061-b8add8fccbf7","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":72,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"d6cc54f8-7f00-4979-812b-4c2c8f3dac70","block_type":"box","text":"II-21","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de3956b7-80d3-4326-8c36-1f9932eaf919","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b379d3aa-e417-4f13-9ef4-9413290269c0","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":73,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"15c9af3a-ea37-4e3c-8e2e-7ea76b2cb1c4","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":73,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"a7c8b412-ad50-463c-8228-9f251abc04de","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":73,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"7b3865be-4ee3-49b9-a0b0-cd4bf235711f","block_type":"box","text":"the exercise price.","page_number":73,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"e8a37e4c-7650-4cea-ab3e-92e6284e8e51","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":73,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"cd8c0ed5-c54e-464f-bebd-eb789ea7f700","block_type":"box","text":"The following information relates","page_number":73,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"83c132b7-888a-4968-a12e-afdd4c4eb446","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":73,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"cfc3be2b-ad9d-488d-bef2-b6626778c704","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":73,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"b6d67e27-a0b7-413f-86f7-7f57e71145e5","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":73,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"1f15f39e-3bb9-4d45-afb4-2121785733ac","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":73,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"95e3a7e9-ac4a-4f7f-9f05-43ed8bd34ad7","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":73,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"ada3b86b-40e2-4d67-b857-c1edb1511216","block_type":"box","text":"market in order to maintain its “cover.”","page_number":73,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"905feb23-3b56-4df6-adf9-87a340f4bf47","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":73,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"a7f8f999-1f0c-4f94-9079-b00eb908a421","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":73,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"2e59ec8a-8361-4b60-92ea-45ae050a8e5a","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":73,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"afa2c671-84b1-4a35-b594-d9d604b33090","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":73,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"2c007270-6b2f-4c05-b402-811e8a97bf8d","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":73,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"42151856-f152-4f6e-b05b-db8affd121be","block_type":"box","text":"and incur transaction costs.","page_number":73,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"bab725b1-17e7-406c-848a-73da296703b4","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":73,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"b8cac22e-6432-41c2-8689-6f212c4904cc","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":73,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"d950d2b6-1a85-41c2-b8ae-0a38f4bd9c5c","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":73,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"8fd23841-7442-4e22-a4f1-f6064a4d6c97","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":73,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"7b3a8997-1039-4720-814e-635ba2a583a6","block_type":"box","text":"i.e.","page_number":73,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"2f05d152-fe22-49af-b802-33bac31f8109","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":73,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"58a9cf3f-d6ca-432c-bad4-e6cc6eb5dced","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":73,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"b369b655-10c7-466d-81ad-714aa59db35a","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":73,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"b27c80d6-cd39-4124-9592-ad42aed61f14","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":73,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"d3aedc19-6364-4f8d-8cab-3357f3b60b91","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":73,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"d69a345c-bdc9-4872-9021-ebc1f2f9d93d","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":73,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"5e598518-5e2f-4360-82de-4063c65518b0","block_type":"box","text":"required, to be cleared.","page_number":73,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"30cc7a0c-65a3-4e1d-b2d3-9e2ff64f3dfa","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":73,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"0a5507b2-c89c-4f8b-893e-398b99c53cc5","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":73,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"b701f220-6a36-4703-a1f1-234b7bcdcaf3","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":73,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"7526f57d-9a6d-4906-be2d-8f50694b7630","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":73,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"32e01fa5-5352-4aa4-9c98-5c6191448fa6","block_type":"box","text":"Derivatives” above.","page_number":73,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"92f9c6be-c21d-4950-bfb3-09aa010da713","block_type":"box","text":"FLEX Options.","page_number":73,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"dc843422-6622-44a9-8ce6-cf561d063ec1","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":73,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"93920372-1076-4699-8d6a-ea46ea4698b9","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":73,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"e9bf0a13-7c7d-496b-92b3-27f9cf4b6e29","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":73,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"17499c8a-4ec2-4490-92d4-76a3ba5c4781","block_type":"box","text":"exercise prices, exercise styles (","page_number":73,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"037465cd-494a-4990-aeb7-54cd4c0d1a17","block_type":"box","text":"i.e.","page_number":73,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"d9fc9e16-daea-4df3-aaaa-ea7b165c8f86","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":73,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"9b0879bf-d55f-4d66-a0b9-9bc2e194e89c","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":73,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"a850f713-57d6-41d6-954f-60966f6c48bf","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":73,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"877ad0f9-7ad4-465f-b475-614cdaff0bcb","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":73,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"484e821c-e6e1-49eb-984d-5b5cb6546d67","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":73,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"2d17a0d0-13b8-4530-9b81-d66d1e1bb665","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":73,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"8c681c2a-442a-46ee-a10a-62b9b6c757a3","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":73,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"f02bd558-7c15-4b88-a1b7-41ef45a988a5","block_type":"box","text":"FLEX Option’s expiration date.","page_number":73,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"8af071e8-5572-4646-bb34-384b7f728eac","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":73,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"a4fbe0d9-1896-45f9-8490-ec53421d288f","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":73,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"2fca89cf-459a-42c0-9807-a0cbe87f51bf","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":73,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"b4174bbe-3b66-4dc4-874a-6bfeb9fa7e9a","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":73,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"403ed3d7-c964-44bf-b930-1d99326c9681","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":73,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"5bbefbde-e71c-4e11-b5d8-d8c84d2ee9ef","block_type":"box","text":"FLEX Options contracts.","page_number":73,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"9921363c-f7ed-409f-931a-3ce67e33149d","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":73,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"a4099fde-e4ba-4e01-bba2-f4883c4352a4","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":73,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"f490e545-5db7-4564-b9c0-a8e2994667fc","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":73,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"7a82e244-03be-41de-be20-6e9c9bd6bab9","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":73,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"3e6b54f3-c716-4492-be0a-ded71217221a","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":73,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"4aba9b1c-374a-4519-aa34-bacf12a64dcd","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":73,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"0a153ecd-0eb7-4345-933f-398ad10c9786","block_type":"box","text":"II-22","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1198e713-3a18-46cb-b3fb-b3577c75beb8","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"871d42f9-d44d-442e-98cf-dfcb0fe9a97b","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":74,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"429344a3-a576-4fbf-8e6a-293c4db3b5a8","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":74,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"ac2774aa-b6c3-43e8-aeea-2d4908910f83","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":74,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"1108596d-9c9b-4702-bfc0-9a9733ff4de3","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":74,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"eab9639e-13c0-4fe4-bf0c-3b3af1390672","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":74,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"b6b0f3cd-79ba-40ad-a6cb-6580deb0c29f","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":74,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"b8fee4c9-3537-4bb8-ac83-746d45e586f8","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":74,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"f7f86881-d155-4271-af30-5901aedd8e8e","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":74,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"6cbdd7ce-a444-472b-9aa8-e27cfde07d00","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":74,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"f9166e9b-1a3d-4fb3-8e59-f77dc5fb4113","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":74,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"6f7bac8e-7eb4-4b0f-81e6-fff26ecba6c7","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":74,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"293288a1-989d-4cf4-a360-c84b2364fb30","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":74,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"62ef5008-b1e8-4d18-99db-d9c072570495","block_type":"box","text":"expire unexercised have no value.","page_number":74,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"d369a0e9-f59a-4c1d-b800-f962fe3d549a","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":74,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"844d97be-9d1e-49f1-8dd3-2e5c79e29235","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":74,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"5d602b66-5367-470d-90bc-3881eb0347ab","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":74,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"70c09b56-2e3d-4136-bc1d-09010d00edf8","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":74,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"8034609f-7d1e-49cd-ad6f-933828192746","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":74,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"5d5b4783-7375-4d1a-af83-c53799ad72e3","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":74,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"b73302a7-5ab8-4ecc-a8de-03fb8e0e3b13","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":74,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"0a23d396-52e3-4f44-944e-06b6b8512992","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":74,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"f2c88ed8-6014-47f3-8ee1-7fa491976417","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":74,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"a94e055d-a8e6-44d2-8ad9-1fd31b7977c4","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":74,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"45d396ab-5fbc-4c7e-bf83-cadb45882c91","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":74,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"b6efa136-88a1-420e-9a39-d36847bac55d","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":74,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"ba3d691d-cffe-43d1-be70-419efec53004","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":74,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"95f8c6df-63ec-49cd-8502-a999ff81b528","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":74,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"1bf6436d-3e64-4bf6-a0d7-e23401ca041a","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":74,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"9037a3af-57ad-4f34-a606-d7c43f586735","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":74,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"2d88ca38-e87f-4436-ab5e-007093a23669","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":74,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"81fa3151-9064-4f7e-a15f-576d6a5a4f1d","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":74,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"bbfe368a-40ec-4d70-92ad-34dc771e6c2f","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":74,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"308bf860-052b-4e02-bfda-eda1abc1b304","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":74,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"49bfc98e-f091-4bcb-8aac-134f9e475134","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":74,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"791f36b1-74ae-4f1e-a2fb-f16541f3c264","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":74,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"d29d32c8-1112-4896-b729-18abf6927baa","block_type":"box","text":"Foreign Exchange Transactions.","page_number":74,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"8fa88b0b-b510-4453-b3fb-216d23c13a91","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":74,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"f11e1796-0574-4f00-836d-70235b82dfa3","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":74,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"2eef0558-58c9-47ed-9bfc-a7f5b7838b41","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":74,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"3133be35-500c-4be7-91f9-eef84c616edd","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":74,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"776a57df-fb25-4308-9f7a-8eec1c9db618","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":74,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"dad2a912-2be2-45da-b3ea-3d80a641edd6","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":74,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"d7636d00-d8e3-40e1-95c4-5f7140bb205c","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":74,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"ee6783df-dab7-47fe-b3a5-f15f70f70442","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":74,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"2b0e1236-a667-46e8-b84b-2cff7cf8b4d8","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":74,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"52a8b1ed-bc76-4e11-886a-c170ee7bb44e","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":74,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"d705e2e3-8ac1-4d3d-a000-856bd1149f72","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":74,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"8325ed5a-f2af-4b6a-9c33-7feca191b66b","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":74,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"0a56518e-8f8a-4b25-b01c-42822d9b6cdd","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":74,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"eccf526b-6ebd-4910-ba12-962bfc0eadfb","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":74,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"e5942e63-43e7-49ea-b34c-0cd38f34a7aa","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":74,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"18635f1c-e770-4728-9b23-f64145975803","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":74,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"4829ef70-b578-4307-b087-6d00e9736d96","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":74,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"0a9719b3-af10-4888-a3ba-480c594cab43","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":74,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"8e024273-c9ec-42ee-8335-93b3504086ce","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":74,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"6cb6fd1d-4ca9-417e-b2a5-819fd1ff66fd","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":74,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"9ea3af39-98ff-43a0-9255-ed1c5d41a9d3","block_type":"box","text":"II-23","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"372eb3e3-9f5c-483b-8705-00351d53933f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"142c8b3e-3414-4023-8985-4301f1e556af","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":75,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"28305c05-ea72-4dd7-bf88-163182d3ded6","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":75,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"205433ff-888a-4fec-b330-5bb97132913b","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":75,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"85f0d275-800f-4dd2-bc15-ee8a873a2cb2","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":75,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"782b195b-4471-4ae5-bcc3-f95fc3eeaead","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":75,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"9d34ca33-fa69-4fa7-ac0d-4dd6aa4cbc4d","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":75,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"9488cfcc-b12e-47a5-a02e-483d21b1ffea","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":75,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"3f2fa58b-721a-4c51-951e-aabe9afd6feb","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":75,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"90322aa8-7dfa-4438-925a-95674a190684","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":75,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"b66d5994-24de-4848-a3e4-f890e4afad94","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":75,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"8ff7b0fb-4e87-4956-83df-3a0a39d09a96","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":75,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"fe984282-8bbc-4fb0-ace9-ac0dbdf2fdd4","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":75,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"74a00981-a684-4a92-b895-9503d1bd7c23","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":75,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"66d9c264-2628-4845-b820-88f6baf53f75","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":75,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"7391b7ca-e46e-47d3-8e3a-7cd8b882f990","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":75,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"90cc3d10-27df-4e11-90dd-9e0268aedcf4","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":75,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"4e8c88a1-65ad-44cd-bae6-c65d306d7c06","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":75,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"2457072b-09f6-42b4-91dd-fb12257bb739","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":75,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"3cafe005-01d1-46e0-8898-2d53ca54214f","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":75,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"ace66c3e-aa7c-4caa-8684-e53fe980dc85","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":75,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"499c46dd-ecfc-4e72-888a-6b041ec0f4b9","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":75,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"b6c966b4-d3b2-47fe-98c3-3a7e2d62b6ee","block_type":"box","text":"involved.","page_number":75,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"834a6bc3-740f-4f07-8464-0df273409a0b","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":75,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"b118eea8-1437-46e5-b38d-477cb7cfa86d","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":75,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"eac47c29-a19e-4c14-8b0d-d28f3eabcc83","block_type":"box","text":"denominated in such currency.","page_number":75,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"4dacb7ea-4280-49f6-b358-ffdd46235b59","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":75,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"e8f6aa42-9e2a-4b18-b990-37edeada66b4","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":75,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"15550f98-4f3b-4844-bdc7-7ae6c5507da0","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":75,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"bdf1600e-1880-4b27-89cd-048b54b848b1","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":75,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"b0081ec3-4cd4-43d5-87ff-35a9b8bc0d77","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":75,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"e4b9ec75-4d8f-464f-a515-16167b275826","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":75,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"2d2875cd-d601-4a01-bc33-b44be0f5a564","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":75,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"3df6c06f-805e-44d3-9ed2-a3afacf2c54d","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":75,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"d6489e1c-ab07-49d3-8f59-cb26f093fcac","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":75,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"7ad2bda7-9741-44b3-bca7-8a98d67cd89a","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":75,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"0a43ea8e-e67d-4e6e-9bcc-d4c8558773f1","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":75,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"0e6c3655-9485-4a29-a6b1-fe75e2593668","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":75,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"7dee0161-bfc4-4d47-9def-dc04401d4366","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":75,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"7a573556-ce0f-445c-8007-b6fb308aa170","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":75,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"89f70522-e1de-483f-8b6d-5a6fc631167a","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":75,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"77bbf53b-d2b2-4861-8298-7f96f007668d","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":75,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"4b9f4c16-8863-41fa-881e-fa9e199a698f","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":75,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"76687bcb-e836-484c-a690-53c142bf9f16","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":75,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"19392b84-fbbf-4451-b7f2-43ea6984d680","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":75,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"b9a7c369-ea71-4fd5-86bc-789eb81b778e","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":75,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"f0701819-590c-4347-8222-ef4e88a9677a","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":75,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"1c800ba8-e943-4dcd-8fef-b48994992311","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":75,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"2ae5075e-d225-4978-a0a0-de4430e8d5b0","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":75,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"f6c91834-066f-4976-b827-c71627c970eb","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":75,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"3f40edf3-5f47-40ad-a673-61c792ebc37f","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":75,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"0d8a35d4-bb1f-49f8-9ce9-3d20a546a64e","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":75,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"8ffa9f4f-574a-42e4-965c-fbcbcbba6c19","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":75,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"448190f1-a9c9-47a4-89e0-d6497a7a4c67","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":75,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"0d4df6dc-0583-4a48-ba38-11b8e358ec3a","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":75,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"8ac3cac1-f74f-4ac9-9631-f444f5e3983e","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":75,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"067e858f-2ee7-462a-9e94-de0b5244e42e","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":75,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"2079da1f-2306-4f98-a110-6286abc6b94f","block_type":"box","text":"II-24","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82f2bcd6-eeb0-406b-8fe8-81c3424d9c68","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"373f526d-daec-47e2-84fa-bd68557d0e26","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":76,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"74291e8f-5bca-42a2-8d6a-dc923c0f802d","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":76,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"7f320bcc-3aff-4dab-973f-969708cc76c1","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":76,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"669d59a0-47fe-4bf5-b45b-450c0cf88677","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":76,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"c862df52-4cc0-435b-9e5f-c1ca976202e2","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":76,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"8efabe5c-4e3a-4fbe-a128-b29c2b734230","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":76,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"562bb2ab-ec3f-41a5-b0cb-69292c90306d","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":76,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"52f1b2f9-72cd-437c-b361-7f3c51a997a4","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":76,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"2b5c4964-9a0f-4a4f-8b51-af79ffb85360","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":76,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"ab3fe58c-b4db-4fa9-bfc4-fd02df9d11d5","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":76,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"70b66f9b-ebeb-44c0-8495-3421b2c9d0a2","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":76,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"23365d8f-1b9e-42a2-9e38-91cad4e37a0e","block_type":"box","text":"traded.","page_number":76,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"05efb750-4d73-45a0-9f1f-1c88372e9a5a","block_type":"box","text":"Currency Futures.","page_number":76,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"95a8a145-5988-4ee7-af61-dc418b665fc8","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":76,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"824e70ce-8469-4400-b8a0-e296b6298819","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":76,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"286602d1-446e-4937-ae0a-69763fb022e7","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":76,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"710bb34a-aca7-4f16-b9a6-e57d6cec864f","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":76,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"49047ca7-2103-412a-8622-27aab9a8d9a2","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":76,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"31da03fc-2fef-47ae-b84d-886d1639607e","block_type":"box","text":"Currency Options.","page_number":76,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"e9db2c0b-e8e1-4e96-b224-cb153feb0d4f","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":76,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"78bbb43d-3fb0-4c40-964e-c9211db6be16","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":76,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"ccc77ca8-72ab-46ce-b222-24219e0f5a75","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":76,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"6cfce220-5e9c-4705-8326-3be7ccca7297","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":76,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"7bb78f9b-4f34-4de0-b0ea-f05faf00fcee","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":76,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"d38fee44-2479-4a75-b68e-a05e944de7b8","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":76,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"4b5fca98-8e20-4a56-bad8-57b765eaa548","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":76,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"41a82d69-69ef-46ad-9174-5892f87bb4e2","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":76,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"7489153d-5354-4e30-9204-371fce6f6226","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":76,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"28114e32-1b25-4335-9bdd-8d2718bf9308","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":76,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"2cda2ca0-527a-4f5b-8b40-52158d5f26ef","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":76,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"e29d4f12-44c6-4c40-b2b4-1865684100f4","block_type":"box","text":"Currency Swaps.","page_number":76,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"445d7cd2-0e7f-4e6c-b3e8-db5abbfe3233","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":76,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"bfd37269-e6f0-4e94-8f68-fcd496c304b1","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":76,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"e62ac0fd-528e-4b51-be5e-4f6ef05e4c09","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":76,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"b3f4dcfc-e3bb-4758-8bf3-e7aa5276a0fd","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":76,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"6d9d318b-322b-4dc4-8f8d-e15d769b81d8","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":76,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"1d54003d-4235-454b-bb65-543fa956410d","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":76,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"d4aa6e24-d031-4e9a-9402-4472d56d3b90","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":76,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"022a8fe4-9efb-49db-8540-9221d4bebed3","block_type":"box","text":"Distressed Securities.","page_number":76,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"2b5edcc2-a1fd-4c7c-a815-0d3e42b4ff12","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":76,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"aa6572f0-5efb-40a2-8960-e3cb22ed0688","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":76,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"70143836-be5b-4ff8-802c-6efdc6f7c155","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":76,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"673b7def-266d-455b-ad27-ccc39978bb67","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":76,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"769dd8e0-a48b-49ea-b02f-bdf33a30fe04","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":76,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"3977da02-3b64-4a50-a7a5-8a6b5984f437","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":76,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"f0345c26-80a0-48c3-9fc1-86902387e7b6","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":76,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"c0553368-9218-4230-9b23-92a4bb1c826e","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":76,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"e5b38f37-ef27-4f52-8024-a3eee0230dd9","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":76,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"1c48669c-05b9-426d-a096-ee382cdd1dc6","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":76,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"ebec5a77-52da-4b27-b4f1-5cfa51ea388c","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":76,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"808cce56-773c-48cb-81f9-52fcb7259335","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":76,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"95787cde-15ee-48ca-87a1-624d71febc29","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":76,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"ecffbaf5-4204-4c43-baf4-cb2e99064d81","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":76,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"fc19b403-9ea4-4cc2-9802-c1c1b72935c0","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":76,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"f53abefd-1db1-46f6-92d2-72c19df17837","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":76,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"56cdd7f4-3052-4ffd-a422-c780653b7993","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":76,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"3af6a5f4-44da-40ee-af49-676c3b1dc5e9","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":76,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"689bea61-579b-49d4-ad89-fc70d371ee50","block_type":"box","text":"satisfied (","page_number":76,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"33ae2fa0-8cd8-4bcf-b4eb-21c1ac37a89b","block_type":"box","text":"e.g.","page_number":76,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"07931903-f9b5-4994-855a-7e6f23cc89d9","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":76,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"03e7d284-7a1b-481b-9b8f-33025ec57954","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":76,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"ce22a66a-a659-4e87-9ff3-0e845b02f13c","block_type":"box","text":"II-25","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"364e2be2-e31c-4f99-9519-3dde7f6effd5","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7373020e-a4be-472d-8145-cdc086c8e644","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":77,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"821a8381-7c2c-4111-9689-27613acdde7b","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":77,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"989d6757-2626-4897-a4ea-ed319cc5db41","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":77,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"ea57e41f-36be-4af6-9ac5-d381241fc37d","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":77,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"cfaa0ca1-42d2-4c5c-8f2e-98ec08720ca3","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":77,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"4c3b0be4-b3c4-4228-9fed-f6ad3bfb2f47","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":77,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"36588295-7a02-441d-9663-80854e96b9aa","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":77,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"239c32bc-c52a-4ca8-a5da-756381ef740d","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":77,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"2e953324-ad04-402c-b608-7ae5154982af","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":77,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"5a1499ee-eb78-4a77-b997-933be09a66a3","block_type":"box","text":"affairs.","page_number":77,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"10f1ba8c-df35-408d-a2e4-e35d9bb10d3f","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":77,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"42b0d58e-c2dc-444b-81c0-7862c79a94dd","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":77,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"bbdeda91-5918-495e-8c49-137ae1351302","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":77,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"2d738ae4-e678-4f3c-adb0-28260a7999fb","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":77,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"ced228cc-6d3f-45bd-abfb-7caf21d24c18","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":77,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"4a1a1d44-77bd-4680-b0a3-942a9d553bc6","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":77,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"189dcbf8-5366-45c2-b4b0-472afc70dd3a","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":77,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"e37f19bc-3407-4a4f-96f6-63051aff64d3","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":77,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"bccde50a-121a-4022-845d-4746a69052ee","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":77,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"3eca1d9b-2f99-42c5-9fcd-715e9711f15f","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":77,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"b80e48ec-4fcf-477c-a527-68c78273bbe7","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":77,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"8bc53428-e88f-476b-878c-1f5cbef69768","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":77,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"9eb64b0f-fc82-4a56-8c77-588445805b40","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":77,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"e06b4b48-2631-46d3-9bf7-64f088cc717b","block_type":"box","text":"Equity Securities.","page_number":77,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"3bd7b3bb-4fbc-4b6c-94f6-8732231c2a40","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":77,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"4b90b9b4-0b97-4592-8605-33cea89c22e8","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":77,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"47680dbc-7893-4a72-8bff-c198a4155205","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"e2b8a7bb-6fd6-4786-8384-9af983e104ce","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":77,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"d7665c5a-7f3e-4d7a-9165-ee76f3a28cfb","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":77,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"1f75d2b9-f1c9-4b50-b484-6fbb1830a105","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":77,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"344bdf40-05d4-4960-aa14-bd0bc266fb6e","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":77,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"52c256a9-e348-4746-9ef3-0b57c9cc945d","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":77,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"8fd3d329-b743-46ef-99b5-cbc4d088ccaa","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":77,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"ea3d9a44-fc45-4318-ab5e-6b38a7dde81e","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":77,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"a424df2f-099d-4cd5-b803-b228a2bc5048","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":77,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"8572f7ef-9a19-490a-ac68-f5bb691a6522","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":77,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"311c8e27-48f2-4aa0-8c13-09a007c49832","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":77,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"a7aeaec8-a6e0-46e8-aab8-15bdd23f8730","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":77,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"f9b24f55-a6b8-49ae-9b90-0ebb5433ad9c","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":77,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"c7755c68-2f71-4b3c-bb4b-e0b9ffd02658","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":77,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"a5e9c837-8757-4926-903b-0201cd8cbb47","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":77,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"501618cd-5f13-45cb-b6a0-05af24a72215","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":77,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"0c015005-5274-4a79-87c0-fadd2e8c9495","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":77,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"b600f60e-b95e-4c92-8fc3-6f67ec966618","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":77,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"7c65b32c-4f56-4ba8-8879-296db2b4272c","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":77,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"6271ed44-d604-4649-9c8f-91f34769ef28","block_type":"box","text":"initial public offering.","page_number":77,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"514f2531-8429-488c-b1ee-caccdd86a15f","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":77,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"469926cd-63ec-40b5-a77c-978c5acfe551","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":77,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"8bc4d3df-a84f-4c32-b5ac-f389dd4c0158","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":77,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"2de5985b-3064-4dd1-b78b-2fc51d2a4a7c","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":77,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"0e639d6c-57f3-4b93-a498-b12d4464b7ec","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":77,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"ab57b210-06e9-4d66-9173-e840e2f03c30","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":77,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"30ce5422-1f0c-41f5-9cc9-ffc7c1f2d8ba","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":77,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"5403098f-a56c-4fbf-a62e-01e79ef1cd86","block_type":"box","text":"more established companies.","page_number":77,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"79529660-d49f-4b67-8a58-77eca2d45bc1","block_type":"box","text":"II-26","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac0f91c5-9ccf-4777-87b3-6bba034005e0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d62185d-bd02-4244-8a23-7678a5f66962","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":78,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"317bbee4-b1ba-427f-aada-53a953a4b2d1","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":78,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"e61349b6-5779-4f89-bdd5-b915c52de549","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":78,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"86a2d29d-8272-4fa9-b649-c4a8e4fd3d40","block_type":"box","text":"below.","page_number":78,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"c4c1b593-62ec-4015-8910-733a77237b6c","block_type":"box","text":"Real Estate-Related Securities.","page_number":78,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"d9f12e4c-d4f6-46cf-a891-098b52ee418c","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":78,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"818f664f-7d58-4c0e-9203-4cc2906b1a35","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. 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These risks","page_number":78,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"9a734c89-d9cf-4a4b-a0aa-8260a87c4768","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":78,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"699cc552-7d12-4f32-b3a0-70b248439d26","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":78,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"5d3c5989-4e70-4ca5-b5c9-f123a3b01a37","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":78,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"8e76ed8e-819c-4bd3-bbc3-321ea079a296","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":78,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"044e68f7-3c4c-42a6-9a4d-e8715134eeea","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":78,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"b2069a71-b4cd-494c-b722-a5a1bffd1f3e","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":78,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"05088fde-a1c9-4d1c-8517-215d33cacbcd","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":78,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"164a82bc-b89d-4237-8630-3dff5eea4441","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":78,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"4c057b6f-c2aa-4d2b-ad18-34c8f535dcaf","block_type":"box","text":"interest rates. 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The securities","page_number":78,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"157406dd-71b0-487d-934a-a884c75ea5e3","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":78,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"890cf4c1-aac2-4ad0-9f3d-0e326bcff4ca","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":78,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"65481608-4eff-4c0e-841b-a1d598e6be6a","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":78,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"31eaf978-958b-4760-92c7-aad57febe935","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":78,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"5ec92558-0e69-42a1-9e3c-9295ca992e0b","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":78,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"e531d635-8e70-4c37-ba51-5624df24d94e","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":78,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"e14d8052-3846-4678-99de-2c4c0b1d6c84","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":78,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"bc47d0b0-9e3b-40f0-8fc9-b0aa2cb0d4c4","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":78,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"519de136-4d15-4012-86fc-c70759b551f0","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":78,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"cb538728-cce2-46ed-a23a-8107d9993b88","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":78,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"142791f3-f2bf-456a-8008-565acf1545dd","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":78,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"de897694-7854-4bd1-9a1b-93c6c8cf1568","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":78,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"acf539b3-9b5c-43f7-b5a1-9308ee455a43","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":78,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"50e953e3-bdd3-47ca-b511-6a7d74f61c5e","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":78,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"6114299d-e1cc-452f-8b03-5cf38e10a56f","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":78,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"c3f222f3-1f46-4893-9b7b-df19049cf443","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":78,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"b9d5e949-fcad-4fcd-bbeb-66dba200700c","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":78,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"d35d29f8-ba9f-435a-a16e-74e53728578e","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":78,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"da715ecd-85b2-47ab-93e3-2f1c7903a516","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":78,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"98c510a9-1752-488f-aeb5-1e952c472575","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":78,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"115ca09e-65c9-4c99-9e86-e23808b8d00a","block_type":"box","text":"cycles.","page_number":78,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"845624cd-0b45-4b28-909a-5e8ea6a7cf53","block_type":"box","text":"Tracking Stocks","page_number":78,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"c684d23b-4ed4-460f-b9bc-853839d6d5b7","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":78,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"e039e5c5-65a4-4d42-bf5b-dbffdf316702","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":78,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"40efffe4-af81-4999-984d-c8fd430b0e8f","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":78,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"e537a0dd-fa01-418b-8b0b-0dd5577a5fe7","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":78,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"4a683a4d-c062-4529-ab16-bb4a4268f033","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":78,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"3c28e26b-fa0c-46fa-96a5-e4a302c2de0f","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":78,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"b56de272-ea11-4213-9d37-785a98e3c692","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":78,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"c18da85b-b8b8-4bd7-8b47-d5449492e6d8","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":78,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"4c59e3dc-e36f-4eb9-8413-327079f069ec","block_type":"box","text":"II-27","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a16a7f4e-0652-4fbc-a0cd-a5adbb31415c","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4296341f-b108-4591-9efe-8da74372316d","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":79,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"61ebbc19-f61c-4782-b2ff-5588dc5d33cc","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":79,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"293bab60-0eee-4d7a-b4be-49281e28b9ae","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":79,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"2a0bf697-a938-4cc3-affa-fb46098c612f","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":79,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"51ea27e0-f14e-4f19-84b4-657e179b85de","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":79,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"206055aa-4a02-4a9e-af3f-1e0ef4a1f8dc","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":79,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"698af020-d332-4062-ad41-7e489dbab000","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":79,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"a4d79431-4ac4-4c01-8d22-f0dbb686a655","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":79,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"0610dc30-54be-4dbe-99fe-29261b8311f7","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":79,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"45c65f1d-d8d0-49e7-a965-dfa808b54dc5","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":79,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"c89ab2fb-f56b-4cd8-8692-4eaccfcd96e6","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":79,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"fc96ae19-0541-43c8-a0b9-cd9474c54fb9","block_type":"box","text":"ETN.","page_number":79,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"3882f3de-affd-4ac2-a91a-afa065879b9f","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":79,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"222b21e1-61f7-41b7-87cb-9cb170a612c1","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":79,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"4b0b62c9-426a-410a-88cd-3c79593b5790","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":79,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"beacddec-88e9-41bb-b30a-8bccc899cc8c","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":79,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"bbf7b8be-55fe-4cf2-a2bc-7d0129130691","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":79,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"f59a1405-4f64-48e5-b27a-a5f9d837a4f5","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":79,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"5880da7b-c177-423b-a6f0-2b9c311f455b","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":79,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"e3b9fede-be79-4d80-b083-566099e83910","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":79,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"5910f187-d2ed-40b5-a0c6-fecc4e53a3ae","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":79,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"84b74a18-35b5-437b-8a3c-b7edc4325ab8","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":79,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"be31a37c-4a93-456a-88f3-858f00119095","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":79,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"d399b09b-6788-493f-8e3a-a25e96e77253","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":79,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"ef1d8fbd-eb0b-4941-83f3-8eef2081ae33","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":79,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"99681211-5cb3-47f9-b032-c7bf70ad5804","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":79,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"0b4b707d-284a-40c8-91dd-81e51e630f68","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":79,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"fef410e0-279e-46df-975e-b89545c54158","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":79,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"1dddb9b9-3486-4d1c-85fa-02e2ff3f5f3d","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":79,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"3d28b3bd-dd31-4ace-9cc6-b3d942972790","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":79,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"6c71284c-d1f9-4794-9763-fbb4e261a59d","block_type":"box","text":"Foreign Investments.","page_number":79,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"e5fbe79d-1392-4645-b8df-e0e560e1a538","block_type":"box","text":"Foreign Investment Risks.","page_number":79,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"a3baadbd-2646-4454-8231-d3ca56ad969a","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":79,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"61d232c4-087a-4ede-9454-4110b10e27b0","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":79,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"16b5334c-7629-4c13-80b7-4b559925ab3c","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":79,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"c60ea4bd-2e05-4dbe-87af-2e8b9e850256","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":79,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"d47520de-a679-43e0-aa44-aa388524ab7f","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":79,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"d0f45e2e-0eaf-4b5b-8dcf-3bf4381c320b","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":79,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"1c134f1a-e9b9-4e26-96d1-3363d28f89c7","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":79,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"f72a12f9-943a-422a-9bf7-a627061073f8","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":79,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"91306e23-ca8a-4801-8365-be13a47f3f9b","block_type":"box","text":"benchmark index.","page_number":79,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"6ea47c06-6ee9-4163-a88d-4763fb08e744","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":79,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"c0bbcd46-5560-4e2f-b458-6db689349e62","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":79,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"5d2a6de3-8bae-42c5-b697-82c16fb5dd6c","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":79,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"cd9343a0-b9e3-4967-a9c4-6c59aa3af4ea","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":79,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"b11b3bd7-8323-49ac-b75e-2c49e2246852","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":79,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"a06d5f32-bdd4-478a-9550-d618d2931da3","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":79,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"719b2f43-0bfa-4efa-bae2-11fd66998498","block_type":"box","text":"securities and zero-coupon securities.","page_number":79,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"dd923bad-1c24-4f4e-af23-2fca7451ea47","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":79,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"8b33682b-0eb2-4f5a-9b7c-00570114f88a","block_type":"box","text":"taxes.","page_number":79,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"4d5ae859-2501-4c1b-a4f8-539bd649e81b","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":79,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"741ba461-37d8-4d88-9120-66108f9a7659","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":79,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"fe5d8a9f-4db5-4f9a-9bf2-a5c4507340f7","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":79,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"386c5a08-19eb-4145-825c-fa4ffb32d283","block_type":"box","text":"II-28","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91c3538d-5e29-4330-ae65-53dc2d923f87","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8928b0f-1865-47b5-96aa-ca2b7da9cfef","block_type":"box","text":"underlying security (","page_number":80,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"2a778e8c-d10c-45e2-9bd5-254c168f739b","block_type":"box","text":"i.e.","page_number":80,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"b7246834-b4a9-4a00-ab26-8b39664e7a13","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":80,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"2521c260-79ec-4180-bb1e-61eb5dcc5406","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":80,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"2d702123-1bf9-4943-a514-d3c12769298d","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":80,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"487c30f2-a6f9-4097-a74c-abb1571baee5","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":80,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"eccefdfa-71d1-40da-8680-270a136919f5","block_type":"box","text":"Foreign Market Risk.","page_number":80,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"7039b2e3-0631-40bd-a6e8-96de0f78dd65","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":80,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"236ddb76-0885-4d91-b23f-36a0c67ac772","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":80,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"89f6d170-c1a0-4145-8b23-995f2555a181","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":80,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"9d58899f-539a-4562-bd8b-043eba996b19","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":80,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"4e04ae4b-45c5-4933-aca2-2b069ac0f87b","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":80,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"cdd348be-bf19-4320-b40e-ab728cc0f562","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":80,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"f4ed9aa2-b46c-4bb9-99c3-0ba62a10f11b","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":80,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"2d3e4ae5-0e9c-47fe-b029-0abe4b0433d4","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":80,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"284a7590-c593-48cc-855c-4bd7dc544e3a","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":80,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"12acbb54-e8a8-4fa2-b4fe-f534278d493d","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":80,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"b99b3d50-bb5e-4299-a535-97d6157b20f3","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":80,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"2ce799dc-5042-4b56-8877-535958318830","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":80,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"170e7b95-618a-481b-a803-dc0cb38c36bc","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":80,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"e2b68d22-da26-402f-8d05-1964831e30f3","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":80,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"14eda6e7-f6c9-4bb0-a87c-524624c2518b","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":80,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"68bdf302-e3dc-47b3-b823-5a53ea803b67","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":80,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"54ce4e41-0c03-4233-8e7a-b5e58df4d9bf","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":80,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"b430b35a-56e1-473b-8770-2598237298c6","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":80,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"fe3e64b0-391d-4cac-bfab-d98792ad4053","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":80,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"3244e529-c711-4549-be5f-81b13a3d59a1","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":80,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"1a5ce8fc-f449-4713-a8ed-9d839fae939b","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":80,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"6951b8f3-1bc8-4654-8874-821537c9b500","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":80,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"8afa1633-ca5c-42d3-8192-f833ea008ee2","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":80,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"a3cd686e-63a5-4647-b445-baff7622bb65","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":80,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"3e467841-d60f-4c23-b84f-51acc9e0516e","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":80,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"16e2eee7-550a-4f77-a93d-42d7fbea9969","block_type":"box","text":"Fund’s operations.","page_number":80,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"83282ad5-1234-4100-8d56-6075bec841f6","block_type":"box","text":"Foreign Economy Risk.","page_number":80,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"cbe32805-a90b-44d9-8a6e-02b46d6c136e","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":80,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"ed0cf580-3023-40c1-966c-c93caf8b1c18","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":80,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"5ea2c440-1da9-4df4-b756-c64ed3ab3c49","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":80,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"ad178c07-6364-4573-9d98-9b023245be28","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":80,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"c1e6d557-7161-4587-9722-0b809a2be1f2","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":80,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"1203f035-63af-4c32-aea3-031fe1764980","block_type":"box","text":"measures.","page_number":80,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"ba2d21d0-183a-4cc0-9710-57a07f5bcf4d","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":80,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"87084b49-a7f6-444e-beb0-f9f053cab4d3","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":80,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"c3c6e1cc-55e3-44d6-84fa-14ef647a66b8","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":80,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"5679a02b-3e7e-455a-9d33-87b02102b170","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":80,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"a04370f8-fa0a-4c54-9e40-2e94e79f4bb0","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":80,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"4594534e-d356-4c40-9fe4-5b0d2e4af5e1","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":80,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"5e37750e-6ace-4d38-8d4b-bba3252d467e","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":80,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"5db90636-176a-4087-aa4c-e2b256835b26","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":80,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"44590b70-6df2-4418-9027-59c23f9e42d0","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":80,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"3a212b5f-3789-40e8-b4ca-5a8349120d6c","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":80,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"0e92e0ab-b8a0-4c65-9a7b-78f816090223","block_type":"box","text":"United States or abroad.","page_number":80,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"a6416b45-0026-4609-9c48-ea4003816a86","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":80,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"918164c3-0892-4388-aeb1-e2c1216dcadf","block_type":"box","text":"Many foreign governments supervise and","page_number":80,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"f4ca8021-81b6-4e41-b442-306cca9517e4","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":80,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"7b264da3-34ae-4717-b841-394aa15aa59b","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":80,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"f0023fa1-a3ec-44ec-a805-0e06d5e8dd10","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":80,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"0d25a9f1-330d-4511-bdec-6decc38212b3","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":80,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"3ebd0bff-b148-4a52-b8a9-3f02a8f21451","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":80,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"6eec044d-b36f-4319-9e63-eed045e80448","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":80,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"21652f1a-fef6-482f-ada7-8142dd4c2f07","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":80,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"70177fcf-f48f-4166-849f-7c18818089a6","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":80,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"4198f7f7-2bcc-4e64-85a9-60fe3ecec159","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":80,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"ea5602b8-d087-42fd-9e80-7db61a230748","block_type":"box","text":"II-29","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6e3d9fc-1447-4f69-b206-4ae1c5d24235","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3307628-f326-4727-b5eb-70158d171a97","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":81,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"acd43bc4-a214-4b93-b4c7-b6b04edb9951","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":81,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"de6f2c61-a1d0-47fc-955f-4c107bec481f","block_type":"box","text":"investments.","page_number":81,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"f21a2d17-a92b-4ae7-a960-a9dcee3bfe03","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":81,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"7d839d18-1a96-426e-8589-3b000b0f0e33","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":81,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"12160464-9831-4c6c-a0e4-46bacdecc8dc","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":81,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"630043b4-4862-47a9-ac7c-d71aa7238960","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":81,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"51d1bf12-537d-435b-a68d-b9606759e67e","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":81,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"def1cb99-33eb-47c4-a855-32c918f3aa52","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":81,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"96a13ded-77ea-4dc6-abbf-c23e20642bef","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":81,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"952d0ccb-c242-4485-bc93-5d78880c1c88","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":81,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"bdaaeb26-3afe-44f6-aaaf-53347fc884d6","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":81,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"b68cefc2-d8bf-4ef5-9477-980b34799067","block_type":"box","text":"States.","page_number":81,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"5a9c985a-c259-435b-aef6-8780a88fbca8","block_type":"box","text":"Publicly Available Information.","page_number":81,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"f27cc093-dc38-487b-a18a-fd3f1de4ffef","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":81,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"0127fff4-dcd7-4ac3-8317-5447ab2f8beb","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":81,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"aa281744-12a8-47a8-b9c4-18ab8067a6f9","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":81,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"ffa2f107-c99b-42cc-8177-2cfd67de0130","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":81,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"172c85ad-36a0-4d0a-be7f-c91d84b89a51","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":81,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"7068888f-8ba4-4a06-8888-6d7e2db9e28f","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":81,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"c7d50617-affd-435b-80d2-2a600037db30","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":81,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"f4e3bc9b-858c-4d85-878d-545564c3323b","block_type":"box","text":"United States.","page_number":81,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"98dcae97-beda-4999-a34a-bf5c330b6db7","block_type":"box","text":"Settlement Risk.","page_number":81,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"65ab7208-a842-4a61-ace1-c50a977fa618","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":81,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"899f484d-a17e-4b58-bfd6-fe1ac693ec6c","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":81,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"477951ae-0c9f-48f1-9527-38662e4c4082","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":81,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"79710d9e-5792-4f1e-ad6b-1d206a9965a2","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":81,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"51cf3b96-2ac6-4073-ab05-59cc15fdd390","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":81,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"136cadc9-6f83-47fd-a087-01dadb578c48","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":81,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"07725982-daa0-42f1-b61e-6edd4b02c347","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":81,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"232b022b-3e87-4553-a1f8-4f7f32404e5c","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":81,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"7e3c77a9-0274-4661-b7f1-7140dea809ca","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":81,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"204beac3-9568-4c0e-85e6-a4376b7dcfee","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":81,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"aa1dac83-d690-4e62-8c7d-7f3bfb251cbd","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":81,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"495bb970-9499-4bf3-b198-411c1ddc99d3","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":81,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"41b4f6dc-a9b1-4a74-bf46-e20c38e0620d","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":81,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"91ee7317-3bb4-456c-8ee5-a2ceca2ea641","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":81,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"ef54f7ab-ff91-4d45-b671-90063e5352ad","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":81,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"14af5cd6-c284-43bc-8b61-2fc62f7174d7","block_type":"box","text":"Sovereign Debt.","page_number":81,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"5741ab5b-3850-4d0b-8e18-8ffb0cf063d9","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":81,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"038c810f-c126-4117-83d0-d33a5cbd9113","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":81,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"dfe4f32a-9943-441a-a4cb-685fdfa39377","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":81,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"436b7e44-fb94-44c9-a466-6fec4c025460","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":81,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"a0ded8cf-31de-48c8-a778-16a281b6fec3","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":81,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"1f4dd88a-6c56-47fc-a6b5-562f47ba432c","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":81,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"eafe8089-72f5-41b5-8466-185d95c30025","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":81,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"eb6c9604-5109-4d0a-9a12-9c79df5a2853","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":81,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"38bc3399-0cbf-4f6f-acdd-600bbfe26732","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":81,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"45d9f64d-1f15-42e4-bd50-c06eadce9ebb","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":81,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"4b425c71-b4ff-4c2f-b7a7-0fd03d658489","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":81,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"f3ad50de-3af1-433d-a164-d2199f3f7f35","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":81,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"90971eba-51fc-4227-a573-4237febc86a3","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":81,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"5f6f08e8-87bd-4114-b0ec-cb261402b4c3","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":81,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"04ba747f-5468-45fd-8775-311b1c11166c","block_type":"box","text":"debt.","page_number":81,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"5d2671b3-de05-4014-a2eb-cbe91e97717a","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":81,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"fc42c9b8-9b7a-43b3-be78-95da26c5f121","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":81,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"4f692488-087a-4413-b74c-b1ab3cff9ef7","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":81,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"c781150b-8e1f-41bf-b613-85f69a557042","block_type":"box","text":"II-30","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92269596-d975-4d46-ad28-beb2c8fe48af","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e477720-9d36-48e2-b2a4-b4b42d8f4b16","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":82,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"6e3124bf-3295-4d46-99b7-57bb031c455b","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":82,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"99c9bacd-d139-4938-a566-d9310772922c","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":82,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"c6e0c97c-7521-4136-98e9-5601c1d3e42c","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":82,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"ff61648c-f95a-430d-8054-643b7be11c2c","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":82,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"9a769aa1-b20d-46ef-8bbc-b9912aa12bc4","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":82,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"5dcdf9a0-7ab2-44f9-8ed4-e67f66943325","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":82,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"dcef60a7-c841-4649-98a0-1df36724073d","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":82,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"55851630-153b-4911-9ce5-f6a780ee0143","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":82,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"d7345082-d9b7-4aa1-ad8c-0c5388e09657","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":82,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"de186d23-66cb-4494-91f7-91288e006ad8","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":82,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"8345e5ef-c254-4baa-99dd-df1e8e1e240b","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":82,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"e57bcbe4-550d-4120-b19f-003ec817ffbe","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":82,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"c30cfcae-43a8-4361-abf5-91de35567649","block_type":"box","text":"in the Fund’s net asset value.","page_number":82,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"376b91b8-e097-4d75-8def-d92a6b9b658e","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":82,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"4f33d658-ca72-474a-b605-8a6f862112b4","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":82,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"e0533279-be8c-46c3-811b-e83e42781981","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":82,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"769eec10-e507-4c22-8e5c-db3d869c74fc","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":82,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"56444caf-d66c-41cf-8ffb-c6971a00116e","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":82,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"2d2f0134-083b-4ed5-86e6-01bdda4feca9","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":82,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"cdc41be0-18a9-4acb-a2de-e1c8d9cf8b8f","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":82,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"6d9845b0-d06d-4b0a-99e4-937d7e0103b4","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":82,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"d1a67a94-2dac-40b8-a866-5c34585ba220","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":82,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"26044bff-2718-41c7-a28e-01aff57062ab","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":82,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"18299bc8-bdc8-4067-a640-7b41a01e339d","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":82,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"9807b187-e23d-4fdd-9a56-b53fb48b635a","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":82,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"3a627639-9bd5-436a-9ef8-d9b0805eec68","block_type":"box","text":"United States for trade. 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There can be","page_number":82,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"62c7dd4d-b87a-4046-8101-807472b586b4","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":82,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"c8308d9f-c99a-48c7-a3f5-202d2ce8c25c","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":82,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"56ef5315-c000-4c97-87a3-64d77def0a7b","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. 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In addition, if a","page_number":82,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"639ab5ee-25a4-4ad2-99a8-0f15d5ba776c","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":82,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"ea620978-e059-4e4c-8890-b9b27f0fd22e","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":82,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"0b7dc58a-6f1e-44d7-8d32-77068d8d3e30","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":83,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"4906a68f-f61a-416a-a3ce-3de4cdefb8ea","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":83,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"63a9d780-6c66-4886-8b77-52102a39db10","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":83,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"3c169728-5d62-4299-b87b-44d411efc7a4","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":83,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"c0873a3f-8a54-4db6-b855-33e17eef43c4","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":83,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"01a9197c-3f6c-499c-b3b2-7d0d648001c8","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":83,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"76460409-64f8-4e1e-90ee-e28d877f8e5c","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":83,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"30599264-4d77-41b2-b823-5dc02cadf434","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":83,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"62d7425e-1c31-4322-b5ba-97293ecbdb79","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":83,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"5742a837-e590-4b54-9b2f-a05904871bee","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":83,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"ac2a0ad0-8ec3-41f5-9b2a-6ef61a6b0dc1","block_type":"box","text":"increased market volatility or other unusual market conditions. 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If the securities continue to be included in the index, the Manager may underweight or","page_number":83,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"26305724-d9cf-4536-85f9-7fbfb28b9a7f","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":83,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"c7b10e74-c1fe-4187-b391-9118e9c54ce3","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. 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BofA is","page_number":85,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"5c1bcba7-6108-41d4-a74d-5639ae4d65d7","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":85,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"b3d2654d-d6a6-4763-aa3a-eb900977bd3c","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":85,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"7d9ed621-d842-4c1a-b20e-166bc73caf9b","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":85,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"239f57e7-0494-419e-8aa6-3df2b2a47e4a","block_type":"box","text":"completeness, or otherwise.","page_number":85,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"d2bf9842-b401-469c-984f-e0ccee14d3ee","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":85,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"0e52da64-61a4-4383-8504-134acf562dbc","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":85,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"6b306405-3eb1-4382-b930-7860584d3435","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":85,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"894d98e6-6a38-45f1-98e7-8894e43b570f","block_type":"box","text":"Indexed and Inverse Securities.","page_number":85,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"d82ea2bc-8956-4e4c-8d3e-bd44f16f45ae","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":85,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"50295dec-66af-4a88-89dd-3dfc3dcd0a70","block_type":"box","text":"particular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":85,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"60ca70de-3669-4c4d-a59c-d2d28bfcfd90","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of certain securities also may be based on the","page_number":85,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"9e14a467-598b-4f2c-84ef-185c191c7945","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":85,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"d94ca027-8449-4541-9045-377fbab88d1f","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":85,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"1b2bbf4b-660c-4719-b168-a97e8ccfb7ad","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":85,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"eb0edb73-0677-4cf3-b897-9b1e8c227a0b","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":85,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"b8f8d284-1817-4268-9975-b8a3f2a7ae19","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":85,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"a9c42577-87a7-4474-8844-80860517cde5","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":85,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"4b29af54-892b-40e9-89cb-e9ce770acb7b","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":85,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"6e6ff782-df3a-45d7-a8b2-fb9f0ddafc68","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":85,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"59cbfab8-a999-48d7-b708-a303c0490c20","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":85,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"d5f1f6a7-6733-4014-8eee-8114dbd77908","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":85,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"0c9c214f-8363-4f80-ab41-c806126b70c2","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":85,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"09b82daf-71c4-49a3-9d6b-53c527e798a7","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":85,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"b574f5fa-133d-44a9-8968-e052daa99785","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":85,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"dd8be391-dbf0-403e-b376-86977b9c6a23","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":85,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"2edb073d-c59a-4071-bb1b-73982dc9cd42","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":85,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"67e439a5-892e-4bf1-ba55-f5af1ca8f543","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":85,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"ed43281c-63ab-4e6b-9af9-9c4ca39133f2","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":85,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"9e1bcf21-96a4-4287-a6d0-2daace2a193f","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. 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Furthermore, where such a security","page_number":85,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"0cd9ff20-b806-414e-acfd-4b6dfda25fb0","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":85,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"4ed2f417-66cd-4e1a-bf10-3da6768ee563","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":85,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"c3116e8b-8914-4ca6-9433-ccb1c7f5faab","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":85,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"f9a311b8-b638-4e94-9a19-5720555aa746","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":85,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"b04fef4e-272b-4bae-84ee-e5aa2284abcb","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":85,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"e0c1555d-c8c8-4897-9656-041ef17fedaf","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":85,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"c408a87b-f581-44f6-8252-759d9b251fa5","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":85,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"f093f94c-7c29-4afb-9d4a-7504df49c2d8","block_type":"box","text":"Inflation Risk.","page_number":85,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"f60a5f38-2362-4c73-9279-6144c844a15b","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":85,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"a6a22603-549d-4bf1-a089-ae19daa9c2f5","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":85,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"7a732e52-18c0-4f81-8a67-b6577e734817","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":85,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"57b8625a-30dc-4aeb-91b2-0046004e3f39","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":85,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"4ee3f90f-5848-438b-a123-ce2de2abe353","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":85,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"3fe42d94-0d5b-41bb-b948-1693fd49d98e","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":85,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"fd0359b0-edf9-4a72-af04-5de4fe98195e","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":85,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"76411bbe-0531-440e-b226-d14e3b67240b","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":85,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"a211e6b7-a776-47bf-a39e-97b179a94df1","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":85,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"3670dae0-46ba-4546-9d0b-83dc0978cf68","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":85,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"a781f392-a9c3-41cc-8673-e1db4e741397","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":85,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"a2d6325f-42dd-488d-bb50-9b492f18ff7b","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":85,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"9b0a3ce8-6fbf-45b9-90b9-c8e05b9382e0","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":85,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"10fb4f7a-fd5c-42fd-9746-0a53eefb9ebe","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":85,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"e5b93675-8c68-4712-b452-7e3a1440beb3","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":85,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"b1c1f1be-bbb8-4542-8d92-7da49e725891","block_type":"box","text":"II-34","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad022f9a-aae1-4e3e-8b97-e898671d7efb","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ae663ee-eeb1-4ca6-b5ba-eee5d7c1a0ba","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":86,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"c4e67cbb-d164-446b-acf3-b1ab6caf40ff","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":86,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"95b2feba-96d8-456e-a287-b9f332bcf291","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":86,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"0bce3975-e707-47a5-9ccc-66bc3a8f1e72","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":86,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"2af97288-0ab6-4e71-8411-2226184c2cf9","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":86,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"2c069ce3-41a7-4255-9a01-66f282b87862","block_type":"box","text":"be available for very limited periods.","page_number":86,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"b71014f0-e19a-4deb-a34c-63216a1ee9e0","block_type":"box","text":"Investment in Emerging Markets.","page_number":86,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"d69d8bcc-25e3-46ac-974c-1daf7f60ebe6","block_type":"box","text":"General.","page_number":86,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"2fefbf48-3e37-48ab-a474-770c95a0c550","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":86,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"f0f23040-6d2d-495d-87da-467974173274","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":86,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"aca04229-23b1-45fd-b2b7-dccdefba52b7","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":86,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"e9afa6a4-7e16-4224-9f87-fcb53c38eb33","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":86,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"a23db3a4-fc46-4f31-b467-5626b43958e5","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":86,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"be8687fd-3e20-417f-986c-8dba5edae0f3","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":86,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"906182f5-63f1-418a-9fbd-426f7e07aa62","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":86,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"7f9ac6e1-a31f-4cf0-8825-36e72a54eb88","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":86,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"aa00b5b0-b0b7-49da-a75e-f671d685fef3","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":86,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"395e0a44-3176-4c5b-8e74-79bffc365928","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":86,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"b14d90eb-67c7-4184-961e-e841fe46952c","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":86,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"7c30eecd-385b-4e48-a2dc-55d1ccd1cb97","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":86,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"23d0be09-0aab-4eec-b302-3e6b65faf875","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":86,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"524f54ff-811d-447a-b126-4c57765e3ce0","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":86,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"1b9937c0-509a-4859-9af8-1ea046320560","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":86,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"e2f2de65-ba89-4de9-9261-a0065e9ff618","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":86,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"0432fc58-b1d5-41fe-aa03-c3047310a0dd","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":86,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"2f455bcd-5e07-4506-a6b2-e2ca44ef2da1","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":86,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"a91c640e-cf22-4c8a-994b-32f0144b867b","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":86,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"67781bf9-4628-4164-b738-90c73a812c4a","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":86,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"0bbadf30-fe76-4532-8c8f-0f0ca0396707","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":86,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"f46e8d86-dd84-47ca-b5e9-a61335f66384","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":86,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"a03551fa-2316-49ce-9fb0-5ac23b224898","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":86,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"2de73aaf-daee-4e46-b710-df8a507fdf5f","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":86,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"20b91884-db23-487e-8096-27b7f4c438be","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":86,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"35b59af4-fac0-48ab-bde3-1cfa0b7069d5","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":86,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"95103fe0-bfcb-4fa9-bffa-b726dd85de5f","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":86,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"6b90bd05-2761-4d3d-b299-898ba1f82978","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":86,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"714ce04c-8ab3-42c0-9539-f9db66c4c455","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":86,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"a87aeb96-1bea-4dcd-9074-d2a4252b9d36","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":86,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"dd470882-49bc-43fe-9a93-a907a3b279b3","block_type":"box","text":"volatile than investments in more established markets.","page_number":86,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"453fdaed-74cc-4e38-bbf7-6e35d529536f","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":86,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"67b1b370-f3cf-45ea-ab07-6337f84b8688","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":86,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"ca9cf5eb-09a3-49f5-8126-f92335b202a5","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":86,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"925097f7-510f-4b87-afc4-a868b8969718","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":86,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"3f3f7dc4-5d43-498f-bfde-763a1d1cef07","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":86,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"b17722f2-c7e8-4968-915e-dc13834e7b31","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":86,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"cd034fcd-c699-43d8-af96-ad86eb6ee9af","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":86,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"db639e57-3b2c-4de1-8b4c-e65b82cc8076","block_type":"box","text":"acquisition or disposal of securities.","page_number":86,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"33c88c9b-8298-4f33-b5ea-708af4c01d3f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":86,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"f4911065-b1dd-49a5-9597-5f93055abf08","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":86,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"d739f96f-7de8-48d4-bb40-67d6157bb626","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":86,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"b7bfd92b-3b86-416b-9612-a82f117bd0be","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":86,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"9ea304e9-496c-4add-bed9-4d37ad6aaa79","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":86,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"05934c09-afd7-4d57-ad80-88df6a3d711b","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":86,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"cd4ec716-9025-4283-86c5-415863a91a29","block_type":"box","text":"II-35","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56d5cb82-dccb-4884-9dfb-37eecb42aea3","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63969ddf-4049-402b-8a89-8517caf072b1","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":87,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"bcebd395-da6b-442b-9ee1-874ae488a94a","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":87,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"a8f867e5-4361-4b1c-89c4-2449ac594129","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":87,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"8ccf8119-69d6-441d-aec7-750d4d9e8665","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":87,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"6f7a4d4f-87ff-425d-9691-1894336ec960","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":87,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"b9b1aa5f-6ec0-45da-8194-51f40e82a129","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":87,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"9fd3c40a-099c-44ca-a4df-cd9ee4c14ee5","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":87,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"7e98def5-ce21-44e1-8276-a208eadbc234","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":87,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"e72832eb-1820-4cb8-a452-d27688a127e1","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":87,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"ab3996b8-a82a-4fb8-b3fc-bcadf7a31fce","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":87,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"86e6b092-7c12-4529-89a0-1d2e3a597f3b","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":87,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"c4a5a7a9-ea9a-4778-8b2c-dd7ed5fe83a4","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":87,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"9027cc3d-1fa0-47a1-afd9-f70069f0b3e8","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":87,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"70748ec6-ee44-4415-bbe9-ccf624e62094","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":87,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"c1262698-45e3-404a-a610-b7b9b54114a3","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":87,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"1a5d9f28-b7c6-4a14-82b1-935b348c03d4","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":87,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"8b466838-dd75-47e3-8d5a-e7ef9429190d","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":87,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"c03260f1-d92b-4dc8-bd6c-f140c1467fe1","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":87,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"d65fb9b4-c690-44ab-8ee0-ac8dcc0e50b9","block_type":"box","text":"performance of the Fund.","page_number":87,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"d6932b97-5d07-47ed-ab9b-68084c888cf3","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":87,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"57d03809-cb9c-4db1-a9bd-af5fcbf4ce21","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":87,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"8265bc3b-453e-4b2a-9e7f-7a5bcb60fb76","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":87,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"40abfa78-0714-46ea-90b2-26a6828c8601","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":87,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"58b518c2-fe24-4e20-a700-c2b83be2a646","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":87,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"9c4b69ff-5d7b-4c82-bec3-ade4a7c208c5","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":87,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"29dbe9ba-7b4f-405e-bae6-c1c6a5a8acca","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":87,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"56a09d86-ff96-44ba-9500-b4216130c793","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":87,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"43c1cd1f-0541-4df0-a98c-714107afc767","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":87,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"13a925a9-e7a3-471d-bfbc-952e2c07e2f7","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":87,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"52ff36c4-49f0-40bc-9250-e9819ec0f3d2","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":87,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"3fdd0fa3-8de5-4ee7-988e-5805938c2da8","block_type":"box","text":"affected by a variety of factors.","page_number":87,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"b67bc22c-3913-4c3b-b589-7c66de663a6f","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":87,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"a9bb074e-fa45-469f-b1d0-27bb9da7a751","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":87,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"00827d6b-d2a2-4d5f-8880-b6669587c475","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":87,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"9f7645da-23aa-4d22-9fdc-a8e09ae3e4d7","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":87,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"98ecc13f-c9b8-460f-90ff-65365e4a6a95","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":87,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"a6ae21cd-0326-41f7-a7b2-ab9f9abbaebc","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":87,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"3343a6dc-50ce-4ed8-93fd-38a819f92dc2","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":87,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"920a47f3-59d8-419f-a663-d1c87396ccc3","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":87,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"a94e5da2-dba3-4f6f-ba21-8a32a849f524","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"e2471789-6a19-41f7-91ec-070d29954a50","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":87,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"141e30e8-733f-4fa0-ab6c-6d782d6eabb9","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":87,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"f35e11a8-1c98-4fda-a74b-908047d98d65","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":87,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"6fd8d443-3bac-487f-8b69-cc79f6c1f574","block_type":"box","text":"nations.","page_number":87,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"357d474a-b1b9-4378-925b-43a267f61ac1","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":87,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"c852f3a0-7439-4605-9c68-b85c041d9cec","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":87,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"e84ae519-3bee-45f6-8d46-a6e0dde67aa5","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":87,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"6a36c663-1cfb-45e7-b595-b9ef028c3a59","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":87,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"4459fd41-1a99-4c49-8a0e-71c222477310","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":87,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"2f07c89e-df8a-42ba-9e07-f3480195d24e","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":87,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"e0a21194-5919-4978-8dd4-b89dbb0d2fc3","block_type":"box","text":"market Asia-Pacific companies.","page_number":87,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"e20b2c94-dc6c-43d3-95f0-cfec0a3da229","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":87,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"59bea829-c27d-47c3-a3e8-cb441571289c","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":87,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"173eda46-8044-4eab-825f-2e658c534f2e","block_type":"box","text":"services for such securities outside such countries.","page_number":87,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"0a10d2e7-95bc-47d2-9091-45ed0d8c1e4c","block_type":"box","text":"II-36","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90069df3-7bbf-4044-903c-08f0693153a1","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e44553b5-55b0-4565-8fe0-6e99de7f2819","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":88,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"85a23f5c-d58b-4d2b-8e23-14c8c51bebc3","block_type":"box","text":"to commercial banks and foreign governments.","page_number":88,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"cd3ab15d-a735-47a6-9a37-8e94c0213d33","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":88,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"8039d221-9e56-4321-82bc-609a9a73fc33","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":88,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"180be45a-b7d0-44cd-9b0e-a256ab2d8ba2","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":88,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"1c4ed10b-8b92-4dde-ba73-23d46a937701","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":88,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"acac41b4-a92f-42f0-9c2f-6aab2fadec68","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":88,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"9d9dc30d-077b-4fac-8906-4275aa30e4e5","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":88,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"74800d81-2323-4a2c-a3fc-23d42cd0c04c","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":88,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"41dc282c-7b6d-4724-9172-b31227ebde62","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":88,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"766a20a0-cd21-4cab-abb0-6a7ae1a94cd7","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":88,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"f7491585-77bb-4c9e-92cb-e63bc780a889","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":88,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"8538dc77-468f-4ce8-8323-41cf37ee4179","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":88,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"2d312b8e-00c5-4dc8-b72e-cd9c99f9d195","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":88,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"1138b046-93c6-4fdc-b0a0-6e96697f9752","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":88,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"3c45c085-b8cd-4e0e-a9bd-a073121c7150","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"bd496f61-9e7c-4d63-a5b6-038a8ee96ea3","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":88,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"ca070aea-2f7d-42bb-b51a-36847b61349e","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":88,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"8fdf7177-b5a5-40bf-b617-1d840ce4420f","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":88,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"07f71fde-748a-44cf-98f9-ca1073db6286","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":88,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"c62e5dfb-8920-41a6-9707-c0457c9c1f3f","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":88,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"d1b630b9-ed74-4c97-b8f4-d02cfca8de9c","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":88,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"cde36f26-54ac-467c-a158-6798d3be6001","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":88,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"ef8dae52-58c7-4925-a47a-e8a8953fbfe5","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":88,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"ea74f76f-53d3-4227-bc6c-487c7a34179c","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":88,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"b5b0ecd8-88c5-43de-b03c-22d7cf00216b","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":88,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"6792eb63-2010-41ef-97a1-b1d208163e03","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":88,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"f5b4731b-bc40-43a4-8dab-5940c15774f6","block_type":"box","text":"investment at that time.","page_number":88,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"e8da00c7-7a43-4ae4-aa60-4fd345a1e1b2","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":88,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"56ccbd45-118b-4849-94e8-2f221c1c17e5","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":88,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"4004c2de-4189-4ece-9987-19decb63cc38","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":88,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"9b3338bd-a465-4556-b148-fdbbb951ed2e","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":88,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"59712a6c-1f01-4a77-a074-1d4e8c41d0c4","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":88,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"9f04f91b-02ec-44a2-93a7-a0b78f0a9920","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":88,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"9e7960cc-b557-4a21-86a8-6367b127ff39","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":88,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"71e563fa-2b4f-40e4-b465-da78a425b688","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":88,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"18cb5df5-1a17-4c5b-a164-74deac830084","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":88,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"0a69fb47-1e12-422b-8d70-f5778a56f75e","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":88,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"1ba64424-f0a6-470e-8814-dcb21ae0d7ee","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":88,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"e1701f7d-d38d-437f-b356-7a9a06a70486","block_type":"box","text":"government).","page_number":88,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"75c0a49f-a081-407a-89c1-47ca89499812","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":88,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"cb0a277f-f9c3-40ad-81ed-b9e5aa7cb3cf","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":88,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"9799e3fb-0217-4fb1-ba3b-368b39f15a6b","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":88,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"90220107-886e-4a79-8a2f-5fbfeb5c5586","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":88,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"9b9db659-e1f0-4780-8b23-ed5aa67d38a6","block_type":"box","text":"foreign banks and other financial institutions.","page_number":88,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"bb154aed-088e-4e27-8329-28f7c7b44d78","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":88,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"8a457d4f-0c8c-48e8-8b2a-ffc0042eab11","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":88,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"818d72a9-71fa-41fe-a662-bc67815934f3","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":88,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"f8ec9b2f-e069-4cf7-ad1a-d40ff6a1e404","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":88,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"c5399e79-4785-4b88-9970-c674c005717c","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":88,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"d2aaf6c3-e255-4324-9604-01c75631a1ef","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":88,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"d3ba9a6e-bb67-4718-87c0-920f0acd11fd","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":88,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"db514f56-18b3-44de-a219-022e078b65ba","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":88,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"3c036c8b-8818-4c62-8d8d-734ad64ac350","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":88,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"bd3e81a5-5013-4659-8dac-8df94512cfe9","block_type":"box","text":"II-37","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8173fe9e-937f-43d0-82cb-d3455fe45150","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"295866fa-0c1d-469b-b078-abc9980b671e","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":89,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"edb747d4-edc2-4606-b5d1-23bd742b39b1","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":89,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"7c87540d-a9e8-4306-996d-48e1b8055805","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":89,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"8ece13f9-a707-4962-bffb-5bd5f35007c3","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":89,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"fcd5fcfd-b41f-4ea7-9faf-252d09c93346","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":89,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"d49e263f-0f11-4893-bf9a-fde3467bd3d6","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":89,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"cd866b75-88e9-4d3c-9b74-8ff9656fd444","block_type":"box","text":"foreign securities.","page_number":89,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"818151d6-af10-437a-9627-a1beffa18792","block_type":"box","text":"Risks of Investments in Russia.","page_number":89,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"76db215f-1d77-49c1-aa3b-7b8b8b7af8eb","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":89,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"c0f1fefd-5751-40a6-998c-eca073779065","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":89,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"4172e91b-3b0a-41ad-bb9c-3f058bf8e08b","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":89,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"9285bdae-de4d-4edc-bb12-b9c30bfeb68e","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":89,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"695d6e29-34dc-4740-b420-5b03e16ba348","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":89,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"2294be76-5696-4b19-a2a5-b1a251410445","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":89,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"aa82b8cf-e739-4a67-afcf-09cc351097a3","block_type":"box","text":"developed markets.","page_number":89,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"74d0fdd3-790b-446f-94e6-199aa186b347","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":89,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"b77880b6-0364-45ec-ac4c-0d4021fac9eb","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":89,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"129541d8-e02d-4c26-b394-8c445b74824e","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":89,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"77076a17-b09c-4172-a0f0-a5f3eca46905","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":89,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"b8e9acd5-8c2f-4bfd-a365-5c814c1e5f06","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":89,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"5388d1f1-92e2-4e07-91a8-f099880d11d2","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":89,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"562c5f4e-a535-4726-a318-152ae9084924","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":89,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"42854f47-08e1-49ce-9d06-bdb0f0253fb3","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":89,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"5e8b51dc-eba8-4303-929e-a64285834438","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":89,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"857545fd-4875-4448-bfff-94ccf7d48585","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":89,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"2c051ad4-3b6f-48bf-b217-339c994d09a1","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":89,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"dc4a4126-67e7-4cff-b5d3-f4c5b887a0cf","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":89,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"38212c35-852b-44fa-a068-a0c07c4079b7","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":89,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"5ff240c6-4c04-47cc-9d7d-93440c39795f","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":89,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"575b6c6f-2847-4d1a-ae3a-4d30743ddfce","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":89,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"5a6e4870-5afe-47f4-af90-aa151367a167","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":89,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"101a572c-7355-45db-8c86-49ed831ca067","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":89,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"e71460d0-174f-4745-b9fb-b39138cd6ffb","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":89,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"74e4891a-9c53-4aa6-9604-f5969d5732fb","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":89,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"34aa64c0-bad5-42db-80b1-8567f1120065","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":89,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"07f4a757-d1a1-4aac-8fdd-3f71adfe6f5d","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":89,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"783a1e5c-ddaa-4d75-a444-fc9f71a26ec7","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":89,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"5cc119e7-eb2e-4e79-a2c2-0205d1a9ec0f","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":89,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"e971232b-d46b-4798-b031-58930dde97be","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":89,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"62da63b5-5e2e-464a-8a33-994bee9f1ae5","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":89,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"b9dcc63e-8729-4c04-84a1-4d88234e4ba0","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":89,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"7f7e8135-a25c-479e-9dab-ca2a1b50def1","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":89,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"72cf7e62-3cfb-4180-a71b-d4363404fd19","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":89,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"0ca808ac-7a76-4f9a-b9af-cfb6020e6bdc","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":89,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"8bc382f4-d4ed-43ce-a019-a467d2cfa38f","block_type":"box","text":"sectors globally.","page_number":89,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"b83214fd-cd2a-493b-9287-3c9c11ecea2d","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":89,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"6e361e23-f775-4482-be5a-43cab761b0fe","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":89,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"ccfb6bd9-527c-46b2-92bd-94d8ca87fcdf","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":89,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"cbf3dc5e-9f70-489d-84d8-0319b0fa64ad","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":89,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"02d80de1-faeb-4615-a2e5-60e6cb9872d1","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":89,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"3ae77092-2664-46ad-bde5-2e47fbc0f68b","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":89,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"16054569-8dc7-485c-bf87-1b06a74f2984","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":89,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"25b1b6dd-01b9-49f1-8213-88b7be152b17","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":89,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"ae3324b0-1bc9-4d4f-92f9-43ef656e76dc","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":89,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"ec0ce343-1507-4464-941c-ae6981763f5b","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":89,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"d8a4dfb3-2294-44f3-8596-9afec4c129a9","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":89,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"31fa8061-4f73-4fbc-adde-62ea3d198371","block_type":"box","text":"II-38","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e83ccc07-377d-46f9-983f-f0b65f76a6d5","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f004d924-267d-420e-a863-2349611b7ece","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":90,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"83d6741b-a052-4a22-b461-4d21a87f8e8f","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":90,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"cb6d4e3f-b087-46c6-8288-e00890035ef4","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":90,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"05be3da8-0745-4901-b180-606e5104f078","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":90,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"2d76d5b3-58f1-4861-a571-dab27ea1b8fa","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":90,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"1259415a-e3f0-42a8-88a0-493d311cce26","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":90,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"75267266-9189-4398-b426-ce77cefad533","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":90,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"b3b34750-1cce-4c9f-a561-2e54e1a810e6","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":90,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"e5699993-bd0b-4795-9850-566c86c10d51","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":90,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"b8ff3046-2b42-443f-8a45-540f6715ecd7","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":90,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"0a8ed6d9-61fc-451b-bc72-29eabfb18c32","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":90,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"9c029015-f5ed-4903-954a-727b9d49bbca","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":90,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"2e52bca2-f4a3-49de-b8b1-138fd7dde8a8","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":90,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"bbe3a561-e008-429a-a6db-79adb9022aba","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":90,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"b6a38206-249c-4b33-9b43-f4b21c413082","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":90,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"eda3ca7a-eb84-46fc-b692-9f5ef50abcc6","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":90,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"0a7fb02e-ea83-4302-8493-6d439a90848b","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":90,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"0390b721-375e-4cf1-8701-93447675cec8","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":90,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"de3550dd-76cc-4d01-9d8b-71d5ecd9a83d","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":90,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"10e60811-8253-40dd-a2c5-fb1907128726","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":90,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"83d78e1e-f0c0-41a6-95de-81922e25c15d","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":90,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"3ff9bca1-e364-46e9-ac49-681dd10c2823","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":90,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"c56ffe0a-0a8e-4b71-8ee2-0bc337a1376d","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":90,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"d9b82cf4-de1f-4bde-911c-f3000fb1e88e","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":90,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"b65aa3f1-d42c-43dc-af49-4a85daff691e","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":90,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"f6411611-8ed1-4572-96d4-4a152eacfc7e","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":90,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"36f71513-7224-408b-b569-7f2a2d240295","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":90,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"8ecceb64-bf0c-494c-aafa-2cdb0c635dec","block_type":"box","text":"impacted.","page_number":90,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"7cb6f6e4-6afa-41d1-9b78-d55ee899e836","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":90,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"c2a14841-c109-4c55-a832-1e902ca7461e","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":90,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"fca3f04b-68dc-4e9c-85b7-69a73f589ec5","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":90,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"ca29858c-ffec-4c8f-8d9a-cdc41c41f4fa","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":90,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"9fc9ef2b-c39a-444f-9f58-b0af761c676c","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":90,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"e35c8ca2-1140-4935-b5f8-e593ab4d21ff","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":90,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"fc881838-9871-4c38-b2ee-13a0d42c96cc","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":90,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"93b9c07d-5ab7-47b8-b14b-66c3b7a46380","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":90,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"49a27ca3-a722-47ee-91c6-3d0915fa1557","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":90,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"52e3bf44-30c4-4fe6-8f02-7892878550cb","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":90,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"0e32e4c2-d611-4ebf-853f-ca06deb67f96","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":90,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"64121028-a3dc-461a-b84f-1a0eaf57bac7","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":90,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"d7f5496d-0ce6-41ad-b8c4-4bd278679e66","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":90,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"937860c7-47a8-4ec8-beaf-1fd5e9d31668","block_type":"box","text":"economy.","page_number":90,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"82b991f8-112c-44f9-a2d0-3bfc4fca02c5","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":90,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"ac49e6a7-063c-4bd3-92a9-18511603787e","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":90,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"612277a1-3707-4042-b311-8280609e3d3f","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":90,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"7197a792-f6c2-4e54-9151-62d7a9b1563b","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":90,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b70bb252-82c6-4823-86ed-e0ba5346e236","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":90,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"4057d480-8cc7-4f2d-85f1-99abc0aa3b4c","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":90,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"145e6901-9f23-4920-83fe-92b4f0a20a3d","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":90,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"2a1e4de8-25dd-47c4-9a5f-c20b3020dd46","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":90,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"5af6403b-458d-4115-b057-795fb707a97b","block_type":"box","text":"typically the case for investment managers.","page_number":90,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"8cd9416e-dfd5-4913-86f5-6a831129e8d0","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":90,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"e5687377-2748-4245-b67f-e128ce026cc3","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":90,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"0c9d5100-01c3-4690-820b-9d89cb54c1cd","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":90,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"cd793485-e762-4a22-b05c-e1a6c0577c25","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":90,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"f9adaa0c-71e6-4c95-86e8-03ba5b25e6db","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":90,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"95ac7809-0a4c-483c-98c8-b890761fd686","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":90,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"c63212ae-be27-4c2f-b5a5-99c9c98cb8a4","block_type":"box","text":"II-39","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"23f6c715-d6ba-4345-97b8-ecc80ba52b7e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02cb7790-8206-4076-801d-1f0cfd7bcdec","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":91,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"21a8d006-a7a9-4472-88b0-8bfb28526772","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":91,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"e10b144b-ce07-4904-b344-812c370a9568","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":91,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"cc4c9645-92dd-48a2-b714-601401287457","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":91,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"6ac413dc-e266-444f-8aba-6fd55c3b074b","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":91,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"afebf375-b3d1-41ce-9972-243cb7a528ce","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":91,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"d3d09f8e-ba70-46ce-8157-0712a684a8b6","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":91,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"106d53f8-6026-4fcb-90ef-f603f5b8c50e","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":91,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"46cb2a8e-2aa1-4f13-b21e-9c6ed88b77dc","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":91,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"dddd1054-d040-4def-b7c7-1dfd16abcd9f","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":91,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"4cd76e2f-a52f-4417-b6ab-6f89f9be5044","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":91,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"cc720a2d-b5e2-4991-af7e-51a7004ed412","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":91,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"c7e51d35-3368-4571-a001-aeb64abb1e1e","block_type":"box","text":"will be indirectly subject to those risks.","page_number":91,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"68799722-7c52-4226-aff0-43ea7e016e40","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":91,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"dbf2756b-84eb-4b2c-86e1-95a8720fa2be","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":91,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"e2c0481a-deb2-4ca7-84f2-f864b26ba19d","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":91,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"aba94923-fb2e-4371-9cdd-3c22f4deccec","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":91,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"543f3019-b555-48e0-b7c1-1553bccef562","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":91,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"3db35745-68ab-4495-8f4b-76d941dc24b2","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":91,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"59ff0367-8219-4468-a6d3-f51bfa948602","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":91,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"5e989642-8e2a-426c-a268-667edcc54d19","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":91,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"1b718e36-40b9-464f-8f1d-a6228c52e9f1","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":91,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"deb6b599-5441-4fa8-a598-867d53ac5853","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":91,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"f5ea8ab3-2d36-40b8-b6ea-2cdfa103783d","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":91,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"7cfd4612-d239-4252-af14-a37429013575","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":91,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"a215977a-75ea-4c00-8d97-093f49234c68","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":91,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"b3ca6917-6e08-4659-94d9-795ff3e5ff86","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":91,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"30dfb6e9-0cd7-40b4-8f76-a68f6e14e79e","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":91,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"5628d786-ad36-4705-8881-e96daf0f4bf4","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":91,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"68ec86b4-ae82-434b-a046-a6d496c3b2cc","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":91,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"8dbbd7aa-01c8-4e53-a52a-e010a7f4f05a","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":91,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"63fc2d62-d2df-4d46-a2ec-9d6e80c84993","block_type":"box","text":"impact on a Fund’s investments.","page_number":91,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"68391e9a-ed11-4a07-8fbf-bf6451dc4439","block_type":"box","text":"Brady Bonds.","page_number":91,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"0be72eb0-328b-4db5-8824-231cbc2ebed3","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":91,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"e9282f53-f072-4db5-938a-ad31f0bbc4ea","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":91,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"fe440ed3-53b3-423d-9b91-ad3c85149fb6","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":91,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"14e4418f-e86c-407b-972a-3f39dc9a2ab8","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":91,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"abc35839-9a3f-4038-b9a8-9d9dc8f8b86b","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":91,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"ff8b5f2f-ff9e-4206-89c1-657795b41f5c","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":91,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"754783fe-35b4-471a-a7a7-74c9e800da33","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":91,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"98c634be-0059-4486-993c-b39d846d67b1","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":91,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"1736d542-3349-466b-999c-f0293b230753","block_type":"box","text":"Venezuela.","page_number":91,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"ce777023-30a7-4e84-a448-2606eeedf583","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":91,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"8ebef30e-c699-4062-a60d-00a84e899bc3","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":91,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"f43f5988-9592-48e1-99c6-badfbb8166d5","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":91,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"91eb2575-73e2-4712-ae8a-12d1a0842abb","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":91,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"044223dc-6ba1-4c77-8707-5703e91bfd4a","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":91,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"2b677374-f068-4a74-83cf-3512d70f1a25","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":91,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"2f01d1ed-f2c8-48b6-8023-0258590cab1c","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":91,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"f4fd3b90-4af5-4e00-91a4-e9cbf4f52046","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":91,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"006f8f77-5e79-4c1d-a6fa-76d2c650322c","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":91,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"278252c1-8869-49f1-8630-83c12b3bd210","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":91,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"1e57bdbb-3745-48eb-99b9-f435c110ad49","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":91,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"eb342fe9-d61b-4754-947c-b485079df7ba","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":91,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"b16cf9b0-c514-439e-ab8d-79273974b45b","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":91,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"d283d64f-d826-4c8f-974b-0b5c1d5c791d","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":91,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"72b1a94c-68c3-48c2-bafb-476e5486462b","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":91,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"c15c7e1f-a715-472b-9637-42c8e0a27deb","block_type":"box","text":"II-40","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9be22b0e-52cc-484b-9de1-5f5ebc2ac01c","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3984a81-5882-479f-aa4d-b3bcab5a6b75","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":92,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"18bb9c1e-755f-426f-935f-7d892a49287e","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":92,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"65a6c7fa-5d77-4528-94c5-96ba606d28da","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":92,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"9b84651d-2974-4d49-9cc5-cd964d0fb861","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":92,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"60ac71be-3121-42a9-9f99-488699206c81","block_type":"box","text":"China Investments Risk.","page_number":92,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"e0b16f66-2829-43fa-ab08-a67d3b833a3f","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":92,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"718c20e6-e9b7-41f1-ad6a-1125606dee7f","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":92,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"69c8e39c-2507-454f-86e6-b8f769cb3012","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":92,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"f1adcb42-209c-47cb-959f-4da858f2144e","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":92,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"c9697e45-bf86-4ea8-a453-d0fd62339fd2","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":92,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"bbb5d257-3898-4bb7-93ff-eab5fde983cd","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":92,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"5ff54473-1404-4d8c-8076-442f5294086e","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":92,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"b146beee-83a0-4404-8e74-322b04445833","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":92,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"70428b53-b9e3-4a11-b5a0-d1903de8e273","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":92,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"e4043c9b-e7dc-4abf-948e-819713614d77","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":92,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"620b7d74-e40e-44a5-ac35-7acc04280f40","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":92,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"4f49aaa1-1cce-4810-a4e8-28414a2921a5","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":92,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"9272fc7c-1e30-4980-8011-e9341ddcab7b","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":92,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"ad48ddb9-8bf6-4324-b02d-ec0f8825fe53","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":92,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"44752ffa-5abc-40e4-a75b-fcb9ad1ac449","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":92,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"06f89d4a-cf3f-4d02-86c4-d25e3576ef4a","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":92,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"167fa699-c5ca-4b0c-977f-b24140e82f6f","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":92,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"e16bd3ba-7268-402f-bf6c-9b94b8c76d4a","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":92,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"d2ba77df-0914-417b-8a8d-db293fc58f56","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":92,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"7ac7da63-a2e8-4425-be15-a1c0b23780e8","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":92,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"aa59602a-fbba-4d67-bc97-1ba82ba3f596","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":92,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"8419e78d-ea80-482d-851b-536f52f76c5b","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":92,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"e974a79f-ee21-4919-aa37-683bd83fc999","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":92,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"9384e7e6-d5d6-4ce4-9e02-c6ca3405aa72","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":92,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"33bbdb3f-426b-499a-9acb-23dc1ce5ef4f","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":92,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c8d4bb27-a91b-4de9-9ccb-0afc4f094d79","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":92,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"b19dfff8-8e03-49d4-a21d-6d2bff17344a","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":92,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"b677b7a5-16aa-4e7b-90e8-8d083ac85498","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":92,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"d4349d29-3255-451a-9c41-e77b867052cf","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":92,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"92372624-4e04-405d-8fb4-b6c8d95f7c4c","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":92,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"bdb1caf5-ad71-4a14-b17e-527c2636a2c7","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":92,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"d732f360-a8f0-4f78-acc2-3ddb5e161d05","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":92,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"e800176e-4e53-434f-9681-698f1c663186","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":92,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"f5c44403-5393-4305-9ab5-83484b63253f","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":92,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"7859ac0e-192d-46a6-b77b-a747c5879612","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":92,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"6bb69b62-5b19-4241-89ef-b848b36cb186","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":92,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"24df6848-3b8f-4f44-8cd0-624a49b39606","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":92,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"c537af89-a827-4cf3-9a45-76a1eee20d3c","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":92,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"b7aa79e4-c17d-46c9-a87f-64cd8fcdfd24","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":92,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"62e5aec3-e07b-4d30-85cf-414a555a0cd9","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":92,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"7effbd2f-c074-42a1-a05c-5c65f564bdd9","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":92,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"2fa78b8d-c6e2-4255-82bc-edeaa58c62af","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":92,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"be4c4ef0-812d-4a43-aa90-757d3fe8be9b","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":92,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"490fefb6-6106-4cec-8add-fb51ec3095af","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":92,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"bbf8447a-304f-4f8f-8226-fcd661b4ad23","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":92,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"ae4fa400-7a24-422d-8739-bbcdf6ff679a","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":92,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"d8aeb5a6-1aa6-4ff2-9040-b14eaa1eed12","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":92,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"442b4361-7883-419d-a758-647c9ba5ac7a","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":92,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"47ae0d97-8810-45a3-8832-3c62b51a0834","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":92,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"4867792d-fc7f-4f59-a271-a80dc2964547","block_type":"box","text":"sub-custodian.","page_number":92,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"88ecfb19-c37f-406f-a425-59c0d7870dfd","block_type":"box","text":"II-41","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4389c5d0-d784-402e-9b44-7de92434c68c","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26819807-0e80-4aee-9a98-a0d5b2f2bd38","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":93,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"4698e02b-8a43-4e0b-98fe-26fce802c90a","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":93,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"be05a525-49c8-4484-9927-5209301b767f","block_type":"box","text":"on investor protection considerations.","page_number":93,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"80bee6d4-8371-46a6-9f30-fa5c7073b28f","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":93,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"38fb4b28-1869-4022-9d03-d372991aa187","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":93,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"0ae41d2c-ed46-4949-a9c0-041bccd1df95","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":93,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"e25e0bc2-94dd-4b92-b724-799b63f9c86d","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":93,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"a54e4ef2-8557-478f-a286-39381fa7054a","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":93,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"1544bdc8-8d5d-40dd-a100-f4ee554dd01c","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":93,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"b58ca5bb-964a-4897-af73-cf780f687fc8","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":93,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"eef79a76-4435-47e7-a986-68abe06c4a2d","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":93,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"854f92ae-6a83-43ff-86a1-9f3c30721b68","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":93,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"f027ae2a-13cc-4079-9ea8-98efb4b790f2","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":93,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"29722e4c-c5c5-433b-bc10-d9955f2d005e","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":93,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"7a62070a-8ee5-40c7-854b-0ede73709e02","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":93,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"e79c4e79-f7c7-45a7-ba1e-dd9d3c84b845","block_type":"box","text":"accounting firm.","page_number":93,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"a58176f5-79a9-4c8e-84dc-dc221849f33f","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":93,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"f4d840ae-ce57-4ddd-a23f-0f21a788bd72","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":93,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"05448887-e929-424d-880b-09c495a1969d","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":93,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"9975b6d8-35c2-4dbb-9b98-c36cea688767","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":93,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"39b9c7b7-acc9-45a3-9eda-cf1b873fdaaa","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":93,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"9f5a8a33-1042-4b5e-92f2-349d30f67473","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":93,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"208474de-7c70-4ddb-b86a-e961e4795a4d","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":93,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"5d34aa98-e6b7-47d0-8c61-6caaf696c040","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":93,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"434e861f-ff65-494d-9f4a-47a08ea4dfb7","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":93,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"004c5714-8237-4533-bdf0-c4d1cef6ff29","block_type":"box","text":"RMB (“CNH”).","page_number":93,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"13381bef-c4b9-4fe6-87c0-7e3f21ad8a00","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":93,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"f227a7b1-8f43-46fc-83cd-7b05134e86ad","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":93,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"a19dfd47-f517-4de0-91ad-b1e44f5e5812","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":93,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"213f12af-6e2f-454a-8275-363b10407c49","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":93,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"dac5dc93-14f8-4bcb-ad16-d097aa99b4a0","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":93,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"3b73b52a-a9e1-4e4a-b089-b82829ba3a4d","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":93,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"5b1b1142-86d2-405d-ae99-d62f6353ab6d","block_type":"box","text":"represent equity ownership in the operating company.","page_number":93,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"eea9317e-11e9-46b1-90e7-144a689adbe8","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":93,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"c04e9c42-a8f6-4338-b0f0-cdc218d44332","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":93,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"2f484003-fb5c-493d-bd0d-86bdf2933026","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":93,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"60f63c14-fc2a-4da2-b5ad-4b89b3107923","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":93,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"22b3c8a7-96c3-4861-8bce-7d60b1e423b3","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":93,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"8672bedb-a865-4e9c-937f-188679174d2c","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":93,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"0602d90f-7a27-4e6b-b7f8-28835d6965c1","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":93,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"636c24a2-5702-4956-b97b-0b760abb4fcf","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":93,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"d49986b4-68d0-4b34-9447-bc0e5a8b960e","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":93,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"df998999-b51a-48de-9930-4ade9c3bf69e","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":93,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"f00020a5-f487-42a0-9fc9-fa30b42fb5af","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":93,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"ad08b95c-16e2-4c13-8fb4-4f4a14bdbe3f","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":93,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"4a914bdc-032a-4360-9287-e4ebc2900133","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":93,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"8fd47df0-2495-48ad-8743-55bc2af5da9a","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":93,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"20293b7a-31f3-43f9-9ba7-3341791e1394","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":93,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"206d16a4-dbf5-40dc-be31-bdbb3df27bce","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":93,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"0b673141-f1aa-4b8b-b2e2-40aa3e9dc3d6","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":93,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"b70b3d09-b584-4dec-b665-b2d2e265a780","block_type":"box","text":"losses to a Fund.","page_number":93,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"16782968-c96a-4346-a7b0-052fd07aa3b4","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":93,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"74ad45ac-71d7-4725-af6e-8ce040f72333","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":93,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"a3868c15-67d4-4036-ac61-1fcfd2647fc0","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":93,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"0fb16d50-b4c5-44b4-b736-2f5f28bfbba0","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":93,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"abc06934-2317-4ce3-8040-56a78f49aa20","block_type":"box","text":"II-42","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd459a54-061b-41fc-865c-b4aa8827b4a3","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78f214a7-94c4-48ce-ab28-74db31257e21","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":94,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"3ac12308-3ec3-430f-86cb-dccb3492108a","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":94,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"4c4c8b48-9df1-45ea-b17b-ac225d807029","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":94,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"dc5dc547-7330-48aa-ab19-db970da6948f","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":94,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"16b6c773-c772-4f18-8f1b-9a274c2cf4a6","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":94,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"abae1efb-52fb-4d14-98da-24afaa760755","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":94,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"58a701e6-c6b7-4c36-b483-ed1b6f0b68b3","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":94,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"1ede231d-d999-4d86-bf8c-9761141b3309","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":94,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"6ba87eca-3a04-4437-9e8e-45ad2c52d5e3","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":94,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"1ce430dc-0194-4b68-8559-4926e6e716dc","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":94,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"d458b2cd-d08d-4ee5-b2fc-c1a6be758d99","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":94,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"e1e11e3d-e904-4ee4-8b82-c84385b31842","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":94,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"f6716802-255e-4f58-8f2f-a71b53f7734c","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":94,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"464d4c70-3492-4c71-b118-74f8a2da0947","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":94,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"1c03133b-9369-464b-95d4-fcdd12cc59b1","block_type":"box","text":"such companies.","page_number":94,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"1c8a0e95-4783-4da7-b496-f2fcbdcc7297","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":94,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"54fbd0ca-724f-4b2d-a541-ea8909aeec01","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":94,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"0af0ff14-7e50-449d-9a3f-3e61c7970cb7","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":94,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"07457d65-53d1-4f24-9c8e-ce4385b1a864","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":94,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"3b70c1c4-cff2-41ab-95c6-d041951e39df","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":94,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"467fa050-6576-434a-80da-e50509b92e97","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":94,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"8038784b-1683-4186-a245-03902fdfa88d","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":94,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"ba507964-59a6-4ef6-ae55-c9ceb1424737","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":94,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"1d4c38a8-87b4-4d5f-bb16-c050f82e8f76","block_type":"box","text":"standards.","page_number":94,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"c0b0b2bb-972c-4abb-aabb-5eb86ff0076d","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":94,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"d51482d6-2a32-4906-8f16-9b797b13ceec","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":94,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"bfcb742f-3021-4561-8d1a-276174210348","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":94,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"737e900e-1d2d-453f-9907-f408328f9ed8","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":94,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"66e57ab9-d29b-4c9a-bce4-ebca93782400","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":94,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"b54b70c5-528e-4bde-9d9d-becfc465d5e6","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":94,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"dde534fe-e7c2-4a3d-9fd0-f39f0151a59d","block_type":"box","text":"General","page_number":94,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"cf94cf7f-8181-420e-b853-35fa5461992c","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":94,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"37ab16f9-c89e-4ffa-a1e4-d453e77c2446","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":94,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"f4042906-72cc-42bb-a340-1349bb41e9a4","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":94,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"20dcca8d-2639-467c-9310-57eca5412370","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":94,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"1f4fb609-7f02-4b84-99d3-960c4e275b8e","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":94,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"128501ae-906d-46de-a653-49f2bf4b168f","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":94,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"09bb7955-5b67-4d2e-9615-5eba2a34fac4","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":94,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"80e46f81-a741-4357-a171-bc9a0b762e1f","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":94,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"5e630dea-702b-439e-8f37-9608089b76ef","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":94,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"a190df4d-6c3f-42e6-a5be-264f1948a2b0","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":94,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"a0b07cef-e8d9-4fa4-b10a-d6fa78bbe0da","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":94,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"92d7ce43-bd81-4868-88c5-ebfc83bc7585","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":94,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"6db814b1-353d-47a1-8db6-1d04ab23ecf1","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":94,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"46fc1250-131e-4f62-b945-1fe3db8a5552","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":94,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"05e817a7-10ea-4c1a-905b-1827954b4508","block_type":"box","text":"company established by SEHK.","page_number":94,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"8ca6c579-e02e-42bf-8864-8879a83a729d","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":94,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"770d5ea2-23e0-4231-803e-94988770d83a","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":94,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"4520b6d3-379a-4713-bdd1-da3733124259","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":94,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"d90a9fe4-9053-45d9-a56e-f0629428a2ec","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":94,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"0006840e-fa38-4e2b-84c0-d4138a2fb4f4","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":94,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"b0022dff-06d2-4217-bbab-8a2e9506b5a4","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":94,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"21295f3d-a0de-43b9-82e3-8e029aad0be4","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":94,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"f187ae5c-26fe-4024-bb83-2fe6a7c60cfe","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":94,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"fae98742-0ba1-477d-97ed-3554a0e6490b","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":94,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"a01e28c5-cb4b-4801-abc7-ad4f90e11a2e","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":94,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"d68ae3b1-4d6f-4b9f-91a8-95ad1acbea3c","block_type":"box","text":"II-43","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c965a8c4-fa53-47f8-9efe-21727c96b61f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25fcab50-0163-4fe7-9801-ed45a5435ad9","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":95,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"af3bcdec-ff26-4a30-a075-4a85dd712abb","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":95,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"58705864-1012-4710-9a79-1f10ded2593b","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":95,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"318eb895-f6aa-4d54-bd3c-5240d3e2ba4b","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":95,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"3acf00da-29ca-450e-9822-c712da242516","block_type":"box","text":"i.e.","page_number":95,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"f066498b-2810-4f3d-8e92-d5beb62b4355","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":95,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"16ddf010-0084-4815-96d9-d3bcd21ac159","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":95,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"69ccb3dc-085f-470c-b0ea-db08b7cfe25b","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":95,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"7df40dc0-0e93-4724-9385-5f8884d63f88","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":95,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"81cfb32c-1bbe-4620-b83e-0f298ff74c82","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":95,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"3946c92e-2085-4be5-819c-fa6861382289","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":95,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"7db5d947-fee3-45eb-8fb8-e104f0f0f5a4","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":95,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"f19e829e-2e66-4cb1-bbe8-6f2c35677f78","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":95,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"50cb4ebb-36b2-445a-a5dc-d06944dddc7a","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":95,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"944ae47d-52de-45ea-a60b-8f09e5419a3f","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":95,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"46240220-9132-4b98-9ef2-b779c304ba49","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":95,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"cd039834-23e5-4fe0-92e5-8171df00447e","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":95,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"f689ca16-3445-4969-b1fd-4f5c3497c78d","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":95,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"d640a64e-721d-4956-9912-d5ab86b0b281","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":95,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"96dcfb10-0421-436b-bf13-7db53ef2e96f","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":95,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"d528dd9c-792a-4d61-b202-964c3dc95cce","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":95,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"12d219f1-75d6-4ab4-b5e8-651c78d34b9a","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":95,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"c2ed07bd-cb73-4c04-83e0-517ae94813ff","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":95,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"acca26e6-e738-40d5-962c-13647fbc19d6","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":95,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"bf710983-c00a-4ee3-9fcc-b987e7c344d4","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":95,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"d0cfd856-86e4-41ff-a1b5-abf2874aeceb","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":95,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"682af9b0-8666-4771-9f8e-2103234dd4a8","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":95,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"185ae2a3-ac4b-4257-9a37-0bf4f7d1f2c3","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":95,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"74094e9d-fd37-4d85-babf-51463a130710","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":95,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"d22805c4-098c-4a68-8add-e715c907a37e","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":95,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"bb3b5f69-7c36-4894-bb2c-c283dbe952fb","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":95,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"21ade423-196f-4dee-b073-8ee0ec1cced4","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":95,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"33337d57-1d4f-4e14-ba2a-3474ba8701a1","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":95,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"69c7d395-d05b-445d-8ae6-3b1d2dd59d94","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":95,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"fc8ea178-34d7-43ee-a3d6-48a1d2336433","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":95,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"63a2e0ad-9699-45d0-bc01-8c2ca170b7f2","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":95,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"34dd18fd-370c-4112-bfb2-af271792f4b9","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":95,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"fc90022d-6837-4dd8-bfbc-efbbb5d04c9d","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":95,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"e844773e-6976-438a-acde-28d4c7eaae42","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":95,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"3230ff63-820f-4ba0-a493-fc7950a035e2","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":95,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"8a64f4df-7257-498b-aa98-0dcf013e1f8d","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":95,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"e58052d8-2e03-4ea7-9d4c-d2c1e355b35c","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":95,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"ff2ced68-8e9e-406d-9535-18e950221e92","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":95,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"d0ea384f-5c93-480b-8493-da7004935843","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":95,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"2103bd21-54c9-46cc-bdcc-9d0a72a1c1bf","block_type":"box","text":"PRC.","page_number":95,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"46aba1a6-b42b-4584-9656-54050e5bf1cf","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":95,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"630d0c73-a5a1-4619-ac85-1d327bd61a94","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":95,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"2204d5e4-408c-4b68-a80d-83414e6bf338","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":95,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"9b2e9f21-6e13-4b7f-b601-bb44112dac82","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":95,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"46cdf035-279f-4153-a04b-ee59ed1fcb61","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":95,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"583547fa-e4d1-4949-b85a-8f096f7bd52a","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":95,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"90d3842b-edc7-4b98-a393-52d225c943fe","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":95,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"241ef735-5087-43b7-be97-8e6d9b3fc91c","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":95,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"df5c4b3b-53e9-4841-9c4e-1543aca49c65","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":95,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"33cdc424-9750-4947-ae89-b6693525c06d","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":95,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"03d014b8-9be9-4d5b-ab8e-c3c5ed290012","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":95,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"1ce990bb-c4a8-4092-a121-ac064cbca6b3","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":95,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"babb61c0-9fb1-4921-87d9-89ef7fa4aa74","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":95,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"4730e6fa-4057-420b-b683-21db82ebccb8","block_type":"box","text":"II-44","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac1927ff-98ef-4b62-8c83-26008fc50a04","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"615952cd-e3e3-46ee-9ffd-d4226f1b8fa9","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":96,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"ace173b1-947a-4632-ab79-8bec59cf2bd1","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":96,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"cde96aa4-ef6d-482f-b319-002183e72cbe","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":96,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"8af592e8-2cd2-4fa5-93a4-97151665e103","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":96,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"1613a4f0-1dcf-471d-a4e2-3e980b98ba4e","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":96,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"d872368d-273d-4372-bb9a-bf38133ab1c9","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":96,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"81e86684-7e55-4f25-a6c5-8849f2982b92","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":96,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"3365ac18-0d57-43f6-a017-863e146ecf15","block_type":"box","text":"Suspension Risk.","page_number":96,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"1a6f6c39-b4a2-4d4c-af63-456985bf8ce2","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":96,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"32950600-5319-4b05-902d-184d75ec2149","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":96,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"d1c9e8ad-fa6a-4dfb-a88b-36a93c3ad078","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":96,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"6c89d634-3f13-424e-92ab-f573282957c5","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":96,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"b309c066-17af-4044-b39b-bd5db40725d8","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":96,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"e316f6a2-6711-4ebe-bcb5-b4eb520f7195","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":96,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"ac284f11-3509-43d8-b919-b9b1cb0176ae","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":96,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"f1bbc2c8-2e29-4270-8d9d-6f6379cf1f8a","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":96,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"6a9610fe-1749-46d6-9de3-0cce394994d8","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":96,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"7b4c3273-4059-43e5-95db-792c821cd080","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":96,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"a09e1f9d-a996-41c1-8525-f71b8776f72d","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":96,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"d27cfdd0-fe10-45da-a8c5-1e302a75c230","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":96,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"ccac238a-d1b0-48c3-a30e-1a1f4b2513a5","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":96,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"02a36b2a-5c5d-419f-8ced-dfaa6912f31d","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":96,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"d876428c-43a0-4276-b1a4-af54f8753115","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":96,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"22c4b3dd-0dc3-4123-86b1-19545b2e2fc0","block_type":"box","text":"A Fund may invest directly in the","page_number":96,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"74726809-b8ae-4803-bedc-794527413a48","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":96,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"3f60b7b2-faf8-49cb-84e2-38129d3b70c4","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":96,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"2f17c937-b7d0-4a95-9539-c69fb0ef71de","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":96,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"4ea29c78-e8a8-4a91-87a3-5645426d6e8c","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":96,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"fc51994b-4e17-4508-a126-76e6a04eefeb","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":96,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"f57193f0-59f2-4f90-9320-869ebdc88b20","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":96,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"b0dab0bd-a4ae-458b-9d80-a4e9e4bf6bcd","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":96,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"ecce2f9e-baff-4f9f-9166-cf79fc8e809c","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":96,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"166f8ebf-356d-4046-9a6c-9703a7598bbd","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":96,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"f6012249-802b-4d92-a470-71d0c56cf350","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":96,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"5ef43d40-ba3b-4d0a-a240-dde57949fae1","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":96,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"41ff45ea-98e3-4935-b05d-59cf87d42cea","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":96,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"ddd97e9d-32ff-49c9-a362-66ec757609b7","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":96,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"e02d2439-f420-4a8e-bbc5-74fd91b2d88b","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":96,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"20067db6-db85-4c53-9b98-84e545319207","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":96,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"d330b2d9-29fa-43f2-bae5-07e7570f381a","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":96,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"3c8a276e-90ae-4818-a0a3-ebcf0d2e2b58","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":96,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"bc4bb99e-9f1d-4997-a121-291e6d189260","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":96,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"b2dd1d0f-a4b5-4877-86de-aa8598593020","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":96,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"118ed3d6-e3d4-48b3-b5a3-ec0b48ce7dbd","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":96,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"2e38ec56-8bf8-44a0-b7c5-5700b416e10a","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":96,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"ca267f18-0f2a-461a-bf65-89766af6e198","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":96,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"eee85f80-2540-4e22-81e7-f61dbd00f444","block_type":"box","text":"i.e.","page_number":96,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"d9cbad37-492a-49c0-90a4-6c4653a69590","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":96,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"f63e6a44-fa94-4a9b-a483-e5f4af7ead6a","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":96,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"0c3a3aa5-3afe-455e-a0ef-f7675d98f223","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":96,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"fbf3b77c-8eb6-43b0-97c9-370eaa310cfa","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":96,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"d493c015-cb00-40dd-b511-38e8f46b3dea","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":96,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"73f16c66-d065-40e8-93df-c71921056efb","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":96,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"2bcd8263-75ac-403d-b733-8777edc09610","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":96,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"a9d898c1-f04b-4b2b-9304-a77f4b30c795","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":96,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"3c919beb-ee34-4dd2-b0d0-0be014d48047","block_type":"box","text":"parties.","page_number":96,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"8d9ff0ea-3639-45c2-a9ac-64e9c2b189de","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":96,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"91de1e24-2d4c-4725-a684-ccc62b3d7037","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":96,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"e02bc823-4b56-4337-b45c-edbfe5fbf5d2","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":96,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"cb1c205a-d632-4f85-ba4d-b9df260dd22d","block_type":"box","text":"II-45","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"986afc53-b5c5-470e-80eb-1eac9b26734a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59f223a0-2195-4922-aacd-5dd04d7cba2c","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":97,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"4c82a3f8-9d85-4bfd-bded-76ea62d02df5","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":97,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"cf30a038-7d8e-481d-a6be-e9530b5bb257","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":97,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"56827545-2491-46af-8650-c333b2182b4a","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":97,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"230aa7bf-dc74-4886-a631-a3ce794ab6e7","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":97,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"bc4c4ea9-a1ca-4181-8b73-c188dcb132ef","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":97,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"36d35b07-e7c8-4e30-8f5a-a22d4b0deb74","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":97,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"4afbcafd-b4f4-4d3e-94d8-2681349a6cf3","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":97,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"2eafba41-28d2-431b-b516-88d983ef2bed","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":97,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"7bf5c839-5626-4c6f-88f1-b9657aa4f070","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":97,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"52796992-1945-44b4-a1af-7959039a517a","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":97,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"f1f35678-8e04-4965-b42d-a11178afb6d6","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":97,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"edd16bf9-2d17-478d-9f39-0013bd1d78fa","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":97,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"b9bf00a5-d80c-4168-ba0a-0c7c04974580","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":97,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"c3ae7079-8776-42cc-b559-219b0ffd4b44","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":97,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"f3299765-d199-4072-a789-772b44109d93","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":97,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"860e2830-3e02-4bb2-a052-fcaa6b727114","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":97,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"a6c4a114-3a9e-4f00-9773-70856e7e40f0","block_type":"box","text":"performance.","page_number":97,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"7b48e49a-5479-4058-8d9c-7c20fb5d02eb","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":97,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"33706062-626e-437b-a529-a017ff23f44e","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":97,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"db69c7aa-1942-40f1-8ad2-5fbd69065096","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":97,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"a7fe6651-9f59-4c2a-9eb5-40fe8fa0bce6","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":97,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"f489e9d1-6bce-4b30-b9d9-720dab08c12c","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":97,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"96fdb435-d6d4-4a91-a89e-5a98cc00b635","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":97,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"c03e3934-0133-4da0-8b13-fa4e7aedd760","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":97,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"449c7e40-27d7-464d-a86e-623c18839ec4","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":97,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"2ec1d2ca-2b41-47b2-b962-547a1daf1a9e","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":97,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"062423de-9bfc-45db-a5ee-ba8187bbd0a1","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":97,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"67d1f383-68ea-4a15-9905-094aab80a296","block_type":"box","text":".","page_number":97,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"7d693f59-6f76-4631-9577-2eebb5e2a14e","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":97,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"ffa81fa0-c926-4ed0-a7cf-af0513438a1a","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":97,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"261457f3-3852-49ab-8dda-16ec59a57b21","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":97,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"5a030dc9-163d-4b89-ab1f-13671a73c616","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":97,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"0f2ea156-ad56-4488-9608-7dd5f9b2c0f1","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":97,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"f606fe46-1b29-4532-94f6-41149d68877a","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":97,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"d0025323-2914-4946-a8e5-05a63dbace05","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":97,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"0be504e4-645e-42de-aec3-748cf7a4b0ac","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":97,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"53bd3c06-01ef-4079-af46-97ce58b27e1a","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":97,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"870294ce-140c-4f20-9e62-8578bab2c9fe","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":97,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"e49897e6-8531-4696-823f-ae77b0c060fa","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":97,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"4562bb06-3b9f-4175-a26b-f74068e56a8f","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":97,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"8622d978-7ce7-4cf8-b44b-687c45a33113","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":97,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"9ec5710d-315f-4f97-bdf0-3cb9b233cfd9","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":97,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"f056fc57-63a3-4d6b-824b-b89244657f96","block_type":"box","text":"without notice.","page_number":97,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"ea55b74f-a0b9-46c0-ba75-04aac304b0e5","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":97,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"b25d7f11-65b4-4f6c-86f4-15d587f1d2b1","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":97,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"e7c22d13-38eb-43cf-8bc3-6488c603830e","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":97,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"01db4f1c-9aee-491f-bbd3-c12c68a2e175","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":97,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"f9417993-a2c6-43ca-b97b-1760ae3b9c52","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":97,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"a798228a-5535-4238-96d3-d0044aadb24d","block_type":"box","text":"December 31, 2027.","page_number":97,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"0ee0aa1c-f16d-48e1-aa40-5ccc4445ba88","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":97,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"96968b52-7f06-46a6-aeea-73a02544ccf7","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":97,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"5cf570ea-7270-4c38-b7fb-a9ac27405b48","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":97,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"1ca64e69-db94-4d32-927c-6fee968c4443","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":97,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"2d5627c3-0ca3-4d63-9501-bb21f6fdbbeb","block_type":"box","text":"II-46","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d280fce8-46e8-4afb-b06e-a83e20caa6e4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9273a188-e7fd-4463-9756-43238171a496","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":98,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"1b0a2281-c84e-44ee-bf8e-fda69990f80a","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":98,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"c31e5345-e1ad-4d52-82ad-52329a5c242a","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":98,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"09fdde11-ec06-4851-be04-8dc91c7bd13e","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":98,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"b5c4d10a-4e70-423a-9fe0-f773f8ba97be","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":98,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"07d98787-b763-4f00-831d-95ce290d318c","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":98,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"58492894-8046-4fb7-b04c-0c99e753613a","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":98,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"f1d37972-283c-4e64-bb0e-9e0f8e4ce0c7","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":98,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"dc4f2f71-36d7-45f0-9270-e6bff258ce4b","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":98,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"e8f76d92-de3e-4c08-8cdb-bb354bcb5f75","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":98,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"4ac6e503-2f17-4dae-90f0-e3fbedb8f110","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":98,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"4c7d9c64-02fa-43b9-8675-2965a0922e34","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":98,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"ccc6e88f-5741-40f1-86ba-7400c7019d2a","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":98,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"7d9a5579-c5f8-40ab-af26-c71e6dca5f78","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":98,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"4afd7ed7-df73-4672-88e4-06737755275b","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":98,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"8517da03-edff-4e1c-82b8-c47f8a773cfb","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":98,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"7b2dcea9-1f05-4a4f-9692-cbdbe77e7459","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":98,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"26c5f1f2-5d3a-4c30-9915-c656dbb51c5d","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":98,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"eb46d0a1-6248-45b5-890c-39e15c859e13","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":98,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"117c7503-f625-446b-ad24-874cf78e1952","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":98,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"56ca0a81-bd47-44a9-9a0f-b40e7a358bf5","block_type":"box","text":"the PRC in notifications.","page_number":98,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"bee84904-d692-4acf-a24b-f66b0c7cbd55","block_type":"box","text":"Investment in Other Investment Companies.","page_number":98,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"46b0f59e-0588-425c-aaef-aba5520c50f4","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":98,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"4d7bde41-f2da-435c-927b-1a88550ddad4","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":98,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"b1fe43f4-c922-4fbf-bc42-3cc08b806aae","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":98,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"3524ba0d-1c43-4897-8eae-c2d80b0aec08","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":98,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"bfc3a753-b3b0-466e-9f96-fe98ec24fef9","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":98,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"b8af85ee-ee72-4b38-9085-96e332fe1b3d","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":98,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"a9e98107-cef5-47b2-8ccc-9f85074cbc9e","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":98,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"fa92774c-33c4-42db-b935-dd84a457ad27","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":98,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"3aef4551-8415-44a0-b985-bc4b3909952f","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":98,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"14091430-6450-42dc-a5d6-8473e4fb8616","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":98,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"edec76ea-23c3-4252-aae9-aa0bc17e493f","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":98,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"aef9f978-dfb1-403c-8948-9feb29906322","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":98,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"b82e3a01-cb6f-4ba6-9860-6e958be0b920","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":98,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"941c18ab-6552-4960-830f-5e0c7f7ad609","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":98,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"03f7081b-53e0-4d7f-8812-373c07d1e7f2","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":98,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"0af31d14-af7e-4008-998f-ecf2821517bf","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":98,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"e65b139f-769a-4adb-8895-0d7c55bd0635","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":98,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"77832b14-2b66-41bb-889d-f12fe7afaca2","block_type":"box","text":"subject to certain conditions.","page_number":98,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"02046a1a-892f-4fb4-ae52-eaed32f70e09","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":98,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"43ce5b6f-19a8-465a-9414-a8094befe164","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":98,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"14202b79-b801-45e1-af6f-543dd18a12e1","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":98,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"740cce07-c7d2-44b3-8062-8da337918eed","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":98,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"2ff402f2-73a2-4857-a6ab-4be74d0577e5","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":98,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"b43ed850-747d-4b9c-b762-26518dfd3b3c","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":98,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"df7108b2-0a0b-4cf3-b7b3-90a9fe820a81","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":98,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"b4da00b2-ab30-4dcc-925a-e45d0be37021","block_type":"box","text":"loss.","page_number":98,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"5c7e713b-60b7-4f7f-a47c-0a24867cc0fa","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":98,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"b0047bbe-0a40-4dcc-ad81-f15e901d3321","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":98,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"fb3222ac-be8a-4b23-ac4f-9bb31271dd3a","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":98,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"92e70524-57cd-4f61-a992-4211a7da1e29","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":98,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"cd631e0b-c142-4eac-b0cf-08e662b00b52","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":98,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"845a1f13-5b5c-44d6-a27b-75a1e0701fad","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":98,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"6052dbd0-4fd0-4554-bb71-472a73ab88f4","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":98,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"6e67913f-68d8-4569-b00f-37237aca623a","block_type":"box","text":"II-47","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc817e27-0717-4b07-9a3f-5600732b138e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e091a960-1019-4ac1-bc0b-585201dfa473","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":99,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"747f656f-8b6c-4f20-8a51-124e5dab66b1","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":99,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"03ef0da6-4f14-4880-8d71-8064cb97e530","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":99,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"3def08a6-bfcc-4a77-ab70-e1b48fe588c7","block_type":"box","text":"assets.","page_number":99,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"11564c3c-c061-4633-a5c9-500d48698d1f","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":99,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"00098cee-e31e-48c5-8bc1-82745456ca9d","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":99,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"cfdffd5e-5230-4734-8d06-c2bba95589e2","block_type":"box","text":"e.g.","page_number":99,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"c15d5701-ba13-439f-81a6-e6cae20c7617","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":99,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"ea47127f-2128-4003-a440-623f4a1ff369","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":99,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"c64f2aa0-76ca-413c-b31a-3e0ae1c3b28b","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":99,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"7f95a7e9-addd-49f6-ad6f-db7886733a35","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":99,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"654d2979-1747-413f-8cf3-5c823be14cc1","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":99,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"184d16b0-fca6-40cf-af6d-473ca31e1391","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":99,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"b121a764-1b02-4dbe-874e-43d230e1726c","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":99,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"15a44038-29a4-4a66-80e0-b67eb012fe3b","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":99,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"1cd78649-b2aa-4d61-ad14-37c057f62083","block_type":"box","text":"countries.","page_number":99,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"54188c9b-3045-4fc2-8621-04842641371b","block_type":"box","text":"Issuer Insolvency Risk.","page_number":99,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"3e8cde46-2da6-4aeb-a683-d70c21be54ae","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":99,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"8a8523ce-8882-469e-9298-9baf1a3a4dc3","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":99,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"ed2a7682-a785-4144-be7f-2ecb088372f9","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":99,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"34814d8b-4a1f-4a3c-9826-b9b0528f81d8","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":99,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"8d9cc35a-0647-44c6-be37-203f2f41a2c7","block_type":"box","text":"issuer uncertain.","page_number":99,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"fc6a49be-9d08-4320-8cd9-fcc25b8e64c9","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":99,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"7af0a563-8943-4541-8e8f-87944f4eede2","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":99,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"a6a0257f-bf9b-4cf0-96bd-0ffa36c04a11","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":99,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"d7b2493f-3b21-456a-8997-071c74be9b41","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":99,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"b7715c81-b3c8-48d3-9e74-b4f6e1432bc7","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":99,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"ffa60ffc-f8c9-429a-8946-eb75d1789365","block_type":"box","text":"eventually be satisfied.","page_number":99,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"2da08c81-1c4e-457b-8929-c2481b9f3fc2","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":99,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"2a8038cd-63da-4a0d-bd2a-2b61de83b48a","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":99,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"f38d6778-d4cb-4446-8cdc-91638e0b05de","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":99,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"ae85cee9-af91-4bd8-adb0-d558e8ff1033","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":99,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"07e0ba66-37dd-49ff-96f5-ec2f55c0c975","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":99,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"eb796fa9-6106-40fb-8216-e19a65a52c77","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":99,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"4a44aa9b-147c-46ca-9dc5-7c3c238b7f24","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":99,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"d98f2801-065a-4aad-ab4e-32919e485570","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":99,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"69b1dbb8-1204-4d73-abb6-bacf8f948e6e","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":99,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"a8a8b4f9-ddf0-4e25-bba8-793f21a8347e","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":99,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"d77aaa65-f2e6-438c-a245-193fa129e948","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":99,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"d943a599-44e3-4ed4-895c-859b9657f7b1","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":99,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"71a1fb6e-0937-47a0-8587-f954ba9ad9ec","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":99,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"b77a89a9-b96b-49ee-93c8-8a7f6c39eaef","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":99,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"14eefcb5-c70d-4f50-98fe-73c9475d354f","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":99,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"31da6417-51b0-4463-b40e-3664f3b32791","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":99,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"dd4de48f-10d0-47e2-bf31-a6f2b0a7d081","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":99,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"67cb201f-75c7-4a96-abd5-288fc7be9a2a","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":99,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"eaf6c270-1abb-4c2b-9712-4cef4c434963","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":99,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"57a1b1e1-6405-4784-bb42-de676e81a0d1","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":99,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"17e8e47f-0c88-4ea2-917d-91e63412c20f","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":99,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"60e8405b-0550-4929-9b12-4234c2ba4be2","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":99,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"470af515-4d1d-4b33-b1c9-0d1b4d88d284","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":99,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"c86da10d-8923-42c0-98fc-f389255775bb","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":99,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"356e081c-a305-4760-99cc-d92a07ed824d","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":99,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"210a04ec-6026-4f32-acaf-0343c94a724c","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":99,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"2fca5c6f-89f1-4777-b175-fadc3c5f86cf","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":99,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"5b871493-efd7-4b4c-9a54-887aca56c35e","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":99,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"c4d04ce1-6f30-45a4-9210-68c71905b723","block_type":"box","text":"that assumed generally by an investor.","page_number":99,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"f095b0ad-b885-419c-a566-b9a66d55cf24","block_type":"box","text":"II-48","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"151d3aeb-d537-4d8b-aee3-9848b9f62a5b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f642065-a51a-419f-b3ed-600dd5e18b50","block_type":"box","text":"Lease Obligations.","page_number":100,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"490c5652-f229-4c38-b2c1-c8a794439550","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":100,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"0848c30d-ec83-4274-8676-c22fa5fd305b","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":100,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"692843d0-f169-4a66-9f9c-baf2b818741f","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":100,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"2635bd99-cb72-460b-8e26-672ef9d9240f","block_type":"box","text":"Life Settlement Investments.","page_number":100,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"6ad6ae2c-331c-441d-9b94-fddba8ede33a","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":100,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"7a895600-1a7a-46fb-9d8b-05f4ad82ffa1","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":100,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"7b98cfde-130a-470d-ac0b-788f45ce3015","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":100,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"f4c4afe5-c4cd-4b10-9d11-16fb29861c90","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":100,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"c839531a-30ec-4d86-b616-863e75a657a1","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":100,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"491d3709-b290-4ca4-bd26-289520019839","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":100,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"888cc496-ffea-4a2c-920e-4d2ced3d1734","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":100,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"f26d3825-5aaf-4973-8057-09e02d96d4cf","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":100,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"376a5bee-4bdb-4d4a-8ea5-50af68ae2259","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":100,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"a0cd0cc6-c2b9-41b0-a8c5-de13ae525dbe","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":100,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"5a17663c-2a62-42c2-9e1a-ccfea5a90c49","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":100,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"46414f04-f0ee-4878-9682-ea09a5d2f4cc","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":100,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"f4f27e3f-25ac-41eb-9086-53e1033d47fc","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":100,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"6c42abc0-7337-4210-b499-25a8e3c0c855","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":100,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"8435555e-77c4-4cbb-9258-324559e3c851","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":100,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"1d324d9f-b78c-4542-b996-ee3f15d9a862","block_type":"box","text":"Liquidity Risk Management.","page_number":100,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"d730af13-076d-499c-b290-4bc8c3393a1c","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":100,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"49604d5c-84f7-4873-990e-3f59750b85ba","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":100,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"f1cd49ab-10c2-4377-8952-9b652f00a140","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":100,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6fbe5835-8e8a-499d-be61-75d07f44afa5","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":100,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"3f6e3195-87bf-4151-a102-ef9838777f2a","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":100,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"7c7f59f7-8041-4065-8797-ca2df394b1b0","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":100,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"803b6486-6bcf-4824-964b-182fe699adc4","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":100,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"363d7dc5-3946-4c12-a7ad-e6798572674d","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":100,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"3589ba6e-acc2-4ff8-9f84-9433ec05cf00","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":100,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"d308d86e-6987-4c10-aa28-34dc80e40b3d","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":100,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"565d70f7-08c8-4b8b-ac8f-5f0f3038c028","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":100,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"858f85f5-7c0d-4aa2-a460-3d5d1e0b714f","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":100,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"aa256348-54cd-4b01-b45f-75eb6ab7890f","block_type":"box","text":"Master Limited Partnerships.","page_number":100,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"17429965-3b70-4989-b4ac-7b4edc2bd9a3","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":100,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"f86339f9-ccdb-4fdb-a88b-969785b1e27a","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":100,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"a4fd0fb3-8e2a-4643-b86f-19dbe281c103","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":100,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"5d460d37-64c0-4684-85da-e0d0cc1b01f8","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":100,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"a44dd6ce-2453-4f7a-adc9-daa8523c4ebf","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":100,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"d8eab2f5-f634-41e5-aa4a-186023da3824","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":100,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"bd7fc205-2dd6-4324-92d1-3031765b7fe7","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":100,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"c45b9782-d676-4a7f-85f3-cde1cb4d54b7","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":100,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"d14e9021-7ddd-42aa-953c-d278d4695749","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":100,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"39a9ae1d-174a-4d74-b6ca-dfa14e4d4f75","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":100,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"20ffab06-7b14-44c0-a80b-a0b858a6a9f3","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":100,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"588d29d6-8e7e-41bc-b999-11c7459104a3","block_type":"box","text":"in the partnership’s operations and management.","page_number":100,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"fbbbc625-90fd-4cb7-bdae-6ac45bbf459c","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":100,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"6ad35359-c4f8-45df-919e-7e80fbf809d2","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":100,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"9d1ea8e0-aa3d-4471-a6d2-d301f60166a6","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":100,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"e3cff477-d2e7-4dda-b046-634a9cee6e98","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":100,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"2ce64787-abf7-40d1-86c2-1b65982d6ae4","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":100,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"444f0893-b6ef-451c-8615-4efbd2d79dc8","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":100,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"3c7ca606-e554-4510-8720-f2828910bff1","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":100,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"c647e86a-d14b-4170-8efc-6c190de4069f","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":100,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"eff59881-0317-44ab-8f0a-01a979d33141","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":100,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e5944ab9-d1a8-4880-aa36-0f6bc2cca798","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":100,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"04471bad-dc77-4613-a5b7-12a4c5912d9e","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":100,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"72f34af2-9b08-4918-aeb4-45347e4cb9d6","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":100,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"7ede36f5-2649-43e9-abde-6e950b22e15a","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":100,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"7783475d-77c5-4749-8508-af1018ec27f1","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":100,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"7e3e6a86-81c1-4281-952c-cd5d722f36a6","block_type":"box","text":"II-49","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de4db62e-79d7-4f39-bdb9-9fc19a307b4f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a327613f-a8dc-48f0-b1f4-cf0958fe6137","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":101,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"46463a6e-9ce7-47d3-ba6a-ff9bd4c2e88e","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":101,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"dcc7baa5-0511-4206-a5aa-0d143303bcf8","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":101,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"b9be5730-380e-46ca-88a6-31d47960e658","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":101,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"e1559859-f700-4765-9b50-dcd06fa6a0da","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":101,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"c23b87f0-f7ab-4810-93ad-338ff112f183","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":101,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"29b50746-d757-44c5-886f-6a12cb4293f8","block_type":"box","text":"Merger Transaction Risk.","page_number":101,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"eb72c43f-1c48-4ecf-b57b-4977a73ee929","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":101,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"ea33df37-b213-4d25-90c4-12cc6e9d6e9f","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":101,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"e432ccd4-dfaa-4f3f-af22-f133734b5ddb","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":101,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"ca0066f3-092d-4ec3-bfc3-6892eb150a95","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":101,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"719c5489-d956-4037-bbef-943b90c34006","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":101,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"44f49218-db0c-4e2e-8dc8-bffbc53245db","block_type":"box","text":"the Fund and may lose significant value.","page_number":101,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"9e640ad6-6758-40f1-af39-588e99bb523e","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":101,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"5772ba75-03a7-494c-aac3-b85de31cc68f","block_type":"box","text":"Certain","page_number":101,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"62486a39-7eb6-4afc-948f-25ae0e83db8d","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":101,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"568b6af4-e65a-4258-8ad8-0bed8cb1411a","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":101,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"5e053966-f803-4084-ad87-0567b97452dd","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":101,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"6a9f0c10-30e7-4359-b8ea-e9b1c87ac621","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":101,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"b49e4d25-43a6-4e87-a9b3-b97c6d2684ec","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":101,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"a765de96-98d1-440d-bad5-12771f92654c","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":101,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"991350dd-4025-43ce-9cd6-b9092b470741","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":101,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"811f0d34-060d-4bac-9b37-e28d2af2a149","block_type":"box","text":"branches of domestic banks.","page_number":101,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"e6986021-2c34-4d89-83e3-4789917ff264","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":101,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"03eedb1c-f951-45ae-b685-3856893ef3fd","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":101,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"60f0da7b-3c1a-4eca-8d3f-eb0a466639de","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":101,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"76dc7d7e-6aca-4d31-a3b4-a90d1d461aa4","block_type":"box","text":"paper of a foreign issuer.","page_number":101,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"74804ba9-2fea-421e-b530-5ec609d199d1","block_type":"box","text":"Money Market Securities.","page_number":101,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"9f7d8888-1dd6-4507-bd62-0827016f151d","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":101,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"dc43a248-195d-4d55-9773-d57692f50739","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":101,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"18525bdb-90f0-4649-b008-2792ada3b6af","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":101,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"64469f00-a7cc-4e1d-8b2d-282b2cc52896","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":101,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"23cb37f2-1df5-4a46-90d0-70cc001ee5f7","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":101,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"0a523a37-137c-4bb6-b452-c4b3eecc8df4","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":101,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"fc458147-f800-4d18-aab7-70a1596f61ee","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":101,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"4fb03f44-462a-4121-b597-a8de9385a14c","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":101,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"86aed551-014e-48af-8330-cddacb09a740","block_type":"box","text":"agencies;","page_number":101,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"0934782f-4a5d-472a-8717-336ed2a572f6","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":101,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"e4dbe394-0885-4199-ae27-ecd82d173370","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":101,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"af4daa25-bfe7-43c5-89c3-3220d7a1efbe","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":101,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"5fa191df-036f-42b8-a7d5-8fe0c7994de3","block_type":"box","text":"obligations and credit card receivables);","page_number":101,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"5c698e4e-217d-48b4-b65d-85d6ca12239b","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":101,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"f8be7622-b798-44db-aa32-3a2790043551","block_type":"box","text":"authorities and related custodial receipts;","page_number":101,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"733dacac-53d3-4e56-9531-51316fe37128","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":101,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"5d756563-3db3-4353-8048-3641ce7bc44f","block_type":"box","text":"agencies or authorities;","page_number":101,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"0eb93125-3c5b-4ed8-a4ac-869e5d6533c4","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":101,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"faf7be46-0fd2-4714-b4a4-0f5a046a310c","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":101,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"a48f8d66-4d85-4c02-acdf-bd3a29d9c233","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":101,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"86fc7ecd-9d16-4b02-9cf1-0dfa4101520a","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":101,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"c87a23b5-2972-4230-a524-4a36a3793a10","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":101,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"1469e490-85db-4673-9f8c-a174d8f1383c","block_type":"box","text":"States;","page_number":101,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"7f217232-a0a8-4a92-82cc-9269f6498dd8","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":101,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"dd7defa1-6a57-4839-9549-ec63117c6d3a","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"adabd555-6474-4aeb-9ecb-1208df30b106","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":101,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"07973f95-7a21-4d9b-835c-fe8d6b6b0493","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":101,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"3ad7291f-ed27-4e08-9007-585b6660051b","block_type":"box","text":"II-50","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31446f44-137d-40b8-8e13-3f9a5206d827","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3fcf505-40b6-4efa-bdca-c3c629d02c3b","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":102,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"bfb5da9f-c52f-4f63-87a0-f6b3f9f12634","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":102,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"4a479861-3e0f-4e8a-8b72-4fc956a8d78f","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":102,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"a254c80c-ef6c-44cc-aa0a-8b170ffa4cdf","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":102,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"e0b4ab25-bc45-4b58-b2fa-379444206f38","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":102,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"79bc6b3a-3382-4c52-bac0-1c3ae6514032","block_type":"box","text":"States.","page_number":102,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"d9b9a500-aa6b-44fc-a1b0-d90e36cb2965","block_type":"box","text":"Mortgage-Related Securities.","page_number":102,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"898c2d57-cd96-46b0-8ca6-d2004020bb64","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":102,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"550ed238-bdb7-464c-8660-be704539f67e","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":102,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"7b32bed8-f07d-41cf-a236-c56d0e74079a","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":102,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"fe3abcd6-961f-4f11-b2d5-1f513a9f3228","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":102,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"165e4032-265e-4ec7-853e-0aefb3e1ccf7","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":102,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"903df520-19c8-40e6-a94f-282eea43df43","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":102,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"69123300-003e-4742-9d9b-97c15930de78","block_type":"box","text":"maturity or specified call dates.","page_number":102,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"4ff8e29c-d65b-47e4-a678-033485d9ff71","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":102,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"fd24c604-8e84-427a-96d1-d91d2e5ee4f5","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":102,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"9c0cd928-d34b-460a-9877-2a7f733ebf40","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":102,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"cfd5db2a-d52f-476a-bd9d-932a619d873c","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":102,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"e2bbc2e3-ffa8-4541-ac60-45b929810445","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":102,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"a7235dd8-6e5e-4ef7-9f57-b99ab0185f01","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":102,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"97b4e5ab-859c-4eb4-b321-78a28970502b","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":102,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"572c3c30-8986-45e0-9985-23c4f92e3c92","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":102,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"1945910a-38a1-448d-911c-9b19e763670b","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":102,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"6c2ea5ea-709c-49da-88be-23dc9072d331","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":102,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"ee31acdb-66bd-4905-ae5b-a62d024ef2ae","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":102,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"aa7d6926-ace1-4bcd-ab1e-ed95056074f2","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":102,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"898d9ab6-1649-489c-bad0-ff092036d2df","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":102,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"477bd931-3667-497f-95f3-d44c2f311be7","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":102,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"c44b3754-1049-4336-bbd6-4345dc46a267","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":102,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"0a3142f2-215e-4bb2-b2e3-7ced81fde44f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":102,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"4cadbcec-1be9-4203-99de-bbfe3eb0ce6f","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":102,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"a3b0aeee-b611-4de1-bdc6-04f6385b7246","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":102,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"611afbbe-7399-4db7-a346-e432735740fc","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":102,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"fe2383ab-2d4d-46d1-acbe-946464a1cc64","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":102,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"7e4087c6-94f3-4755-a672-960c79f8391e","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":102,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"828022d3-c1cc-46fe-911e-3989a755102f","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":102,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"a692a064-cd11-433c-91a6-0c8789d39511","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":102,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"215aee4d-42cb-443d-8442-d9b1f380db9f","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":102,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"f614dcd2-7772-47c7-97d1-b65007d7c1cd","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":102,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"02f3ee9d-cab0-4ba9-9607-beae5b2c800a","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":102,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"fe8a7d28-48ac-47c4-a410-15262a437884","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":102,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"d33fb031-8a95-42a1-a77b-e3b3eefa862e","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":102,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"68c58076-efd2-463e-9f41-12818fda2583","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":102,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"8360de94-8a5d-4c6e-bcd3-23e815573216","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":102,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"27a0d050-f61a-43d8-a766-4b4194c05f12","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":102,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"53af1ea6-4ad4-496e-a188-d0d1f30416d2","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":102,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"a9eac1f5-7641-4fa2-bfe2-8194e4db38d1","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":102,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"faca0f22-0387-465b-a919-ff0833e56dd0","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":102,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"1d8af6f4-cb8c-43f0-8280-7bb231cfe636","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":102,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"8eaf448c-22e2-4c74-9706-4b928aab0ced","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":102,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"973f7cbf-595e-4999-a347-97ce119a81b7","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":102,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"96396c39-c88c-4f48-9391-30ad8ea3daa9","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":102,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"67dfa973-5e99-4d1b-929b-a4468f830fd8","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":102,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"8ceac5b9-695e-4393-8f26-f36f9cb7932a","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":102,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"d0cba0e3-ebc4-4a11-901c-1c4ea1208fca","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":102,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"9e1de8f1-0a2e-4fac-9b55-99495f8ae12e","block_type":"box","text":"II-51","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57815d08-3180-4201-b1ed-baac2bdcb030","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0324489-f8ef-472c-900f-c0e70e900636","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":103,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"74d1512c-8f49-4a0a-9e2c-c4f6310b34c5","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":103,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"9b16cbf6-5edc-41fd-9f57-4dedf82a0ee8","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":103,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"82715d81-bf0a-4ebb-baec-d300ebc80b2a","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":103,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"82fa0cc7-9294-49f9-b018-c140540b89a2","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":103,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"c645d364-1bb8-46df-8abc-f124cf6a6812","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":103,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"ec75bc07-fc2c-4c11-b9be-3bc0976bd0d9","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":103,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"bf8532f7-b3df-484c-9974-3db1124a38fb","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":103,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"e238c409-fc9b-480c-ac3f-eb1936551836","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":103,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"32293014-b8ba-44ec-b780-6f5e568c379c","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":103,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"240b0b46-9892-4632-b766-1ae4ed6017d5","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":103,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"4eb949fd-531a-4576-bb44-a12f71404b9f","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":103,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"6c8f70ae-c345-40aa-8178-2231627e158e","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":103,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"7b4c2664-29c0-4606-b507-f77fefbeda39","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":103,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"bf30b8c7-8307-4d52-baa9-681ab2b1ec44","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":103,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"0163935a-a543-4f54-af66-dcbeb778b8c2","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":103,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"944e6081-94b9-4bbc-a339-6c623ee56d8c","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":103,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"73d44dbd-9db9-4671-a868-8aee1276e4da","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":103,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"2b90621d-08f5-4509-bbad-9ebbe4976f31","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":103,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"b46deda9-fd09-4cd7-bab0-5533e400ef7b","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":103,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"599fe678-ea92-4adb-9f20-8e349f508cca","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":103,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"03f74f26-1ab6-4357-af35-abf4fe99e637","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":103,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"19fa4505-18f6-47fd-9688-17a4548dcc97","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":103,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"86a49475-1b61-486a-b066-c5a2fcfbb667","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":103,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"2f54b914-bedd-4900-bbcb-baa928bd90c9","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":103,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"751f3982-f836-4f66-b25b-94899fd5f970","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":103,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"a5485813-468c-4f69-960f-109f2107248f","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":103,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"d56219df-0d21-474a-a36b-f46d3d5a2f80","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":103,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"9f11d4fb-e39f-4556-9d5a-870b14d10a3e","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":103,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"c415e0b5-1d7c-47e3-b632-17a8c99ab527","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":103,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"ea9ae508-d380-4877-af3c-c5af25b30d88","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":103,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"c109365a-939f-4aaa-a618-e398dfb9f7e1","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":103,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"833bb586-2711-46b1-b8d7-9c3e672d0efa","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":103,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"11bf51a6-d466-4e2f-9748-eeefadfaf789","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":103,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"485c43e0-1f3e-4c62-ae2e-1c8b5633ec3d","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":103,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"233a962a-1575-4b3a-beb9-e351dce88725","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":103,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"570a2cee-8f8f-4091-9e88-3da18384490a","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":103,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"1aa69aef-75b8-4680-abef-cf3af03f18aa","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":103,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"1cb6cfa0-60dd-42c3-a020-f6ee9cb4ec02","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":103,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"4236d48f-77a2-42ce-b25d-2301d97da142","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":103,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"af13a87b-646f-4976-9ab6-e4b041cad276","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":103,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"64458920-8b7d-4f1b-be8f-bae369021aec","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":103,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"d7e56729-f876-4c8d-817d-e0dbb326924b","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":103,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"7bc7e370-fde1-44c3-b38b-5c4c0d5a9e83","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":103,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"ff1de04b-4cd0-4fd5-96a0-85780aa5a62c","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":103,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"d5bcf118-b478-4223-be09-95f4b4d037d8","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":103,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"bd7b0e9b-0d54-4dd2-9425-4eef9b2f1c8d","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":103,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"4dee6323-5b87-4d1c-96c3-763f544d6d6d","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":103,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"8c556853-46d1-49b7-bf3d-45c60f3dbecc","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":103,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"229b6384-ff29-411a-b91b-de0df47e9fd5","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":103,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"e7066f18-39d7-45f2-becd-3d549fae2572","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":103,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"30e1a04a-3a29-4910-85de-dae0405deb3c","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":103,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"22046197-1798-465c-b7fb-94ce659326ba","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":103,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"82f28c52-7118-4e7d-8f42-fc097529c626","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":103,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"0f9c1902-7b58-4534-9ae0-038858c005f0","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":103,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"8f29c190-f727-468f-b82a-a75b2ce87b59","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":103,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"166b56a8-7079-43c2-8f7b-658baa2710dc","block_type":"box","text":"II-52","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de3f3da5-7781-4d09-8ccf-dea83f8480d9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"368189fb-9ef3-428c-94a7-b8280d2ca225","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":104,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"4367110a-aac6-42f0-8d78-6e5785cf2116","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":104,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"7bd51415-11e7-4ed8-bd57-0ff2479a41b1","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":104,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"6bc2b49d-fdb4-4f7c-bfd6-2eeede61abd0","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":104,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"70a32985-6ab6-4af1-91c5-9db0342b1733","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":104,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"d24db356-4aaa-4a32-a06e-e3641589746f","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":104,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"9d65c42a-d6eb-4270-953e-ab2b2adcc81d","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":104,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"7f2423c5-fb67-4ae0-b239-933670b03c8e","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":104,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"f0bc7700-2bf4-460e-a6b4-4d823e283d96","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":104,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"d932796a-2584-4705-8990-a8d1b7d66815","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":104,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"de5261a5-5663-4bde-b854-4c07f0a78b92","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":104,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"1e22eecf-ba12-4aa7-b8ed-d21ae7049eaa","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":104,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"70494e0f-26b5-4cbf-8f31-bda66e2f5256","block_type":"box","text":"of principal because of the sequential payments.","page_number":104,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"dd9580a6-1968-4dca-bb36-fbabb2baeec3","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":104,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"c4395d2e-d288-4030-b2b4-0a70f4418f67","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":104,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"d5df3d5a-8154-4d80-8b58-f1262c1ef222","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":104,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"61e39b86-21fa-4b96-bdd7-82e3dd84312e","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":104,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"768dd850-5e91-4d61-bf28-1b19ad428507","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":104,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"47551f0b-b514-4f2b-b502-d0ba5ccf4299","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":104,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"abd0f2ec-4afb-4d50-bf45-c7be40f71527","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":104,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"abe8bf75-6418-4407-8e58-d42976bbc518","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":104,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"927829cc-51aa-418f-81dc-c572c12ceefe","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":104,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"11503414-df1e-49bd-8436-c77f92c4d202","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c78a52e0-6d7a-42f5-8a67-ad43b86e04f0","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":104,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"6a5c8fc0-36e2-40fa-8286-ff0c9d7079d8","block_type":"box","text":"securities of any single such entity.","page_number":104,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"35042d57-ebb6-4e41-a8d4-0528e5c2ea31","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":104,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"638e0c65-0520-44a0-a046-e1d09b692ac5","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":104,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"8e37aa23-152e-4afd-852e-5168050353f9","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":104,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"ada8090c-8614-48c1-9cb2-7abdedcd9b66","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":104,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"1d168237-d431-4ccb-b069-125a4cd02338","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":104,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"cf9a8522-5191-4a79-a350-51bcbf661db4","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":104,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"b061eca8-4795-43cd-a760-de728ab6139c","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":104,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"9b35e05a-12fa-4b35-93fa-65d045845080","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":104,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"2900efee-b380-42fa-a777-e5d601585fdc","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":104,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"649c9986-a482-42bc-ac92-00bf4ad850c9","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":104,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"bb7d62a9-4bbf-452c-9740-80734c304d24","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":104,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"e2182f07-f35f-41f1-887a-a90341d53b4a","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":104,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"99029890-2502-43ac-ac1c-532d2de1686e","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":104,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"470afe32-8436-4bbf-a393-533c1d646d5b","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":104,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"c8dc0964-424a-4ebe-9ed1-a0209c0e6cdb","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":104,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"3f2704ea-8e9d-43c2-8596-b681b1cd6f71","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":104,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"e791a2a3-e2cd-41da-9927-1dc769de4b42","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":104,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"ffd1cdb0-b640-4c74-a01f-da53a163f48f","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":104,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"9d61ff34-1042-43bf-bc6b-3932acb512d5","block_type":"box","text":"classes.","page_number":104,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"4aa70712-ff39-44cc-8c6b-7742ec1c3a3f","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":104,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"eb50fa31-b2dc-4491-9454-0d4b14c6a00a","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":104,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"0510c187-c4fa-4054-855c-ea74b285c1ba","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":104,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"8c1c8c34-871e-40b8-a1bb-05fe4a1004ad","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":104,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"d8e959c5-3a2c-40da-938d-bbba0bdde40f","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":104,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"814def9b-b077-40d0-aa05-114216bcd2c4","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":104,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"3fc0b2fc-1ff9-4e04-a425-991585750ced","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":104,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"2fb44eb6-8faf-4582-b735-6fd32a4b9e18","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":104,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"4d8901db-aa2c-42a7-8b15-149daf399fa8","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":104,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"5dfa1d0f-1d60-45bd-a533-ea7d547d9e85","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":104,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"bdbcd7e6-a620-4df6-854c-66223ea9bb5a","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":104,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"1dfcc1d0-c08c-454f-809e-35ce850907f7","block_type":"box","text":"to a designated benchmark index.","page_number":104,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"987d5c8a-223c-4160-be41-13b1c03ca383","block_type":"box","text":"II-53","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"50c173cd-b65f-4f61-8d5f-5841d13d2606","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bb587c9-da4f-43c3-9a81-63b7bfa2910a","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":105,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"7817a87c-c77a-4607-885a-d013c292ea8e","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":105,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"c78d1732-57b5-4b43-a891-3ba098056617","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":105,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"56d6210d-3150-44de-a2f5-4255cdb014e7","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":105,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"6eb2d797-ca96-4c59-929c-2f1ee61002f5","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":105,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"480ee6f1-705f-44f9-a333-f1e31690a39f","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":105,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"5e85c1a4-88b1-4451-888f-0fc0b46ee1d7","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":105,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"900942eb-b6bd-45b0-8c3b-0698a1309c26","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":105,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"19a6f946-952e-43e6-83a5-19b250933a32","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":105,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"f76f5460-1dda-40b9-bba7-2d193d968cc8","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":105,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"86c34372-8ebc-4f43-a58b-1b6dd2731dff","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":105,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"98fc3679-e7df-4589-bb94-056d1dab733b","block_type":"box","text":"CMO Residuals.","page_number":105,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"c7d04669-85e6-4520-826c-eb404ccd425c","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":105,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"f5898503-06dc-4cd8-82b7-a6d114489dc8","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":105,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"6fcc18e6-7656-4aec-88dc-84d3c46b5e20","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":105,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"262af662-7c25-4a21-a47f-da8dcce3a2b6","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":105,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"87f99ec7-396e-4632-a96f-fdb24e593cd6","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":105,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"ac9b88ca-a650-481f-848d-29c438246046","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":105,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"62e564a7-8351-4b20-979e-ccac8ad7dc68","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":105,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"3d01a55c-4207-4405-afe2-1da2c49281e4","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":105,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"8ddcede6-30d1-4931-8aa9-f075fb41cc38","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":105,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"001b05d5-21c0-456a-8d0e-4b895b02f54b","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":105,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"45fd40e5-df45-45d5-86b8-c17dff670122","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":105,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"d96e4145-811a-4b42-870c-154283cc6f3d","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":105,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"374c267a-2ae2-4464-bc42-86ad0261853e","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":105,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"6c3eb099-25bc-4c40-843f-5bfa9ee6e10b","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":105,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"ab3ce3e4-57bb-43f1-bee7-a7b14a17b4c4","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":105,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"fd8b24e5-517b-4eba-a883-3e862b46362f","block_type":"box","text":"a CMO residual.","page_number":105,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"8c59d5ae-3fe7-4a03-bada-73c7fe6152dd","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":105,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"c03bf81c-5fc7-4306-91fe-bcd34d5daf16","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":105,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"86a5fe51-c5c8-4ed0-9b68-6905bedb5935","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":105,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"d27e23e0-d8df-4778-935d-e4f19741326f","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":105,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"b7b07296-975e-4998-85b8-320f9804e149","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":105,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"fc056a97-9264-4260-b9cd-f9aa5db7586b","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":105,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"d4cf8672-b23f-420d-b1d3-4501e6344d7c","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":105,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"b3ec89ae-57c4-4e53-a162-ef24782fb2cc","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":105,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"57935bab-4e5e-4f83-9cbe-3385ee21f4d1","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":105,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"408afc6c-bd25-410e-8d40-3a1fe6ce208f","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":105,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"02c3abcd-fe4c-4ecd-a52f-92211e695898","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":105,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"97b3191d-925b-4a82-8e58-72ffba4c740d","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":105,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"de9357e9-375d-4c29-83ce-bfa5fe38be5e","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":105,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"facb3636-341a-46e9-96e7-e42ecc0c0210","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":105,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"756efc79-9a60-4fa5-b165-d82ebeaa6c6e","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":105,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"d58f009d-c629-4cfc-b8e7-df760d05292f","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":105,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"5481ae67-93e3-4919-b556-4e2b89092f7a","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":105,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"b9b6c24a-4ff7-4466-91a8-b3973bc0d0d3","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":105,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"30aab667-5658-414d-b247-dcee5a27bcd0","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":105,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"7a80d76e-c653-4f2e-90f9-12e61368c7a2","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":105,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"db842ef4-60f2-48f6-879b-75bce136392e","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":105,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"9944f833-4192-43ef-8c1e-0a6d6ad5a1b6","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":105,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"721eab04-950c-4b13-9989-4c8e14b33920","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":105,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"c9c04cd1-b91d-41d8-a157-5f379f874df8","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":105,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"778b9a5a-bfeb-4069-9dd1-95bf7a72266c","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":105,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"bd13c378-85fa-4d51-83d8-1eccd3ed9801","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":105,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"fff51b79-1896-4b72-b2ed-573b8a9062b9","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":105,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"af6c102d-2faf-4c4e-85a9-2db29a09e625","block_type":"box","text":"Tiered Index Bonds.","page_number":105,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"b63d803c-6f5d-4299-bc88-cd6953cbfab9","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":105,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"49c9470f-9b0e-47d2-a493-085a89dd2529","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":105,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"f3f57064-06cb-4a33-901b-e47b5c0e7d9d","block_type":"box","text":"II-54","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"242fd874-3b85-4ba1-b566-8b09c94876ed","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3537e60-0446-4785-8fb8-248795f928c7","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":106,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"97651a76-0299-43a3-b814-520f573a12e1","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":106,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"d888d3b0-5e50-4e71-9bb4-b9a74d1fc9cb","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":106,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b8a8c4b5-649a-4803-aaa9-1db0e3f23b15","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":106,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"9b319a29-4940-44bb-8ab9-ef4f9d398a65","block_type":"box","text":"that of a fixed-rate bond.","page_number":106,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"1c9fb5c5-1764-4ecc-b48e-7dc19282d85d","block_type":"box","text":"TBA Commitments.","page_number":106,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"1e82b661-1ce3-4cfd-82c9-fe81b1fd75ae","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":106,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"f0364e8a-5f6f-42d6-b115-855b6831415a","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":106,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"0dc64b27-b7ab-47d0-8daf-bef9c5bb50ee","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":106,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"4fdbfa9e-01e5-4416-8525-222d46e5a3e3","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":106,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"8a87a4d7-918f-4632-b708-41fe8f6eff5f","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":106,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"3156d6a9-c0fd-4c3e-bceb-9938284bd73d","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":106,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"243dc100-7d3b-4f80-90fe-50dbecd6e8fa","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":106,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"1cf8740d-68c5-4d52-a4ba-d575715f0bda","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":106,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"037274c1-a5d5-425a-bf58-2a255cd39ec4","block_type":"box","text":"below.","page_number":106,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"994648e5-4366-4ab9-a2d1-278a9c626bbd","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":106,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"9be4950a-a023-4c78-bd71-802fb066b0f4","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":106,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"a97ff852-5c71-4f8a-8a81-35f42462d86b","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":106,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"e53bcaa9-04ad-48ab-9ab8-171b6e3158f2","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":106,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"2f539fbd-d372-4d21-8184-df208587badf","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":106,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"7645b561-67d3-46d7-9d3b-2d3b593244c5","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":106,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"04f3aee9-e6ab-4c0d-921c-24af099f096a","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":106,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"68caad22-7ba1-4b79-9e0b-2b3426b032db","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":106,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"5dd53fda-44b4-4d0d-992b-914a014811c2","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":106,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"6b9a8a57-1656-43e7-bf2d-d4257e00abaa","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":106,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"b24590bd-8c06-4cc8-bb7f-77518d911461","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":106,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"0227891c-a9cd-41bf-a800-aa5aeffc094f","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":106,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"8f019905-b044-45c8-b7ac-6053ec69b374","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":106,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"1e77ecd0-26e4-4ea3-aff7-b3bc31b888ba","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":106,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"b62d1233-6da7-435c-876a-a8e02edb8528","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":106,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"374d3b65-a385-48dd-992f-4f5e3838845f","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":106,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"94d14bda-c803-482d-8bd8-e7bc4bc0b444","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":106,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"8c4173e7-ae63-4356-9c07-54695c0edfc8","block_type":"box","text":"securities in the forward transaction.","page_number":106,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"5d58bc76-f9a2-4ad7-8c12-380a3be3ac99","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":106,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"3f683f6d-5c4e-44a9-bfc6-8d730e73e64c","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":106,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"66690742-c0a3-4923-aba9-dc12d6267da4","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":106,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"4233665a-9a7b-4f23-abb6-8383acb1138b","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":106,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"d8eb6dc2-6e4a-471d-b31c-ca5d4f863025","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":106,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"7809ee7b-69b9-4506-91e6-72b264e4cdb5","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":106,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"c6667893-1eaa-479a-84bf-40c63d2ba9a4","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":106,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"3814d858-63e0-452f-8ecd-d8250eddecdc","block_type":"box","text":"securities (","page_number":106,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"77d72f43-0b7d-485d-8a4e-af96c907f712","block_type":"box","text":"e.g.","page_number":106,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"667507d5-91e0-4743-a5d2-51ae2fffd7be","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":106,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"4002b5dc-a9f3-4f2b-817d-729fc5d6d591","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":106,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"9680209d-6735-47ea-aab6-e0ba26a639e6","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":106,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"0fa99e9d-22fb-4041-8431-9308854f421c","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":106,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"284b71d6-23a6-4754-8743-b93fd29c6f31","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":106,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"a5426f0a-dc8b-4fd3-91e5-eb6e14af6cc2","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":106,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"8cb449d0-203c-4cc2-956c-c1fede82c642","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":106,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"50d84706-94ec-48a1-9d07-f08179700098","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":106,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"31da1a2a-7612-4e17-bf70-c0aa2c18519a","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":106,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"11d4c941-11e2-43c5-b438-1d090edb1138","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":106,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"ce992200-0b59-40b6-b9bf-e0b02c0d2a74","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":106,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"44afd862-0684-449f-90ce-92a109b94f04","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":106,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"4d16f7c4-bc38-431c-9cfe-4bba03104a0a","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":106,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"4c58f89f-d713-46aa-ba43-32b77f7af06d","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":106,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"a6cddd69-d6ea-4105-b4e4-c0d7e007784a","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":106,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"0f9ed112-335d-4ae3-b354-9207df9365f9","block_type":"box","text":"Municipal Investments.","page_number":106,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"37d9aca2-fd5e-42e8-88d6-c1878f250275","block_type":"box","text":"II-55","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfadc42f-2e92-40fb-b8b9-5b66168d09b0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a98c95e0-a93d-434f-a0dc-db114c87835e","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":107,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"7ce2922c-0fac-4983-a830-d1a18ee679ac","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":107,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"c01bffa5-8d7a-44aa-bb04-645411ff3c8f","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":107,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"54734c58-1968-4143-b083-c0d50e7dbadc","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":107,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"02a6999a-bd84-4790-a738-3021a232698e","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":107,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"f5c3806d-08fd-438c-ba9f-9bb5e4c69466","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":107,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"1aa58135-37d0-4da3-8300-7ac2d71fd361","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":107,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"2173286b-c6b6-496b-a06a-e4fd57d3f91b","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":107,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"6f1951c9-e5f4-4b76-a10c-53aa8fca2834","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":107,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"abb9c25f-8fe9-4966-8275-d711f1de543b","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":107,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"74787b9e-0ca6-404d-a057-f34d2dd9046c","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":107,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"e2b2d9ae-5986-4a02-bc74-1ac49b36000d","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":107,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"d29bfa7b-1782-4076-8ac7-88768b7e8410","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":107,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"2a70c951-031c-4f32-afb8-bd2a36a82ba3","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":107,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"384df894-3841-410b-b340-fa35204b65aa","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":107,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"2a87a0c0-0249-4c82-a21a-00e300b736fa","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":107,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"49d03e2e-fca9-46f2-b2c2-b7471c9c876f","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":107,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"675699cc-f912-4aea-9ab5-7ae43016bae5","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":107,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"2729daa6-e782-4d51-8294-419f3c0f4599","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":107,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"0f3feedc-4911-4de1-ba95-201a1a392a12","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":107,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"1e3d0591-c8fc-4e50-835d-f6389eb9e2cd","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":107,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"009d8772-b36e-42f2-a55b-cc037b15adbd","block_type":"box","text":"The risks and special considerations","page_number":107,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"a9cd3986-a986-42a5-acbb-39aabc5e4b85","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":107,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"d4a75d92-fe60-485f-8583-cf71558959e4","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":107,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"5f4ac38b-0d9a-41ee-8239-74fbdf2fe765","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":107,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"1728f27d-061f-41cb-ad21-9e2de9e55b6d","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":107,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"ec2c6e28-a2cb-4f2b-8a77-cdca6f03b323","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":107,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"48233733-a147-40df-8a3f-8662aeefbca1","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":107,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"e91b2c4c-deaf-4b26-89a8-641079c7627b","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":107,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"6e55fee1-fbb9-4851-9153-b615d14cf5ca","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":107,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"44e0c621-67dc-4a52-8a3a-18c993e7e3da","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":107,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"42f49c7c-5104-460d-b3ff-481fb6a175d7","block_type":"box","text":"II-56","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ff466fcb-b79c-4d45-9abd-40ba9b603961","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"054ce374-e10f-4e2e-a170-113a75d86fc1","block_type":"box","text":"Description of Municipal Bonds.","page_number":108,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"34eed384-5f50-4b01-b9d2-9c42988b876b","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":108,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"b32e380f-a3da-4418-969e-3e6268edccf9","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":108,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"0349dc5d-0d5f-424b-9f86-860b7c58e803","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":108,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"6339ab3f-0897-4aba-966b-a5c6cf8a3098","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":108,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"7581f776-bf94-4d58-ac94-a883f9b84551","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":108,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"cbe22211-ba37-4f69-8aa7-d3515ef127eb","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":108,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"f97ad4b4-ba6c-4a95-9c3a-747c8daee242","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":108,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"f408f663-d293-48b3-8908-df77fefaf95b","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":108,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"95ff7e43-130e-4397-b96e-995a5c75bfa1","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":108,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"72d45233-3aab-4029-b1be-d4bdaca5aaca","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":108,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"278aa527-3517-45aa-8043-5961eb3eef46","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":108,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"cc1324a9-dc95-4ece-9da4-e165900d3f14","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":108,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"954557b3-59e1-48a9-9aa3-6101a05b6248","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":108,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"8ebb57b8-7f10-4d79-8e9d-d719d4bfde48","block_type":"box","text":"General Obligation Bonds.","page_number":108,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"7c0b7f2b-5a34-480a-a7fa-664b2f6d6a52","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":108,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"92a7ae31-8984-40ee-86ad-ad0eae71631f","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":108,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"c4124a49-b01f-4771-be43-8b5fe462c70b","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":108,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"aa108675-35c5-481e-b02f-6f7e0d32188d","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":108,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"7302e8fc-1e2b-41f7-9ef1-24e912ee52f2","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":108,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"77e84b88-310f-465e-9614-a7d49fc84d11","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":108,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"de219c41-0af3-45a8-8efa-4edfa531aa77","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":108,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"72e4050c-d129-449e-bca8-d143ee67c024","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":108,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"d2bda916-5065-4d78-bf13-e85f8dc4434c","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":108,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"028c59f8-037f-4dee-b2d2-1882cc8f7839","block_type":"box","text":"Revenue Bonds.","page_number":108,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"f273bfa2-2627-451f-98e4-b6a87280ec44","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":108,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"55c9e5ed-0ed8-4b52-bd70-0e44a4994e6d","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":108,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"1effb225-ef6d-48cc-a054-228cdd04adc5","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":108,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"db37147e-2893-42fd-968f-4f47aef3b25b","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":108,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"a6a1622a-38ec-47b5-a448-c2525c7323ab","block_type":"box","text":"viability of such facility or such revenue source.","page_number":108,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"952f4ff1-1ea0-4e75-95e6-acd981f1576a","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":108,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"4b3c7e62-15b6-40ad-896a-08229d186160","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":108,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"96faf604-2aa0-48b6-9ddd-36969e2310e5","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":108,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"c350e1e5-18f7-4b0e-8e0a-f95eadc9345c","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":108,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"26c5817c-b0f8-426d-828f-ace368cf3de4","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":108,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"f1e6bce1-5e1e-4643-896a-221d3f8bd2a5","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":108,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"22a93c92-b5cb-40f8-a7ea-278126c5b89d","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":108,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"ab62dc69-a918-46dc-b002-18ccf36a0045","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":108,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"9221f257-3758-47ad-8341-f6a95ebf5318","block_type":"box","text":"PABs.","page_number":108,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"8621aaf2-6f35-4dfe-88c3-7eab38815f52","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":108,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"2257775f-287e-4030-9cb3-487ca1b129e0","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":108,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"9fadf0f0-579a-44cc-a757-f147ab36f360","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":108,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"7117f1f3-2d72-4609-aae7-67e7d9781811","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":108,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"85372e52-60b0-4691-b7f4-a424771487cf","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":108,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"10f8e668-db90-4d0b-a302-b63434075452","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":108,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"92188085-b8d1-40c8-862a-5c09ecf5f465","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":108,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"8da20369-aae2-4f58-994c-e80ebbc596d2","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":108,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"91dae640-3bd3-47bb-ae58-ec711ff69295","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":108,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"18867632-732f-40bf-ba52-52fadd9fe98e","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":108,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"3efe3b29-0846-4002-b5b4-bb8bb633db00","block_type":"box","text":"the particular facility being financed.","page_number":108,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"925c4582-1b31-4d96-9127-1cc6bc7f7bfe","block_type":"box","text":"Moral Obligation Bonds.","page_number":108,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"c08db9be-13b2-4047-a560-24fe464fcda4","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":108,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"0e10fdd3-a210-4afb-b546-c53d8804bbb8","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":108,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"dbafe065-24ed-410d-8079-349820768e65","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":108,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"c832e2d0-eeea-4d9e-b78a-5d20c9b63c3c","block_type":"box","text":"that issued the bonds.","page_number":108,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"a15861d2-b39d-47e7-8822-b977ea2b8cb8","block_type":"box","text":"Municipal Notes.","page_number":108,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"9538f88c-6aa1-4bec-8b97-5a8263c600d1","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":108,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"5a82479c-1032-4025-ba36-e8f18a02f88e","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":108,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"9402ecfd-f721-4ac5-80a9-e165fcd65f13","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":108,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"5f4ff602-316d-4384-aa51-4471685692b8","block_type":"box","text":"II-57","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a63b853-945d-41a4-a88d-cb9b9050a226","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"350a1b81-f7e3-4bc5-9e68-e6bccb7f445c","block_type":"box","text":"Municipal Commercial Paper.","page_number":109,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"49dd7c0e-f3c1-49cd-a7f1-334973d28a3c","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":109,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"ded1cd36-38bd-42da-abe7-11ea750838fd","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":109,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"94410a73-289c-42c7-9ec7-d0559e1d4334","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":109,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"4ec3f616-d73f-4514-a29d-41cfae445d93","block_type":"box","text":"Municipal Lease Obligations.","page_number":109,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"b94f806f-9fa0-4834-adbb-36df9fd84893","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":109,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"babe735d-d59e-47a1-85df-ff25d42a8514","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":109,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"dc9bc595-9d7a-4c81-b19f-d447c4fb4737","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":109,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"856fcd94-263a-48fb-baae-3818ee5a7ec7","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":109,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"7cf0cdc9-62a1-4bde-b50d-d85d89c9fc82","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":109,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"5583c9a6-6e61-4694-b6f7-60fefd45ddd8","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":109,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"7f44e55e-774a-4a6c-8916-5bc0a602aa1d","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":109,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"c6e25cb9-975a-4d64-800f-fe2ff795e55e","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":109,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"c6a2983b-7bb0-4d5e-8c3d-f751bef0a6a3","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":109,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"3f637bee-fdf9-40c3-809c-b51240b74323","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":109,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"a205bf37-a6c8-42d7-82b4-437cf22d2199","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":109,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"23107a29-b1a1-4852-914b-bc4b83958232","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":109,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"d5a3a2de-5d62-4f6f-94ab-a78308d1e07d","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":109,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"10db6041-3191-4411-8635-de7c8085cba3","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":109,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"67356ae7-0b2d-4d44-9361-b3fdac47e3f8","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":109,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"98d80f75-c249-49a6-97c0-20fffa1dd217","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":109,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"fc607458-08aa-47e6-a6bc-15ed6fe35dec","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":109,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"009330a3-a06e-43a1-a3d8-2bebae3beab7","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":109,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"26fd86db-d9fb-47da-ab96-0f4d9a2f78ca","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":109,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"1efb1faa-2297-45c6-a697-7499d2f4ae99","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":109,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"4349c0e6-d755-465c-8d25-1926011afdb2","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":109,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"64995197-a79c-43ba-a02b-82f2c8dabc13","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":109,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"8e6be496-0cd5-4dbe-8c2c-a63ff2dc9d9f","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":109,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"c921d089-945e-4c90-a046-15d440782de6","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":109,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"e0d91333-642d-4d57-aab1-4705d37eb3f2","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":109,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"cd6fa75b-1c67-4ed9-bcdb-9ea71dd6e561","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":109,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"be1859e8-9742-418f-884c-040536563465","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":109,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"834fad3c-ae02-458b-aaf3-7aaede0ed843","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":109,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"870dddf1-7a11-4c08-adc2-d1a69a368cd6","block_type":"box","text":"Tender Option Bonds.","page_number":109,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"607292da-e352-4dbd-b33e-304a452bb663","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":109,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"048c10b2-ac85-44d7-bc72-43204e62966c","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":109,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"b77ef0f6-62a7-4e99-831b-854801a89670","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":109,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"a6230841-8e46-4b1a-907d-b82998d22305","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":109,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"ba474835-93b7-4d90-8904-24de66cd8921","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":109,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"5e79816b-a9bc-4a36-bc78-86f70bf62a67","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":109,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"d1fd1eaf-f97b-4c32-8f55-aadef009b6c0","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":109,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"3e035791-f4c0-48f4-bbde-7acf2c9eea5f","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":109,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"17b57929-9d55-40d9-91d9-271614618a36","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":109,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"4829d1ab-7636-44a8-a510-4f16c7aaf09f","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":109,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c16da064-a8e0-49b2-b755-8eeb5e85f45e","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":109,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"747575f1-3943-482b-b8ac-adffc372fdbe","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":109,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"caccdc7d-bc14-4187-a04b-d96f429bffad","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":109,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"c2c34ba4-043a-43bb-baad-ed537a73e660","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":109,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"83bc59c9-424c-4bb8-a048-85b30631c5b4","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":109,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"c0621008-fbb0-4cbf-97d2-cb7985af6172","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":109,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"eaee7874-635c-494c-9af7-48411fa5c3b1","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":109,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"b4608891-3c05-4d03-956b-a0377f905dcd","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":109,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"20d5e3de-b23f-4fc6-b1ca-ba69b586e830","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":109,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"97674af9-4b98-430f-a81a-d32fc1bc1bc1","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":109,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"f262613b-241a-439e-bb64-28c9cb8ee3a4","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":109,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"3e702c7e-fcb1-451e-8b1a-f2f3280bfbfa","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":109,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"6857343e-7c46-4006-8ccb-ce652684a265","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":109,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"655536db-ab89-4c1c-9c91-d75705f40b36","block_type":"box","text":"participation in the TOB Trust.","page_number":109,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"2e935f63-e68b-4f99-899c-08829e519b8d","block_type":"box","text":"II-58","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2e5c4ac-aed5-4fd7-9fea-4619c321e3bc","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff3145fd-b8f6-4c68-b469-36fb761657d4","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":110,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"4b8596db-e215-462a-8f2b-bf592e82d72c","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":110,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"efea17f6-ad42-4221-aee5-ff85079d6159","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":110,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"da715363-48de-4a26-9568-2cbe2f649916","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":110,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"a3f70f43-fd49-4fb2-ae98-d8f6f47fde98","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":110,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"a6f583a2-5ae2-441a-9aeb-4af841d5019d","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":110,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"e36d7aae-d994-4d57-b440-1cde65429299","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":110,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"1f33a64e-ad98-4307-a6e3-c3edf5d6f5e7","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":110,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"bc16af61-2555-4f9a-9615-1508bd6dfb08","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":110,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"e0e50765-98b7-4ee2-96ee-0b08e924d9b1","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":110,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"01fab1cb-56d8-42a4-b732-0b6c2a62e7cb","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":110,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"6e7f2689-a86c-47f6-9b56-d1c713a7890d","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":110,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"97fc3a72-554a-4305-8c77-a8a1a7a7e422","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":110,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"5a98fb35-d91a-4d8f-a193-007b1d89667a","block_type":"box","text":"issues.","page_number":110,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"040959cc-b5cd-467b-98b6-3dcb9842302c","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":110,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"6a3fdc73-aea2-494a-adaa-27de86e1043a","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":110,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"f4d5909f-1fc5-48ed-95fb-01f9896aed48","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":110,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"2cfec43b-3b9b-420e-93e4-c4510e3a4502","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":110,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"5c426b7b-07ce-4755-aa80-cc7df6f54ba3","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":110,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"3da13b02-1a56-4913-aeb8-3e1cd2a906ba","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":110,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"98028283-433f-465d-bb52-3778977bfef0","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":110,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"1f34c6d7-e365-4ea6-8cb4-35cab5121f79","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":110,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"7a079504-5542-43e7-9365-e6d1dc694165","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":110,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"85a7ccc4-7bd1-4eb3-a3b1-c40e163ec627","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":110,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"deb85f8e-6eb2-461c-8b82-5cb77bd610c7","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":110,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"54a7d915-6da8-4757-8a9c-cb56cf34fa4d","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":110,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"2198114a-5b1b-4995-8c94-472cd667be8f","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":110,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"d01237c1-13a2-43b1-8f8b-21f3b09ab84b","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":110,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"b9c058ad-b088-4338-8e90-94e28f42462e","block_type":"box","text":"i.e.","page_number":110,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"b51a4a10-b521-42a2-a9c3-b76e180d5064","block_type":"box","text":", the Fund). In contrast, in the","page_number":110,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"5df817f5-3227-4c97-a31a-1979f798da1e","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":110,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"8429866a-7a2a-48b4-9e34-01e3f880a53b","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":110,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"63b02087-45a1-4d48-8923-87fbdc4f74cc","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":110,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"7b1dac62-e3d5-455e-9076-8d24fffefaba","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":110,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"ae98b090-1253-4a81-bc3e-748958d43153","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":110,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"49f1cb72-8981-46d8-a9fb-62220af50853","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":110,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"f3cb4e77-b7a5-47d5-92f0-31511d04a5fa","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":110,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"a01c9b29-d0bc-4c6c-b704-dfb3d15d618a","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":110,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"ea4605bb-bff2-4859-8ef1-ed25886c561a","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":110,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"17ade0e8-312e-4d11-95e1-289a797b65e9","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":110,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"28d02145-de84-40ff-86a4-912fb2793d55","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":110,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"984d98f5-7ce9-4187-a3a2-a36c62c3fe72","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":110,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"a31ced87-3658-4d22-90ad-61b6185a9d54","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":110,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"c569a03a-dc67-421b-aedf-0a5820a5169d","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":110,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"bf062a84-f080-40cb-86a4-dadfccf6e709","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":110,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"a08af911-b568-4958-918f-c0d7043c92b6","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":110,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"48de0bb0-3549-4c75-8b19-a00293c77201","block_type":"box","text":"Trust.","page_number":110,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"29313ead-82b9-4d09-b0ef-cda6f0fa9905","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":110,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"860f38d1-4dc4-4071-a072-6649cb607a32","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":110,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"e31b94f2-3045-4c0d-8edc-d8b7dee53425","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":110,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"6b296f4c-5681-43d0-a8aa-42cebee12d50","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":110,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"c4286fc5-a675-44c6-8fca-4d3f434afe9e","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":110,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"61716408-6cc0-4bee-b42b-ccb25f935c0a","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":110,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"048695d3-a3a5-4e90-87a7-4763250f8c47","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":110,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"3f6dba93-e7ef-4c13-bbeb-f197401fed9c","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":110,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"a59e3212-d9e4-4a85-83bf-f35819025388","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":110,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"a9c15cc0-3d2f-482e-a297-0c1b128d313b","block_type":"box","text":"II-59","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32cbfe56-f108-4c20-bf0c-ee2d5989925f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe2cccb2-0f7c-4412-a2bd-b16e5cfb7a4a","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":111,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"60a7653a-d8f6-4d71-9769-402b7a78a41c","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":111,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"a0f2da62-fa70-4d6b-988c-21588e7ce21e","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":111,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"9d2289b8-60b0-496a-8aa9-68a9f51b710d","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":111,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"d540b479-4ad3-4447-9068-a89c30d4dc5d","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":111,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1a80cae3-6984-4473-8d55-d128f19f526a","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":111,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"d4a1149b-8fc7-4beb-b47c-20353685e844","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":111,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"cc7dd61c-ec69-4691-9cf4-42763420bc9d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":111,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"994d0e2e-b76d-4108-81cd-be66b66ff1fd","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":111,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"bf9815ee-3432-4c92-bedb-093acfa8de54","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":111,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"183dd6ae-e187-46ca-9456-ba06166e345a","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":111,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"311de10c-88c5-49ba-846c-d44109b8137d","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":111,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"d938655d-4f15-4dd5-970b-d8a452f625bc","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":111,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"9a015f42-f9a2-4a03-b33b-1f0daed114ed","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":111,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"89f1344b-17ee-4a30-a17d-f15807065207","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":111,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"c2783b4d-567d-4e8f-a74d-3a7c7694f092","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":111,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"24c7dbbe-66aa-49d9-89e6-9b56e72310e4","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":111,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"cb940a03-8d7c-473f-a68b-4ab87a4dbf13","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":111,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"d65023f0-830d-43e9-ac79-d46b5862427f","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":111,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"e77b0199-caaf-4e7a-8e8e-e2343023302c","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":111,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"7227a0ed-ce06-41ab-8155-f1dafb7cfecb","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":111,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"3e740bab-c0b5-467d-8e0e-15293742692d","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":111,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"899f9362-6e8d-401c-a221-379d028eccb7","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":111,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"5f1f0cac-e92a-4000-9a77-af050c4f5874","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":111,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"dd9158a5-8413-467f-9ead-7254ad5b20af","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":111,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"9ad366cc-8fb2-4bad-bef8-b544cc855816","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":111,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"b73ae59f-7309-402d-854c-e55349045d8f","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":111,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"ae7ba0b6-6dad-4eb6-b772-d45acef9c850","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":111,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"e86951e7-262e-4698-9444-35f5326c9b84","block_type":"box","text":"i.e.","page_number":111,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"800e6e06-3eff-4974-b225-4371f5f9f941","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":111,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"10cdd311-e914-4616-b29f-07739cc360d0","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":111,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"5c68400b-0bed-423d-ab53-7243b9a34c17","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":111,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"6bd9047f-7d9d-4948-8b87-28889f9f6844","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":111,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"e3c80068-6721-46df-b3bd-adfcc91d861f","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":111,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"01556457-8e43-415c-bfe5-3939d3f884d4","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":111,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"df342fdf-303b-488e-b174-92eaed557a0f","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":111,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"f98d34f4-539f-4b2d-8ee1-9620dae0995e","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":111,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"3d74bc82-9ac2-4610-81d9-b95722bd1773","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":111,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"3f655e8b-797a-488e-9476-8187c4bdf265","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":111,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"16bf8cd5-391a-49c1-8d84-fe168feceb8d","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":111,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"0befccf5-f723-4699-bc2c-7d044a507672","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":111,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"57f1de2e-1cac-4944-9f27-f7dff9284016","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":111,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"977cf693-1e76-4cba-a6de-bd3031cfd988","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":111,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"134f7e93-7563-4dde-aa5a-fd95d2453365","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":111,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"051b6777-aca5-4ad5-8149-9375442bc62e","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":111,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"6a360ead-80aa-496e-9011-1f466d7ae31f","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":111,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"d947ac9b-7409-4c0d-ac8f-9cef911524b8","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":111,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"8da5af74-d1a3-4426-94b9-27b50583c417","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":111,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"69b2acb9-3867-4b2a-bcaf-584acbdcb977","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":111,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"0b8914e2-5dbc-486b-b2bf-3cb0e4130564","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":111,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"5d9657d2-19bc-4917-a66b-c085bfe45380","block_type":"box","text":"market is not yet certain.","page_number":111,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"88d1742e-6e49-4c72-b484-35c8bf4b4396","block_type":"box","text":"Yields.","page_number":111,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"1df5c335-5171-4d5e-bdbf-88a3c71dd9a2","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":111,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"fd366dc0-2a7a-4740-aae6-3d1136350850","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":111,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"9ed786f8-7cab-4291-bd31-8f8894cc4618","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":111,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"069a2623-f23f-47fa-a3e5-312c27b07ab8","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":111,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"6c61c208-7f31-49e3-b384-5a0748e5e9bb","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":111,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"09166a90-3895-4d02-a3d0-592470c23318","block_type":"box","text":"II-60","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e025b728-8bd3-4935-b52f-bfa9ad9ac5b2","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a78694e4-acbb-4cdc-8485-9ef57e2dd8c0","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":112,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"13cb8679-48d2-46dd-bb70-de33cc6d1a5b","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":112,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"3c371819-fef5-4277-a26a-347b769f438d","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":112,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"9db36daf-1911-4e01-8e49-22446beab018","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":112,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"750e60c5-5e29-4b69-b34c-277aa5aebd4f","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":112,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"7b138fef-287a-4cd5-9c94-f6067a3260e5","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":112,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"fdb4382f-112d-421f-8efc-5ab4607b637a","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":112,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"16d71a85-b554-4c75-a51c-7f52cd7c6252","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":112,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"f1d4a98e-492a-4a86-a247-b306fad18047","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":112,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"da60de3b-e226-4dbc-a4d3-5b9f6c909fe0","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":112,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"ac48922d-85d0-46e8-84f9-db85dde86651","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":112,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"3c896618-9a7d-47f7-8075-757627c55490","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":112,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"95f0448e-999b-432b-9f19-cb64b82b4d04","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":112,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"edaad2b9-292e-4022-b9af-ec3ef018996b","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":112,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"eaf2a1d2-1300-4b89-916e-4b30ec911931","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":112,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"52b0f586-2df0-485e-af40-481a4b2331a8","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":112,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"560425df-ded2-4b4a-8810-13fdbcfe23c2","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":112,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"d5dfa214-7a6b-4d9d-9c86-f290fa24ed1e","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":112,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"150cdcd2-7c69-4cf4-a5d6-452554bfb6ae","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":112,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"432ff965-7083-4fc0-8f66-5cfaeb609e86","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":112,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"70a409af-049a-4101-9820-c37f04e2f254","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":112,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"f04d2b64-481b-401f-9012-1795b08df71b","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":112,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"586892f5-fecd-4bb5-8d9f-25e83147558b","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":112,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"1e7e31f7-0dd7-4d5f-b4f6-9a870443193a","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":112,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"0712cc50-1bc2-4fdb-95c5-a6f170bbaaa6","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":112,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"a93d0267-88c3-462b-98ca-f817ed7dca73","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":112,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"5a1e45e4-0f0a-4932-9c9b-cb78817d5d4b","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":112,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"e7a89f77-c2fb-4892-a2dc-1a2097e0a099","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":112,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"22878d83-572f-4bda-aedf-bd00e581d41c","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":112,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"c4649357-3637-4978-b91b-2c1dd9e83a09","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":112,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"57fe84e9-8113-46a0-9ee4-daa73308bf02","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":112,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"d5734f8a-460f-4928-a10f-b055be5915cc","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":112,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"492e3703-fd1a-474b-b135-0fe21e9729c8","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":112,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"1be2e783-edda-45ac-ad87-6b636d90d4cd","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":112,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"077723ad-7912-4e9d-b6dc-0006d93cf5a3","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":112,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"5ec69674-99bb-4bcd-82d5-db2d65f3e037","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":112,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"9e2f87b2-5700-4d59-8474-8dc4bfadfb6d","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":112,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"6225af9f-3c78-4c52-8b91-f5b86366aa56","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":112,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"7a23385e-3951-4364-b696-83aaa8528eb9","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":112,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"d6d3a5d8-2383-47f3-89ee-b6f64a33e2b0","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":112,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"e0f6d31b-b0b2-4e7f-84a6-a08141f19a18","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":112,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"ba03cc22-299d-4312-8de5-c5d84d93b026","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":112,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"447b6a68-3cd5-4d45-abae-80a0db309004","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":112,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"9b90ce6b-d1ed-49b9-ac1d-3c98ef8fc122","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":112,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"8a19cfe1-8aef-4a07-8e85-13b19a1c44eb","block_type":"box","text":"Call Rights.","page_number":112,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"026a43f4-f2cc-4482-88c2-d1ac9e4219c0","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":112,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"4a094c05-3a93-4bf3-8358-b8f94b6d4eed","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":112,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"b9db2242-a7d4-4ade-97bf-4034fcc5539b","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":112,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"a31b3403-2806-4650-838c-0affb9c70a84","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":112,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"6cd1779a-bf7d-40e5-9520-47c861dd2e1c","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":112,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"c0bf7db0-6bc6-4e93-a82a-9b3e4f334ced","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":112,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"c5d39636-6de4-4380-9466-1e7bc9fd4176","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":112,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"f0c0b721-1de8-43e4-a987-7d3f9b029bce","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":112,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"3928985d-621c-429f-a266-a57633fb8cbf","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":112,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"501dbd9f-b29c-4d59-8732-372c2a46983b","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":112,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"dd93304b-6dd8-4dbb-8541-a6848c7c9863","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":112,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"ef640c2c-7b6d-4e32-ae8c-08da9aa5d475","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":112,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"7ede9fe0-ae3e-4aa7-9df5-47d61e88d038","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":112,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"b9d82186-cac3-4631-851b-df95fa952f15","block_type":"box","text":"II-61","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1c5c56aa-c384-4db8-b3bc-498a0848e5c9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89fff855-faa4-43b9-8f22-53d29141e657","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":113,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"1085a656-d312-4aa7-addb-c19525ba7fb6","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":113,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"5733af46-4b19-4ee4-99f6-ddffe18dd87b","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":113,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"ecf04126-b4d8-46f5-9ae0-a5e9d945b374","block_type":"box","text":"i.e.","page_number":113,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"7bcc6b94-12da-44f4-93de-7e9fb98fa2f0","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":113,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"669f1bf1-963c-4ef2-a601-fb4eb422d657","block_type":"box","text":"rates).","page_number":113,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"b767ad83-290b-49e5-a965-2206c05ea115","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":113,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"a932c304-8996-4e24-8ac3-a06237a45df5","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":113,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"624d854b-cca5-4ffc-83ec-a254c096cb19","block_type":"box","text":"e.g.","page_number":113,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"b5409775-4048-41cc-aa4a-8cb2c4f10fb7","block_type":"box","text":", an exchange of fixed rate payments for","page_number":113,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"0bb84575-fe30-4e27-bf86-8e02c98383e6","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":113,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"0ad0a3a0-f84f-42bd-bc22-b4c0a5f92e50","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":113,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"7c74c899-030d-48e6-ba65-1871865e1d61","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":113,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4fb44c0f-68d4-4099-90c3-ad2619116730","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":113,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"eff53147-9262-4569-9047-8a2900159d59","block_type":"box","text":"with the same attributes as the swap (","page_number":113,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"2d1e21ae-1360-437f-9020-e6d039affa33","block_type":"box","text":"e.g.","page_number":113,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"d1f5c940-7ac9-4706-aa4d-97f85dab4fb3","block_type":"box","text":", coupon, maturity, call feature).","page_number":113,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"163d72fb-15b0-42cb-8c35-4cdf6597d313","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":113,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"afe8cf0c-4ae6-4833-9300-5b7c4b302a34","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":113,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"a93bae2a-bed7-4a65-96ed-93aa196f606d","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":113,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"46fc3d5f-cffa-40ea-9df4-6b09721ad2d5","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":113,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"24f500ee-fdeb-4821-9b56-1fa3284dd8f0","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":113,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"dfbc2683-aa8d-4d5d-87f1-9ccd1718bb2d","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":113,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"f55036ce-7096-4ce2-9e00-27af78bc363a","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":113,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"9c73ff65-d364-4772-856a-aac99ed96c16","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":113,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"85b93d22-71c0-4992-b2e3-0adcdcf10af3","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":113,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"1a32bc3d-b175-45bd-ab19-b184f7a0cb81","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":113,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"bc50d7d6-6365-4f5e-93ef-80bdc1c115e9","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":113,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"694136df-4c38-4e05-aa11-8f173935765e","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":113,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"be253bee-f60b-4e3d-97d9-b65bd1afdf4c","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":113,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"63ebb723-2afc-4558-a16e-6ab206c52ae6","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":113,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d5047413-4903-4770-af26-349305c4f23b","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":113,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"82a9ad50-897f-414f-8264-92d884ad3ed4","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":113,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"f2018f34-a657-431b-a15d-2717b5c30397","block_type":"box","text":"Insured Municipal Bonds.","page_number":113,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"8f54d6ee-5d31-4b4d-b07c-cb0b1f0cdd84","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":113,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"654da875-4739-4f4e-af30-7ca7b0b235d0","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":113,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"c1279d41-d68a-4fb0-8750-5087b12bff76","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":113,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"2968dd0c-649f-4bab-a7ff-fa9b8ba45328","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":113,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"d6f0f322-ea6e-4f33-8e17-00ddf6b38ca9","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":113,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"b86983ca-fc33-4719-922d-98e7e1efb541","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":113,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"eca9d2a9-35f4-4d9b-9034-4de1e295cd1c","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":113,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"231a2300-c074-47cd-8f7f-37d6698425a0","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":113,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"d6fd3dec-8cfe-4fb5-a6c3-6f7bc89452cd","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":113,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"0845d6d2-f0fc-407d-8e36-70330ca5840c","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":113,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"5083ed7f-8ead-4f9d-9df8-5f0abd51b5d2","block_type":"box","text":"bond could drop.","page_number":113,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"0ee3fc33-dbdf-4946-880e-f3a267613f19","block_type":"box","text":"Build America Bonds.","page_number":113,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"3612eb76-53b2-473d-bf8c-8d93c1064423","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":113,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"765f4646-2448-4e1d-9a02-957532c422f7","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":113,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"682b44b6-423e-4d5b-9bab-20e24cca376e","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":113,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"3acaed1a-dd4c-449a-a6d8-1bf629cd5521","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":113,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"c06fa221-8272-43ab-ad0d-d4c7761af1ad","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":113,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"c27968a1-f7ae-4774-9dc2-7855e042a379","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":113,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"e6162b82-68d3-4784-ba33-c520f1ce72b4","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":113,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"8e0d98b1-60a7-4183-ba7f-d63e66d94945","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":113,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"97909611-4c3d-4748-b6a9-3431a3de6b0c","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":113,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"6d837c2d-c07d-41fa-8f22-c17ab038eb20","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":113,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"9a79197d-6c49-473a-8d6a-a1cb5d5ee5dc","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":113,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"63036113-2dcf-409e-b969-ba111544e9e3","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":113,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"7be35895-3696-467f-8dd0-a0e232428046","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":113,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"18ed36ee-e20d-4e3e-8148-7d148d422fb9","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":113,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"f9f0eaf5-434e-497d-b87e-4e8c4a829256","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":113,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"4e799eae-ca86-411f-afa6-265210c2dd21","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":113,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"09325ce3-c511-4b96-a5b2-dc11fd4e7063","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":113,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"53e7b05f-1429-4d1f-a031-b1a5b0481e05","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":113,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"776ff640-1e33-4b7e-bb23-d591ece4d4f5","block_type":"box","text":"II-62","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc72cc6a-91ed-42ae-af29-c590f387880d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e5b253e-a004-4865-85b1-a2210615b2c4","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":114,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"7528f71d-69a1-4ee2-9dd3-7b9303249dd3","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":114,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"30201089-56e2-44f3-bf9e-9b144dc68ff7","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":114,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"d8e38f5c-0566-460c-8210-005c9546dcce","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":114,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"90aa0fa8-ce10-4a4c-be8a-afb57b071f40","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":114,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"f06887ef-e29a-4f62-8598-be6d74df6402","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":114,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"4ce93f77-e6f2-4286-9176-e64af7572a1f","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":114,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"3b12ff7c-8fd3-4411-9272-cdd361529c24","block_type":"box","text":"their face value to the sponsor (","page_number":114,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"b55a0d3c-f89e-4f44-bad4-7c2bfc24e939","block_type":"box","text":"e.g.","page_number":114,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"201a2a31-e99d-4017-91c2-2051aa04a598","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":114,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"489cc2df-3ecb-4279-9351-e096720810ee","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":114,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"68f000e8-ac98-4205-b16c-0dfbea3fd02c","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":114,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"09e75e43-9cda-4344-870c-536155007fdc","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":114,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"a6ddc1dd-6b17-440b-b7a9-fe82170cafb0","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":114,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"b23aea54-9b5d-4caf-b7c9-a54552a5388a","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":114,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"083b70d8-8f15-4b30-9e39-06dc84f41f75","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":114,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"02ffdab5-e7a2-4271-b6fc-c4a2df3e6a1b","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":114,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"e4ededeb-c226-4982-b11e-c676117c2388","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":114,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"59a900c1-ae72-4b45-b0ae-ab54b093b830","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":114,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"3e4d6ebb-f965-40b2-a6c5-6cf6393b3085","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":114,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"a83e3ed4-a92f-45ee-a665-8f50d0b5370e","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":114,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"f758f986-77fb-453c-8cb5-cfcd78f8906f","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":114,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"15b17eb5-6dcc-4a03-99cf-0726be0f0a64","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":114,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"f3df44a5-56fe-48e5-87b1-0d807ea34c7b","block_type":"box","text":"such opinions.","page_number":114,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"a64eea3b-e8c1-4156-a38f-e37e536e2eba","block_type":"box","text":"Operational and Technology Risks.","page_number":114,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"e9d20f8b-fca7-4ea5-921e-3f50cefcb40e","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":114,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"03906727-bd75-445c-ab22-696ff18459fd","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":114,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"603e91d0-fee7-410c-baf2-619027131181","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":114,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"5e3ee540-b253-4dda-9f56-222297bf951f","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":114,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"7b0ac2e6-00cf-4c1c-bedf-0b9142e284ec","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":114,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"bfb778c6-8ea8-4769-8a45-b35376ffb4bb","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":114,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"6cf6a703-417d-44b2-82d5-c4480a94ecac","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":114,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"d0f10151-adab-4192-8235-4353820f40ee","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":114,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"014e39bf-cda9-4f65-8cdd-2e88b37a8ea3","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":114,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"4ae120a9-2994-4e31-b05b-f9791ca0b05f","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":114,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"ecac21eb-ac34-497c-ab45-0072b24d52e5","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":114,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"1bc873ce-b40a-42bc-acab-7002ff360646","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":114,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"680265af-8356-4e90-990a-abe87e2fca9b","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":114,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"f643a086-21e8-4e43-b214-d8244862c662","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":114,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"b0ef6f23-66ca-475e-b7f6-ba4f87cf292f","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":114,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"f0ed2324-9e11-4acd-92fe-b39924196dc8","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":114,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"9104f405-a9dd-4fb2-bc5d-c3460a2a4d30","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":114,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"9127dea3-9e74-4ca0-8688-f2b5beeb67b4","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":114,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"bc117f6c-7c89-401a-9ad2-126a29832ee1","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":114,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"b204fe3a-b6fa-434f-9d14-ffb181acc091","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":114,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"6b3cf5dd-b27c-49e0-bd01-d288ff639c6d","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":114,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"dc57905a-4b71-4848-9a67-492fb574cc30","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":114,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"c528a1e6-d68d-43ca-bd78-de687422d05d","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":114,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"867d64b8-5cfb-453e-831c-cf886b4abfc3","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":114,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"058925f5-fb22-4784-9f2e-21b7f6e286ec","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":114,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"70cf5c04-bfcf-4ee3-8a2c-986af39275fd","block_type":"box","text":"to the Fund and its portfolio investments. These advancements could harm the Fund and its portfolio investments by","page_number":114,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"96f4d7fb-0b4e-4dec-b843-4fd1196a485c","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s portfolio investments. Additionally,","page_number":114,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"5979c011-446e-4991-974f-00810767b9d5","block_type":"box","text":"these advancements could significantly disrupt the Fund’s portfolio investments and subject them to increased","page_number":114,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"9e8aad6d-413a-4811-9475-674b92bc9202","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":114,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"61238cd7-f4a2-46a9-adda-b216c12e0344","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":114,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"6f82fc7b-0e98-47c9-afa2-337a8d5299f9","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":114,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"043464e2-133d-44fd-8188-268d2bc392a2","block_type":"box","text":"infrastructure assets.","page_number":114,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"810cb442-4115-4c9f-abee-472359bdcb70","block_type":"box","text":"II-63","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31a506b7-9833-4d33-8efa-08385e5714d8","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"644900eb-b261-4f2d-bfed-c241c6fe3e20","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party service","page_number":115,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"389cc14b-2d9a-4c00-922c-e5718af62243","block_type":"box","text":"providers or any counterparties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":115,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"8968ff39-1084-4ba6-b175-a5c32f694737","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-party products","page_number":115,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"f6e2c4f6-9aee-42be-b28d-f39231ca4c38","block_type":"box","text":"or services.","page_number":115,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"4fa25140-4de6-438b-b69b-8f537c471ed7","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":115,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"c8ff1c1b-4702-4bf5-8ed2-ba5c5d7dfd0b","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":115,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"9cfd95f3-747c-473d-b685-31165eefffb0","block_type":"box","text":"other third-party AI technology applications and users.","page_number":115,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"ad4a6219-f243-4459-a8da-37e94b820c3a","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":115,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"0abc04a0-e92f-42d1-8be7-c97573474979","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":115,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"44278f21-5f7f-4553-a8ef-5c219e92cf23","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably","page_number":115,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"0b73d6c6-2c28-4bdf-9897-0d67c84a3fe7","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":115,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"190aa608-c531-428a-ba20-b384807ea9b3","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":115,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"94f62f9d-886a-4bce-b615-aea541b1e15f","block_type":"box","text":"incomplete, erroneous, distorted, or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":115,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"232ec815-8df8-4528-b52e-bdbd0576b006","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":115,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"e0cb9efe-43db-474e-9621-7d6302a8f151","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to the risks of","page_number":115,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"c01461b9-4c61-403f-b198-4441a3567746","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":115,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"af2c400e-56d8-4ae0-9647-96fdf4598bf7","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to monitoring and","page_number":115,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"bee92cc8-1c57-4693-a61b-50b9c082faed","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer","page_number":115,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"0f10ce96-d5c6-4cfe-9c5f-3537e41eb076","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on","page_number":115,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"aa3c4421-9ac8-45ea-ae51-8dbf37e4e3db","block_type":"box","text":"artificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":115,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"e0e9aab8-b29c-4981-93fa-8b37add3af6a","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":115,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"025d14f5-1861-4eaf-8f27-bc6685219324","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial","page_number":115,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"d6d6d3ca-297e-4b88-8238-0fec1c486ded","block_type":"box","text":"Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may","page_number":115,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"3327ac25-4184-4a10-b33a-c8a54b21c8ee","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":115,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"0c96a41f-7c47-4522-a911-1c8811a2a198","block_type":"box","text":"adviser, or the Fund’s portfolio investments fail to comply.","page_number":115,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"6bb0e89e-4191-4b32-bd8f-fce82a43350b","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":115,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"0fc6e4c1-6944-49d2-ba03-44ae5403b30f","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":115,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"aa824ebe-34f8-4f21-8932-64e4ed6fca91","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":115,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"29eaed94-4fe1-4c50-9b01-c80bfd4ce387","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":115,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"788dbccf-bae6-425b-8ce6-1aae8961f302","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":115,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"bb3897ba-4189-4b4a-bcab-f9b3cdb6c987","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":115,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"13a209d0-59ad-4462-be8b-ffbc6eb53197","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":115,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"d66c9d2e-b75a-4d18-b632-edc90b294424","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":115,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"4510a64d-a3f5-4c4a-a090-25cee3933ba9","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":115,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"bafcafdd-b7b7-457c-affe-9c20a86feafa","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":115,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"c0aa2979-949f-4c17-b646-f375d2d5d3b7","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":115,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"814fab53-ead3-4921-9398-bba15178f209","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":115,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"329cc72e-c127-48e4-a631-59328c0c09a6","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":115,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"42604bfc-bea2-4be9-9f59-a5d141f83973","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":115,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"eec01e99-6ae5-4e1b-85e4-c7e57328073b","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":115,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"173b93c6-fff6-452d-98ce-32a1f097601f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":115,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"375226bb-227f-4c3f-8052-2a30df1f2ef0","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":115,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"b87679a9-2d52-4781-ab0e-da82329063ff","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":115,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"0695de09-594e-4766-a607-76c078db2e17","block_type":"box","text":"resources to monitor and implement required changes.","page_number":115,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"6446104a-1525-4a18-aa03-e66e4a94e1d4","block_type":"box","text":"Participation Notes.","page_number":115,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"e66ee836-38fc-42d7-8c7b-51839db23131","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":115,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"223da369-9cb7-4877-b729-67d40fc4e739","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":115,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"7d49bf90-68bc-4727-ae2a-b1cd5e30176e","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":115,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"5a427db6-9ce0-45b4-a773-d2ff80f29fb7","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":115,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"ddc3d08b-4eed-4c13-8ac0-b54f20df5493","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":115,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"0e456bbb-4b42-453e-b4e1-504f4dd86726","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":115,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"57c5008c-bfc5-402b-9786-e4ae3a98a8f0","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":115,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"52ca3531-c930-44b1-9e10-7585d9e98fc2","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":115,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"42d375d5-87ce-46e8-a89c-6efd1fc9adf2","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":115,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"c4b75967-664c-4176-a974-bbbc9943af8e","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":115,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"0fb68ec0-4935-4362-8bea-22af809dc2c1","block_type":"box","text":"II-64","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99c3ed49-b2d9-4fff-80d7-c88fd87a50a9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b255647-9225-4a2c-826f-42981c790adf","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":116,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"ce3b8116-6b88-463f-8b9a-7de64c619f1a","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":116,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6406fb85-b128-4a36-a4ba-a55b6cd8f91b","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":116,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"b51a2ed9-57f7-491d-971f-7ad878f8a005","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":116,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"e195acee-2f4d-435e-818b-4bab9cd99b88","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":116,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"f02bd38e-e36c-4721-a7d0-e70c500065e2","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":116,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"a70505ca-0da2-43e4-9063-e29828f886b0","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":116,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"75e0548c-f17a-47ae-8a6b-cfd1235146de","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":116,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"ad572e10-ebc2-46b2-a174-40c48d3913d9","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":116,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"0d51b9c4-c722-40cf-9a71-5f0d2f21f288","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":116,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"11b433e2-cf83-40cc-8efe-961e2ca7321e","block_type":"box","text":"Portfolio Turnover Rates.","page_number":116,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"6b16da0a-ebe8-4010-acef-b0a5b9696da9","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":116,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"546c3306-666f-472e-9d13-ef4c3f3db26e","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":116,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"d661f3e5-e5f2-457f-ab45-9669256a67cf","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":116,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"1a6ca22a-0415-41b1-baec-b83c62d8297a","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":116,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"4b7faa95-7081-41a6-ab4a-dad2fda6047c","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":116,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"ab5324fb-9560-464b-8495-77d2887d2ef1","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":116,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"1681853d-656a-498b-8fb5-ae8f67700989","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":116,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"48452fe3-11d1-4994-99d9-cc3e75b73e8e","block_type":"box","text":"i.e.","page_number":116,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"f7eb1bd9-f017-41f3-a913-2eec0fda7409","block_type":"box","text":", 100% or more) may result in","page_number":116,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"0e20cba2-38a3-46dc-b5ff-ae7528ac9c3c","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":116,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"b46f3b34-fb52-44c1-8a1c-df4a5cc01e09","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":116,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"410163a7-8745-457e-ab6f-b932f3910287","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":116,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"5f0d89f6-352f-4c44-8f81-d9f59e1af270","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":116,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"d2a6bf39-e294-4042-8809-f2d55e1a3e46","block_type":"box","text":"Preferred Stock.","page_number":116,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"a202559f-97bc-470e-9c57-83bf1c918508","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":116,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"b4b2b341-7efc-4902-a03b-8127e415c647","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":116,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"125921a3-c987-48f7-a79b-5e98b228566b","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":116,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"ae0762d0-25fd-4f03-8abd-216266f2174c","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":116,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"1d11c569-26d9-4e6c-a677-e5dc1a2b2aba","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":116,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"4179fbcd-fe1f-4e75-9e33-5029f42be17d","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":116,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"44014930-f1b6-4364-b2ee-29ce5ecdeadb","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":116,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"6de32da1-350b-47da-8f0a-3a3849b34e79","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":116,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"132133f4-a880-47bf-b208-79db42f36e0a","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":116,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"8d3d1bdf-79f7-4993-bbc6-02029aa06333","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":116,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"310fe2d2-527a-4939-9860-6dee419ae1de","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":116,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"b9ceca82-736b-4243-a442-3d3de5e69104","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":116,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"39fa0db9-f681-4eb3-b0eb-18c82df2369a","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":116,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"2bf59a3d-d83f-4436-bd17-eb21a6384742","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":116,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"e4c62aaa-bb1a-414b-bf1b-ca93e443b297","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":116,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"a3594013-ada9-4057-8ce3-5a609df3dd42","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":116,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"930c5ef4-4cee-4e8d-b6b9-b23f8e6d45bd","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":116,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"ac204c2f-ea67-4b50-b0c2-e1bfc32f1f77","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":116,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"5998a1f9-92ca-4d6d-885d-8c59ccab7ef2","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":116,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"9af7a353-a4fc-441a-8a74-5807e97bb20d","block_type":"box","text":"Trust Preferred Securities.","page_number":116,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"16d562b4-48d5-4a4a-8758-dcc543571363","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":116,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"de728390-247c-445c-9cdc-26cd27baf03a","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":116,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"eb3c093f-bb11-413f-b877-64a429432934","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":116,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"3dc0148e-e3d3-45a8-b945-30cd6571e9e8","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":116,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"5496e58d-bd37-4cc7-aa5b-e3405e40d8f7","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":116,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"12066585-1eee-42a9-95ab-7708eb5417cb","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":116,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"2c45f0a6-d65b-45a7-808d-aafbf47705a5","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":116,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"80cd73ce-578f-4611-981e-7723cfd0f647","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":116,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"d2905309-98a1-4e6d-8af8-f76e7a452dd1","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":116,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"652b3a4d-3f28-4b06-b1d0-ecaf604cfeff","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":116,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"a24b6b11-b7b6-44c8-a5e1-3acb5560518e","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":116,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"29e82cae-e50a-4be1-acb7-93b276fec328","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":116,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"7dc97bf4-1cda-4869-8506-6a84d63bc068","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":116,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"00251202-abb5-4740-982a-5f24581f6e2b","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":116,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"813c3a16-697e-4dc8-a64e-d2a91cd90551","block_type":"box","text":"®","page_number":116,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"09f93546-e1f4-49a5-acf3-fd622e2d70cc","block_type":"box","text":"”); monthly","page_number":116,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"93270418-c111-4233-9811-b7af23bd3910","block_type":"box","text":"income preferred securities (“MIPS","page_number":116,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"9f404af0-8efa-4ca8-bd2f-7819df319463","block_type":"box","text":"®","page_number":116,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"9d0434e8-a9e9-4515-803d-407c8c4574d8","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":116,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"3b8ab248-5285-492a-9b9c-7408c513722c","block_type":"box","text":"®","page_number":116,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"63d07353-56a6-4dc2-909c-06fdd6603d69","block_type":"box","text":"” ); quarterly income debt securities","page_number":116,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"3ca752ff-69f8-4fd9-9aa2-838898f36340","block_type":"box","text":"II-65","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2fdeadc-5418-439d-9660-a8561be71961","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4848ba85-182a-49b5-b595-f7393a0d27af","block_type":"box","text":"(“QUIDS","page_number":117,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"335ec137-b82d-4744-8652-5292d2201d90","block_type":"box","text":"®","page_number":117,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"e50d4780-2958-4f69-8596-9b5a7bc68d39","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":117,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"99281d33-2b15-4077-bdd8-ff06fb650fd1","block_type":"box","text":"SM","page_number":117,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"28b1149b-fb84-4b53-99ca-50c818feb6b6","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":117,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"59f3e7fd-e49c-4432-97e1-950aaaf82a7c","block_type":"box","text":"®","page_number":117,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"3d097dde-22bb-4c4f-a328-8e669a29950e","block_type":"box","text":"”); public income","page_number":117,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"ea8d3fa4-44b7-4f66-9a51-f4c2d85295cc","block_type":"box","text":"notes (“PINES","page_number":117,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"42a1c3e8-a0b1-4185-a094-b426388d0e3e","block_type":"box","text":"®","page_number":117,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"082ee097-5100-400e-a549-7436a3267c9b","block_type":"box","text":"”); and other trust preferred securities.","page_number":117,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"de1260d6-87d9-4ba4-ab62-acfac4e670e0","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":117,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"766895ad-bcf0-4a1a-8993-6f3ac4b4c5c3","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":117,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"2caea192-a767-4331-a8de-9dedccd02b6d","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":117,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"ebb6e24a-13ac-42ec-abb6-c3d1d45b749b","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":117,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"2ac8a54f-ee04-473b-bdcd-e9cfd9762ce7","block_type":"box","text":"regard to whether all payments have been paid.","page_number":117,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"c20376aa-725f-4e8d-ba94-469fe6aab75d","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":117,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"f740ea2b-4c21-4eb1-ad53-14686994381c","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":117,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"2091c73e-e586-44fc-a8e9-646cc5ed2b80","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":117,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"551626b4-e2c7-468d-9717-d9ffbbf3cd43","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":117,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"de8cfd51-ef1c-4092-8cbb-c8d4ca0a1d8f","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":117,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"b891fafa-a3f6-4cf1-a990-47413b7365d0","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":117,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"9a2d6139-6f97-42e8-bc98-d37c757376e5","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":117,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"2887adf3-c12f-4543-9911-f174a9d39b74","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":117,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"0a1ad2f7-5678-4df0-b954-24fa860c1237","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":117,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"9c44c8ca-e098-4c54-a393-4408d64cca2e","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":117,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"fde8fad6-871b-4515-b819-8a41e0d63d8f","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":117,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"a3835ed0-5dd9-4f32-ba27-de02df556185","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":117,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"185ed1c7-2a1f-4370-9623-f4bec1a9584a","block_type":"box","text":"debt securities.","page_number":117,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"f681272d-efe5-40b2-991e-6aee4c14f697","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":117,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"16b15f73-5f6d-4eaa-a93f-cd682ce0605a","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":117,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"f7173242-6a41-4740-9f41-17dadff9e277","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":117,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"06ca1100-d378-4dee-a8bd-41f9e7b7bad8","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":117,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"04335fa2-ba9d-4f17-a9d8-aed03b764ccc","block_type":"box","text":"geographic areas or in specific property types,","page_number":117,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"d9124901-d9b1-4883-a150-df92cb2976c5","block_type":"box","text":"i.e.","page_number":117,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"df20931e-ab81-43b1-ad56-2dae09ceb623","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":117,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"e1a53913-d76f-4bf7-b35b-96789d3d7775","block_type":"box","text":"buildings.","page_number":117,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"9a1156c1-fd7b-4d77-8bad-ed655df9b97d","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":117,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"13bee03c-d1b2-4f1c-a1ce-dfe45a6aff4e","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":117,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"95c57596-ccb4-4cef-a9a8-726b63138286","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":117,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"614859c5-6e2f-4d38-addf-441f156bde1f","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":117,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"0ec561fe-5c26-4128-9aae-3d7f9017d7c9","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":117,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"2b1eb659-5c46-403c-9df5-662a7321858c","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":117,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"19f4df0b-eedf-4114-95cf-ad45d6b775b4","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":117,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"befe9b1a-7339-4643-8012-bcbbfa79f94e","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":117,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"60563733-7823-4fa7-925c-705c9da6426f","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":117,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"7d068d93-7021-4f7b-8626-7a75b1145cad","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":117,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"c871524a-4ccf-4879-be59-4a2beb589786","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":117,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"3742ea2f-1aad-4b2f-b886-38babcdfd05e","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":117,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"ac42ca0b-1e5d-486e-b4de-a4e73260d774","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":117,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"333f031e-2abd-4a45-a86a-f73fed719345","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":117,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"441135db-ee38-4292-a745-b32e7aeb8c79","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":117,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"79112662-cfb5-4fe0-b19d-4ecd004b3b90","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":117,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"0bd2a8cd-4ad5-4c35-805f-87612163ed3a","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":117,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"bf507e75-f52e-46c4-9b0a-efa8341bbdc1","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":117,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"1881bce7-66d6-45f7-a995-1bb5a7c904e0","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":117,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"218dd164-3d29-4d61-b345-66e483cad6c6","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":117,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"f2765c26-4e54-4210-94ff-74e869a8fa08","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":117,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"700a50d9-cf1d-4e7e-bb78-0ef74627921f","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":117,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"6d945dd5-f116-4d2f-b8ef-5b44b03dce42","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":117,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"3559e130-e975-48c0-87f7-3ca70756f8b5","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":117,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"724a4cf9-8809-4406-ab57-b2b83ee61e0b","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":117,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"2d8580ea-ea32-4aad-aa14-3e4125b2590f","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":117,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"d95be13d-7c4e-447e-8338-876274039841","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":117,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"3e57de85-3c29-4252-870e-89d5c3f45ade","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":117,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"15bd7131-429f-4e5a-bbd5-06f7147d0709","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":117,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"53345abd-feb0-45dd-94fb-6218c7b4c1fd","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":117,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"2e2b11d8-80ef-4893-b953-ab7c558b8ed5","block_type":"box","text":"II-66","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a204021-b299-43fb-b4a0-813517a3dc50","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97fd3f4d-9d7e-4485-9b56-ae3296f2d94d","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":118,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"d25bac0e-eade-4092-8409-1cbe0d52684f","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":118,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"76e73aab-8651-4549-8cf9-1a48591a5b61","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":118,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"755cead0-2f4b-42e1-9e4a-614dc3a206e9","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":118,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"10d24364-3902-43ff-8a39-af0904a08be5","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":118,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"0d4e8821-d2c0-4e97-adc4-b9ba1109232e","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":118,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"002877cc-0112-4216-85c2-314d1f4d4583","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":118,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"904f0fe2-be37-4a0b-bbb1-8cbaf6b54573","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":118,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"e02868f7-42d7-425e-9ae2-f052baa7d47c","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":118,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"bd9ad3e4-5be3-40a6-9b4e-cae186aa8c12","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":118,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"676126c0-eafd-4d37-b30a-1ecc0a45d688","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":118,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"f0c41f05-12b4-431a-8a6a-0a0b720e3180","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":118,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"027ef42e-9e35-4557-97bf-a0094aab69cf","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":118,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"e6108bcc-6b44-4701-a11a-43f2c9d72f9d","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":118,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"f9b5d212-8617-451c-a44b-a267aaec623c","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":118,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"78629e47-b784-49af-b293-5beac71f84c7","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":118,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"233f1efb-72ac-4a25-ac7f-3eb6f6684838","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":118,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"0640a330-c657-4d2d-88a0-daeeef87e473","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":118,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"39638b2a-b57e-420b-8ca3-a08b97cdb3c2","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":118,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"65df9c18-4d85-4368-b018-9d62fe23c4f6","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":118,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"8c617ff7-8491-48d1-b593-f2bc607aac71","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":118,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"f1947f29-7cbd-477f-961e-b4ea09e6a9d5","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":118,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"1a4fe305-7d8d-4f10-9771-371a7ed30864","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":118,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"07c79a4d-35ab-4c5a-b0b3-244acd1f3375","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":118,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"f9d138bd-98b1-463e-a658-ea0486b056dc","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":118,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"c22cfdaa-6ffe-4b2c-af9b-873d38ef5f1b","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":118,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"4d75a635-9c27-45e5-bc7a-8c62ca76dc3d","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":118,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"b4a73a8f-0f3c-4430-aa58-d734660c60f8","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":118,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"bc8b9d99-da3b-42a1-8ac1-1d0b2876c6f3","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":118,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"845d23cd-e7d6-4614-9d9c-5a216561580a","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":118,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"e77d978a-5fec-4654-87e4-5d28df5f7c75","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":118,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"f4992ea1-bb51-4a46-9ab0-c7bb9e58f27d","block_type":"box","text":"conditions.","page_number":118,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"0efe25a0-86bd-4664-8ae8-ad45e14f8c20","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":118,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"b37c3640-74cc-4111-ad79-ea39ef61191e","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":118,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"03c9492f-8626-4f07-8f56-180d349bab3e","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":118,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"53894c36-812c-4ee3-8428-ec2bc9ad5264","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":118,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"4b1f6a13-66a8-4886-9b84-b4d5e4ea2600","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":118,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"3be9d636-1e7f-41c9-abba-54d0768d3fca","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":118,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"dfedf597-f0ea-43e7-aebf-a31cb6097be2","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":118,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"72752100-8da0-44a0-bbdb-7fda780ef7d6","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":118,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"d095b507-984f-46b7-840e-2ce0ba1f543b","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":118,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"22c5f9c1-b545-45a3-9784-5c74c4a8c42b","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":118,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"74ae4263-1421-467b-a2bc-e028ecdb38fb","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":118,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"86c8cbd1-5291-4392-8f2f-c5dd35044901","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":118,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"21e9fb31-b96a-43a3-9124-5ec60ebc1d7a","block_type":"box","text":"affected by such events.","page_number":118,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"552f4128-5188-47cc-948a-2b50838596f6","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":118,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"162aaad4-b451-451d-96cd-1c7f5df07e05","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":118,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"cd2fc07b-7509-4b55-aa8e-20806fc4b187","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":118,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"6adfc12a-ce1b-422e-bd12-fc087bb113b4","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":118,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"71249987-96f0-433e-bf64-36f4c5e1244c","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":118,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"3c359f82-a0e4-46f5-acd3-7578cc75c190","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":118,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"35bf1e13-0e60-4bb8-b935-49a69e90af39","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":118,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"5bca72f7-59f6-4733-ac31-06642bcfa213","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":118,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"07a806a4-eb44-48d8-88d8-6ffaaeca3868","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":118,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"788f1b57-80a2-4037-8cfd-f069ba82d648","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":118,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"0b280e1c-cedf-47ad-b1f6-87c1179d17b2","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":118,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"639d0936-9a4d-43d9-bf09-884e622a8a89","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":118,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"ad598df4-bf51-40ed-bca7-462b69dcd022","block_type":"box","text":"II-67","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a27a4f22-a2b4-4b2d-90ba-84dd63434224","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40c432d9-c75c-41c1-ac4b-1ee70e742f35","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":119,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"901193ae-59e4-49f5-b9f7-676d587ed656","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":119,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"15bcf952-64e2-4383-8a96-fad051696271","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":119,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"265daefa-86ee-46ad-a33e-2a2aa689f511","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":119,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"393e0e67-e5b0-4e8d-9701-bfab782a75d6","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":119,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"9f3ad4ba-572e-41a8-87f5-5b96912aeab1","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":119,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"73ad58ac-1ce9-490b-abb4-3181edce4475","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":119,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"2e7452da-358b-43ae-8a6e-7b196a8e98fe","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":119,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"aa7b777c-75ba-4768-9460-69a8cef99300","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":119,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"9e150967-57c4-4c6a-884a-dee3a1186d6a","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":119,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"ac27d181-e56b-4a1b-ba62-7342c628a9da","block_type":"box","text":"investments.","page_number":119,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"7f881ec5-42a1-4ba5-84c1-6bad8168fb55","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":119,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"e3e09e5d-fef7-450b-836b-f530072315a0","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":119,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"37cc31c0-45f2-4d3e-815d-8e9e138e477a","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":119,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"c78176ca-6439-483a-92df-b58b8ec58cb1","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":119,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"ffb1fb69-8c45-45b4-8357-f2bc1e314c24","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":119,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"b89761a7-27e0-4bf8-a0d0-44b98363fffa","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":119,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"71ff24ea-bab7-4a05-909a-cdc886fcc65a","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":119,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"8be0a7c0-dd7f-4a7d-a5cf-50c7eb24f213","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":119,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"1d15bfd8-3eb3-4c80-a32a-61ed2eb2527a","block_type":"box","text":"Legal and Regulatory Risks.","page_number":119,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"3e89df7e-e77f-4d39-a728-464097cddd50","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":119,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"7fca4f1e-029b-4404-ab3c-87ac8263a624","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":119,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"be4823f5-4078-407e-99e9-1fe5c3ab1ad8","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":119,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"9e7a5b14-87d4-4123-817d-ac092d9a901a","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":119,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"976ed6b5-918b-4950-ba8a-4908bc72b767","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":119,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"4fcc071e-986a-46a3-967f-5fd6d0cac8fb","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":119,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"cf0a5df2-ad8c-4387-a732-90380da2b66b","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":119,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"69933d99-04ba-4484-8c60-57b96e24900a","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":119,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"3b595e50-1c1f-4e35-8e2c-8109aa90fce7","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":119,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"02f33d40-5e72-44b7-859e-506bb015c76b","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":119,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"a5a289ba-0e16-416e-9de8-f9affd41dfd0","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":119,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"7fdb9067-4169-4eed-8e84-64869de969ed","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":119,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"4bddf6c4-a788-4192-9c36-b45037dfddad","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":119,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"c68f666f-d12e-4a91-8d48-defffdb8bb82","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":119,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"8f00f951-dc3a-4850-b9d5-7ebdcb262966","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":119,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"347162be-6897-4e9a-8722-6e88cc8ae73c","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":119,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"00e9b554-2a28-4b89-9d08-6addabfdef82","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":119,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"cbf4976b-6af6-4c34-b791-1d67de13a7b4","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":119,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"19912077-db39-41c2-9b87-e6919d4c81f5","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":119,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"3f895841-94ef-41ac-8baa-d9eeddbdd4bb","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":119,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"16015aa2-7efc-46f7-ab3f-c31b359ac08b","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":119,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"ae833bd4-0ba1-4072-8140-1d2d46ed4f9f","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":119,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"27c2b625-1903-491f-a55e-505b825b6a9e","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":119,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"c9b1c1b4-a83a-49bf-8676-0dcea3d0338d","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":119,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"35004dbe-5d94-4266-bbda-59b435e792c1","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":119,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"928a248c-9ca2-4890-be97-1bfb3388142f","block_type":"box","text":"Geographic Risks","page_number":119,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"5d271985-bef7-4bfb-a71e-8eb7713f0c07","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":119,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"8035f117-3b5f-4050-9fbb-9ff7d2c95c05","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":119,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"febab343-c562-4e2f-bae8-320a2aee3bbd","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":119,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"3133618b-02ce-4801-8c1e-aecaef99ce53","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":119,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"e8c133fc-a0bb-4f04-adbc-a0c4631f3cb4","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":119,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"b23a5e73-6615-4235-92dd-69cb7bd3f424","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":119,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"c25ab7c1-dd28-4915-b446-55a48567efec","block_type":"box","text":"Fund.","page_number":119,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"e6147c49-4026-4bd6-8ce0-33ea92138e8b","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":119,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"1db05c9a-d564-4bcd-b983-73afb1704f3f","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":119,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"dbfb6ea2-de4d-49f0-8072-007b799c60c1","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":119,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"ac21b2e0-cb55-4ed3-8926-12f470e44c45","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities,","page_number":119,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"9c299944-528c-457b-8f15-7e8208084fb2","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":119,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"f7b1d32c-dc2d-4a8f-b507-92e58fbb8b5f","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":119,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"2868ca4c-9476-4f0f-ac69-bc329771c10c","block_type":"box","text":"II-68","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cab605f9-313f-44be-8ee2-6a9c58d30f47","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f59fb0f0-7f9a-429d-a1b3-746509f81f4a","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":120,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"770045ee-4b56-4002-a18b-372c721eeebd","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a result of","page_number":120,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"cd6eac7f-65b5-44d8-bbdc-ee8c9e00a8df","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":120,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"12bd9237-c11f-4317-a140-b001588690a9","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":120,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"3f4ad4a1-ba29-419c-883c-1e1a21a770b8","block_type":"box","text":"continuing to develop (","page_number":120,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"d33d7557-fc48-4098-9da0-fb9ade9b5686","block_type":"box","text":"e.g.","page_number":120,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"dd3e5ca4-f6ee-4918-b4df-d92ed7b25534","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":120,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"6892eb12-a8ed-44a0-8f1c-a0448c2e9cb2","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":120,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"70503c0a-ebb3-4913-8bdb-22257834907b","block_type":"box","text":"markets or particular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":120,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"5d6ced52-5607-4261-ba82-1ae2176cfba3","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":120,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"c82e1afa-5e4f-4b33-ad0c-7c12bc87a03d","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":120,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"c537f76d-0b40-41a5-8ddc-14145bd5b4a9","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":120,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"b006340d-3694-4e84-8f76-139024f49a74","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":120,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"35eedfd4-e516-429c-8748-65cb380c0a6d","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":120,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"2fd66af3-f2fa-4b85-9f8c-b1a71bbe770c","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":120,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"575effb9-418a-49ab-b883-0f7c0c570df7","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":120,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"450bad9d-eac4-41e9-9a50-b6aac0880e21","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":120,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"37420f4a-2413-46cf-bdb0-85ad976adc2f","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":120,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"7f3b8fcf-9163-4c2e-b18c-d904319a8f7f","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":120,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"88e8140f-12f3-47dc-98af-55d2b9056096","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":120,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"dac3aca7-500c-4cef-99ee-6880dd22c15d","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":120,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"ab826aa1-2b5e-43d8-8f7b-fa21db4bf9e9","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":120,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"fac6debe-b65b-437f-a9a3-d62ab6994226","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":120,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"adaea15a-d604-41f4-9337-929007f576bb","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":120,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"4391fb52-bbd3-4233-b117-e1cc513abd35","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":120,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a424f0fc-f04a-4b8e-bcd8-829cf89d1acf","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":120,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"41befe25-6eb1-4718-9290-8e8703153b47","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":120,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"ec07cbe9-0735-40be-9c72-52bebf45231b","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":120,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"7b5b5151-9710-4a26-a74f-1cfaa0cb7ff6","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":120,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"154626a5-5a9e-4962-b364-af838ef375e2","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":120,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"06ebc9b2-97b8-44ce-9a2a-3b3e52f4b379","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":120,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"af9c7f0c-4b5a-4b77-9b7b-0a049dec2fe9","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":120,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"02ceeb27-d638-4de1-b424-d3189752b033","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":120,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"42ef50f0-8039-488c-a4eb-7c3698bd2b77","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":120,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"c36e683c-ce90-4eab-a76d-f686ae8ad710","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":120,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"68d28c2f-e1ec-4bfa-8c0c-ab765c44de16","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":120,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"432eb7c7-ee1d-41e1-94de-8c58c0b58da1","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":120,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"3f465090-0f67-4355-983c-cefd960f04c8","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":120,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"83d1d8ae-2834-4952-bd3a-d175dab0dc29","block_type":"box","text":"consequences which cannot be predicted.","page_number":120,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"fe3761c2-a539-4c55-a5c5-e1e1abc1ad99","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":120,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"2af0c4c3-e49b-49dc-af56-cafe79538c1a","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":120,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"1116365c-1860-4411-8a7a-b79d92ade77e","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":120,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"27979782-896b-4aad-90de-a0193be12c94","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":120,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"0f3c5613-c28f-46f2-9af0-c42b48caa61d","block_type":"box","text":"term of the agreement.","page_number":120,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"2f271697-45dc-4109-a57b-e8237e8a1d74","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":120,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"55e581a8-28df-4846-b852-90d8a5dc64da","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":120,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"0e3b1f48-0db9-478f-b4ec-1969cd57cea8","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":120,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"8d691eb7-cf39-4b8a-82b2-eda8e3d000a7","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":120,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"1b62410e-f8ef-490c-b623-51720514580c","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":120,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"408c187a-37bc-4c40-9107-20ed583f5918","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":120,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"133caad8-1e35-4498-a5cf-ef923ea6c9a7","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":120,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"b7687ac0-367b-4e66-af81-0cbbdd1e074b","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":120,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"aad60d37-674c-4f4e-b5b0-4dc776e21982","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":120,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"5ef22dfa-5f30-4526-8019-563365b9b65d","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":120,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"e3566d62-11a5-4caa-8c9d-6022f05f4f71","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":120,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"dcf1dbb4-b3a3-429e-b74b-b41fef134051","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":120,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"6a11a009-f677-4028-bf08-49befd2ca878","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":120,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"f85d9abe-a183-482a-8527-2f9f6fc944a9","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":120,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"bbbf7987-c9dd-4f06-9b32-241ff7e365ef","block_type":"box","text":"II-69","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a5a773e-b329-42cf-b089-942ee6b7eb81","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03872ae3-b441-4d97-ab67-7e8583589943","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":121,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"b999e866-6580-4ac5-8a3c-80f0ff832612","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":121,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"7114ad84-5855-41d7-8163-44801d9f5d7e","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":121,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"0bd17937-9a58-4d8c-b6f5-304192a10151","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":121,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"0a9718d7-57b3-4577-8716-076d3ace7508","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":121,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"89bfce11-c92c-4078-9c82-a2a262836342","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":121,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"914a3eaa-fa12-4583-8aac-cc67b6a343a0","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":121,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"d906b722-1c4b-4cdb-a0e8-520574879255","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":121,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"1f743247-e015-4ffe-b05c-b4d62b32a226","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":121,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"e1b21a61-feab-4330-86a8-c751c24f2b16","block_type":"box","text":"or by another authorized securities depository.","page_number":121,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"419b1094-459e-47b5-ae5a-67ef6bf29309","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":121,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"d98293dd-d897-4f51-bd75-6678039c38ed","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":121,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"3b34d22f-6020-4252-9774-f6f340d2a3fc","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":121,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"30e7d43c-7973-4c88-9b57-82f4f2217fc2","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":121,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"8a877d31-91c2-4fa4-ae5e-5fb05576fdcc","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":121,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"e4721dc8-3a7d-40bf-8cfe-51f5e6f4ac01","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":121,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"218b231e-fc85-4637-bec7-711ab9c4e998","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":121,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"e550042c-9847-4679-979e-5eb5478c534a","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":121,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"a8f01be4-3db2-4c06-8339-f8ccb49eb789","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":121,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"297997ea-6af5-41b5-8750-73043509d9cb","block_type":"box","text":"the repurchase price.","page_number":121,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"12ad87d6-d266-46d8-859f-ae43d946ba6d","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":121,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"87c6c937-8b4d-440c-ac34-13a1a9ea8574","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":121,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"678f7fd2-b6f9-41f0-9da2-8d6dedc8d3a3","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":121,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"e9ca5afa-75ad-4fcc-b5c9-44240a25a282","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":121,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"f273a2b2-9bfc-495e-8298-0fbebb62adbb","block_type":"box","text":"strategies without the repurchase obligation.","page_number":121,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"ff6b4e16-38a9-415e-8761-4d2dc3fa98a8","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":121,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"5ea87a9d-0adc-4836-989a-b37714b2b2d4","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":121,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"11ad3b0b-83e1-43d4-ac48-b6ea51c1efff","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":121,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"58050551-be79-4bf5-adfa-417ae507da1d","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":121,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"20375f9b-5ff1-4735-a058-19362091fe96","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":121,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"39eeff1c-48a5-42ee-950e-35b59547be91","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":121,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"ec8765cd-15e8-481c-b48d-52dda8dfbd76","block_type":"box","text":"i.e.","page_number":121,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"8af9ebad-e484-4625-a4ab-ed6ed50f1686","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":121,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"fe0d3d25-f3f7-4e63-8333-75e250a65123","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":121,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"d564a082-c24d-4e3b-8701-80f8d1438ec1","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":121,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"7ec4d7d9-1424-40ba-a41d-b8fd5d375948","block_type":"box","text":"and income involved in the transaction.","page_number":121,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"4c7043aa-0cb0-4bff-8a9e-59e80d37d826","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":121,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"75734d2e-f93e-4e97-bd80-010a7aa99551","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":121,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"c610ffc7-2cf8-459b-b9c8-fd038c0041f0","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":121,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"3b22f511-5586-421d-a57c-6a63f1475d63","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":121,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"c575d5d4-b47a-4cd2-83c9-29f0800627a0","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":121,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"72cded81-8b6d-4cdd-b0ac-400773a099b7","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":121,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"ce93da5d-084f-46eb-847a-ae24b03d02af","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":121,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"13c3971c-e0e8-4ad9-8120-8392d8ffaad9","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":121,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"268099ed-5b84-473a-bd16-32dd25dc6b35","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":121,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"0db2cb13-b973-497c-8234-901d7a94521a","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":121,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"bb709e8d-38ab-4549-9a6c-9f49b67a5180","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":121,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"24f74d2a-0754-4e25-90ca-b2f072d97781","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":121,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"d118dbcd-a5df-4779-af33-89b2cfd12abd","block_type":"box","text":"Restricted Securities.","page_number":121,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"4be12f8a-aa9a-4745-889f-0c59c3dfb912","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":121,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"a29485d8-5bac-482d-8eb0-4ff8a53a9fe8","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":121,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"c91710e8-a64a-46b0-8850-2586ee098c3c","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":121,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"a3c9e003-6d32-44c6-bc9c-680001fca4d6","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":121,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"c2fc55bd-b481-4805-97d8-3c5ce3860cc5","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":121,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"cd982313-e883-4427-8b49-671f6a16909e","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":121,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"1349effb-48a8-4eee-8678-d4aadf5a60e2","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":121,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"6a0f5d86-bd80-4f32-bba0-58d1e575f4f2","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":121,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"39459944-d5b2-4471-9a4e-7047580d86b0","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":121,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"d7081ea5-1ed3-4a86-b3c6-9739bd12c302","block_type":"box","text":"II-70","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c62973d2-3ae6-46ff-86f9-2288107ba770","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7a2fa6e-4500-480a-9ebf-1a0d8ba13f75","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":122,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"f9bef624-61f9-45f0-b559-abf9f87d7ba5","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":122,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2840b6dc-3cd4-480d-af27-0199cf194d5e","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":122,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"27e1a0b9-e8c4-4cdc-aa13-1b42002ef921","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":122,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"4d685a6d-30f6-4f1f-a88b-0414340a561c","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":122,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"1bc7fbba-852b-4df1-84b6-c200caa68387","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":122,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"3d050966-b4ba-42c4-b424-bc6ebd3b7b55","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":122,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"9fac5937-86c3-40c9-a08c-8e0891415174","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":122,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"de4e6077-0512-4826-b316-91f61b51b689","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":122,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"c539c07e-8de9-4aa9-9115-3292c7b8dd53","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":122,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"825c6825-5267-4fed-bf2f-64db6ce0509d","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":122,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"bc01e62c-dca7-4173-955f-1c09446c3485","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":122,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"acb62262-a51b-484a-b73b-19ba596389db","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":122,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"c5430485-958d-46c4-9574-e50fe3c22922","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":122,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"96474908-c471-4830-a702-25abab0d0f40","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":122,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"6c5e5095-bdc9-4175-ad4c-29901e17db3b","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":122,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"0ac49471-466f-4dd7-8da1-4f317973ef41","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":122,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"d94bd1d0-4d4c-4d4a-8cba-7588a09fc741","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":122,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"34e72d78-6f88-4c22-9200-fb2597fd41a9","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":122,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"8134e27e-0363-4aa1-993f-22307835637b","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":122,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"1d8be795-cb5f-44d4-ba77-2148e4458ff0","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":122,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"d43f8a04-33ef-4e81-ad20-6da432df0d8d","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":122,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"73e167fd-9967-4042-ba7e-d883fd49db5b","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":122,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"95cf745f-17f1-4b16-81ca-a3cc9052f178","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":122,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"22c327b9-6aef-444a-b22d-863a55d8a3a2","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":122,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"6e9e1000-6a3e-48d5-85de-6f10d4a35db2","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":122,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"dcfacba2-1d8a-4134-bd82-4d42c49a3c79","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":122,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"07155449-85b0-4fa5-8862-6c6d121b55cc","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":122,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"0647f7ab-e639-4ebe-86a8-58b70d664f18","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":122,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"1f532600-8fe7-413d-ab4c-714d3e3a044b","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":122,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"cb5eec9c-fbf6-4eb2-846a-5cc718c1159e","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":122,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"29d88c7a-e2a4-498d-a8a4-d9d7214092bd","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":122,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"34e15749-af7d-49c9-84f8-e1cc1987c5b0","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":122,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"66c946da-b989-4475-8409-4ea5fa5fa95a","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":122,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"4536c1d0-0ec8-4093-b880-d364b61164de","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":122,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"f12fcc25-1741-4ee6-b821-6709693d76e6","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":122,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"9d19223a-e7ca-46da-9a33-9a4bb0f88488","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":122,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"4600b442-28e3-4333-bfed-8205bf7a0799","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":122,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"a32e578e-085c-47af-adac-e724e36ca5ed","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":122,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"f24632c0-7007-41e2-ade1-5b0a9eb148f2","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":122,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"a095841f-ddf4-4fee-8dce-d819626d8c7f","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":122,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"4bcbf6da-b23b-46c4-b96c-1b6241a252dc","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":122,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"c50e1a0d-4bad-4ce7-b0e2-e20939b4ecc4","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":122,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"adc6161c-861c-4abf-b9e3-03e6e9b8fe3b","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":122,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"d49db9bc-02a8-4d43-9904-fe0cc41a0daf","block_type":"box","text":"especially as that Fund grows in size.","page_number":122,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"2b16807d-09cb-4cfd-8f7f-4428fcba2183","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":122,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"97576992-2891-4389-83ba-99ad845a7c3d","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":122,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"8c20564f-12ad-4faf-96ec-f05d3dfd7f44","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":122,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"d74ed085-d4cc-4f5e-9195-885e5f675842","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":122,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"338f7899-a36f-4759-851b-98241e2cd939","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":122,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"1576cbe2-b625-4264-8f6b-17c3f48915c5","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":122,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"f18d9c42-3d13-4aa5-b928-e7131d5dc03d","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":122,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"58fb33b3-f6da-42ed-9b7c-5434d52866c9","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":122,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"c7574666-3630-47e5-8f5d-4dea6d5096b0","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":122,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"5225dc7b-12d5-4f7e-a7ef-2d043b0c555c","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":122,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"12eb1dae-57e2-4ef1-bdab-3867b5b6e079","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":122,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"7861b96b-bd94-44b9-888f-1cb8d60fdc3a","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":122,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"fdc6975f-0a62-4173-afd4-c81207ce1c7f","block_type":"box","text":"II-71","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc5c8789-b4c3-4bb7-86df-c6c96323d4e6","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81562745-34ca-4e13-a808-2193eb8af733","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":123,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"b455c97e-da33-4e1a-9b5b-bfa6fe601ec4","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":123,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"c8875110-40df-4f1f-b87d-dd41af33775b","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":123,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"444710b0-0ef6-4673-b25f-f8df07168a53","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":123,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"c1c6d4ed-8564-4a1e-8404-7892f91df521","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":123,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"85fbefec-dbb0-4c93-8f56-7bb881f6819b","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":123,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"d1d08160-a0af-47f2-9078-d066df9ec005","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":123,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"f7ff66c6-beb3-4496-a6e8-77b531d6567e","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":123,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"c82167be-2bd0-44e9-a377-47a40fa26041","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":123,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"ef71096b-6655-41d0-8fe7-e05ac8314047","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":123,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"01e6064a-bf9c-408e-9c1c-521ba97629f8","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":123,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"9ab75f74-af11-4475-8cfe-2760af35d6cb","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":123,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"e8a873ef-9ffb-4a03-ac2c-f0bf3e78389b","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":123,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"9c360afc-dfac-44a9-be40-a4dbbf056a86","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":123,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"f3119f07-ad2a-4788-accc-a6c50d5cbe47","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":123,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"71b3c916-7319-45aa-b125-93e3dadb3e57","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":123,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"757a3ea9-b744-45d2-a108-ebd33a130ad6","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":123,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"d5d94315-4b9e-4b3b-9ce6-cf5a2d29fe1d","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":123,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"baf72068-0f81-4f61-ae0c-6c1b6432bede","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":123,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"e95a5d0b-f3b6-468f-a745-639f76096c85","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":123,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"3ecd8664-adc2-4bbb-9149-72c1549cab08","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":123,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"10ed6635-eff8-4205-8455-8a454ec6c80f","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":123,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"da971b22-6e23-4d3f-9daa-2a92c98db55b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":123,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"800c5e4b-5a04-41cd-a1c3-92de9255f1a7","block_type":"box","text":"similar financing transactions (","page_number":123,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"00ffc76a-4308-4b97-8428-fc753777add6","block_type":"box","text":"e.g.","page_number":123,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"eed57b55-f409-45cb-a943-82903205b80b","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":123,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"598bb5c6-7807-412b-a7c0-2b94a4a9164c","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":123,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"b8f21664-9218-4a31-9975-d8b863857a06","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":123,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"bad301fa-9b77-4322-9e9b-83670f69103a","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":123,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"4244f877-e09f-4e24-bc48-7d9e87442235","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":123,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"66cbc41e-0f3d-4395-99d0-21e5fb710060","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":123,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"0cf63b99-ebb4-463a-ba39-b1ac696d48a3","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":123,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"875f17b4-fbcf-4a57-aaba-4867794b2955","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":123,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"2a7ebdd3-40ee-4844-864b-e48a7ccb5fdc","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":123,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"7b8077b7-0146-413f-97b6-274474eb9712","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":123,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"51ac816c-1490-4638-ac20-c8bf6632bec5","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":123,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"4aa2ef11-8aff-4875-8b8d-d7702a524ea0","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":123,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"d9477e31-034f-4b74-b7d2-e201a28e45a3","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":123,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"c9a266da-1e75-41ef-8c6c-725822b2d86b","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":123,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"91bca1fc-e930-4700-9360-41c2d8dee418","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":123,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"64b50d7b-4336-4814-8a42-8621dbeee793","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":123,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"527c2e92-1b6c-4407-8073-194cdeb92162","block_type":"box","text":"amounts to be received under such agreements.","page_number":123,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"832e8bd5-368d-49fb-bdf9-07d5e2b90005","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":123,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"9e0772ba-184c-4458-81dd-fdb7754e6ec7","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":123,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"90d3776a-fa53-40c4-b4e8-3a972195b263","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":123,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"08c749f0-4d1a-4f57-89fd-b70b2c60ca2c","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":123,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"8e5971ed-818b-4917-a568-5449bdb7295e","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":123,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"2282d1e1-71db-4123-8c64-bbce79f455f1","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":123,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"79cb5712-a1f3-4a9b-85b1-2670fee0ed43","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":123,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"8069d527-3906-4f8e-ae44-d2717120b6ca","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":123,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"48e0b647-61cd-4349-9342-f2c20d16f4ae","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":123,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"29b22403-dea9-47d8-bf86-8aeaf2589a86","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":123,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"919f7917-03f6-43f5-a166-0a13e27eb28b","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":123,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"e5c7368d-4ae7-4730-bcdd-1a11c90a9a58","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":123,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"d1416605-459e-4c90-a928-17c958520fea","block_type":"box","text":"Rule 144A Securities.","page_number":123,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"354cdf48-605f-4b21-a3ec-df23ca0e13c2","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":123,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"d0fe7993-cf94-4254-a87e-2a80d7f22dfa","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":123,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"3795afb8-ca38-4243-b95b-5abd035a9bf9","block_type":"box","text":"II-72","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba9a61a8-30e6-44c4-babd-4556e27347ea","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f9d8a39-7041-4275-a272-44a70c1e3eda","block_type":"box","text":"Securities Lending.","page_number":124,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"6d889f1b-6eac-4de9-bb89-f0600d344350","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":124,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"d090f3fe-5359-4dd3-afff-63cfa109309d","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":124,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"54add985-a3e4-4a19-9bd6-d666ac68f4bf","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":124,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"ff44e204-f885-4ead-84b0-ebdd49ec1c94","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":124,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"0d8435ba-89a2-40aa-aa1a-9ef5f7853541","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":124,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"6e2bd836-d8c7-45e7-8457-ffd107c7929c","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":124,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"87f7051d-abb8-47e3-9bb7-6c09d42ba926","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":124,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"96a083ef-1f20-41be-b78c-a2ea36786805","block_type":"box","text":"the securities were not on loan.","page_number":124,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"390c10e6-6dcc-4d67-ba40-958dc06104f6","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":124,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"c9d982bf-1a40-46bd-990a-1b81293b799d","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":124,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"8e208472-a684-4629-8678-16b476e9515a","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":124,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"025e66ab-522a-4a9d-824f-fda6105f400d","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":124,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"9c3bf025-c5a4-4268-b966-3c41c8fc8081","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":124,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"6392a706-04cf-4935-a471-f061a1168809","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":124,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"1f8207e1-8ddf-42aa-8c59-62076f9f881e","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":124,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"f46c19eb-d51d-4caa-95d7-60f1759fc4e5","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":124,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"ff7fe78c-8152-4a21-ada5-ea6ea3ca0238","block_type":"box","text":"i.e.","page_number":124,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"ff37218b-08ff-47ee-88f2-14756f7f8da3","block_type":"box","text":", the risk of losses resulting","page_number":124,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"95ea0fe1-b6bc-4d59-9e03-bd227bf33919","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":124,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"2e860d85-0e51-4355-9bcc-c7426143ae5e","block_type":"box","text":"i.e.","page_number":124,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"2332ffe8-90a2-4036-8473-06772231851d","block_type":"box","text":", the risk of a mismatch between the return","page_number":124,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"a6eeb41f-9ffe-4b91-806d-e7118b033b9f","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":124,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"c4b4668d-2df5-4343-a962-051a93c9cf95","block_type":"box","text":"i.e.","page_number":124,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"caef5e02-71ac-43bb-9570-18063823207e","block_type":"box","text":",","page_number":124,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"2dd8dd0d-975a-4458-a36d-3ec526c849bf","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":124,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"0c954f51-63ee-4588-962f-724606c37a50","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":124,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"38285190-5373-4571-968e-991e7ea9206f","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":124,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"9b55595d-54f2-4775-b922-3e985853bf41","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":124,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"13f21e08-9050-44d8-8427-72b7ee39e3ad","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":124,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"ca9c0b55-3e51-4cb3-a923-f9a35c45b2e9","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":124,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"6fe59b34-d38b-42e9-ade3-b7ff9f4b9714","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":124,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"e967abd2-1d7a-4d03-b362-51adf57c27d7","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":124,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"91be45b5-7440-4227-97f0-951a6cbfc08d","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":124,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"d621c33a-5119-4def-a52a-f6b1757d6acf","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":124,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"a263dffd-3d89-40f4-920a-94f6ae29c790","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":124,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"3ab48354-a12c-4b7d-9fae-e8b35dd04d52","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":124,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"aa62e321-c839-474f-85e5-7f3c60b83dff","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":124,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"cd0ab9c4-7597-4159-9637-3090675b853c","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":124,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"3337d3d9-7cc1-4664-bed9-d5140c0ccf70","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":124,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"79b279f0-b386-4210-ab8d-9cd72d2170a7","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":124,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"708aec29-7fd7-4be1-99f6-7830461a15cb","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":124,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"48e0eabc-3134-4a54-b25e-47a6ea301862","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":124,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"7114c3c1-5f59-408d-a90c-ef4eb010f447","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":124,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"35739730-34f3-43b6-9f26-bb44366197c1","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":124,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"d5fce288-9255-4e10-a541-d7f85ee64298","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":124,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"2680ba67-9839-48ce-87a8-8c75834c7b8e","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":124,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"5deebb28-8282-4dc9-87af-49c630df6ee2","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":124,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"0fc90ea0-9a7d-4779-a157-937577958fa9","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":124,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"0f093396-8e34-4b09-b2d6-2047ff68dfff","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":124,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"aa485833-e886-4f6a-9644-37c2433d1ea1","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":124,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"e1cbd359-0176-4384-80fd-9452b8bc209b","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":124,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"1cb23679-4a0e-4acb-94cb-b18b4a1d72a8","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":124,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"d50c123f-eb19-4bc4-af6c-7af148d01a13","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":124,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"9110ef0a-2823-4a9f-8ec3-e2499b3ad513","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":124,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"f97c2514-7de9-4448-a24b-04c7362a00ae","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":124,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"c85e210d-6768-44b1-bc26-1de9636b699c","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":124,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"f8823766-f3cf-49a7-9df8-89abb730c595","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":124,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"af433f2b-0493-4b71-939b-f052aeac41d7","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":124,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"1ce80c1e-5194-4894-94d2-5b4cd8c28f24","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":124,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"19c3b40b-320c-4004-b5ef-8946b4877b03","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":124,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"f035a8c4-2005-4fd0-af8c-de8cfc862e74","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":124,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"9ad1b7ee-c1f9-4030-9c93-9274abd3974c","block_type":"box","text":"II-73","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf257dde-325b-47e1-9686-52d7762ed984","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"535533bb-ce8a-4b92-a463-46a6e445f158","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":125,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"3f3a876c-0673-4b70-80d3-d09187e9c5c8","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":125,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"33cc37ed-401c-466e-bb7b-5cacf8612ee0","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in late 2028,","page_number":125,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"08a303e4-4a58-4a52-9a40-166f9ca34e6d","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":125,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"20d8acbd-e27e-4ee0-8267-dd0465b9df0a","block_type":"box","text":"the current expected compliance date.","page_number":125,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"fab988cb-45c5-46bf-8e68-0366b4ae792c","block_type":"box","text":"Short Sales.","page_number":125,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"c1dcbd18-ca0a-46bf-b381-af97e3f61a88","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":125,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"de572932-3070-4104-a463-7bfd2dab5693","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":125,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"af730269-e6ab-4490-af3d-80e868962e37","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":125,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"8b57ebb0-29ad-42ac-8027-10e2a536a03a","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":125,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"827e5459-a7e6-4e8b-8e29-f71d85259348","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":125,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ef56c46c-5c9e-4c8f-a42e-6d25ac459ae0","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":125,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"fb591f2f-760c-4b85-8f47-22db9719e9ec","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":125,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"1fdffc55-8dcc-4491-b1de-2ed4f8fc9374","block_type":"box","text":"securities to the lender of the securities.","page_number":125,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"d1994e8e-b3d1-48e7-9349-532cd63498e3","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":125,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"27ca21dd-0a9b-4199-a73b-07e9a3d7b58c","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":125,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"a7c67d72-6467-4140-8d2f-f3c6f92ea372","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":125,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"aed9141c-ce30-4ab7-aab1-3d90594d1993","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":125,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"aca64f7c-0c86-4b89-bbdb-ef2063174622","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":125,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"66615536-f36e-4844-bcaf-cbdf73a343df","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":125,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"99306ea6-47ae-4489-9d13-083ec117c0fd","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":125,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"f311c3fd-8072-4d03-aff0-94b7c999dace","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":125,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"cf6445c0-c3c2-4a3f-a430-6f969d876961","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":125,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"ff6bf894-8f34-41a3-8c4d-3483d2b20172","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":125,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"a7ce004d-6d11-4683-bdee-63c51b38438c","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":125,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"efa99ad4-2a59-47fa-87ff-8bbef9d63836","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":125,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"ecf18dd9-2adf-4782-b7de-e84c0feffe99","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":125,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"3c68420e-0a91-4935-ad4b-8947d736d35d","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":125,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"5962a416-ace5-448f-a206-1821c649f39c","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":125,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"6ea99207-a62d-4ade-add6-fccd8886eb72","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":125,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"480d0587-7f5d-4884-a105-682b2a8d6979","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":125,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"63a1077f-a569-4158-8f6c-47c7e21355b3","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":125,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"246ce8f4-9377-417b-8edc-10eddcc7ecb6","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":125,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"2f54d9e7-836a-4304-8061-906f51253cdd","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"aca1d5c6-5607-4ee7-85d8-721ab1506de4","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":125,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"196760ca-b325-46b7-a5c2-be122852c8cd","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":125,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"800a17c8-ff9d-490d-b42a-82ba2fa3224f","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":125,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"3c397f71-493e-455d-9a68-4048730dfd05","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":125,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"9e8b9316-3dcc-4075-80a2-157b68794af6","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":125,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"f5e55d85-0322-46eb-b4fd-1f28b4c11bbe","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":125,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"c63270a4-425c-4c56-883f-1dab53c6ba53","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":125,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"461e0612-4662-4d1e-9099-cc50522a5645","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":125,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"88d1f358-8733-48a4-95a2-6cde4a59bd78","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":125,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"584a1121-4d47-4b2b-8201-5a24a770a028","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":125,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"07856538-9953-4ce0-9dd5-56f7537071a3","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":125,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"b3664694-6c0d-4906-ab54-1b83d5e51a4d","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":125,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"c1be322d-a6f0-41de-a3f9-2177acf89d06","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":125,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"2a8a0b9a-b2ab-44ac-b1e7-667420978e45","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":125,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"baeda1f4-fcd4-4472-8b45-6ec75ea31ae2","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":125,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"3e2892a1-df4d-48c6-bd52-c5090c62a087","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":125,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"b5aad99e-8243-475b-9857-e9f3f134dfd4","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":125,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"2ced3649-a45c-44f1-879c-7209d95d3298","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":125,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"d068c7b7-c593-451a-aca4-49d9dc789a94","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":125,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"963d2f07-7095-4bfe-b739-52e5e10b497f","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":125,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"5e274637-c0f5-47bc-b3f5-f6858ff97be2","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":125,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"525a25fc-ab8e-4a5b-ad49-b7932f92c3a6","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":125,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"46b5bb79-6594-4d7e-9855-758b96914232","block_type":"box","text":"II-74","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1c48a932-784f-456f-9a13-09d4a941eda8","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bf2f9a8-e8e3-4e38-bef5-a3066c61121c","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":126,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"34986ddd-928b-4548-a7b0-4a6ee37c23c3","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":126,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"09a4243e-5dc5-43ea-8149-52e12c3613a2","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":126,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"6cad2f89-3ab2-48f6-9ee5-9ac010373266","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":126,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"e1f094f9-f431-4449-832e-ec098032d425","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":126,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"f45fe976-1ccc-41f5-b4f3-eb3364bbf631","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":126,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"d93c7907-9606-4f3c-b41e-f5adf9e2dde4","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":126,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"b47f8414-faa2-46e3-96d8-d9b4a13d96a0","block_type":"box","text":"Standby Commitment Agreements.","page_number":126,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"2e8a9aad-aed4-41c7-a5b2-f33ffff058ba","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":126,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"11fdae32-1916-4228-9b9e-a1847c4600a0","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":126,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"c53ac30d-cf51-4096-88b0-3e8c2150c8a2","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":126,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"132a257c-4b5e-44a9-9cd1-cf47748db70a","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":126,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"8d359885-1d68-4c19-b996-99df1104952a","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":126,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"b4f3e279-d745-4046-83e4-e7bab9be4196","block_type":"box","text":"advantageous to the Fund.","page_number":126,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"f434bb4c-4d50-46ce-8a31-9559070656ae","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":126,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"f03d35d3-4a71-464e-ba64-d19d4923d718","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":126,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"23f6dbb5-8166-499d-bf65-e350ae594cc5","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":126,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"83130cec-9611-457d-b4c0-b7a5bc57074c","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":126,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"d5e7c407-c817-41e2-b8c6-d8758b6fcef8","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":126,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"f753d5e3-42d0-4143-91ba-9fd34aefe0d8","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":126,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"976fed4f-1029-4e1d-9704-4110855eab97","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":126,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"f9f539a6-8439-4e23-8f12-9be598a0a267","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":126,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"cb268785-0869-41bf-b760-32e5c0d235a6","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":126,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"13c43d2b-16c1-4305-a923-baf095bde39f","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":126,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"175314c7-027c-4dbb-aa17-e8afb748260e","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":126,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"7289943c-1197-4064-acb5-58aab71aeb20","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":126,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"ad78ccf9-ab79-464b-856b-f0fe8842139a","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":126,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"31b108d1-7a8b-4c3c-8707-cbd0e31c86a1","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":126,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"84a85bbd-6abb-47ed-89cd-8b73ba1236ad","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":126,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"8afe5884-725a-4772-8a99-666f2c84988e","block_type":"box","text":"Stripped Securities.","page_number":126,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"0b3f6f39-6823-418d-b443-1a6e781b2516","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":126,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"1778bc4f-8bb7-4f6d-bb13-097ef59057f2","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":126,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"a35dd684-5333-4ebd-8fa7-40e06dd7cfee","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":126,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"53a689d7-917f-4c24-9db4-5a8beea4944d","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":126,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"a9bca23a-5d57-4a91-8fbd-46e12c522f6b","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":126,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"186852c2-52fd-4176-b112-6bef14e07663","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":126,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"e6cb708d-a810-492e-823a-d664f85e1e62","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":126,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"ee959851-a785-4165-9dff-af908e11cc74","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":126,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"c54dedd7-5c5c-460c-9985-8a9c4807c953","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":126,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"9e1fa950-5a1f-4d9e-b0d3-f87e0fd1c0e6","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":126,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"0ad244e7-2860-4b50-a6d1-17f2ddbaf8e2","block_type":"box","text":"Structured Notes.","page_number":126,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"7708b6fd-db3a-4867-9839-cded2bb1b1ef","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":126,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"45dd0813-f128-41a0-917c-dcbc466fb7cd","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":126,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"3d87bda2-af07-4947-a906-5156eff8226a","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":126,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"cc37d698-bb7f-4700-b4d7-a4871a3d66be","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":126,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"01f6fbc1-b59c-4c2e-92d2-ad2800d96653","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":126,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"80d115c8-8225-40a7-b381-44c87168d523","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":126,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"ec6cb01b-f96c-400a-a62b-cebbe7d1a318","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":126,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"e3c67d1a-85bb-42b6-92af-2844f4ac1618","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":126,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"018ed84f-96b5-4f54-b2ac-3b9f165516a3","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":126,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"81d229d5-1e03-46d4-a92e-e83e4e1ea6c4","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":126,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"dabaa89d-a6c5-4572-9fdb-1e8fec6aa72d","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":126,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"b367346c-eb33-437c-b68c-f59f316b918c","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":126,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"8930d8da-7000-43d1-8a5a-18aa7f60784d","block_type":"box","text":"the risk of loss.","page_number":126,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"0296264f-95b3-4d7a-a2df-6d82e6f21598","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":126,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"ca1761a7-acec-4752-867c-6d176ea981e1","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":126,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"6cd88cd8-da57-4122-9732-a542c2e71170","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":126,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"01c1f253-e432-4e3f-a5d5-fec09c5f3adb","block_type":"box","text":"II-75","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a3792e6-fc26-49ea-9b53-fcb853dbae82","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59b4ff34-620e-41de-a754-000b24b4e61e","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":127,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"d630c5a8-2e90-42c1-af84-4d572cc2f52b","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":127,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"a0586f93-0dce-44c7-ae34-831eb52d30f2","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":127,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"f8960b6c-9ceb-4d5d-b08c-02a330778609","block_type":"box","text":"Taxability Risk.","page_number":127,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"8380a01e-227d-459f-9cd9-f1fdcdf466b4","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":127,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"09a7a961-b812-43ea-aaee-89e3fb252c45","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":127,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"4618f28c-2387-49c9-a170-0fffb69d98f7","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":127,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"0145992b-eb7b-4bd1-8df3-25b1c44b60e9","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":127,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"81a5c9e6-8398-4486-b57c-23272dcb744d","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":127,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"86e99ab0-faec-4d82-9bd8-219573f600fd","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":127,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"730a43ab-df40-4ced-bb31-e16d2fa667eb","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":127,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"14dbf1a1-b3e7-4237-909e-9a1eaaa1f81d","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":127,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"b8845752-209c-446d-9fcb-00081f3ef14b","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":127,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"b8713609-926d-4488-86ff-d6522a9499cb","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":127,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"e429f190-f951-4476-8f7b-d357b75c24a9","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":127,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"9da35005-7379-4ef8-8fdc-0c515a74af9c","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":127,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"f99253fe-1ee0-4fa0-9529-256e91179ed8","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":127,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"f9b38f6d-841b-4ee1-82f1-5527e3b93420","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":127,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"b92626b1-5422-4560-8b0f-617781908c8b","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":127,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"2fd4dbb4-3287-4a65-bd41-245a5cddcbb7","block_type":"box","text":"the value of an investment in the Fund.","page_number":127,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"6e569c6e-6767-4e36-98ac-927ada686a16","block_type":"box","text":"Temporary Defensive Measures.","page_number":127,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"fec5abd3-36d4-474d-9863-7c7638540fa6","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":127,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"810340c0-e8ca-42bd-ab9d-cd3a628ae8ab","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":127,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"ae4b5bf8-fd93-476c-a9d2-c38cadea0eeb","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":127,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"17d1bbb8-8899-45b1-8928-e049a1c20d1a","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":127,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"a404da32-a47b-4056-9145-eae496d7fd73","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":127,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"2e4f927d-fdc4-4b7a-aa0b-0ea2894a1dde","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":127,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"4f3d3657-8cca-4e85-a1e8-9feb746bb853","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":127,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"edd71d92-3b48-4517-bec2-eac7dac94963","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":127,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"3123c5a7-02f6-4ef2-80a6-5a06a6396c37","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":127,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"58ae1c54-1370-4bf6-a08c-851f45ec4d2a","block_type":"box","text":"its investment objective.","page_number":127,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"e9547e10-4726-4266-b9c4-b531ce4c380a","block_type":"box","text":"U.S. Government Obligations.","page_number":127,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"d64c8154-abe8-4a36-84d6-4e2dd76d7f5d","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":127,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"4830767b-ddbc-4cb1-a8c3-00ab7efb7762","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":127,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"840dfa87-125a-4e52-a98b-2760489e0c62","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":127,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"9b934139-c09d-4e79-8afc-daf0ea77d36f","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":127,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"ecd8d2b8-c966-475f-8db5-c89a13dd8695","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":127,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"b3962ffe-aa46-4b1e-9b57-46fecd0029e7","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":127,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"e3acc5c0-bb18-4b02-8c90-e26cebb22296","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":127,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"15d6dfd0-4a40-4c80-abf0-3156517f83fb","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":127,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"9d219056-8c85-4970-9795-15cc3a5125b6","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":127,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"ed56a044-75b8-4f42-ab90-25454731762e","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":127,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"1f7ef7b3-5595-451b-aa39-173b5f2ccd64","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":127,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"dc72b408-ca5d-4f4b-bd43-ad173dcbc3b3","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":127,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"5c868751-6f87-495c-875a-b27a2c793486","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":127,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"bb137507-8967-4d1b-94e5-5b3a2bcabbd7","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":127,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"67c9ae22-94c6-44ad-9867-30bdde0a02f2","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":127,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"fd2ae283-ebd8-4c92-acd0-8e800f8700f7","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":127,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"aa2f279d-bd20-4ebe-b785-3c1bf04b7321","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":127,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"628e1b14-bb14-4ba5-9968-6b2df600481f","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":127,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"5d8d8846-78e1-47a1-96cc-a385b92fdd9c","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":127,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"c099eae5-df65-45c9-b427-352d72889af1","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":127,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"97af61dc-a811-4678-b72b-f24e3c742918","block_type":"box","text":"U.S. Treasury Obligations.","page_number":127,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"4f324df2-4c07-4efd-8905-028f621c8ddc","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":127,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"55404859-d278-44ab-a539-8c78a64689db","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":127,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"408e3899-73e9-481a-abd9-24ba9cf9ee94","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":127,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"9ce2a823-3f5d-48bc-a180-d31625fe2e20","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":127,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"3c9fd520-49af-48bb-accd-386f36596232","block_type":"box","text":"do so.","page_number":127,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"c7815e0b-6985-4a4a-bafd-116f1e9c3359","block_type":"box","text":"II-76","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ecbe17f8-bcf4-4c6b-b474-c361fd8c499a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c149a37-5a56-482a-96e8-b8e8d7afc083","block_type":"box","text":"U.S. Treasury Rolls","page_number":128,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"41d06de1-7377-4330-89d0-e8c57acc269a","block_type":"box","text":".","page_number":128,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"8d58267a-3517-4287-bda9-817f1b105be7","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":128,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"ebd08c54-7c3e-4c4c-aa09-7fcb3aaf5dce","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":128,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"4babf7db-ba39-4285-9413-2053f428b8d1","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":128,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"1782c996-82cb-4ba2-9c85-6f83813d40bf","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":128,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"9b6ab959-47f5-4424-aa12-d0e98389099a","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":128,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"8b1329ce-9f06-49ba-8e74-feed6bf96d8a","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":128,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"50941576-8bc2-4b83-a0bb-b664dd93b439","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":128,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"76dfc381-bf9a-4ae8-83df-649e2a64266b","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":128,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"e6baee6e-d38d-4062-88fa-37576fe0583f","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":128,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"2ce607cd-c045-4e3f-9df9-cd7e195648b3","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":128,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"a4138654-05d3-46c5-acb7-1383eb54fc0a","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":128,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"8bf92389-8e88-40da-b63e-25db2fd99cbb","block_type":"box","text":"Utility Industries.","page_number":128,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"b358be76-bcde-43ac-9e67-9efbd3d7f374","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":128,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"7e1e182c-5401-4660-afb7-8029bd04a152","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":128,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"7ec205c5-2796-40a1-88c4-5cdde6ab0f47","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":128,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"b5acdfe2-b2d8-4e3c-b2d3-abbdd3a6e6a6","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":128,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"def5404c-19c5-4ebf-9321-0f6554859566","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":128,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"51b0775c-9e49-4f65-84fa-1f5ce92c9380","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":128,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"ee874bce-91c2-4ba8-bead-04eabf0ee619","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":128,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"31a063c8-6ac5-47f0-bffc-2da831e594b6","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":128,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"6245aa63-615b-4e71-a050-85f7da82660a","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":128,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"e14390e7-eda0-440d-a99f-28f924e4ff33","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":128,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"ad5a5ea2-e7f6-4d90-98fc-9fd252de4f96","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":128,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"d9645500-59d2-4892-9500-632466f576ed","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":128,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"1c39f1ad-3abf-460a-8d7e-2ef1cd25b406","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":128,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"99da19ac-e923-4901-8948-5adfc7b6bfd3","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":128,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"ac896686-3d54-49f4-8aa6-bfd62bccd527","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":128,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"b119a15b-d02a-4287-a641-cf513a04fdfd","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":128,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"f3d8c8e8-72d7-4506-8a36-948d172d4050","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":128,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"2f0d2a5b-e8c6-46e9-92a1-e55da0db5566","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":128,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"dfcfce95-66bf-4411-a9b8-eb12671786de","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":128,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"c4937e0b-3e8f-43be-b2eb-e1850a0a32be","block_type":"box","text":"utility.","page_number":128,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"746e43b9-e7d2-494f-b188-e2ec4b8cc77a","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":128,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"4ab789f6-a7ec-4c69-be0d-224ddbf0dcb7","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":128,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"2680698f-75a9-4e3a-9346-6553a2f3ebe1","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":128,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"1dcb78f9-fb78-42dd-b615-b9741b8a57bf","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":128,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"f451176c-2f77-4092-8f4f-c39b871599bd","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":128,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"e5a29e1f-5db0-41f2-b2ea-5f3a826f7907","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":128,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"b41d4ad0-5b03-4613-a512-edf8c89e0d4d","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":128,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"46605fcb-ffb4-4661-be36-4e5a2f1ce012","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":128,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"b91932a0-8fa7-4b86-87af-ba7d2a5186d5","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":128,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"1cb68923-1b7a-4100-bed0-ef6689c792cb","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":128,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"207a5fa4-5364-4d96-aafa-3f022473a85e","block_type":"box","text":"continue in the future.","page_number":128,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"b6bbaab1-663a-452f-b2a7-bec2ad3f0a04","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":128,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"ec19c1c1-848a-4a03-8044-32105e626c94","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":128,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"33c17680-e998-406b-9a01-30b5e780f1a2","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":128,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"c3596078-ba3d-4ad0-9aa1-c70c6e63ab1a","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":128,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"cad6297a-32fe-4f9b-a3e8-415e7ab24348","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":128,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"48f80363-0e36-4641-83e2-ab876c0e896f","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":128,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"b16271aa-4c83-4fd0-87a8-72067900b186","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":128,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"46e0bf5a-0bb5-4395-a266-2def2e602984","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":128,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"d5defb26-5562-40ce-943b-ed57dda6c18f","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":128,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"b36e1f0b-7ed7-4c13-8436-814ed625ffc2","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":128,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"c3ed4d07-cbc0-4dcd-8dfe-23989edf7b92","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":128,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"53eaff2e-82d7-41c8-bcc6-ae8d99b82843","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":128,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"5c4034c0-48f2-445d-8439-781513bb3c41","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":128,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"7dd74c47-339e-4d32-9c35-f013c8fd519d","block_type":"box","text":"II-77","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"196b3ffd-8a2b-478f-95ab-63bd1061712b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"132bbe29-e27e-4864-9842-4adb7b6f4074","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":129,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"870add42-acca-44af-b43a-f4440140060e","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":129,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"07e0aaa5-81cf-4fd2-b7a5-b79f5f05fc6e","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":129,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"74282832-9086-41f1-b650-931cbe38a6a3","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":129,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"a848166c-0d57-49c9-88b2-618b1bf0d20f","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":129,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"93cd8376-5978-48c4-ac27-b19e8b2d0451","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":129,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"58b80e80-cd55-4375-a216-cfb1f5b82bbc","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":129,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"9762f42f-9e1e-46c2-a6fd-81323c1da9e3","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":129,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"30aa97d8-7580-4a3d-ac5e-d251a7a7b6f5","block_type":"box","text":"ways different from regulation in the United States.","page_number":129,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"61bb2d1e-3d7c-4942-a71a-2c5f248b5fb3","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":129,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"4b696d9c-31ad-445b-8979-60499e59eccc","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":129,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"da066015-f9b5-4730-bc5b-a986e6c7d6ac","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":129,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"6d5571d4-a615-4635-b820-bc43158d7248","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":129,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"da116acb-4a78-4831-a476-3de66997cfff","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":129,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"c059745c-6d7b-4528-9eec-dea213265a90","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":129,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"a0259dd8-8efc-46f6-b829-aad4560418d6","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":129,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"3b80b2d8-39fa-4de9-ad9b-c7381e2b97ff","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":129,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"0b3bfec5-3c40-45d5-a374-d1c91652b35f","block_type":"box","text":"increase.","page_number":129,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"e8d529aa-469e-4955-8bf7-35649eeef644","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":129,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"13efbe9e-9e97-418d-aed7-959f2280d52a","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":129,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"9eec1140-e00b-4aae-8c44-ae418056f528","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":129,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"4e39a6a7-af0a-4e19-8e6c-40ca0a017933","block_type":"box","text":"Electric.","page_number":129,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"cc13d523-b7a5-4b55-9f08-29a2c9885dd3","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":129,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"a52a4632-fa7c-40df-8c8f-8b161aac6544","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":129,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"bc016f98-de41-4eb5-a77c-9516090a721d","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":129,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"c941d5bc-b156-43ab-b4ba-69f881e5493b","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":129,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"c0180f28-e7eb-4b66-8d64-54cf3e459057","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":129,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"2a3f6812-fd21-4621-bcf8-3a769ab06628","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":129,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"4e2f7bfe-9cec-4df2-8ba9-69de39f059b8","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":129,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"7b4a924d-bbd8-46b4-bfad-21c766b7bce3","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":129,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"a601d1d2-edc4-4ea3-a70f-e89dbba520de","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":129,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"0b16f882-1a79-4e97-917a-0dc384e73fcf","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":129,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"3139b042-6a71-4f38-945e-158f9ae89fcc","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":129,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"f0118c47-8544-4beb-b3c1-83b020691cf7","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":129,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"eba63026-36f9-4478-bc8d-a39bfb560376","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":129,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"7ab5413f-4d39-4bb3-aac4-5421d130a1c8","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":129,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"73a29677-3a23-42dd-adf8-63423e918f6d","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":129,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"62cf6774-2038-49c2-8014-3dbbeed0ec1d","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":129,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"4333fa59-7110-4d5f-823b-a9699515ee9d","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":129,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"344ce3b0-fc9c-4b60-ac16-a19fa2cf4a28","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":129,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"d6f6a408-aa6e-4fd5-a020-e46a27c4e755","block_type":"box","text":"and for decommissioning such plants.","page_number":129,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"9c6c67b0-899d-4641-8ebc-354b66304566","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":129,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"498b32b4-8049-45f2-addc-9e60cfe08d2c","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":129,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"71626aaf-007b-46a6-b807-ab4984559248","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":129,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"c259ba95-7286-4212-8a61-94ad38a2bb3c","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":129,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"bcd58857-0e27-4123-b642-82eceeadd90f","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":129,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"1c325a6e-78b7-41c6-8162-03064f56c86e","block_type":"box","text":"greater predictability of cash flow.","page_number":129,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"fb44a636-65b1-4457-9b88-ca9e306c4fed","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":129,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"2873c767-5d07-42c2-91d8-8184c5d26598","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":129,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"ee7fb8c0-8fbe-4989-b291-c3824a97eede","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":129,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"bc4d8521-1da2-402d-9c78-e54e2636c334","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":129,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"02e47e75-fd28-497b-ae3c-6007c4288810","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":129,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"f3caf711-0977-40ad-a287-b84ca10e6256","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":129,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"be990b15-7a74-4b75-89a4-7b9a7c0dac9e","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":129,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"71d329c4-709c-4fc4-959a-6c535f5835c7","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":129,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"6719e8e3-2bbb-4767-b78a-b94058edd0a4","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":129,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"fabebcac-19f1-42ea-9b09-62ca6dd2dddc","block_type":"box","text":"II-78","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6636079b-1311-452d-b144-275e105ccbbd","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9742976-daa3-4703-a10b-6bd38759d4a3","block_type":"box","text":"Telecommunications.","page_number":130,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"220f997e-c0e7-4065-a9d7-98070ae5d621","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":130,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"06364a1a-5410-4b10-871c-bdbdd1213216","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":130,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"26030e14-3f59-4611-9a6c-a906db56b2aa","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":130,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"ed12fa0b-5db8-4638-baa9-477d0cd34922","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":130,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"45e352e8-8331-4ad2-a7e8-5faed82db266","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":130,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"be20fd74-672a-4753-9537-f8799d0ce238","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":130,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"474887c3-444e-4f71-8c27-95737fe68c88","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":130,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"0d9059e4-0ff0-4465-8780-153197f6f057","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":130,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"3e5d0d16-df9a-4b64-afba-047b8a6c0659","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":130,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"a2787b92-382c-458a-9a21-09dddb44e25e","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":130,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"798ea1b1-a4f0-4d94-b9c6-e60a426fc93b","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":130,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"3a8625dd-91c5-47ae-b369-a890e0c49e10","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":130,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"519c6591-f817-4cc6-b856-40759b3feb4b","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":130,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"f5125498-ada1-4f45-b401-ff7a9092ba79","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":130,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"4d9ff7ec-a731-4053-af01-fadc27009e95","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":130,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"1e6fcfa4-7a8b-47c6-8539-370a610aca39","block_type":"box","text":"residential, corporate and governmental customers.","page_number":130,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"b5562791-0d96-42b5-b8e0-3a18dbf638ff","block_type":"box","text":"Gas.","page_number":130,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"5bd5a7b5-ecb6-434a-a463-013c65cb396c","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":130,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"277d2600-beeb-481d-b5d7-4af21714251e","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":130,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"dd89dcad-a738-419b-9f72-3066c0b7aa32","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":130,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"2a0023a6-6810-47fe-aef5-6f5ea2d10729","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":130,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"0d5cdc39-8381-43a2-b18d-70dd92cf16ca","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":130,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"d9781a6b-7ed9-4d62-abda-c0a32673cc91","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":130,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"300fa4b1-2613-4b2e-b02c-559464c7f749","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":130,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"d5649e85-55cb-4e78-be2e-0022822edb58","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":130,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"f035b486-ff3a-43a3-88b3-a0e595cd3d8f","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":130,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"08968a1a-c319-4b54-95c0-70954df14d1e","block_type":"box","text":"Water.","page_number":130,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"07574e7c-20b5-48a0-b274-2259e375f5a0","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":130,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"c219abb3-bcdd-4b48-91d3-2cb05fe52fde","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":130,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"18c0b3d0-ff94-4d63-bedd-7523002e9d10","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":130,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"18df8dd6-da18-4267-a4dd-529780b29ec2","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":130,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"46c6a1cd-92bd-43ca-a4db-521cfceca596","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":130,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"83abdb32-6872-492f-9d9f-f20d26ee6560","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":130,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"8c521bcd-5a09-412f-9369-d5423b238b8c","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":130,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"ec43fc57-0707-429a-b66e-00f5c7fb4f30","block_type":"box","text":"Utility Industries Generally.","page_number":130,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"799f761a-8db8-4168-90d5-bf75f6ecb61b","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":130,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"df787744-51cb-4f73-a8f6-bd7c92447f02","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":130,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"4fe03e4e-34aa-4140-86c9-9dcd5d118387","block_type":"box","text":"not develop in the future.","page_number":130,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"2beda619-0978-42a3-bce9-8f3ab5989d54","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":130,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"b601cdd1-6cd8-488c-9c17-05e0dc10613e","block_type":"box","text":"A Fund may purchase or sell","page_number":130,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"0c9512a2-c891-4a5a-a7cc-54071ffd8bb4","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":130,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"59d31e39-cf41-4a42-8a71-b7605dc04833","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":130,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"7dd06e6a-a852-4818-92ea-22176b9ad488","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":130,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"33f1d331-bda6-400e-b213-8bd1fb3619d4","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":130,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"8091182a-275b-4362-aade-f357e1212aab","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":130,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"41740bb7-eed7-418d-8625-b272cd97b1b3","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":130,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"3ced5748-5a59-4a9e-80b4-1b8fa281e7b9","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":130,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"8c06aa08-c1ff-425a-bf39-12307b554715","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":130,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"cd1e6546-08da-46a7-bac8-4ef45e42f349","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":130,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"3a81d586-5901-4c22-9ce8-24bfb928c224","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":130,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"11af7419-8451-4a6e-bcba-ca2c54684650","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":130,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"325e3fda-3363-4f4e-bb74-d3ea2f9534ea","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":130,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"5f4ecb83-01aa-4b2a-8ec6-286540635af1","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":130,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"6e27b826-f985-426e-87ca-35cdfda21415","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":130,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"6209e20d-373a-43e6-8255-43f93a645637","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":130,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"b3020c0d-4c08-4391-9b92-8501b6b93eed","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":130,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"d9fcbaa7-df70-4b6c-9f51-98568bb56263","block_type":"box","text":"II-79","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66eb736b-47e8-46f8-acc9-b086d8e1bfa9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"054c26d3-80dc-45c1-9c3e-818f77861d77","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":131,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"169b7b90-1ecf-4671-9aa5-650adff33c38","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":131,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"55cfb4f3-3d3d-4806-9808-e79b5b596e4b","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":131,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"ccb22b2a-b680-47c4-bc8e-e4f174d83873","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":131,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"6f7aafd3-ead4-4980-9252-e0b76e0c107a","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":131,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"d714d3ae-f524-49b3-9cde-6f9d1063408d","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":131,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"461a03b1-4905-4af9-b62e-bfdc1771b595","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":131,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"be1289a5-d8f6-4b19-bdda-8390096088f3","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":131,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"770bab47-e55b-4775-81d2-746e3ae83f52","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":131,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"a013ecf0-f11c-4a51-b2c8-d5fba055db9a","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":131,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"7906a107-9006-4e24-a4d3-cb0ffd58fdc2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":131,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"4c127bd6-eb46-4164-bb56-955528109440","block_type":"box","text":"securities (","page_number":131,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"6ed55d1d-89bb-49d1-9458-df58572adcf9","block_type":"box","text":"e.g.","page_number":131,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"438871a7-385a-494d-b603-e39d0cb96154","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":131,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"be6c61a7-907c-4bee-a144-5f098cd93fd1","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":131,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"fc2669c4-ed87-4ff2-bfca-355e1a8d50c0","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":131,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"0104a2f5-6a8a-42cb-b217-3c3ed86a6731","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":131,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"073558e8-b8ea-4beb-99b3-14c65f478eea","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":131,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"3f980b36-376f-4c6e-9f47-8207ffe8b2ca","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":131,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"6b0808c6-a1cc-40f3-864d-54c63b03d87b","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":131,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"0c073c36-cc29-414e-a515-26d534a471f3","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":131,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"ebf748c9-607e-4478-8192-59085a37b384","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":131,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"59781cd2-b2eb-4f39-84fe-b518b1e81b1c","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":131,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"647a9639-3ce5-4cb7-b1dc-370146c37074","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":131,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"e8a00cf6-feb0-4b65-b731-c40df4535bd6","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":131,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"28eee5ab-e690-4716-aa6b-be1be44997c0","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":131,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"05266e42-a665-4d19-b3cd-f3258f3c3ad7","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":131,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"ec8992df-0230-4abf-a5cb-a643448f679b","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":131,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"500cdfa1-550a-4e92-b86b-ca67dd32b551","block_type":"box","text":"Yields and Ratings.","page_number":131,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"5330c3c3-5454-4088-8e45-08d241febde4","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":131,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"8b72559e-778c-4abb-b620-515858231e06","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":131,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"bfaf3817-43a7-47b8-8705-c7ed5896eed9","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":131,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"f48ce0c6-81fa-4593-8d6d-3933eea2b7f5","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":131,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"3d7590cd-32c5-4ac2-96c5-868ca98f51f0","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":131,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"96bde06e-55ea-4e10-9dd8-aaa4bf455571","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":131,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"27255454-5631-4535-975c-54e895ac771a","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":131,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"b6b90a31-dd1d-43f3-96df-a4918f9c97d0","block_type":"box","text":"continue to hold the security.","page_number":131,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"161f2599-9e8e-4a3f-9ecb-2c11a47b5d22","block_type":"box","text":"Zero Coupon Securities.","page_number":131,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"9a295806-a6c2-4427-bb44-63e257aadc34","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":131,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"af91c752-a190-4f8d-aa50-31860b497a96","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":131,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"e2465076-cb92-45ba-be33-319322b737d9","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":131,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"590e82b1-6620-4c57-b214-a40392da4ce9","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":131,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"e1992910-033f-4eea-ab42-e1dc00f18ba2","block_type":"box","text":"security.","page_number":131,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"06a999e1-e101-4b8a-9bf3-bca17ca517ba","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":131,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"1cd9ad9a-25bd-44cc-bfe5-93367ee4b6c0","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":131,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"e678a114-738d-4796-95c0-d11295eaec9d","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":131,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"e574601d-5d8e-422e-b49a-7da8952920da","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":131,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"dc23f2b1-3aab-4ee4-9ca6-d4a0fde06ebb","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":131,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"36ef13a7-bf0d-46c2-be2b-cde707d3d745","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":131,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"a2811034-f201-420c-b3aa-8890f735113f","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":131,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"f2819642-e38e-4585-833b-f1df33716cd2","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":131,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"f4e7ed17-797b-42e6-93a2-1228c5a8c2d5","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":131,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a52b8c7e-d995-4ce1-b68a-9567b27d271b","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":131,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"ed15d368-27a9-435f-86b3-90dcfe298288","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":131,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"bde6f967-ec99-4775-a0f8-c40d80d5d38d","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":131,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"e5b5650b-1f3c-41df-9e67-d1d5e39c43db","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":131,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"e82c2ab5-0617-44a7-8f42-4fa8dbeb86e1","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":131,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"9cc32e83-dfbb-497a-9180-91d1ff8a6f79","block_type":"box","text":"intervals.","page_number":131,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"739b64fb-5365-4151-a7ae-217f98b1c057","block_type":"box","text":"II-80","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"699d8009-1af2-4dbd-98ee-b77624fc0b19","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0181f4c3-538f-4047-ad88-3ff487f1ab97","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":132,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"f1d43419-c784-4d87-b1d9-016bb29fb9a2","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":132,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"2191ad79-71bd-4639-a50a-d92885f801f5","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":132,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"538ba788-e6c9-4856-8b83-b1e6b7c6ccbc","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":132,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"79b1c954-fc83-4b9a-a255-0f27bb4ed4cd","block_type":"box","text":"exposure to zero coupon securities.","page_number":132,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"b316a160-9ff1-4cc2-946d-be34850d1da3","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":132,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"f5ffb1df-ba5a-4785-9dca-5440a87767fa","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":132,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"02ac7d99-323d-41ce-9d25-d8fa52b18972","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":132,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"dae7defc-b996-4917-b148-e195704d585b","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":132,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"5e4d44dd-d7fd-4e80-bf2b-45316840f6f5","block_type":"box","text":"Suitability. (All Funds)","page_number":132,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"6488784c-d981-4d63-960f-f878d44f9c0c","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":132,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"7cf4f19b-4381-453d-81bd-8f05475f1230","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":132,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"6af0526d-3ae2-42f7-8932-df529b1d18e7","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":132,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"52c9b9b4-6eb3-478b-8b4e-ce848ed0b8b1","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":132,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"df0f7529-b313-4b60-bff1-c6edafe345ae","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":132,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"f73bf45b-818b-4527-9e71-d0341360c39b","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":132,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"74d97215-284d-4cdc-8027-94b62c121b55","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":132,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"8dd1c8c9-7e2b-4913-b31e-dec30e1cb843","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":132,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"09623949-1373-42e1-8706-db96bdc2f934","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":132,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"f72a6d6f-fe52-4d0c-b6e6-8b1904367ab7","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":132,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"cc331472-c070-45f4-885f-f3b1a23b54a5","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":132,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"f7116d5a-6ca2-4494-beb6-ee767086c48f","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":132,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"d49a07fb-6e2d-4657-8b04-0bed37602e82","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":132,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"c0615a6d-685d-4f7f-bf33-e14af9d00114","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":132,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"e86ec003-b400-4f39-943e-bac964286158","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":132,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"3cd346db-4a6e-4f22-9977-2774ac02b661","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":132,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"e325abf5-1141-429f-8c2c-acd1ea482a3a","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":132,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"1ee2cddb-2881-4a72-8b6d-98238342fd22","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":132,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"aa3c2e99-6a8d-48e6-80b1-2c83f00bf270","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":132,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"11fd074b-56be-4d53-843c-41e668f3b091","block_type":"box","text":"(","page_number":132,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"85dc4cae-8cc8-458a-852d-0b12e85f0dd7","block_type":"box","text":"i.e.","page_number":132,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"aacc9bbe-b8c0-475b-919c-b053ebea40eb","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":132,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"c6e6315e-6cb1-425a-b061-e41801c93130","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":132,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"84072ce6-9afd-4bde-8bf8-7f41c816b1e9","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":132,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"12aa0f7e-9f2b-42c8-9328-e70a997b90a0","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":132,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"faa18615-3754-4907-9861-fb27ce7d507f","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":132,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"b0fa80da-ee9b-4ccc-8039-80a0d3f2db89","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":132,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"703d3a34-f10c-4ecc-a144-2817c9cf876e","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":132,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"d9444a18-7723-4024-a6f7-0fac81bd8c39","block_type":"box","text":"regarded as the sole issuer.","page_number":132,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"84c096fc-1da5-4c34-b278-936d7589d910","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":132,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"d9895894-ef2f-4d92-a5f0-10f3e3f21dee","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":132,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"47276687-c7d0-4379-9c22-4d92f61c41ac","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":132,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"5e64447f-c8b7-482c-87de-ef989a5f9662","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":132,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"3d831581-d96d-4693-8611-2bf31e87c471","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":132,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"e9c39310-c86a-4999-9eea-c7be49ba9298","block_type":"box","text":"75% of its total assets.","page_number":132,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"18bf77bf-447e-49f2-8549-2415ebb9136a","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":132,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"9c03593d-b14f-4fa4-8f75-3919697fb8a0","block_type":"box","text":"Directors and Officers","page_number":132,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"7bf648ba-1769-43be-a18f-6a9d6b43ed6b","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":132,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"b2fa9dc5-cf4b-4258-9f59-2b6fa1188d21","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":132,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"d933abaa-c4f4-445b-bb56-86d3f1885913","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":132,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"81ec525f-f817-46b8-a5e8-c4a3aad15299","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":132,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"3b7c53d0-2d1f-4586-94fe-2e464b8ad4cc","block_type":"box","text":"II-81","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc93929f-3c5c-4813-8c7b-86b08e0f979b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2931de13-c2d9-4755-8511-71ec85113f64","block_type":"box","text":"Management Arrangements","page_number":133,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"b69e95de-1799-4306-8c1b-2098ae103f33","block_type":"box","text":"Management Services.","page_number":133,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"cfc8ab32-02b7-446a-bb6a-20a4930d2c9a","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":133,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"c31c8f00-c8bb-4bd5-918f-07439fb08d67","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":133,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"3d298f9c-9b74-494c-a14a-8a66e62d9111","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":133,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"be3534fb-2f69-458a-8e61-260aa2452d1d","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":133,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"f03fc28b-01c7-4a83-99c3-0992ec381834","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":133,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"373d76c0-5648-4db4-8b6a-9eb0538d2f47","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":133,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"aa0331ca-ad0e-4941-8feb-a3af0d6bd629","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":133,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"b8ccb4ab-a64a-4acd-b6b2-ffcc27e13bfc","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":133,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"2a048803-edf1-44c5-a8f0-89ea1cffcb25","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":133,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"f35a50a4-0063-431a-b53c-2ca61ab055bf","block_type":"box","text":"Management Fee.","page_number":133,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"13cbcc47-278a-4d11-b11f-baab03671235","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":133,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"ef7a2e65-06f1-432a-a2e4-8d8ad5d68a44","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":133,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"a9d39fe5-9b4c-472a-b0b1-35a276dd4bc6","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":133,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"b1205969-284c-48d7-9bab-d134a5fab1d9","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":133,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"f4e685b8-78ba-4327-80f1-f35b82aa7bd7","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":133,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"d6107706-df1b-42de-ab2c-a40e82c7c29a","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":133,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"fc9c270a-01c5-49c8-be17-8137779bac3a","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":133,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"8324c414-2d1f-429b-ad0f-95cf154489f9","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":133,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"b97d40e8-2d73-40fc-921d-e0f582f88eb7","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":133,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"2f36c6cf-dc8c-4e26-b175-809c04dbd7bb","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":133,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"d1626c6a-5e82-4cf4-8bb4-1def3b698e2f","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":133,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"c0cf2c60-338f-4bca-a61c-6ab7152a2fc3","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":133,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"b5e1e6f8-4d4b-4595-9923-58991208efc1","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":133,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"1c0f773b-cbd9-4f59-8c2a-23b4388784a2","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":133,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"c1481b72-cc57-4f8b-9891-0577f62b6e64","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":133,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"2e1bfd2a-788a-4140-a317-afe72e3ea296","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":133,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"416a99ba-2bac-4554-ab67-db2ac2aa5eb8","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":133,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"c99d8cf1-194e-4a56-a783-e2327a631a6c","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":133,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"812d0dd7-c35d-408d-9436-adfb65ba2d08","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":133,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"1542d40d-7581-4190-886f-0f87cffa920c","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":133,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"7ccf6227-31e6-4606-af05-64e5a6541948","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":133,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"d695456c-9d77-4cb6-bdef-fede113f820c","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":133,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"22c91922-7e7c-433d-8a35-0a28605edeaf","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":133,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"67f5a57b-861b-473b-b552-7a9c30b1242c","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":133,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"3c999531-1381-4b90-9562-a37189a6ce92","block_type":"box","text":"Sub-Advisory Fee.","page_number":133,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"8eea92f6-808f-4e71-aa37-0bbc13461c14","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":133,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"2dac9951-de60-49f2-aa72-eef83e4bf2dd","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":133,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"d2cc8045-d8e9-49b8-a50e-48a16f58493c","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":133,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"c198b764-615c-41a4-bee3-967d111093c0","block_type":"box","text":"Organization of the Manager.","page_number":133,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"e1f67937-8a2f-4086-b0f5-bd3ac7d059b4","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":133,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"3fe5a87e-6ef9-4ac3-b0b9-c616565c4c0b","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":133,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"103a19ba-3a34-4065-a683-27e6fee9b620","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":133,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"b41b6393-879a-45c2-9d5e-8bd3ce3153dd","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":133,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"31c8d350-833e-4a7e-be9a-eb8915a3f6ec","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":133,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"9bb034c2-e079-4c97-bcdd-9e436dba1066","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":133,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"e51722e0-369d-4e5d-b1cb-6108969f3cfe","block_type":"box","text":"Duration and Termination.","page_number":133,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"9748394a-8f37-4d1a-a429-a8215d76df8a","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":133,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"39293805-3432-4fb0-9991-6b95880c86c9","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":133,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"c4edeae6-db7f-4fdf-9e8c-925030e07287","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":133,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"894dfa7b-14a8-4ff8-b8a6-56c8d7befc49","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":133,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"b6fd2f41-8cac-45a6-8d2e-344309ee6506","block_type":"box","text":"in the Investment Company Act) of any such party. Each Management Agreement automatically terminates on","page_number":133,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"cdd72d09-87fa-4d75-b7de-1186e8de68d8","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either party thereto or","page_number":133,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"8581bcf9-205c-45b4-9397-d61a873d318b","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":133,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"8d93d586-ca0d-4850-bf26-f00657417014","block_type":"box","text":"II-82","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c851a35-10ee-4331-9a16-e5def51eb416","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa7f60a6-247d-403d-87fb-f0c1cd289cfe","block_type":"box","text":"Other Service Arrangements","page_number":134,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"b6a0b400-2e29-4820-8977-d596c3098f73","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":134,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"001562df-d602-4351-ad11-05d7ef394d00","block_type":"box","text":"Certain Funds have entered into an administration agreement","page_number":134,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"674e625c-7098-4844-96ab-d9dd05964e0e","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Part I of the Fund’s","page_number":134,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"3a57869e-392a-4d83-ac26-d0b744d35986","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":134,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"b7762bd9-8848-4062-b1e8-494f54cad509","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":134,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"06881c93-f42f-4a83-b9be-413639ee6d75","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":134,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"820e637b-c349-4d98-bf8d-4b87dc139137","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":134,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"c3ba1a39-7454-44de-98ae-9239c321a89c","block_type":"box","text":"that Fund’s SAI.","page_number":134,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"2101f45d-9628-4b4d-bf14-9640519b8a2b","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":134,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"2226ef5b-2d2f-425b-8662-422a4278c65f","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":134,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"e48e6909-f402-4150-a8fc-e22ffe188641","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":134,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"6f371ca6-56f2-4c52-b89f-40b31580c3f6","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":134,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"72a7af08-4f4a-4313-9dce-095a646a56e8","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":134,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"e3162938-86f8-41d7-80ad-de0185b0612d","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":134,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"e9ba8baa-a548-47f2-97e9-b3a054bb9a4c","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":134,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"21b4e044-0b7c-484a-abc0-98b588c01b5d","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":134,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"bbdf7414-ccb8-4441-841a-54b43efa9304","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":134,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"5113df49-c872-40aa-b1bc-34e0f7748e84","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":134,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"7a32fce9-fe3d-4609-8918-998c2d2eecfa","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":134,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"3e99cb5f-864d-4640-8f07-3e899587731c","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":134,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"10b89dbf-a717-4643-8061-6e2219a3cfc6","block_type":"box","text":"shareholders of the Fund.","page_number":134,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"260bd0f1-ad0c-40cf-b28e-83bd74cecd27","block_type":"box","text":"Transfer Agency Services.","page_number":134,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"bf31bbfe-2d1b-4b33-add9-6dd30240fc6e","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":134,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"ae202ed5-c066-4e34-b5f4-faf0852c007c","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":134,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"ecde39c1-809c-43b4-9589-cabea6def278","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":134,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"951c2552-3154-46b2-b0c3-405826c1bc61","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":134,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"773d0dff-033e-476a-a655-f3cf69ed3f42","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":134,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"54abaf3d-dda2-446c-b762-7eb8a7c704ad","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":134,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"62f8de24-3421-4445-9ad2-7a58ffb606be","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":134,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"ef841618-f907-4e0d-bba5-1cc1f5e82029","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":134,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"2c3b43f8-9a26-44e8-adab-a25b9e6ab8a2","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":134,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"dc90a5c0-cc82-48be-a453-e5ed822413b1","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":134,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"2cff3f85-21d8-48fd-9eab-35abbb34bc9f","block_type":"box","text":"class on a recordkeeping system.","page_number":134,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"1b8a51ec-7cdb-4d85-90c2-8308577aef26","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":134,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"8a3aa1bd-b74c-43dc-addb-b32b5dc8ff31","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":134,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"6355e2c1-89a1-4c6e-8081-84e56b6b0e7d","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":134,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"26a2939b-d8e8-4ac1-b044-995dadff0c8a","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":134,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"140c11a1-c1c2-4f97-88e4-6d9bedb5e578","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":134,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"9d0760d5-2670-4c2b-82b4-4f83af0a06c2","block_type":"box","text":"Custodian Services.","page_number":134,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"f754db47-53ab-46c2-96d1-3234e2cff931","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":134,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"8c169aef-a4f1-4b86-8b8f-97cf0283b078","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":134,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"9634874a-905a-4773-a2f3-c67130d6fced","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":134,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"614fed6e-7eec-48f0-bf1a-b795533163bf","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":134,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"c311adc8-08c1-46f8-a101-0e2009e4a624","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":134,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"727a44cc-a35c-4909-9ade-9651b4d8bafa","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":134,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"d2a019e5-4833-4cf7-9408-6174f225b586","block_type":"box","text":"certain assets.","page_number":134,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"0a583fc3-37ce-40d2-b4ce-44ff07e2483b","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":134,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"866a0be5-d4b5-4fc3-80fa-e90ca1d9833c","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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(collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":140,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"46b15b47-1a5e-46ea-9e0b-480befb797a9","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":140,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"e6ace833-3a6d-42be-90c1-d5ad7c08643e","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":140,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"d470d0b3-b9f7-4f93-9bff-ff955b8439f6","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":140,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"6362f4b9-4f86-4a2d-85a7-545ff518e5ca","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":140,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"1aa7e87b-07e7-4586-b9be-5d809765c767","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":140,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"432107f1-75ce-4751-b947-0629b2a34bdf","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":140,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"62399ddb-d3a0-417a-be17-6029b93deef0","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":140,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"42fdd702-afcf-4832-a620-bc0cff651fff","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":140,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"ba331f6f-35d0-4a6a-8f1f-a059bdc84fd5","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":140,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"a7bb90d6-bdd7-4209-a6d9-4a1b6535bbdc","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":140,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"cdb78d8d-33b7-475c-80c2-10092adda7ae","block_type":"box","text":"or sold by a Fund.","page_number":140,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"900594d8-3b13-4640-b009-5c6e2b234c22","block_type":"box","text":"II-89","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3476a8f-ee8b-40e5-915f-26c6dc5a7656","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4074c071-58a1-4be0-a8d8-bfe1da7e7e59","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":141,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"0b550d69-07bc-44f6-9082-608ef0d1fc83","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":141,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"f97fa81f-5c47-4327-8f51-639ac9c14c47","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":141,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"2be30036-461e-479f-b2a9-4707d4c65665","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":141,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2a4f642f-1e30-4e09-8224-fca5d2790d37","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":141,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"9d478d4e-854d-4221-a3b4-7e4174824bce","block_type":"box","text":"services provided by BlackRock","page_number":141,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"c0e40941-c1a5-4a10-bf92-3fd03c74bd5c","block_type":"box","text":".","page_number":141,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"2f0af132-b96c-43af-b958-533e36b0077c","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed","page_number":141,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"32d8c76c-b0f5-4f3f-9e45-91e31f75f323","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":141,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"48804891-0c21-47a2-b0c6-fbe9658dca26","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":141,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"c25ff7b0-b662-42b4-9ba3-db764b5add77","block_type":"box","text":"a Fund invests.","page_number":141,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"4ac94760-815e-4132-a487-cd4d0718a1c5","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":141,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"dc503bdc-235f-42fb-bd30-388d58879630","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s performance. Such transactions, particularly in","page_number":141,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"773fb28e-3b9d-44b7-a6d4-a3f6510276bf","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":141,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"64e70405-24d6-485d-8a00-d2a285aea566","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":141,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"a419dcab-ca40-42f3-b2c4-efe94a7677e8","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an identical or","page_number":141,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"c2ae9ec4-4893-4cf6-9833-413b822df162","block_type":"box","text":"substantially similar manner as certain Funds are made publicly available on a more timely basis than the applicable","page_number":141,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"7fa92864-ae3d-4e1a-ae4d-ae38c3ef395c","block_type":"box","text":"Fund. In some cases, such portfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":141,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"f9e591e8-9e93-441d-8022-65b6b83ecfbc","block_type":"box","text":"possible that a recipient of portfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":141,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"0f7d420d-f165-4fe1-b179-64ec381ce660","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":141,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"f8003488-04c4-461d-8abd-b69adffe0ec7","block_type":"box","text":"based on the information received.","page_number":141,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"7c730bdf-6527-497d-b452-8dc9481dcf3c","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":141,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"ef393955-130a-4466-b409-60da6580084b","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":141,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"3b8791ff-5b56-4ce9-8715-59a293d8199c","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":141,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"219cff91-546d-49cc-8f33-b1f0da5e09d6","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":141,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"ea83c4f6-c6ab-4467-a5c0-282d1e519142","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but","page_number":141,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"ff74e1c9-7806-4e42-b7ed-eaa17df55894","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":141,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"afb1940e-861e-483d-9e9d-cd0a143bdb1f","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":141,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"58a3174b-c90b-4e92-b185-160b1e5513f5","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a portfolio","page_number":141,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"4d5ee10f-76e0-467e-b186-e74888137307","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":141,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"d79de585-9d39-4cd7-b6b5-6d21e198e5b0","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":141,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"3771c13d-c0d2-43b2-bc25-97e2b91cb7ca","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":141,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"33c03c79-e860-43e6-99e5-51098b4a21b3","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and","page_number":141,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"0dbdb852-4a7b-4cd3-a326-03fd5109b8b2","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":141,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"a6ee5b00-4915-4479-8fe4-237d8cdb5551","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":141,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"e0c94c2e-b9f2-40f5-857a-8366c3481dc2","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":141,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"60fc55e4-11df-4118-a391-f55c98adfc86","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":141,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"9664100e-c188-4154-8928-e0519fd89d9d","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":141,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"f3015407-1143-443e-8e74-fa239eecfc41","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":141,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"689ae475-1c86-4519-81be-b40d86b8ad03","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":141,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"e3a4c183-7a12-460a-84a6-db0bb860a84a","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":141,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"2748df4b-a776-4760-8bfa-e688fab7fa99","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":141,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"2e1e07f2-9566-4313-881b-60f90ffeb934","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":141,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"31f39e73-f589-432d-aee9-8ea6d92bed18","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":141,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"55d7802e-e544-46bf-9041-6b0bc2c400d3","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":141,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"65fb6e89-4025-4f79-b084-87bf6d29d175","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":141,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"9429b58a-ca14-4395-bcb8-892d18b78a9f","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":141,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"13349de8-95c3-4b39-9007-2f2cd6b974eb","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":141,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"73342c05-9a8f-477e-9521-c90839240fa0","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":141,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"81c12768-a35d-45ef-b868-1be8982be647","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":141,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"d3c422e4-704e-412e-8521-b6c87cc03645","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":141,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"c61ff684-8a21-4a52-9dfe-88f50529cbc3","block_type":"box","text":"Funds.","page_number":141,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"357aef40-758e-4bdc-8d81-dfaafcc6d037","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":141,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"b318ddeb-85fd-4cb4-96e5-ba0637386f85","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":141,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"fe01c55c-bcd4-415c-b1e2-b6c669f82a67","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":141,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"2dd3cb6b-ec00-4947-b19b-4a137891bde1","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":141,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"93065b9f-17b1-4a75-af2e-e2bcb6e3a92a","block_type":"box","text":"II-90","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4424eaf4-cad7-4ca8-9ae9-3ad481e60ba3","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c427bdab-bcd0-4139-941d-894f99c4a790","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":142,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"f2c15a93-4c3f-4ee9-9e03-e4fdcd0e5aff","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":142,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"11e1c409-6169-4e2f-93a3-1a4796d9ba5a","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":142,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"979cf787-1b6c-4aac-8763-89f156e712c8","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":142,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"639845c6-cefc-4be7-9415-ca127fc45aeb","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":142,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"55c49723-1428-4dae-8d5d-f1527f647d0f","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":142,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"872ac06b-ec55-4195-940c-03a18d485138","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":142,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"b674e0b3-fd27-47f3-9489-2b3ae8dd8caa","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":142,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"0834ad0c-e27e-4a9b-98c6-889787b7004b","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":142,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"11d5e674-0bbd-48fe-9897-fb19f65c5f03","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":142,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"d03f2a00-b40f-4bab-a052-53b0631873cb","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":142,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"4d74cfbd-125c-4c22-b11d-1d606db0bb54","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":142,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"a44a6199-98aa-4936-82c3-afe90b258c17","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":142,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"3caf863b-5dd9-4bac-97a2-6412aa7fa067","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":142,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"7fcfcfb2-50ba-4aea-abbb-99b1cf007757","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":142,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"d76a2af0-a266-4b90-845f-99c2c195f92e","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":142,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"742b8dd4-2b59-4ec4-b193-0eda6aea5124","block_type":"box","text":"case.","page_number":142,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"15408cc7-9f33-4c58-b795-2f41c542c2dd","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":142,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"23dcfc0b-7553-41c7-8cb4-fb1b5559cd66","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":142,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"efe5f0ba-a041-4774-8698-c32602e82a6d","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":142,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"9e409a9b-fafb-47c1-8ded-0fe690ab9c99","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":142,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"e3448a37-bfbc-40ac-8ec4-3d445dd469c8","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":142,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"50066363-cbb2-4c3a-9ffb-eaaadca95948","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":142,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"697b3ce7-21af-4f59-ba2b-e4fb275ae84a","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":142,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"3464a5b9-6dd3-4320-8f8e-2e9c91f63398","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":142,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"66e2335f-c3a6-4073-b5b8-9080863d483c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":142,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"f3c39fb7-da22-4cdf-a6df-82e28ddef3a8","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":142,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"87b621c9-83fb-40f3-b69d-c98d36f8452e","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":142,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"916e0717-8c9c-4426-adc9-74ed22669d17","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":142,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"60c282b2-cfd6-4407-b7e0-b1da82ef7f19","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":142,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"49909f9a-27a8-48b6-b6ba-f6a4dbd63238","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":142,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"8356d9b9-0698-4d04-b1f8-fbe9e0eee6a2","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":142,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"54206632-ed23-484b-8051-aee905946425","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":142,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"42fb7e91-c90d-41ee-bcf0-56eb2d904834","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":142,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"5f324b09-e3dc-4ad5-b47d-2c87cda3c6db","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":142,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"79a3e657-928f-4501-a6db-151ad3225d26","block_type":"box","text":"managing a Fund.","page_number":142,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"6b9d20a7-a56b-43d3-ac9d-0b2d4a55bae3","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":142,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"95d9eab7-de36-4462-a9f7-093052a48bce","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":142,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"6f8a04c6-d927-4428-a117-20ea8bdbd854","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":142,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"5d79b53d-1c8c-4292-94b9-352235a1d94a","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":142,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"1bba0f47-aa57-43d8-b842-bce144ba4f2c","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":142,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"112ec838-74ee-4cf4-97b5-130e151df2c2","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":142,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"14063332-ee59-43a7-81c4-9d1d373714c3","block_type":"box","text":"employees of other business units or entities within BlackRock. 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In addition, the purchase, holding and sale of such investments by a","page_number":143,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"4c551d6d-b926-465a-b63b-e57f5bd65809","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":143,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"026625e9-1677-4b99-9f77-893615b76a9d","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":143,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"8dc52920-e9e9-47bb-a6f6-3cdac00b29bf","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":143,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"7dc25ed4-c05c-4840-982d-583f2d27c7cd","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":143,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"20106307-1ead-454b-8c4d-1cbb03a89cf9","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":143,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"9ffb1c04-0238-4550-8bc5-fc57c9d7c056","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":143,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"41615144-d6dd-4482-81e0-92fd5c3668ed","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":143,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"20bbf18a-c533-48f5-a106-7a675f26a574","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":143,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"93cde7ca-0995-41a3-9cfa-f41917da8b51","block_type":"box","text":"under management for BlackRock.","page_number":143,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"ebfd7a43-eed2-4df6-9988-69544cbef650","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":143,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"270ba54c-b820-4dde-96c4-851ed71a4275","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":143,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"c1b9a35f-ccc4-42cd-a1b9-5c9ef096c9f5","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":143,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"c7d8a1ad-f7f9-459c-beeb-7c4867f947c0","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":143,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"6f283c59-82d7-4ee6-8626-63296e3fc33a","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":143,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"f5321ca7-0a25-452c-94de-2b565a7f3697","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":143,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"727d1b35-2538-4560-8df4-712e51537884","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":143,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"7b943a8f-f4ac-4da4-9481-6375be142387","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":143,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"82d87261-d8e1-452e-9e0f-82697e5da235","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":143,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"bb1e478d-07cc-4f31-b667-890455d70708","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":143,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"f00f4130-1e0f-47a3-b240-dc0a9dd8cab5","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":143,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"a7a82c69-04a0-40ed-a480-fe9b496624c2","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":143,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"bd86bce1-1995-4082-8eab-b3235292ee19","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":143,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"e777a374-4373-4965-b9ba-185959799be9","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":143,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"2c5903c9-dcd4-4004-92d6-a218597f36dd","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":143,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"66b42918-cb61-4db9-8f77-105c9173985a","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":143,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"be26f0ca-8c98-4405-b7b3-58127e0b0a7d","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":143,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"ad8eb2ff-aba1-4ea5-b1e8-e98b57bb930e","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":143,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"23cfd6ea-4295-4ba6-8aa3-179a6597086f","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":143,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"d4e938be-6c77-4ae3-825f-75acc067d3c0","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":143,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"71459030-9e26-46aa-8b3f-e2b3a2e8e7e8","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":143,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"1371ebf8-3778-49e6-b781-d436fe35ab51","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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As a result, the management of program-wide exposure as well as","page_number":143,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"c0a5f4bb-70be-46e4-ad41-33804f985aad","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":143,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"98abd4e7-589e-4566-b5c3-b36a4770c30e","block_type":"box","text":"II-92","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca322f2c-e11f-48ac-8bb2-3ba03ddc1828","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9ab8692-5f8f-473c-934f-ec11b5261397","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":144,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"f6aba150-6666-4cc0-bc70-fd330f3a6048","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":144,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"592d6a4a-0926-422b-8779-4f2088195bc4","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":144,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"6d74d032-5f32-45be-9d38-4fb12be8049d","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":144,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"c80dcfcc-d6ad-470b-9903-de3c276d304d","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":144,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"d106563b-ef83-43e6-9ca1-e846fda1ff43","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":144,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"fe90410f-43c7-48e4-992b-5572f79f5312","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":144,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"6b0ae05b-cd5c-4e87-af5d-d8cea964e6e1","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":144,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"7befe57f-4a03-4ff5-94b1-7edec4dd1fb4","block_type":"box","text":"regulation.","page_number":144,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"b82cc9b6-96fe-4535-a5a5-8c050cd50964","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":144,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"b8aaa17f-f5c5-4c14-bd43-fe9f9f7b171b","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":144,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"43216ed5-282f-415d-b6d1-eae24de73e4e","block_type":"box","text":"various program limits (","page_number":144,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"edff7125-e7e0-43ee-90ac-e668833b7784","block_type":"box","text":"i.e.","page_number":144,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"1b43da8e-a958-4dec-8bfb-9c260a90563c","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":144,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"2e3a72b8-67d5-4e2d-8f03-048dd5495400","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":144,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"aea6a0be-f1fe-4e7b-8b82-5c105bee92cf","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":144,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"ddcd77c4-60d7-4cb6-b5ca-f25e735afe7d","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":144,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"351ca6ca-efd9-4ae7-8e61-5fc02239abca","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":144,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"9890a948-1f1b-4a2a-9c3a-3629547ce7d7","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":144,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"8add6029-2632-479b-a065-372c6fab0ef7","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":144,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"d7a0ff4e-15a1-4be5-a669-870090213376","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":144,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"5370c38f-4131-4fe1-9c90-a429b037a376","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":144,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"adec4e58-a415-491e-ac21-b878cc94238c","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":144,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"6a0feccd-c5f0-44e1-bf60-6d181f6cf100","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":144,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"e9a2af78-ac99-4c37-8374-de90abca0cc9","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":144,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"c0996cee-e476-4087-9c4b-d564b373a4f7","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":144,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"2382395f-6bfe-465d-a1ab-236ace3b1e35","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":144,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"4eefebf2-43ea-4439-bc46-20b2ac3260d8","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":144,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"6f8a9e06-bf70-4148-83d8-f8c5df919b10","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":144,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"b9c42608-dfd5-4aed-afad-8bbfb29da854","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":144,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"2412ae4f-6076-4336-a8eb-224b52f7767c","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":144,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"05033642-baee-41f7-ae29-21d5977de8d1","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":144,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"0ec37ff6-498c-4dfa-9e7a-22abd005ac7c","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":144,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"65f83030-c168-485e-af33-1c6ff9d166cf","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":144,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"6a8d7fc5-def5-4fc3-89f3-ad5373245181","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":144,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"9ba70e85-013b-4e1a-910b-ce9d570874ef","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":144,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"346fdebf-c31f-408c-b87b-1ecdafa2d726","block_type":"box","text":"than through client commissions.","page_number":144,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"a84d121b-bbe2-4474-8875-135ccf838439","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":144,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"87decaf4-9204-4d97-8cb9-7a8c7023d554","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":144,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"8626002f-2109-4768-b1b2-e7b2d46f045f","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":144,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"64a3ba03-4bbf-44f2-81d2-45b9bd407227","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":144,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"9ad32865-56f7-4d29-ab46-6670a8392f2b","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":144,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"602ece30-9054-4f2b-bf72-17d7d2d870e1","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":144,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"8cfbc91c-eadc-4b2c-b493-d7e17654caba","block_type":"box","text":"research-oriented software and other services and products.","page_number":144,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"b2948ac5-5c71-404f-be89-69dc7d0930d0","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":144,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"53f04ff8-27ec-4c68-bb37-18c9a23bbfb0","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":144,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"7ea950f9-600c-4251-aa80-ea0b273430fb","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":144,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"cece9101-cdaa-4abe-8772-4b00d53526b8","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":144,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"09b86087-ac64-436b-a4ec-0f7f8e83023f","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":144,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"1b899c58-6fae-4a63-b54b-f51af71164d3","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":144,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"67041dd8-2e8f-4e8a-8bdf-b7fb4ab8552d","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":144,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"1ea5a4f6-e186-4627-884b-4dc3f14e1ebd","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":144,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"0da82a12-ef0a-4f06-84f2-b7663466e88d","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":144,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"5769934b-15ba-4ab4-8862-e97ebb15a608","block_type":"box","text":"and services itself.","page_number":144,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"b0dadfe9-cf9b-4e8e-acb3-c8003d118fd6","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":144,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"5b7fbe22-4db3-485b-9323-46930971d84b","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":144,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"face5713-d196-4e3e-9d2f-7da4fe632053","block_type":"box","text":"II-93","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7091c60c-b529-4a75-b986-06b9159129c8","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30cedf85-c2d1-46de-82aa-d37c4115eef9","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":145,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"6ad1cddd-7931-4096-b9a8-0cf8280cb212","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":145,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"8a0a3eba-ea9f-4a45-8432-55675492ba6b","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":145,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"cce2180a-eabd-450e-b3ae-a443b76dd517","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":145,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"070ac440-c4b0-4678-9331-38a5d5846215","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":145,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"0a0ac707-f498-48c6-8476-0fa3a596c4c0","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":145,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"ffdfff23-3cff-4070-91d9-b8b969991417","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":145,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"b0af0400-7f19-4863-83ce-be651e021299","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":145,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"713aa87e-59ef-442b-86ac-95cf0a792cb0","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":145,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"404b3ded-c5fe-4a55-80b0-d4c75e3a19ef","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":145,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"251b9581-0a46-43c0-9f22-25750df563a5","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":145,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"735924a8-a196-453b-8914-c12c0edc5737","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":145,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"4655b9f5-39c5-4c2b-b9d7-1fdf90148b6d","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":145,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"2be31296-d20a-43c6-804f-ed8f287554c1","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":145,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"5a751c25-204f-4ec8-abda-04f508071314","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":145,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"1c5c56d0-b15b-4e22-a4ac-afe7a5c9e95e","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":145,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"7cdd5371-3e98-4c84-97cf-ac079ffad5dd","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":145,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"8b836de5-6db2-4c8d-befb-099c1a00c38a","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":145,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"718128e8-9935-4f3a-a602-20a59edea6a4","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":145,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"d0b9dbb3-b195-4e6e-874c-bec9ae9bf38b","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":145,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"144be258-a33e-4682-ba39-479f45aab4dc","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":145,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"0812c1db-1205-49b8-b526-d8d9d3be8664","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":145,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"5549c19e-c609-4451-963d-77622659694e","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":145,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"60d8a88c-795f-4707-acb4-2e39fc31591d","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":145,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"0a76a520-6f5b-4df4-ad06-7ef87475017d","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":145,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"fc4627b5-5e8f-43cb-98bf-d833829a84e7","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":145,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"9e215e5f-421d-4c65-80e7-35bb91a3e3e2","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":145,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"9b2dd4e4-aade-4921-85c9-20a502caedcd","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":145,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"f4b7ccc1-0458-4284-aab1-a95a7caf88e0","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":145,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"e4961464-ea3c-49c7-b501-9bba59ec4a16","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":145,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"8ec746c0-47b4-4962-bac7-694584d80b43","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":145,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"b4e51e64-14fd-43af-939a-21113a7ddd95","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":145,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"7a692c6f-6866-4a6e-978f-3457e1b3d813","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":145,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"40d38394-56b4-4b85-94f0-af05c21cda5d","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":145,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"995418b0-add1-413f-a96d-010eacbe3717","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":145,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"f45eec7a-bd96-443a-a9a7-c5f6503ad587","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":145,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"83a8d5ef-b12a-450c-a0ae-0cb74efa3b6c","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":145,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"99a894e0-f4f0-44fb-8ff6-68036414a075","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":145,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"c8a1f238-d8f9-412a-bafa-c47296b8db53","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":145,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"2e0cd7cd-b373-46cf-af47-7a20e38f15d8","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":145,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"90ef77bf-eada-411f-b7c5-3e89f07f5c0b","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":145,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"7099ad31-181e-41fb-9649-f92c5cade1fb","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":145,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"98272419-361c-459f-b764-087835060533","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":145,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"66e89d3c-b162-4201-85aa-f5ebcb496937","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":145,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"31abc113-af5d-431b-aea8-b4c8413eb26c","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":145,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"c7752fce-d819-4b4f-be17-b293d4736595","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":145,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"e27e9ec6-88a9-4b3c-a78a-4fe3372137d0","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":145,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"f4437ed7-90d0-4000-88ff-a5b20515615f","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":145,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"23338123-53c1-4198-b96e-39acf4032d47","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":145,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"d5f05aca-d020-4eb7-adc5-5b1c7f373660","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":145,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"717ee67e-f78a-4317-a180-f4b55ab8f11d","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":145,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"ead9a20a-cb09-4447-b646-67d0db57ce78","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":145,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"eb859d2d-b335-43d5-aaa8-508218fc762a","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":145,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"3564247c-69f8-4e29-9560-f6cdf83cd7f5","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":145,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"4c96ccef-603a-4c37-9fe6-1d573e2d31ca","block_type":"box","text":"II-94","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f225c54-4fd4-4e8e-bd3c-f552a40dd9f6","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4c59d82-ca35-47fd-9227-45cfc66e230b","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":146,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"843c1a12-1a59-4fe2-adaf-8a37ead83a3d","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":146,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"260738f0-2acc-49e9-8860-13caa695e760","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":146,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"230fa6a1-f6cf-471c-a578-ef91889eabf8","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":146,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"18d8f9e6-8df1-46af-83ae-6628466e3b05","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":146,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"1991fe06-5e74-4543-802a-afda209aa9f3","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":146,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"7217dbcb-fc93-4a60-af23-9c1f06a86e6b","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":146,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"5163553e-5e61-4a50-bb79-67ec19ae5678","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":146,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"4f4f55f2-0c34-403b-94ff-255285861729","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":146,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"c1c03dde-87cb-42e0-a5b2-10a6eabd83fd","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":146,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"134ad1b5-45a2-4f06-8f3a-d184779fcf56","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":146,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"2c3c7438-c537-4052-a520-8013aaf19ee3","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":146,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"57297e1a-1391-44a8-a640-3a7273437938","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":146,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"967e7492-3d93-45bf-bffd-f6a536a4fb6b","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":146,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"3c423779-08f2-4a8a-9250-d54778c25366","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":146,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"3b25b8fd-83ed-4405-933e-44a0be15c2aa","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":146,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"2456001a-2605-4bbd-8afb-2db02116b76d","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":146,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"c0ec08e7-460f-4f16-a686-8804f03a7787","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":146,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"fb2f9921-04fc-4f2e-a207-26095a29674f","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":146,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"7bf32263-0e0a-4eba-aff1-e07f217608f9","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":146,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"1f004388-2c69-4df3-9bf7-efa0e6395556","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":146,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"dfc6feac-d956-4e3b-848b-ce74a272642d","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":146,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"8e5969de-a1ee-4e5c-948e-13bb804cea4a","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":146,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"a6e82dcc-f49d-46c9-91ec-058ad10ea569","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":146,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"fde4ccc0-cf4f-4279-a0aa-df4faf937621","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":146,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"fd91001a-9f4b-45cd-8048-0ee56d3371ab","block_type":"box","text":"some additional expenses.","page_number":146,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"b8026f04-d7e8-487c-8109-703429f1e5b8","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":146,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"5fd1fd50-341c-4339-a907-f6b09eab2ea4","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":146,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"d5584a1b-d427-4605-ae8e-45175ab71c45","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":146,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"23469037-c11d-4875-81c8-1dc5525cc1c4","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":146,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"420af136-21ed-48c3-bf7f-8b1cb8d9b20b","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":146,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"07c33b56-3177-4115-b03c-90ef385d0877","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":146,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"d005a549-b778-4ffc-86de-e53f3b9d27cd","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":146,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"a60945ed-6a57-4228-91fd-99b494398200","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":146,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"18637d53-504d-41ab-9aa4-99387bd68ae7","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":146,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"a5b0c778-20b6-4742-885a-2496b3ff3f13","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":146,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"137364a8-95ac-434b-becb-b6a4ad3bb194","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":146,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"27faa441-930e-4ade-9b47-a234d42e1681","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":146,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"5bc091a6-1250-4e85-9365-630895a83c59","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":146,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"794c7d16-657a-455f-a6d8-bacad0651ce7","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":146,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"99aed706-6a31-416d-b1d3-7a0db8a00468","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":146,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"d700274c-e59c-4b44-b3b9-06c9e2054f10","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":146,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"cc940c3d-b11d-4e5d-bc84-2128cc7019c4","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":146,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"b46e53a9-eb62-4b63-90cc-7983449d3d6a","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":146,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"b483e581-bb75-41d0-9d9c-8a7ecc52c0a5","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":146,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"758ca86b-b965-490b-a578-3599b6d7b6b4","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":146,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"74d16144-3557-4e2b-93fd-302235b3fa64","block_type":"box","text":"initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice regarding certain","page_number":146,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"4d312676-758f-41b2-8432-fba6a4ebc3ee","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":146,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"f5c9baa0-122a-4cd6-8603-d84c3edc4a06","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":146,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"21801694-a7c4-4951-9441-432ac07d904a","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":146,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"1ecfc5c0-391a-4d65-8db3-35aee6084cca","block_type":"box","text":"of that company on behalf of a Fund, particularly where such services result in BlackRock obtaining material non","page_number":146,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"833d9720-626c-419e-8eae-739f16721839","block_type":"box","text":"public information about the company (","page_number":146,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"779460f3-c9a4-4735-990f-1ec75b1bc28b","block_type":"box","text":"e.g.","page_number":146,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"2de691df-cd5c-4e51-9bdb-0ac4f615916f","block_type":"box","text":", in connection with participation in a creditors’ committee). Moreover,","page_number":146,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"ba42c14a-c704-4ca4-9f4d-b62281b7eb2e","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":146,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"e1560f1f-bc0f-4ecc-b482-fa86a0ea334e","block_type":"box","text":"BlackRock from effecting certain portfolio transactions or taking other actions in respect of an investment on behalf","page_number":146,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"8d8a8570-fa54-4295-9f5b-e5beb00dc2f1","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":146,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"888f5bf2-5b38-4371-8d80-2e0259649b85","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":146,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"7402b343-2a47-4dd1-b218-470a83120e9d","block_type":"box","text":"II-95","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ebf2f07a-2e6e-4b61-aa73-71df3ccfc50e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65a9da3f-e6b7-4567-a7d6-c38362951779","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":147,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"4e73c12f-a96a-4848-993f-5ada37def147","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":147,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"2ec78376-c658-4d8f-8860-41a37542481c","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":147,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"47adfd8b-c580-45c5-a12d-7e33fa1355a0","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":147,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"56cf9a8f-712f-4ef6-8869-0a147ab294f5","block_type":"box","text":"of the issuer.","page_number":147,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"a9804e4e-7523-4c0d-9429-d1841b2aa2b1","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":147,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"812b08aa-2bdc-40aa-b4f8-c778998d8af8","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. 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Certain portfolio management teams within BlackRock may","page_number":147,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"8054f2d2-5563-48c7-9032-883bf705edbb","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":147,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"1163d87a-780c-4cb5-9ffa-a60246dde0f1","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":147,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"2e435a63-e217-45a6-886d-a48a15d70e7e","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":147,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"5189e4eb-b71c-49a4-a1fc-7e390a2e7706","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":147,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"cc979a59-630f-4cc7-8a65-7dae09ecac94","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":147,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"875d3eb3-12cc-493a-adec-2b278959788c","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":147,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"676378f9-f24a-41d4-82f3-efc47ff8f7bf","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":147,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"fc384328-f177-41e6-8f4b-a23fb0196045","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":147,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"430af2f2-6985-4408-aa95-528d3ab93638","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":147,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"a0cdd029-7e67-4ca3-87e7-601ff4691653","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":147,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"191eef27-eaf0-4f72-81fb-bb9d7a4039dd","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":147,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"57fd486e-3f0f-4050-b3df-48f8a8c197f7","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":147,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"380c413d-d881-404c-b4aa-27a179e117c5","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":147,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"ad30b645-07c3-4ced-adb0-303d857972b1","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":147,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"b961b8ed-2aef-4907-aae2-60502a42ac7d","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":147,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"7043790a-8f76-4728-925b-7e92af25c8ff","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":147,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"9a2fc25f-3fe6-4a2a-80ac-d2eb6248fd44","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":147,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"6bc41b02-81bd-49c3-a60a-737737517127","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":147,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"30f1cd2c-ca99-4294-ba5b-0c72864da68a","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":147,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"8151205d-76ce-432a-b241-0998ba73960b","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":147,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"5aedbbe5-590b-4389-a446-9b127dfb5ee4","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":147,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"d11d72b4-2720-44d4-b84e-c571b1f4b3ac","block_type":"box","text":"a barrier.","page_number":147,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"8749cf6b-f6b2-4e29-a122-2552a3fabfda","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":147,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"ddbfbf12-554d-406f-b5b2-76e171a2014f","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":147,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"c0853b01-18b9-46aa-8799-b8ad954bf381","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":147,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"51e339a9-390f-43fa-9115-e6309a490815","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":147,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"a0f12212-9e02-45be-a1c8-b4a6658354f8","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":147,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"0ed84fdf-724d-450c-ba4d-201f2df9ffb1","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":147,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"3c6ec767-8d85-4076-8908-9d7000ea8f9e","block_type":"box","text":"that operate in certain industries (","page_number":147,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"3dd822f0-3a07-4d0f-8a25-4097643a5ecc","block_type":"box","text":"e.g.","page_number":147,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"7bf956ea-3c21-477e-9758-0e12a920c525","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":147,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"82e427d2-23ce-4012-ab6c-f18b9c54d2a0","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":147,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"8490fe42-7c49-494c-98ba-7dba7000e651","block_type":"box","text":"e.g.","page_number":147,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"0c48c80b-b9d4-47b5-9fd7-5a02f8df1c0e","block_type":"box","text":", with mechanisms such as poison pills","page_number":147,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"97b16336-f01e-46e9-a437-06c748cb7dbb","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":147,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"09f83b37-4613-4ef3-837b-2917e93245fd","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":147,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"4fd14185-4662-4d64-b691-4837da40da57","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":147,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"3d1818cd-d918-4ba2-8179-486076c4e895","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":147,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"8614b452-3609-4eb5-be69-f4ee47cfdce0","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":147,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"f6e3b930-e8f9-4d91-b963-216c47ae9471","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":147,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"ba91c9af-f884-4196-8476-a6a0e5bfb9db","block_type":"box","text":"seek to make indirect investments (","page_number":147,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"e01d0f2a-ae8f-4759-b6da-87daeb19e3cf","block_type":"box","text":"e.g.","page_number":147,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"72f54be0-a7e3-4565-93f0-11ed1ae1515d","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":147,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"b4e2da36-c3a7-4936-bcf0-2c12348ca6ae","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":147,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"998ed666-ff75-4320-a359-6d90d4ada307","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":147,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"a4f9d453-1459-424e-86a7-822534f594f4","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":147,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"acc5f7da-f5b9-4cfb-9b7d-82b291527d6f","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":147,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"4ed38dcf-33f4-42ad-8c7c-45e80943a9d8","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":147,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"9f877a7d-12e1-41a3-abb3-594f8141501d","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":147,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"b8660066-2a24-4eed-9a85-9bdb9a1a2a61","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":147,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"22ce1967-0edb-4935-87fc-1c473ccc857a","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":147,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"a0bd3dec-9910-41fa-abe2-2b02ac89d433","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":147,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"8bc03384-6e58-47ab-950e-3be8dc361703","block_type":"box","text":"II-96","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a6a978b-68b7-4924-b50f-d7c6e63a676f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e255cf4-7be9-4378-9558-209b2267ed71","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":148,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"fbd98db7-6ce6-4f19-9e1d-88f0928391ed","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":148,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"d022a8a7-f21f-47e0-98de-688f1a7bc98f","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":148,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"c62f633c-5c05-4bd2-ae95-37086ded5311","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":148,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"789bb315-34dd-4f4e-bbf3-69c6bf18ab49","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":148,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"1f887b71-d745-41e4-b610-a64c8e9e2f5c","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":148,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"099ab452-276b-4799-9a3a-8d882de08777","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":148,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"9b5a987e-10c7-4d42-afe9-06ab5d63f206","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":148,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"c0a1d75a-68fd-479c-a7d5-88abad0ff0b4","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":148,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"73a41f98-929d-46a1-b4fb-075b05bcd683","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":148,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"16c555b9-1918-4318-8cdb-ae50ed8f6cd4","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":148,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"e8ab3d7c-2348-4026-bb66-3c9d461b895e","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":148,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"1d85d832-cdda-4f68-8ca8-9175d6026050","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":148,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"15ef52e4-466e-46b9-9ece-52d0c41347b1","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":148,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"67751673-3ae9-418b-bc0c-b6f45bcb1bf0","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":148,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"ed8d5399-95b4-4066-91c2-c1aecb7f6020","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":148,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"b559e9f8-5eb7-4709-8574-f044dbb82ea6","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":148,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"dc433dde-35bc-46cb-8e26-e017b1573508","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":148,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"b5e23ca3-22d1-49bf-a3bd-1fea5db9fea2","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":148,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"d101e86f-8582-4a3b-b4ed-085628655978","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":148,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"fb983bbb-7b8e-4490-b32f-4f3cec80e6d2","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":148,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"4dea843c-d8e0-43ce-850d-28d86b402ee7","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":148,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"053ba188-ea9e-4822-b9d6-b077e18e7017","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":148,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"f2d92d2d-0fa0-4b36-8fd7-67ab6678e2d9","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":148,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"ca6716ea-a04f-4c1e-808f-799d7c48ac99","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":148,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"41e8146b-28de-4f48-af8a-c37c522f1843","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":148,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"d7b0de46-1b46-4a6b-8731-a1cb4eee498d","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":148,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"f369cb08-f360-4d1e-8785-49d780492592","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":148,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"4bff9d7b-2a78-4c2f-8ce5-6c7fbbb6d3ee","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":148,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"a7540b2d-11a8-47a4-8548-d61dc01eb618","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":148,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"c179cfdf-da42-4b7e-8875-5c8788ceae69","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":148,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"026ff564-5ce6-493e-8259-382478252e24","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":148,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"07698d52-82fe-4750-a472-470290b5f60c","block_type":"box","text":"strategy with respect to such security or asset.","page_number":148,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"d208c24e-5d45-4add-9ea2-191dad84f3b0","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":148,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"2aadf27f-b8f7-4d3f-8866-bbd1f447326b","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":148,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"76df96ac-5e65-49c6-b252-03f9dfa9beec","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":148,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"b24d2423-03dc-41ac-9ebd-8bc74b8e0191","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":148,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"1bd79bda-442e-451b-9b8e-f9ef16d999ac","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":148,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"321e63f2-7b1a-4661-9392-d750aee37de1","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":148,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"711db027-a2be-47c4-ae4b-c069d6a1058d","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":148,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"789ef354-e740-47ff-ad2a-e73d9650b044","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":148,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"740b38e5-424e-4d09-b3ca-896321760459","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":148,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"1366aae6-e80e-4268-8a82-a3ed10aef4cc","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":148,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"75c7488c-d779-4d56-a670-49ac8ef26eab","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":148,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"16d909da-4dae-4b62-8476-0e23142c1517","block_type":"box","text":"e.g.","page_number":148,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"3ebad7d3-2d92-445e-8e80-e6b61eaac30a","block_type":"box","text":", custodians,","page_number":148,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"b60f9f1c-8f77-44d4-8049-95794c2d89ea","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":148,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"90a632c7-cfd1-411f-9383-cbe1cce5fc9b","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":148,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"bbc212ea-9ed7-452d-9918-4af2c2e05b1d","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":148,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"11b84ce1-8703-4c94-a4f1-48df9f4ec25f","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":148,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"f98126a8-21bb-4c82-9981-2d7a51a5a758","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":148,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"d31c589b-cb80-4037-920a-8d69b5c56fcf","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":148,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"8ac4dbf5-42b1-4389-b59d-960261937bd9","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":148,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"9baa62ab-7dfc-4fac-9345-2e8a579e385f","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":148,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"71be7e04-e592-4d59-af32-f55f1808f075","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":148,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"03e1b5dd-f1ab-4c29-b59e-c2891aebd3bd","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":148,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"35cb2919-fdf0-4895-85b0-bfe16ff2a87c","block_type":"box","text":"II-97","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d857f974-3981-4652-8c4c-331d583c50c0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"444a7087-6bd1-449a-90fa-425406d6cff5","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":149,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"cae63c9a-a672-4926-868b-ba8faaf927d5","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":149,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"ad2d1e4c-e1aa-4f8d-90e2-08ca6fda6eef","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":149,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"d86f97e7-edc8-4dbb-b154-66b74610c3b0","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":149,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"2a387471-5efe-43f1-b5dd-6b9aa3d2e341","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":149,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"0c1e7ed0-371a-40d5-82ee-ad02dffd87d2","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":149,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"ec2ccac7-0b87-44eb-a31c-7644480d0d49","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":149,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"574228b7-4172-410f-afcb-6d32fd5d8489","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":149,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"a385454c-1672-4356-ad91-7dbb0933de8b","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":149,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"5ff05704-25a9-4929-be18-4f11bd2e718a","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":149,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"6dc441db-91d8-47df-95d4-dffabb12df59","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":149,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"2101c7c2-fb30-4622-ab4c-908b9862eb3d","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":149,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"7d9479d1-584c-4fc1-bf19-cf692097f770","block_type":"box","text":"provider.","page_number":149,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"53f5211d-565b-4de4-83dc-568e36dfe350","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":149,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"db990e44-c070-422f-a7eb-bfe8a20bd689","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":149,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"ca36632b-337e-403b-a8d1-8d47fe946a39","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":149,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"00074830-f802-4457-a757-e2f3e0597db4","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":149,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"3be38405-940c-4ddd-95ff-90f697de5a79","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":149,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"7ebc29bc-9679-4ba6-814c-4d99a32491c6","block_type":"box","text":"PURCHASE OF SHARES","page_number":149,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"d097f50a-74b7-4b72-86e2-5e0e3e32c5b7","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":149,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"06fd8a7c-f36d-46e4-b69f-a8f6f6e66965","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":149,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"804b8f79-3799-4ca2-8bb0-f59bd1e3c718","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":149,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"2a1c631a-6181-422b-999d-cfd7bbe95ea1","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":149,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"cfcaaf96-fef0-4832-a88b-0697df51faf1","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":149,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"f9e14ab9-c728-4acb-8b49-a97f4b8d5e14","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":149,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"0b09a6d7-1905-4f6a-8c4b-110da8b8f07c","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":149,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"27298b63-91af-44ad-b9c4-4844d858ca11","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":149,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"7bac7c1d-588f-4e95-bc39-0a719e901956","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":149,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"a9327b8d-af05-4a60-92ab-5226586b16ba","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":149,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"475ad1b1-f884-499b-a912-d9d709b3634c","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":149,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"e5bd6e11-9f47-46e2-8313-f8584c46b54e","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":149,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"5abc4512-3a7a-4561-b33b-a971405f0c50","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":149,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"4cad50aa-4a33-46cb-af2d-92c1b1b353ad","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":149,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"05690333-a04d-40f1-9036-68fe3d677092","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":149,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"d0921e15-63cf-4cfd-a83d-0b3b12a917e1","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":149,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"c616a848-7637-4fb8-b6c4-d5405af300f6","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":149,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"1b4fd33d-29a6-484e-8313-7b25afc7f691","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":149,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"c770a9b2-dbe9-4b4c-acfd-4ea56eeb7965","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":149,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"c98fdb10-1502-43ff-b856-adfd081b8fd9","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":149,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"578408f2-039e-4b94-8178-8ee6aac71e5b","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":149,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"fd38ad14-d8f6-47c9-828e-74e4f1c38852","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":149,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"8791dee6-78a0-4c0c-b66c-46b137a9c8fb","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":149,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"bdaaad6c-f966-4851-8d70-52c749aa5920","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":149,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"c4ad1943-8d7c-4c47-a4b1-32aab000735a","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":149,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"9521a61c-f6a9-42b6-b8d8-d2db78f049c4","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":149,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"798a78bc-8366-4ac7-8186-459ab5e83304","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":149,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"f1130847-c74c-44e0-b78f-bb80cf7c5d04","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":149,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"fa222a2e-4e93-405d-b7a9-ee5759197064","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":149,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"31362eec-1b75-4b5c-a193-a7d1677f9ccf","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":149,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"bea7d3d8-e5bd-487c-ab67-975fab20a96f","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":149,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"7b00c15c-9ef0-42e5-b4ce-407adf231cd1","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":149,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"93c17eff-94ea-44e6-9d8f-14079cb6ba38","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":149,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"793fc9ca-e21f-41e3-add1-1e159d6d823f","block_type":"box","text":"investment is $25.","page_number":149,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"feb2406f-2199-41cb-8f16-c7d5fd64705a","block_type":"box","text":"II-98","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a29ac66f-f387-4c46-be3a-3458a32ec11d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c570b86d-2a40-4967-b89a-094516995916","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":150,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"db7c657b-aa0a-4e75-a3f1-bc0f8496b3c9","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":150,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"53d21952-da5f-451d-b9b6-68d495794ed3","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":150,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"7f569608-1b75-44b7-848c-5fac59d8f1dc","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":150,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"4a6d1d32-b64b-4583-999a-5648cd0bf4ae","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":150,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"aebbd7b7-e1c5-46ed-b77d-0c6acd579bae","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":150,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"d35db242-4bfc-40fa-b39b-536cd8c529d7","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":150,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"15a8f90c-93f8-4d84-ae0f-c22ffd61cec1","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":150,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"660e83e6-f500-4e09-bd35-805f57320461","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":150,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"dbee104c-0236-4ef9-8574-32854a3a7f9e","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":150,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"7a795f86-f4f1-4327-b85b-b8dbbcc0188d","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":150,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"25e3a5ab-13a6-47b0-b661-95df6512d750","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":150,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"a83a6482-512d-4540-adc5-bd380c9f665b","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":150,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"a0246f24-e47c-4374-9a38-b053d6cf73d6","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":150,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"c7be1084-e607-439a-ace1-20d816f1082f","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":150,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"979d8363-3ebd-4b52-83e9-2262bb4b24a1","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":150,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"044f42cc-0419-4ad3-91d4-d828dc414fc4","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":150,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5f93ef36-7a72-43e1-a789-9b965efac7e6","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":150,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"ebd681e7-53dd-42ed-ac12-3e2013832f05","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":150,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"8157926e-8483-40ae-bb0c-1ea2ffd24296","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":150,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"2b7b47bc-ef4c-4a3e-ad51-163c279967fa","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":150,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"07ac4c55-6ea6-4172-a731-963a746b2572","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":150,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"33e6271d-37f2-4fcf-9d10-051084bebbf1","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":150,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"fd8cd46e-2148-4b03-86e2-673267a0b154","block_type":"box","text":"adviser.","page_number":150,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"e062a4c5-85cd-4ddf-afcb-15e4f98aa5c7","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":150,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"fca6fabc-648e-43a1-bc04-cb46f1c9eb29","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":150,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"df4f3a15-7098-446e-acb1-63561dce7072","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":150,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"783ef475-36f4-4bec-a9b7-397244fb8564","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":150,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"9f693282-8dbf-4b40-af75-94f6aaf9dc34","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":150,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"50483bc1-565f-4c9d-8d29-870cad4ee166","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":150,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"8fdf1353-16fe-4968-8a9b-3fd6238fd3d6","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":150,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"e49caccc-6502-402b-9e40-6b689bb25e93","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":150,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"2e348769-6ad4-4ae1-a631-3c229f6c005d","block_type":"box","text":"also be restricted from making additional investments.","page_number":150,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"104f25b9-5cc4-49d8-bf0d-a15654ffc284","block_type":"box","text":"In-Kind Purchases","page_number":150,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"fe31b29c-50ab-4630-91a2-5c536317b25d","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":150,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"2cedacce-febb-4e59-b6b6-84fd5e4d4260","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":150,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"64e531a9-3b0f-4ff5-a92e-ca04731746af","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":150,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"d2a18689-e23c-4984-93ab-90ae0ab91f50","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":150,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"44bffff4-6e3f-4a2f-ba9b-b7ce7de92b73","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":150,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"ebbd8fa4-8077-40e3-b981-c117a0511b7d","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":150,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"718cd3dc-d778-4bce-8c76-02a116af877d","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":150,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"8564d74e-5fe8-4724-994a-adcfc04d12fd","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":150,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"15948712-4499-49de-9c61-ff8ee7618b4e","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":150,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"71a8f001-d40d-4a2a-9df0-4f20b5f67adf","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":150,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"ed501095-ab66-4d5c-adf4-055baa741e16","block_type":"box","text":"has settled.","page_number":150,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"1ab2690e-e843-4f8b-b934-124123630ff5","block_type":"box","text":"Institutional Shares","page_number":150,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"cb7bfc3f-f1c4-44c7-a1c6-9be534875c10","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":150,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"ee85dc88-07bf-4b6e-b6c5-8040878fecb8","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":150,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"0dd2cfec-cf5e-47e4-add7-5432c76faf54","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":150,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"7c2b9f70-8cbd-4ef4-8c2d-99d7820d2176","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":150,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"76b6f13c-90bb-4877-bf3e-ba8820ba5a49","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":150,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"2acb097a-5929-4f33-a46e-525656041370","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":150,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"15603ace-3fad-4a88-8c96-6cafc88cc7b8","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":150,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"e0c74560-5f7b-42c6-a9fa-e25b17b79d0f","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":150,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"1e12f2c6-0e43-4a20-9237-ea3f3c944968","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":150,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"4a684d41-61a2-4ee8-b480-b7a9ac44307a","block_type":"box","text":"II-99","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8d24dc7-4194-4364-8940-f3b0a19cdb1a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd9e2ed2-f3e4-4ed9-afe3-9e1f00668986","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":151,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"a325d33e-1f01-4de4-9028-de9932c862e5","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":151,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"745ee437-9626-4f97-8225-591d6d4b17c6","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":151,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"cc0b77ad-9b77-4297-84ec-1272da7ea5f7","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":151,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"5b0374d4-9661-47c9-9181-d09cad0e58c2","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":151,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"0978d01a-e9e5-419b-826f-7b24e6d92f5f","block_type":"box","text":"these fees and conditions.","page_number":151,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"ccb94d70-715e-41fa-aa35-6b0d6688d794","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":151,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"ca52f110-3f0b-40a2-95b4-c51cedec7ca7","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":151,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"c788cd88-4eab-40b5-9b16-e22d616b6353","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":151,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"473a5ace-4a62-4ddc-89de-bc403e1a2537","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":151,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"d9fedaf5-d61b-4595-bd95-d1e828894ca6","block_type":"box","text":"incurred by the Fund.","page_number":151,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"95b0d9e4-9985-486a-8b96-6eb8d0d28d5d","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":151,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"bc64a93d-e1d4-4a8a-b47c-d42b9f3950b7","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":151,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"82738e38-5453-48bd-82f9-443a9195c377","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":151,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"b36dd5a6-a17e-40ee-a320-460b2c834393","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":151,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"29489442-1e93-447e-b8b5-d6983daa2d45","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":151,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"6cfd1ce1-3f32-46b2-be44-bdb84a4088a5","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":151,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"640090f6-d723-4a20-a8e2-621f5d00321f","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":151,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"de52b428-c9b2-46ca-835a-fd99935ee237","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":151,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"bb8b1b17-55b1-49bf-a371-3189ab72d956","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":151,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"c5d912b3-7c86-428e-ad7b-7011126d7593","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":151,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"c01f10e2-dbad-4c9a-9e73-cf01eeb4fab5","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":151,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"4d3ceeb4-3200-4ce7-a776-3830cea91723","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":151,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"2083a1c2-bb46-4a65-b478-3c9cc68c9ca3","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":151,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"7fafdf6d-ebab-43e1-b31f-7ab20064b606","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":151,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"efb680b3-131f-4924-ac23-98e09c554316","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":151,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"4280bf2a-4f5d-496d-92f4-7bf4ba759af3","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":151,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"7b2c2d3f-700b-4f7a-946e-6cb907a3dfdf","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":151,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"21298d81-00b1-4de4-92f2-06bcc9a384ab","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":151,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"295ed5f6-1441-4321-a20e-04f29fe522ea","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":151,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"e7b5c426-a405-4b12-88c9-7a6516ec253d","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":151,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"7d069b0c-72be-4e3b-9097-24367f4e837a","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":151,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"b3f4baaf-4f1e-4c76-a94f-3bafe67e2aa1","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":151,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"6102e6d2-35e4-448a-b958-7b2925e13b8f","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":151,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"42016396-b058-468d-8607-dceee0a824cb","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":151,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"b7f19e3d-7452-443e-af50-6f5cabc5a3cc","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":151,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"95c27589-b094-4271-8ec3-a0e02b047bc9","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":151,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"6271ed06-55a4-4cb2-95e5-e6587bc99c53","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":151,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"06f5e071-3855-4371-816a-32283334218f","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":151,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"07fed9c9-c91d-439a-ac2f-665ba15802af","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":151,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"5c19b83d-42b3-48be-b0f1-3bdd71322269","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":151,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"ff0f0632-935c-4b1b-9524-42574d0178b9","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":151,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"554dc84b-c90e-415e-b25a-b92c2706ead6","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":151,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"f2561758-b6c9-44cd-a811-b8c06a0657b6","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":151,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"5435d312-c310-4d85-86c8-254ceef7638d","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":151,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"b0b5f42c-5207-4f06-9b80-9e586391cd69","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":151,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"f1ff3abe-66ec-483e-a084-f55c7bfb5e5b","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":151,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"4aee049f-252e-43d6-a3cc-91049e492860","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":151,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"765225ba-6aa9-4a89-b268-868091dd8710","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":151,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"2783a554-bab8-4e09-bbe3-43182fb47da1","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":151,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"e11bf930-9bd1-45fd-bf00-764a358be617","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":151,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"4e226ea6-8112-430f-ac8d-fa7834fcd23b","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":151,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"132051cc-dd6f-4471-b73a-0f6891ee7fa7","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":151,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"67e43c4d-1501-4dac-a39b-72c5ff57a804","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":151,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"93b162c5-4184-469d-b3a7-04d0cacaaaac","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":151,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"2adf4ff4-2021-4681-9ee8-80c5c9f25944","block_type":"box","text":"II-100","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"907aadfb-c1f7-4102-ad3b-962ce8ed3177","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c171da4-859a-4e81-9e6e-6a7114a17046","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":152,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"871afa01-336e-44cc-bddf-6088c43c91dd","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":152,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"3468948c-22c8-460a-b397-6072073ed2a7","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":152,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"ac853134-3360-49e8-85a5-c0afcf5cacd6","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":152,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"a07e7953-b849-41fb-80d4-ea422510a224","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":152,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"01a49732-175c-444c-b7b8-b5fb143984a7","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":152,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"fabba3fc-c888-4a50-a34c-2b4cd43ddff4","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":152,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"d25ffd9e-826c-46ae-96b3-b3ed1b26cc97","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":152,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"05172feb-b5e8-4a7b-8e0e-96d7499fee15","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":152,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"22a5ca26-1c4a-4a03-990c-9f639806b7dc","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":152,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"eb391fdd-f02d-4341-a207-587dc3bf3118","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"735f241f-8f50-4c47-bc66-3cdcdf985f80","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":152,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"73ec9d91-c3c9-468e-b39a-66b106cd913d","block_type":"box","text":"periods indicated.","page_number":152,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"3a4e60c8-88a6-4880-a37e-1a2f5202e855","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"123c13d8-b7ff-4ad1-9d28-8786687de2e5","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":152,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"bd0dccfc-7489-4e49-9c0b-029984f27c7a","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"e949e9ba-12ce-43ee-8a8c-36ef395b8759","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"f2039027-44ad-4474-bab0-dfd4e20c5654","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":152,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"483958ea-e7b5-4f89-a1d6-443289e0a277","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":152,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"1272befc-23b1-46be-a2c0-ffa0d2bcd5cc","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":152,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"fabe1fbb-8370-493a-96b3-de1a428464f7","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":152,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"0417f051-5373-44f8-a61f-bb5e0d30ee96","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":152,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"e2365de1-c86d-4ecd-b6c1-623df1aa54c1","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":152,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"2f2b2ede-cfbc-46ee-beb6-2c4a4963c5b3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"7a822a92-9b00-496e-b736-1a037ccc2909","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":152,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"dbdecd2c-1120-4715-a7f5-f08428bea521","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"71381747-1d65-4ce9-821a-7c8370f8e8d0","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":152,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"02a75e11-5614-4e72-8a32-d8a865da752a","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"c773a387-0761-41fd-902d-5ec494e70364","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"39c77029-ed52-44b5-bfa7-9c44d0b5b0ed","block_type":"box","text":"Reduced Initial Sales Charges","page_number":152,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"cd05c027-6f89-4766-810a-e6fccb73f41f","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":152,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"67e3469f-a750-443b-b181-8b71b5fd605a","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":152,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"db6899ac-e4f4-4fce-8d72-c142be39da52","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":152,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"af88509f-cd92-4dda-9a10-c5f052dd4aab","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":152,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"01c08ad8-4c22-4000-9153-91f0451f7235","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":152,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"95b20da6-2a79-4d9e-9dea-f7ea37ec4468","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":152,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"92e0009b-886b-4804-97f7-3bc5e714f04c","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":152,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"4a1b2bde-4f2e-4ea5-a7ac-106604994fb9","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":152,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"9f552304-8145-4acc-adc6-0a9090259245","block_type":"box","text":"Reinvested Dividends.","page_number":152,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"4574cc5f-aabb-4cf1-815f-5ba1674c2900","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":152,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"1d981e85-56b6-4121-885f-55bedb488c13","block_type":"box","text":"reinvestment of dividends.","page_number":152,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"cc7118d7-3dbc-4333-bb8a-e44cde8d56ec","block_type":"box","text":"Right of Accumulation.","page_number":152,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"24f10321-5835-4225-b29f-af8b89f34357","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":152,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"229d4c51-f550-4d0b-bfa4-32fc03c572ea","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":152,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"3994b376-950a-47d2-b05a-f9bd977a878f","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"f42c688b-8303-40ce-ad26-d3ce5c20b6f3","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":152,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"c5bdfd9e-6991-43ca-b83e-b698178d8651","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":152,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"0e9031b5-d5e1-4fe4-bd56-1a7e7f708cd0","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":152,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"547756ec-9f40-4eae-a4f0-9135cca43f04","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":152,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"ecc91511-21a1-4fca-868f-03c2ff363c29","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":152,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"c7aa9619-caaf-4163-8363-5cd7cafe8b60","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":152,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"8c956572-9dbc-4810-b5d9-c9ca599748c8","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":152,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"cef85765-458c-4b17-b47c-0d3181ebf0f0","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":152,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"4e7936b9-eec4-4b26-8b5c-c533443672d9","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":152,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"f052cad5-093d-471c-b9f9-77277722b05f","block_type":"box","text":"II-101","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a3e4cc2f-0630-4cab-b5ec-79d4e69afe1f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7ac8468-0871-4af7-b1d6-9983ca0d9087","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":153,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"34d2a202-9f61-4a77-aa87-4c16ce718f58","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":153,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"69c5663f-843c-4158-ba7d-c92fdbf880f4","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":153,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"aaee6ac4-ac8e-467d-b114-0ee744d04610","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":153,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"0d632431-6dca-47f7-9513-84d5d80d8a24","block_type":"box","text":"Letter of Intent.","page_number":153,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"357db9cc-73c2-4783-bd27-3a2e3e9886b5","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":153,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"d66d529d-6635-49ff-bbc1-1af7d0e3e117","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":153,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"a72abc1b-c8f2-4bc0-90b0-c7c96306e56c","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":153,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"b26a4cb5-4d69-43f5-a737-6508cb8185fc","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":153,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"87c64c6d-6eeb-4ad6-a51a-021425f6dfb1","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":153,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"6a5b45fc-0f9b-40a0-b8cf-9ebe80dc752c","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":153,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"dd48bd3c-d00a-474d-9ee5-70f336a7d123","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":153,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"76f3f8e6-a6aa-4027-9293-1d19577d5e54","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":153,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"bd47b030-ed2a-4279-8ccb-5d086ad6859b","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":153,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"bca95edf-d875-4c93-b2df-fdc8bb790036","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":153,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"a7ae772e-d19b-44b8-ac33-519c890b7f74","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":153,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"25c3afbc-44ee-4637-b690-81afa82c28a7","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":153,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"b943ecf3-dd82-45a7-b2c2-f1ee077aa2ef","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":153,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"e80ffbd2-8177-4cbe-ba15-fce00289ea53","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":153,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"08c6f531-4f8a-4b2e-be34-4b75e8c43203","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":153,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"b59f4746-60ae-4aa5-b679-1ad10bbaf602","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":153,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"803813aa-ef66-40c3-ba18-913d0da8d538","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":153,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"c3777942-cbbf-4296-997d-89e911c6b8e6","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":153,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"b998efa2-3774-44fa-a8d0-a92a3ee00803","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":153,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"9a654474-1f63-4e24-8b20-bf8f8b23c902","block_type":"box","text":"Placement Fees.","page_number":153,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"b28624ea-5233-4793-81d0-9e49b92f4118","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":153,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"ffe031e1-0dde-47b9-81fb-6e96531484fb","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":153,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"396c814b-76e5-4bbc-92b4-944cbab53239","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":153,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"6bbf20cb-493d-46f3-b757-a2cd5ee8aafc","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"1ee2ce37-626f-4baf-97e1-0ab9da2eb09c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"80e37319-74c3-48ed-b128-32c7a5fb10bd","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"f63320f2-e43b-4500-a2a8-98031a05b23d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"3f5c2cde-5632-4d3b-ab3b-77d85626ecd1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"b3a20656-5b3e-44ac-b0cb-73c2b3e9c35d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"12c78d75-bc3c-47bb-b745-97e6ffdca392","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":153,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"b67cc860-cbeb-4fe5-ab61-6b3debcf5b5c","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":153,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"bd4dc4a3-26d8-452c-9382-c12a898f88c1","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":153,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"09ce71c3-ce68-4d10-90bc-1e0377bfb9f4","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"ba92ccfe-c24c-415f-8f74-cc7887e35cf3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"edc37927-2d53-4b83-a528-4386d648de78","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"4a4779de-c983-40a5-b292-1855ee3185e7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"a589bc18-1c14-4fb3-856a-0c7398ad4c9f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"730fa173-35fb-404c-adca-b95ec7911a80","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"923c1d40-c415-422b-a946-b9aa9466283a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"9e0c4ea8-7ed1-453b-9537-4dfdf4143ddc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":153,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"7ff6d3d6-30ee-4bb5-a89b-ccf52a648769","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":153,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"de9a748d-fc2d-4b50-8763-76b6c688ef98","block_type":"box","text":"SM","page_number":153,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"1491317b-34f5-46a4-842c-d75ae01366aa","block_type":"box","text":",","page_number":153,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"f4b48957-ef41-47cb-8526-3373971a8a32","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":153,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"cad7e3cc-1abc-472f-8f2e-e83584a53980","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":153,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"740ad055-22c7-4e5b-acd2-c6b51c1f7a06","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"f2d1b81e-8400-4c5a-87e0-3dee9fc5e403","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"553df656-6128-4459-8457-de6b800fbfa1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"cd524be2-1055-403e-a71e-6199521a18c6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"5dd577bf-ddfc-4d58-95e2-717aabaf86ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"a6a166ec-37bf-443f-bb4f-4b8fc9fa0831","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"3ccb802e-f581-4961-8e58-6fbf9dc3a569","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"b6286438-3332-449b-b7b8-b6e7ff493cac","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":153,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"e63a16ad-b605-4b76-a55a-7249dd6b0007","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"d207ee27-4010-4d13-8864-deb93f6f065b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"99155ca3-c399-4150-a823-ab336d93ac10","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"d85e547f-dd36-4391-a720-bbbda53be2ac","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"990615c9-e7ed-4d3f-a1db-fa0f813e0dba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"46b622ee-00db-4de8-b34a-d3518dcc1d87","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"d9cd24ad-fb6c-4a22-b647-8012ff0595cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"c0ab89ca-2246-49b0-a114-421ce9cc6a06","block_type":"box","text":"II-102","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf97c18d-783c-4f3f-b3fa-dc96c8fdaec9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdf5a2a2-81f9-4fb5-9e34-552e3ef24d21","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":154,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"57928591-8d1d-4e18-9789-d1a5199215cf","block_type":"box","text":"may be up to the following amounts:","page_number":154,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"6d4c7ae2-2093-4a7f-b4bd-0f96c775e232","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"1847cd2b-28c9-4963-9fa1-25cc6326b3f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"6d37cf2e-e6d6-4d95-8522-c79055e740da","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"375f72b8-8d89-4b25-83e7-42eae7cd4e2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"5b9d8af2-7ee6-47d5-b234-60d9395bc7ad","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"b610b499-7dfd-4fff-b43a-eeda1eb2f878","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"4e7fcc34-7923-47c4-9018-bc7b8bc7aace","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":154,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"5f05ed12-bab4-4b3b-8f95-8dcbdaac4672","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"d10f9e8e-4ff3-4186-af5c-27ee7005d947","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"b0fed920-8e02-435b-86e5-1bfc3e4df6cb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"14e50029-f574-4951-9bf1-6c765d1cd883","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"367d3f6f-c5df-460d-aa20-cfb8e8b381e6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":154,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"be29a0d1-ef5d-40ac-82ec-7ed07b1c49bd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"83a6573f-4e09-45c7-b8bb-c60f99ea08fa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":154,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"28889959-79c9-4788-85f6-2bbbde004e7e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":154,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"8bf7bf90-c00f-46a1-beb4-75ced916a871","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":154,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"7a254329-ecb0-40c0-9ce7-6a2fe905a04a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"3481a526-dc4c-43dc-b121-4b1f730cc845","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"3207b5a1-1d50-4b86-9f0b-00bd7b9d4618","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"18be8e62-ef57-4d64-9e63-e796ed23e0dd","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"8d15ecb7-cf46-460b-a159-85b3df632cdd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"fbecaa9b-51cf-462b-ac47-4522a6016ea8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"0f0d78cc-9cf7-43ae-8532-bb0ddc15ce6a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"f0f4c4cb-bda5-4649-930b-9f85f64b4623","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"63da32ba-fcff-4c19-97f6-2c6db716c1ed","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"e4b77c31-0bfa-4e5f-b4d6-726e4575299e","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"0c0353e6-09c6-4405-bb2d-5c8aad0656ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"f79dfa17-902f-4c0a-8ced-1d0742e2691f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"7aadd999-b50e-4660-896a-287770421917","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":154,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"97d5f9ea-93e9-4047-b375-cf349453a1a4","block_type":"box","text":"the following amounts:","page_number":154,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"508f605b-90d3-4ada-aff2-cf8a70e52489","block_type":"box","text":"$100,000 and above . . . .","page_number":154,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"c69dc45a-3b5f-4ff8-86cd-26a882897d5c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"67633f0b-e6ee-459a-9b11-82ad8ec1e87a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"1ca1b3f5-677f-4de3-8eab-032cab000ffd","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"9db976b1-1080-4876-8868-11db1caeb539","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"e24fb80f-5abc-4662-a63b-5d9a60a548cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"db548141-72f9-4ca1-b9b0-2c33845e56c3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":154,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"4dd1723e-2427-4fa0-82ba-a7969849b36a","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":154,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"e82f633c-1faa-4003-b59c-13a8b905ed43","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":154,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"ff8a883e-ae83-4b3d-89d7-221f043695a0","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":154,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"44f5f17e-b060-4af7-a217-b2cdb4585965","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"db145aab-0c7d-4454-91d1-b18cd80b224d","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"1a03b929-d6ab-4d02-a297-8c81229214f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":154,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"53c00f25-46bd-45d2-bb58-aecc741e2f46","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"44394ca1-7ca9-4629-8a52-9a87b3b1b080","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"dd4e714d-54b8-4749-b05d-569f099ecc31","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"c4724091-10a2-4ebc-9f7e-caae00312665","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"3ee937cf-2a54-4dd8-846e-bc68b69662c2","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":154,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"d39594b6-f0a7-4392-bddb-f33da113c508","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":154,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"99658f8d-7df2-4f8c-8666-8bfea6dccf65","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":154,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"02fc52ab-d376-46d8-83b8-27efc5e2456d","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":154,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"08bf7257-ecfa-4c41-a743-a1197b7aa23e","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"55e1120e-f499-4161-a35a-6f34d2253b2d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"99341751-66d8-49d8-bbc7-0e15849e3b16","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"76348f63-e4d2-4ab6-960e-0a6bc98defe8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"7ffa309e-4470-47b5-baf1-d9231036015f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"4efe588f-86fc-4a2f-ba47-e9cd92c85fd6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"ccf3ecc5-5896-4212-acaa-4193c3cabb58","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":154,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"24cd9f83-f32e-41f0-a714-8a4107edd7a4","block_type":"box","text":"®","page_number":154,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"a3350d92-eeb7-4be2-990f-807221cf10e5","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":154,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"085a6311-0cba-4a31-bf2b-6ff035188151","block_type":"box","text":"®","page_number":154,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"fabaaf32-d3a7-40b7-9846-84ed7e29443e","block_type":"box","text":"Index 2035","page_number":154,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"62fd7855-476b-41af-83f7-cff69be77e98","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"81fcb11f-7e80-43f1-9a23-9ff6f0e29873","block_type":"box","text":"®","page_number":154,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"3a76e302-1365-47f6-992b-816c087ce2fe","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"e3bfd9f1-6937-4666-b78d-e11132c67e91","block_type":"box","text":"®","page_number":154,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"8f47a064-26a6-4091-b344-0f84d7f747fa","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":154,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"2f19dd26-14a5-43e4-8249-6bfbc56fa5e6","block_type":"box","text":"®","page_number":154,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"30bcb7a5-ebfc-43ad-bc32-282175331d31","block_type":"box","text":"Index 2050","page_number":154,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"ab57c232-1cb0-47d7-8eb4-95731ada6bbb","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"02eb4e6e-d0e7-4817-8060-80c66b77b37e","block_type":"box","text":"®","page_number":154,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"af406da4-76ff-4cc6-85f7-9b46057039bb","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"74104e75-2178-4965-9251-9ffb2124d753","block_type":"box","text":"®","page_number":154,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"fffb0b63-d549-4283-9dbe-3912cfdecaa4","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":154,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"6850ecd6-eb3a-454d-a6cb-31e5f820ed54","block_type":"box","text":"®","page_number":154,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"0630e401-3eaa-41ae-8124-1cbd147ff986","block_type":"box","text":"Index 2065","page_number":154,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"893b9420-084b-40e9-892e-87bc1005b37b","block_type":"box","text":"II-103","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e42ad48b-e72a-4cc2-bf8b-7bcffd4f0313","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12cf5c8d-7a9b-4ecf-ab5d-1f9f466d71c7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":155,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"e9688f34-f80f-434e-be57-8f444d0cb5a2","block_type":"box","text":"®","page_number":155,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"1fdd513a-e997-4e8d-96b6-344a52950740","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":155,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"d94499dc-1782-49f9-8e6b-db05fb4db94c","block_type":"box","text":"®","page_number":155,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"cf0489d8-1db6-4cc9-82f5-a26778d47e8a","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":155,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"e4790db9-0fdb-4c24-8292-67569b3a3e96","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"32410bc4-32b0-4489-a420-d5510b7fe350","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"a3936244-dce0-4cc1-982b-c3fc34b920e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":155,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"7aa15ae8-fbc2-451c-97db-285207b39183","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":155,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"fd56ee8e-c528-4aa3-9500-603962cc995d","block_type":"box","text":"SM","page_number":155,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"7e21efb4-0ae2-49b8-8c58-649668e02d65","block_type":"box","text":", the placement","page_number":155,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"df4b10fa-4241-445d-9b0a-efc234f81006","block_type":"box","text":"fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"7a889bb8-dff2-4302-9a17-8333655e035c","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"06f05d37-d7bb-48c7-aa9d-7506ca159286","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"24c45797-ac0d-47d2-8564-ab7fb0821bf4","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":155,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"0ed8a2fa-be22-47bb-baa1-371d6e372e60","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":155,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"fcf01200-2ada-421e-beb1-d99dc9081eca","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":155,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"9cf35da0-d16f-49c4-9ef7-5f92b402b8f3","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":155,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"2e48b1b7-e2dc-404b-b9de-b8600dbbc290","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":155,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"5c2ab525-35ba-4323-bc54-ac82c7ca70a5","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":155,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"003754b4-069b-4d04-b226-37bbea0f46de","block_type":"box","text":"$1 million).","page_number":155,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"85836c49-002d-4388-9a09-1fba4cf184b6","block_type":"box","text":"Other.","page_number":155,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"4a461358-0ad3-4a41-843b-2cb2745c20b3","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":155,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"50cb1d7c-6d7c-4f63-83c0-2af00cf3566e","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":155,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"678bdda2-5f93-41cc-83b6-78e22627dc85","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":155,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"71e689ff-a9fe-4ba6-88ee-a4101c7d22a7","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":155,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"0adc8800-7dbc-4a3c-ab4a-4ff0f5ecf756","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":155,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"9d717fca-1ed7-44c0-bec1-8a66942923f8","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":155,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"8c0c6780-caf2-4bca-9ab6-d42fdfa74958","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":155,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"bab2f447-0121-48f0-ab8b-baffb177190f","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":155,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"0679a7dd-aef9-4134-b092-044288d1742f","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":155,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"2b1ee3f5-1fee-418b-8445-53504b53da5a","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":155,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"431c0575-0360-4e75-99a6-6d3d7341c217","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":155,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"c215b25a-197f-451d-97ac-7fb0d4691f90","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":155,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"d9e2bfb6-c0eb-4f18-9a90-a55ce75d8bee","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":155,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"b406cf07-7e89-43be-98fb-6b91eb7ac5d9","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":155,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"c23a162d-0d3f-4ead-8672-184d859975a5","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":155,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"790c5f65-dd5f-473d-bd34-8812d4c3079d","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":155,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"72eca5ce-a0e6-4177-b8fa-249f369861ba","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":155,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"b54f777b-249b-4d56-a743-3a063bebf0a7","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":155,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"ab02af1c-64a3-4b34-b4b6-8e2bf4bc2e94","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":155,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"e6a06c1c-5c4e-44a3-a863-53298ea45f24","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":155,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"0b40fec6-11ce-4aab-8fa5-e221bb02bcb3","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":155,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"7bddb03d-7bec-4f3f-a325-0c4583e9904a","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":155,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"41fd72bf-1ea2-408d-9901-d4fff09cddb3","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":155,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"3190f1ad-0434-495b-a07d-039fea5fe84a","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":155,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"d2e4f043-4c65-4c7f-83b8-ea3e8bc3ed33","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":155,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"1fc56bf4-791d-4ab3-89e0-a0f93799e177","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":155,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"8a78d3cf-5066-4d1b-9b88-e2c6600f248a","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":155,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"39b3ca38-2164-4f77-b5f9-4b108efb1a25","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":155,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"b051b59b-2b31-4cca-89a8-881c8b563152","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":155,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"98e04848-00a8-4167-aa6a-a65c6bb1c6c9","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":155,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"753c6ece-5a94-4f70-b9dc-adfd796cae82","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":155,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"cdd2d990-2624-41be-a737-656ceae12d3f","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":155,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"d3895ea7-f115-4375-ab70-266cb8270d1a","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":155,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"e3ff8090-7339-4c49-a6f9-eb687c51408c","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":155,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"59207ad2-a3b9-4a37-b27f-1c6f0938c5d5","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":155,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"6f39c859-4547-4ced-bfc8-e73b56bff997","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":155,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"5b81ce79-08e2-48e7-b055-a1c7411c36ee","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":155,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"fb5ac4f0-3d1e-4a79-b0df-f4489ebe95be","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":155,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"2158033e-77fc-49b3-a0f4-51af8b7e9663","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":155,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"baa4b676-ac7e-406c-99b1-50efb586c02f","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":155,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"eae42ad4-c3d9-46b5-aa65-ac37c70a9cd2","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":155,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"68b47d17-b459-4741-8bf7-0611d64614bb","block_type":"box","text":"II-104","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"20d50795-ac7b-442b-b7e8-3cbd27aba00c","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53b121d5-f1af-4b42-a30b-300ea5b09153","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":156,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"cf00a381-b54f-4840-bff7-9bbc0fcca727","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":156,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"ad0bb97a-f488-4152-81ba-2179341f6ad3","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":156,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"0285ae7c-839b-4664-ab0e-c31e5167c562","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":156,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"42e2b9ad-2731-4411-8985-9c274d214a38","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":156,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"5bba6815-86c0-4464-afd8-5e887e4c5b76","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":156,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"276d8202-e1d4-44a7-b3cf-9a496e6e97bb","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":156,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"679f3d30-61c6-4380-b890-3715b2b27730","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":156,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"aedac6ed-4add-4ef3-a844-c521aa7421d6","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":156,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"80ce0d31-6100-4bfd-b857-e0d991c67cab","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":156,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"c4a4cce1-c833-44cd-ad60-a9894ea5e871","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":156,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"82eab4fd-fb41-48c3-9f9a-c363eef1c571","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":156,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"dfcd5a39-e5a8-44c0-b464-3779db212e2d","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":156,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"fe6a1260-1f58-41f2-8e9b-a7d8249feb02","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":156,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"1ee7f51e-888c-4803-83a4-fb56a4b324e3","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":156,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"d9f53cd0-74b4-4ca7-ad18-b596b90e47da","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":156,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"8a729b87-3629-4b5b-a016-26fc0455a4a6","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":156,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"95522765-88af-44b7-ae38-541a96b29d4f","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":156,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"9bd32343-3ac0-4a16-a5e0-f07acf2ba5a6","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":156,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"2c866ae5-23d8-4c8b-bcc4-349726847803","block_type":"box","text":"certain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":156,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"ff306a88-779e-44de-90b4-f9f49ff39ea4","block_type":"box","text":"shareholder’s death or, if later, the receipt of a certified probate settlement (including in connection with the","page_number":156,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"61c5e8ba-925e-40e7-b5df-7600ea47e25f","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":156,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"7cb7a4f2-52e3-4f51-b584-c9ffd752934a","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":156,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"c227f33e-3953-4945-9be6-c5669fb4618d","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":156,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"e5068ac8-10f0-461b-8983-424dcde24501","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":156,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"f226a0dd-41e7-4442-bbd2-85990105a885","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":156,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"c1916264-070d-4697-8a88-6d35fab3f4b4","block_type":"box","text":"the absolute discretion of a Fund.","page_number":156,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"5c8b0121-a498-46d9-a3b5-4fc716bc8cfa","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":156,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"29ac1d55-339a-4f78-b475-ad4c72a70376","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":156,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"b85cf04f-ff26-45f8-8a33-822ed470c8e8","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":156,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"bab37930-da74-48d1-9697-c2cfca270a82","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":156,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"e80b30c2-b396-4a99-97d4-48d3fa1f0d88","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":156,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"600e121d-183b-4d90-b64e-4adb38498053","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":156,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"be70f412-99f8-4b85-aaac-3c694503073c","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":156,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"62884e5c-8815-40c8-b828-93b9f6ca1468","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":156,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"3616d4b2-302d-4dcc-b4c0-8d37279721a5","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":156,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"4788898c-4982-4bfa-bb7a-a0427742af29","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":156,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"a1c01916-8438-4ef8-9c64-14176185f6d7","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":156,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"3808e177-ac24-45e3-ae33-87e6e8bc0337","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":156,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"99e25982-dcb1-4d2e-b9da-f5e0ba26c6f4","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":156,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"2ebf52fa-6e2e-456e-ba25-d9759ce16fac","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":156,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"9289e198-8794-4398-a198-68a5aafe93d5","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":156,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"d91b9b26-bee6-46d5-b4c3-4acb49825dd8","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":156,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"17dcea93-9af2-4928-bb59-1a3780ea2181","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":156,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"891942be-c8ec-4198-8e62-1a5207223d66","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":156,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"dd4127d8-675d-49c1-9abe-b77b4e421025","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":156,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"c740f948-6745-40bf-9465-2f5ded814ff3","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":156,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"177a0a0f-53a7-4a14-9932-e4c1f874deeb","block_type":"box","text":"public or private investment company.","page_number":156,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"4f4f29cd-8dcd-4ddf-a552-67317f96c389","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":156,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"017deae7-7a46-42df-9f35-5a08b9d420b7","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":156,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"427c2da1-6a91-4789-a502-62299068cdd0","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":156,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"4abd66e3-06f1-4746-bfbd-7c1d6f2eaa0e","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":156,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"f989b245-8c71-4f9e-9128-269eda97ae89","block_type":"box","text":"II-105","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0df38e7f-3db0-4ce4-9c9f-2f2b77d1302d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1ef32f4-1e22-4d3c-84f2-3aaa1c01b9a2","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":157,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"bef3413b-6807-4cd5-9ab1-7c093bfd5be3","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":157,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"81aa02af-5ee6-42ec-a1cb-9e88c09e2c92","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":157,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"afac91bb-9fb8-40d1-94f0-34fe992f4082","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":157,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"74f710b6-250a-4b0d-b2d2-61e58a8eec9e","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":157,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"d8d639c4-c1bf-4847-a8e3-f4ba87f5be15","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":157,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"5c206eab-48bd-4cbf-be34-fcf5e9643c8e","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":157,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"8f1b76bc-ae06-4cf4-890f-85391215bc77","block_type":"box","text":"intermediary associated with the account.","page_number":157,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"4412f746-b62a-43e9-b784-af6d8fb867ac","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":157,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"97414ea6-6ad5-4592-8247-37eeffe3eb93","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":157,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"8dbab283-ac00-4951-a480-ee54a9b20700","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":157,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"1a006d0f-684f-4427-b4eb-497763430ed3","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":157,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"f7c43e06-c948-4d0f-8730-cd2c0d3174cb","block_type":"box","text":"CDSC shares.","page_number":157,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"1d957625-6aef-43bc-9ae5-049a070a3b5f","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":157,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"2e35081d-e425-4fbe-b436-c4b8a043813e","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":157,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"575b55f3-2e7f-43de-8fd2-45ac429d9708","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":157,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"20432cef-98d3-4d4c-9ead-bdb7bbb857e2","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":157,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"197e20d8-3f13-4109-b894-f6b266619760","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":157,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"9e1a534f-c400-430c-afdd-aaf19ef20e1b","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":157,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"37f78447-bd17-416a-8e23-69809c3b2f24","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":157,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"30c7fbf6-e522-4908-8c16-8e15be8e2b93","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":157,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"2b4f344a-4c45-4a30-b977-db54b0cdeab1","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":157,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"3577a87e-1ede-4509-8a55-766d50c2500f","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":157,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"c43ddbda-f449-49fa-a3c1-525ac924ff4f","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":157,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"22b6057b-d098-4795-9143-d3540fc06dd0","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":157,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"5cbda631-da75-434f-a578-523fb40176f6","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":157,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"75fd3fbd-7fe7-42b0-80fd-a87df0548e20","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":157,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"54505c61-6a76-419b-87ea-145b8503f402","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":157,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"7f1be655-207d-44c0-95ba-99eb5a2b9ed8","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":157,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"1b657f20-b66d-4a1f-b5ed-d191463525bc","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":157,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"1e64fd36-b72e-4d47-9526-35f7e97dd69f","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":157,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"4fe27190-c1d4-40f6-b75c-a0e942ece0b5","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":157,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"3d67ac14-b434-47cd-8a42-94757a0405de","block_type":"box","text":"Investor A Shares.","page_number":157,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"7fd5b852-b5a3-40c7-b08a-6c264812c22a","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":157,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"29f3c644-6a5a-4a30-b3de-117a4402e1bd","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":157,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"d190dd28-6b94-49d9-bccf-26425ef120bf","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":157,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"62f2ab0b-ffee-49e7-a672-0265c8fa4d8c","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":157,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"2137973c-17bc-4cc6-a4c4-38f3d9b77999","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":157,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"22b61c94-37ae-4a68-b488-6bdf19ab7e0d","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":157,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"26168479-1065-49e3-b0bb-72f642427b1e","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":157,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"3f399996-ac9f-47b2-a38c-ccb6ef8f32aa","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":157,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"3ae8b393-fc09-49e7-a34b-a2a010b23e70","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":157,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"6eb91beb-25f8-4a07-83cf-64affcdbeecc","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":157,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"9e1cd8b7-5523-4ca8-9c65-28789237121e","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":157,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"13b629d9-83b7-4404-b4b8-b55b587c5c5d","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":157,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"33b999c2-7b53-45cf-8e11-cfa104caffe4","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":157,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"ca455ac9-160f-451c-b6f9-232fcfc04e2a","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":157,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"f61fe595-7f32-47bf-9a0c-4f17a7ad2c5a","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":157,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"4e2d32c2-d5e5-4d6d-a681-598375d1fb72","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":157,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"3b2d9d87-a6a9-481c-bf74-a473071f7c88","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":157,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"a2e37660-848b-4174-9122-556de010dc26","block_type":"box","text":"“Investor C Conversions”).","page_number":157,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"c6bdeb8e-9670-4a9c-9911-320686857ff5","block_type":"box","text":"II-106","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87b54f85-95fe-4cd0-b90d-dba9cda3f2d5","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a221f567-da5f-4dc8-a71f-3f164db2f76c","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":158,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"3e312183-7cd3-4929-9205-e83300ed7d86","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":158,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"6dd6e1e5-5c2a-4459-b52f-e53e69e21e64","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":158,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"0fe7515f-8863-4320-8779-9c8950a3689e","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":158,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"dae8b671-d48f-41b1-8222-65821927239f","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":158,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"7ccda6d4-b88b-4842-96f9-f447236997a1","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":158,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"039a7f76-1f18-4630-be41-f4768723c969","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":158,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"525ce5e6-50cf-400c-b289-67c46703e9b1","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":158,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"2c92de19-5c3d-4d11-8f8f-392eeafcc7af","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":158,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"aaffd253-8252-40ce-b75c-5f292828b047","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":158,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"754948c3-44bd-4382-b3d1-cc23953db71a","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":158,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"3dff6676-406e-466e-b86c-dd7d17d3a9c0","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":158,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"e6c428df-a33b-44e9-a779-e1023b7b44a5","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":158,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"6546a91f-9465-42ab-b7fd-61cf3331f1f0","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":158,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"b29e7124-1cfc-4140-a349-f7d5e81040b9","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":158,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"cb8e33ad-02d9-4ed4-ab37-9f32e1d1b0af","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":158,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"27da0d76-0917-492e-b63a-53473f7307dd","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":158,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"3c991077-d8a5-47cb-8fa4-155356e33992","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"ec43528c-cc10-4373-a485-f63204d7d8a5","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"4f608a91-1cdd-4292-a745-532800e27196","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":158,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"d8212aaf-c32f-4fb6-ab1f-a4e06e7470f5","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":158,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"a4abfbb6-b427-4f74-ab68-03fe14e98842","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":158,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"5b3678d8-ae97-4af5-9aa7-11918398c956","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":158,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"db950e47-86a5-48fe-8f29-2c946ba1e4fb","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":158,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"ddc5ad3b-e4e5-4579-8380-1f952a9a4cbf","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":158,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"18866b0b-fe9a-45f2-8910-65722a1f613d","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":158,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"0f44dd56-09a4-4583-a2cf-0cc32ca8b8e6","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":158,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"049cfb51-1f6f-47c1-b5c3-7f1a95b4ebff","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":158,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"d17ce79c-8107-4863-b162-172119e3df59","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":158,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"88dad6b5-2cd2-4610-af50-ad9dab4e06e6","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":158,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"ebce1a6f-1214-4ac0-aa09-78b92bf0c34f","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":158,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"c5fcbe21-3548-4376-b7f3-e53ee17337a2","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":158,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"42480e23-c90f-41b0-b308-9d1e9c86feaa","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":158,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"98b63711-61e6-4cf3-9a05-78724072a07b","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":158,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"b57fe352-249b-421d-9f6a-538a9c15c393","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":158,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"ee69b16a-65e7-4086-a783-4fc6ab1a291a","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":158,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"c6795bbc-2f3c-4254-b2b7-c80e4b29640d","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":158,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"3f98b248-695c-43c8-b471-98c804126d51","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":158,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"1b0e4d9d-f7de-4726-821a-7446ec280e14","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":158,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"0b0575cd-e642-4530-a39c-d40033855d3e","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":158,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"d415c83f-cb7e-4332-91ce-e6f2d503cd1c","block_type":"box","text":"Class R Shares","page_number":158,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"7587758f-728c-401c-a99f-90d78f58e942","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":158,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"63166135-2b68-4703-9f01-415e4ae5764a","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":158,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"df14f78a-e198-4623-bcbc-1a04468eb952","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":158,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"c98829f2-2616-4876-87c5-3f6401a6ad79","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":158,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"22ad8da4-44f1-48b4-b7ab-8ac3630b7b0a","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":158,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"241c422d-4fc2-4e9e-8437-d09d38357fe8","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":158,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"d6796a8a-24bb-4c1f-abbb-ce4504d0ed9c","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":158,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"fdb7aebf-662c-4487-b88f-58d7c41f942a","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":158,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"08bb1b4f-b1ac-4efd-b6a8-55f198c0a756","block_type":"box","text":"II-107","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"138de2f5-bbd5-4a4a-9e4a-0d204da2f51d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49aa5940-4342-4ce8-b1b1-d1d23eea2248","block_type":"box","text":"Class K Shares","page_number":159,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"d338cf2f-8b86-4e97-a15b-d12feab1b6d5","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":159,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"d0c36318-da2d-4f1f-b1d0-8bcd2d1a9636","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":159,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"37498f03-5851-49eb-934f-c38dffedac23","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":159,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"b0141e9a-92a4-42e6-ae74-8a35d3ecc036","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":159,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"981c0419-ca58-4aa8-8cbf-0e0e203c0e67","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":159,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"b7c1e314-262a-43b3-9faa-78977874d11a","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":159,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"30167b8a-8b8e-441f-b2c2-18e828ac5264","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":159,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"7f57acd8-7220-4f96-9d9d-97e682fea235","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":159,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"906adaf7-fb47-499e-b744-d11277e99ab9","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":159,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"fb2f2ff5-1cf9-4098-8118-4f9aef26262d","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":159,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"e3d2aa37-d6df-4477-beff-e016394e56ce","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":159,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"a8adcd41-8e0d-48e0-b818-9b3bc1ba0059","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":159,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"4820410f-18a2-413c-827b-69f7ec61ca69","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":159,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"3d61f486-5966-4b46-8306-6fe0b386db44","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":159,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"7bf9d704-a6e8-485f-90f4-7e9c1be89a90","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":159,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"c1c7d958-7f61-49fc-a871-8419b11da41c","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":159,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"abbb52c5-a1a0-4d69-bf86-66a0f3950cb9","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":159,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"dfd058f6-02f4-4a00-b48f-74120892d4fa","block_type":"box","text":"distribution and marketing agreement.","page_number":159,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"6bd6ab59-5bbd-448a-b145-d88687e9a90e","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":159,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"f79fdf6f-fb94-4423-afb9-36eaa8dabce5","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":159,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"59713e28-e341-4ce5-b4f3-51302588d553","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":159,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"d2051c01-2d08-4181-8bd5-1f00737b006a","block_type":"box","text":"Class G Shares","page_number":159,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"dd71f523-969a-41d7-b036-62615f281c22","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":159,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"b09154f7-c08b-4c80-b1fd-1be797362cad","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":159,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"082389f0-7859-4924-aa90-422f5697799b","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":159,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"4f60f630-b19c-455b-b9d9-70c68e4c1b12","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":159,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"fe7f3171-c20d-4a75-ab9e-5956083e085c","block_type":"box","text":"eligibility requirements.","page_number":159,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"bcf56656-8be6-48ec-94e7-7053be180d60","block_type":"box","text":"Service Shares","page_number":159,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"7e43cc13-bb85-4fb2-b9cc-576c323d9d19","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":159,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"abf1bccc-f9e4-4d5f-9bef-10921c2e0939","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":159,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"61bca282-dc3c-420c-99eb-fac4fb651271","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":159,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"647f593c-4502-400d-a4e8-12c2d24d0459","block_type":"box","text":"®","page_number":159,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"9699d143-e290-4da8-88c3-5aebe1f0720d","block_type":"box","text":"Fund in 1996; and","page_number":159,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"f9cefe23-26d3-4749-bdf3-4b7ef457668f","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":159,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"572c99bf-670d-46a5-b45f-81392c0b8238","block_type":"box","text":"SM","page_number":159,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"dea6cd74-bd19-48ff-823f-5c7ea2811137","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":159,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"fc90f861-65ee-4063-ac1f-1ee5e9115e2e","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":159,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"4786e207-11e2-4f3d-8daa-a99a9742438d","block_type":"box","text":"BlackRock Shares","page_number":159,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"fe3ba9a5-37f6-4636-baf1-5fd6aa4002e4","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":159,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"334c3f5d-c5cc-4bcf-afc6-042b74ec13af","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":159,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"8851434e-66a0-4f7d-9c4b-6f35adf33cd0","block_type":"box","text":"fee-based programs.","page_number":159,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"5d2f7af0-7d94-4673-88cd-5e7197830004","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":159,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"0e50d4cd-0147-4a33-8388-ff209200ee8f","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":159,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"ead2e046-8c2e-4aba-b4b1-a972ee23e357","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":159,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"9a6568e2-6968-40ca-8d3c-e78a3a212690","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":159,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"85ea08db-5e20-4cd2-bfd1-b66f7b1750f9","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":159,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"4b95dfff-e9ed-48e8-add1-9407beca33a2","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":159,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"ba97f8a1-d2db-482c-a867-445f822932e2","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":159,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"998153ff-657b-493e-b01e-1a453dd82902","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":159,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"5feaab14-2e00-43d1-b241-bcb1363356f6","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":159,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"29192720-1361-40ce-844d-d33d505bd4d9","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":159,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"75b41b4d-0e38-496b-8ca6-39e3ee49cfdb","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":159,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"a747fe89-c371-4632-9040-ad7896a8b655","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":159,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"008491af-069e-405b-ad43-3a319dbd5d8c","block_type":"box","text":"II-108","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74728e30-cdf6-48a9-b753-7cf184fe0ec4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b72f745-5edb-4597-96d3-780b26edda2c","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":160,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"63ab18c8-71cd-4c7f-8e3b-74426cfe57e9","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":160,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"179529a3-b48f-46d2-af93-b8b7ff3dd4b5","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":160,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"79314946-087c-4f8f-96cd-eb4efe23d507","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":160,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"4c4b6683-d267-4261-a41a-eb55bc848e02","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":160,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"98c80c64-d249-45ed-9b41-af8723f13258","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":160,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"34c4b23f-5c0a-4263-85fc-20fb1543e75d","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":160,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"74606552-d1d1-4fd8-84d8-764411414acb","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":160,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"8c45997e-205b-4928-9a3a-c3e24eefc8bb","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":160,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"59b985a4-1d06-4276-91cb-f61e321bb83f","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":160,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"7063d27c-8915-45ab-94d2-80859c0f79ae","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":160,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"fe225ad1-a7ca-4467-851a-9b59d4b4d4aa","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":160,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"42b4ecc3-8e21-4c92-8c0d-fc817eed2d58","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":160,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"426c8497-6fe5-43d6-ac92-3d58f8b2c9ad","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":160,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"252be799-8a74-4353-a339-a53da373ef93","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":160,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"c57bf333-b1bd-465a-a6fc-6d56b1faa725","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":160,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"60d2f058-c0b5-42c8-b7d9-237bbef66052","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":160,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"7efb0d4e-287b-4f66-b40b-e1398c75454f","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":160,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"941639bd-7b34-4ec8-baff-264c7f695f18","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":160,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"67f60fa3-960f-40ad-8093-2e95e2f199fe","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":160,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"26b1470a-46ba-4e61-a81a-40ea2b7dd6b5","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":160,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"d95ca068-4a8a-4122-875f-95946f6f187e","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":160,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"4b1e848b-c49c-4958-bac6-4d31f594d400","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":160,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"d467deca-90af-43d0-a5fe-8653898b461a","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":160,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"6175db39-6892-498e-9798-991753dbb83d","block_type":"box","text":"compensation for selling different classes of shares.","page_number":160,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"528c6c84-488b-4912-a066-1821bd9b9e00","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":160,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"baabe23d-916e-4904-93fe-78e47ca498ed","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":160,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"c7dc2796-8b08-4a49-b574-863a145329a7","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":160,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"1c4e1c23-96c9-4074-9c64-921142c0ed3e","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":160,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"26cf84d6-85d8-4b8d-a5ce-e08118101ec1","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":160,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"d94c51b3-31a0-416c-ac70-9d0d427e78f1","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":160,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"b32313a1-fc31-4791-aec4-55cd32f4d2b9","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":160,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"42c3897f-fee3-443d-ba9b-50b51d380c5e","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":160,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"31342632-a897-406e-bce3-6b801a15871a","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":160,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"18eec15d-adeb-427b-b745-1b7bd2d92669","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":160,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"888aece0-f14f-4a8b-ba98-71cabec63059","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":160,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"27761b58-a0eb-463a-93b1-5093fc306788","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":160,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"c27db2fb-4d47-4c87-a5da-001638507023","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":160,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"4e33e5be-fc58-4e8a-9625-b5c1a7982bf4","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":160,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"390d423c-4ae6-4936-8ad2-809ba6bdc3bb","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":160,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"5eb9d0f1-5c38-483b-9e1b-b0a8246fea62","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":160,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"f20c49fc-b61f-4d56-89e5-841b2c862385","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":160,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"7060e86f-e198-4f52-976c-30eed3bce1fa","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":160,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"446f66f3-9815-4e1d-8385-ec1b632cd6ea","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":160,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"1dd874c3-fc88-4bcb-9ca1-cc48aa73b7b0","block_type":"box","text":"easily accessible place.","page_number":160,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"30bcbc69-eeb3-4105-9020-992fe4c40df6","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":160,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"f28ba524-3c3a-4c03-935a-66386e160437","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":160,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"9ac22fa1-65d5-473a-bb32-099b76c73dd6","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":160,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"d870ff09-917a-457c-9869-766ac86fd16e","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":160,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"57d4122e-1949-4e70-bceb-f230f055e1f2","block_type":"box","text":"fiscal year.","page_number":160,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"1b11c504-0e36-4c4d-ad3a-bb34213e2f0b","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":160,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"1ccadce8-368d-4ec8-b4c4-7c09513a911d","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":160,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"52c57d6a-b6c7-4790-9d1e-dfeebe921162","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":160,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"056fd71f-850d-4801-9216-2892f7dcf880","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":160,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"b3e01a2b-d593-4c5a-be8f-a07adcb0df06","block_type":"box","text":"II-109","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d2234f49-164d-42bc-82f5-45aa67efca7f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7821e02e-34d2-41a8-a666-cf51c545208d","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":161,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"6721b8b2-bbc2-4bc1-90d8-c6280f96f0cb","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":161,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"4d57e619-d150-4bf2-950a-9fdff9e067ae","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":161,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"0ede7983-8f76-4288-83bf-465132670ecc","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":161,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"893a02fa-dc9e-4336-a801-8f4ccde310da","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":161,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"a2d6562d-baf3-4c2c-b4fc-d1dd3b70b30d","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":161,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"fa888936-f71a-42d4-860a-6b3e7f7d3b5d","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":161,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"f11a8101-d799-4568-9dd0-93ebb2e95ee2","block_type":"box","text":"and Class R Shares of your Fund.","page_number":161,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"b9c9fa66-2a3d-4067-929b-6e950ba30350","block_type":"box","text":"Other Payments by the Fund","page_number":161,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"de08b65d-2683-4eca-bdf0-d5e7e8b16a75","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":161,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"a7793762-f581-48e2-8ad5-20ed2d262179","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":161,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"e8a01d7e-b501-4c98-84b5-b5b88791fbc4","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":161,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"6abc5ecd-07a5-468a-8d8d-d1c7d3a40c80","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":161,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"2fc21a6c-730e-4132-bce6-64134b83ccc7","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":161,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"bb7eacf7-33cb-45ad-83d7-c4526f5adbf5","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":161,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"d45c4cf9-ae39-447b-a3ef-787e3632f371","block_type":"box","text":"of these payments may be substantial.","page_number":161,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"29a2b958-3396-4857-b70f-22f19d554bb3","block_type":"box","text":"Additional Payments by BlackRock","page_number":161,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"e598c1db-40e5-41af-ae71-ff2b8723427d","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":161,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"8b9eaaf3-d80e-429e-9f2a-f7047134a6f2","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":161,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"00ea405d-2cd0-4648-95ff-f0cfa5afac45","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":161,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"e772e4e6-0b0b-42cb-ac75-11d83457085d","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":161,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"85d7f3d6-1c1e-4307-898a-88c063e4a465","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":161,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"9a759c69-e992-4b93-9516-18d37388b687","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":161,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"56edbd07-07e4-4d4e-b502-059ade87e624","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":161,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"495e3d06-44a5-466f-9ba8-0472402e1ad2","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":161,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"6edb5b40-126b-4fcc-8494-35fa7a452616","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":161,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"798c3d52-1287-473e-b556-a03083d52be4","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":161,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"e7e48b6b-e428-4fbf-a7b5-47497769a93d","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":161,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"1993156e-932b-4f50-a3ac-bea8e3175666","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":161,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"ca59f46a-a14e-455b-b7b8-64d97dc5f833","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":161,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"c6190e61-8932-4c10-b481-fb6ee3528d7f","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":161,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"bb608e73-447a-4bf9-9a3c-a080b7b98f69","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":161,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"3eb3399a-45c6-4390-9224-d427e69d4998","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":161,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"678c0859-1904-47aa-974e-db45c2ba2183","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":161,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"d0f73841-5add-4a82-9fb1-a0b8c77a7f89","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":161,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"822548ad-d706-4f3c-a914-3603c2214089","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":161,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"5e8a4bc4-d301-4752-b51e-3e6ad5e2d4d8","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":161,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"8ad33444-1bfb-4ed2-bfba-0c864790ab90","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":161,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"69d3c208-207a-4fc9-a748-c47babf1fa90","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":161,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"6575579d-6789-4285-98d6-40cc5948134a","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":161,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"c8c96ca2-5682-46a6-a544-8c5e418a2944","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":161,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"68ea36d1-dc1d-4c2a-a5ba-01563407ae4b","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":161,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"c19721da-c12e-4d85-b002-e831e166bfce","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":161,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"7acf7b58-f219-496d-943d-1db29cce13d8","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":161,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"b4945aa8-25bd-45f0-ada6-96429c280489","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":161,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"9be4549a-5af9-48cc-9adf-ddca0659f5a4","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":161,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"d27bb4c4-9445-4f3f-93b4-ff0e92b83265","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":161,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"fd92906b-e02e-40a5-a42f-9f02c73a48ef","block_type":"box","text":"Funds.","page_number":161,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"2182206c-ffa7-48fd-bc2c-0aa899830a1e","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":161,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"1f447d92-e5ce-4183-aa1f-aba234cfa778","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. 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These payments","page_number":162,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"c25ca627-cc36-4295-a533-2616b192a257","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":162,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"937cac6b-41ff-44a4-9939-6de3712e32fe","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":162,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"4180c9a1-8b05-405e-9c02-a88baa19753d","block_type":"box","text":"B. Shareholder Services","page_number":162,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"5b1cd635-188a-46a6-b0a5-32777ea839be","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Conflicts","page_number":165,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"dae54a05-bea1-4dac-86bf-b6af86db5b97","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":165,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"7d2a758e-259d-4d95-9aac-1cd6a777b3b2","block_type":"box","text":"arrangements may be an important factor in the Service Organization’s willingness to support the sale of a Fund","page_number":165,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"901dfb96-bd51-4b5c-80c3-8a0f5fe739a9","block_type":"box","text":"II-114","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f255dda1-dbf2-48ee-a15e-051ea0c89d02","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"422e8681-2795-4ce2-a1bf-c870c174a8e2","block_type":"box","text":"and/or particular share class through its distribution system or to perform services with respect to such Fund.","page_number":166,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"5be6493e-9e1e-42dd-a6f0-8bf157b0465e","block_type":"box","text":"Additional Payments and other incentive arrangements may also be important factors in the Service Organization’s","page_number":166,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"7f06024b-5350-442a-89a7-16229105eb35","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":166,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"b5d25dd0-4b97-418d-9b50-810ebb989679","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":166,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"299c21de-77c5-4243-a2b6-c5b5634855e4","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":166,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"59ce2754-05df-421e-826d-bf2d6e37be96","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":166,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"7fc55449-d088-45f0-8691-bf32fffcf884","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":166,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"e07fcaff-5135-45fa-80f5-a556f9e14280","block_type":"box","text":"Service Organizations may have financial incentives for recommending a particular Fund, share class or fund","page_number":166,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"4372cb7d-761e-4f74-b416-c0178a039259","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":166,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"c9c4d263-d274-4691-a7ef-daa9ce8b64a8","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":166,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"ce0b5d30-9afe-4f9b-bced-4d6263417f1d","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":166,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"ac190e73-31e2-44a3-943c-2dd38a526a0d","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":166,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"f2e46903-25ce-45a8-9f3b-f86609a330f0","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":166,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"0b001064-a89c-4efd-a9ed-ab02a6843779","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":166,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"7461dcf6-f108-49f6-8c12-481028327685","block_type":"box","text":"appropriate.","page_number":166,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"b8acb42c-0ada-432a-a2d1-b6e29a09c238","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":166,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"fe43e607-2e0a-4458-bf84-2169debe423f","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":166,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"302a4e6f-a899-43e5-a930-c81ea30b64ab","block_type":"box","text":"described above.","page_number":166,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"c9c83df2-1559-4dca-a22f-795cda57fb7b","block_type":"box","text":"REDEMPTION OF SHARES","page_number":166,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"ad37a4ab-7131-4f84-b2c3-0a56b706a1ff","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":166,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"787acab9-8ee8-44ab-bcd9-45177b70b4a8","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":166,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"b1e26285-ec0d-4e9e-b1e4-b7e150d24f3f","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":166,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"6dfb381a-5c30-4268-b9b7-1fa09bec36af","block_type":"box","text":"or to accommodate a request by a particular shareholder that does not adversely affect the interest of the remaining","page_number":166,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"bd504784-19f8-4b94-9c17-50fc09512636","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s portfolio holdings at its discretion.","page_number":166,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"4ce44579-9c0c-4910-82cf-e5afbb991442","block_type":"box","text":"In-kind payment means payment will be made in portfolio securities and other assets rather than cash. If this occurs,","page_number":166,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"d11b1f74-0c5c-4a60-a100-c8fb5a372c63","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to convert the securities and other","page_number":166,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"9ff0ce34-d41b-4485-aa24-2707357cf25e","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata portion of a Fund’s portfolio holdings will generally be distributed","page_number":166,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"0c53ae13-6555-4fee-b364-f41b0366a574","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under certain circumstances, deviate from pro rata redemption","page_number":166,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"6bb342fe-27e8-4cc6-8b53-bfb2dab3cae3","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of portfolio holdings and","page_number":166,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"5c7dd36e-7f85-4d2c-a024-a9f3908ce820","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":166,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"a19580c3-95ff-41f2-9043-831ea33c89f1","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":166,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"e0d9e6b5-b380-4770-9346-b2d91859c6ea","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":166,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"35a83a97-3aef-4ea6-ab2a-70bd49e91df2","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":166,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"988fbf95-e698-4356-abca-30003d06d684","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":166,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"5076d868-d059-4bb8-9691-5b9e72f867ce","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":166,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"16740421-487a-48dd-95ec-9b74bb05f76e","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":166,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"aadcc0dd-bf1c-436e-a9e4-2d4901c958a2","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":166,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"f350ca71-eaf6-4f86-a7fc-cca4b0ebd4c6","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":166,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"4d61b8e7-e736-466f-a511-80a53bf8f724","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":166,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"8eb0e1ab-6b6d-4511-be45-c9767e72bab5","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":166,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"b8d9d080-8cac-4a55-b2c9-ab0644833093","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":166,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"e9cfeb23-86ea-40cc-bca7-2db0b473acb9","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":166,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"1958449c-7171-454d-9bba-63ec2ce9acc0","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":166,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"31162c9e-f6f4-427c-a7a0-1a5ead59cb8f","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":166,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"887c3538-0e37-41f8-bb09-ade1046afa7a","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":166,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"32075484-10c3-44ad-ab8a-c137539d4626","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":166,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"4dd7a989-746f-46f7-8ec8-b62933aa69c6","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":166,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"13cb2a95-42e7-46f1-ab6b-3af474ce7490","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":166,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"1828e284-0871-412f-a177-9cdb347d5754","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":166,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"e4256426-6923-4889-aa6f-ef49bdd32e97","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":166,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"c3685bbc-9f1d-429d-9cba-9816f9fbdc96","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":166,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"a0017b4d-8eb5-423d-b8bb-3b1f9259e45c","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":166,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"42a8e6cb-f5a3-4c45-8726-4965566529df","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":166,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"93145c7c-8822-47df-af7e-dfa5ef77d0a9","block_type":"box","text":"II-115","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2c31ee6f-554e-4fb3-bef4-3491fd3e646a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd7915f7-3c7c-46f6-a5b6-7f034881094f","block_type":"box","text":"Redemption","page_number":167,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"8317cd5e-b13e-4801-8ac6-74b55cc4b64c","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":167,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"bc7148d3-1d8d-4420-a799-7994ecdf314c","block_type":"box","text":"Redeem by Telephone:","page_number":167,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"d3324f19-dc7c-454e-8420-7ed9e0193406","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":167,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"2781992b-ba98-48c2-a4fa-4dc77610cd11","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":167,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"5721114c-70e0-47ae-aa79-98594cf68562","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":167,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"f8bc0d73-08a7-4b06-afe4-3dfb3486d570","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":167,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"ba973649-e60f-439d-98bd-a2edc53b3381","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":167,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"cae59a87-c423-4c78-a799-bb133719e6ed","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":167,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"7564239a-b7a5-4caa-8deb-aa34ac53a3b8","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":167,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"faefb6dc-9641-4dfc-84ed-0195581c88ff","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":167,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"8c0e6e1b-19b2-4531-8ba0-e7c387716ceb","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":167,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"cfd2cc09-3d04-4dc6-a088-73538a099acc","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":167,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"66610740-cd86-41d5-b47c-12d464eb73b1","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":167,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"176c19ad-dac1-4a1d-9c07-81a527bd9623","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":167,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"aa286c3b-896d-4b41-ae4d-bfc0bbe9ac5a","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":167,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"d28d77b4-7d73-4c97-a1fd-28de6ae63464","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":167,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"236c84bd-1dfe-4c8f-a9c5-95b53665e5b0","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":167,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"c1b117f0-1610-4b77-8c3d-15e6613f2ed8","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":167,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"73b79c10-34b1-4d37-a7d3-61e0d270cc5d","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":167,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"8e37bf79-9c8e-4b74-8cab-5a2909ce9325","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":167,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"37aecb52-49d0-44c4-a695-7645635ecec1","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":167,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"2dd5222f-875a-422c-ab21-3a1d23cb50bd","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":167,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"7b9aff1b-2719-4b4e-bfb7-1ef1011026f6","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":167,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"20956342-bf05-4786-9ff0-6ae2002fa102","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":167,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"9d2d9008-d25f-40b4-8db0-5268c60674be","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":167,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"e13b34e7-c191-48b4-84c0-c6ea8dd3775c","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":167,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"18cab61d-0ecd-4e44-bb5e-7aa13f9b8281","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":167,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"afcd61fb-ba44-415d-b140-4cf39bdf6abd","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":167,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"71e2ff83-fb50-45bf-ac93-97db3f392781","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":167,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"80a14e4a-137e-4092-9158-176fbabab469","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":167,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"1d10ad63-3564-476b-8000-45e08652e0d3","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":167,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"3e1e06be-0240-472b-8b2e-4d51c398ec91","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":167,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"dd7d94ba-e80b-4daf-bdcb-53544be6b9e7","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":167,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"eb1802ce-9e60-4db7-aa79-43006eb6966d","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":167,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"9c02615d-6e0d-4150-b4e7-0d07e6c30c52","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":167,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"38d37b40-dc49-48c7-b6bf-a0b53a91fdb8","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":167,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"7e8a2c12-16b3-41fb-ba95-ac261c326156","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":167,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"fcc57529-b4d6-4cff-9095-35015a4ce81d","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":167,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"87640b97-27bb-435c-9e73-e2e8c3f6dfc1","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":167,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"3545f67a-2a94-49fd-92c1-1e8a5e7cb630","block_type":"box","text":"Redeem by VRU:","page_number":167,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"1dba2b1b-4b75-4279-8113-9755390311fa","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":167,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"0cab7a63-6282-40cf-b567-2194667b01a4","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":167,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"4b15c9bf-3fe6-4cd9-93c5-95bc1ee483ba","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":167,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"46212d40-bc9d-47f7-b575-61a42295920e","block_type":"box","text":"Redeem by Internet:","page_number":167,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"78b4ad5e-5211-404d-9086-89ee7ff83ffb","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":167,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"82876087-c21d-459b-8de8-ee79f492195f","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":167,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"a87afacc-91e7-4af9-be69-cf1630bea390","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":167,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"8536af5d-6d07-45b1-a745-469228d7d724","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":167,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"f9d5dea3-65f6-4541-a803-5eda3264ce91","block_type":"box","text":"institutional investors.","page_number":167,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"ab7aa0b9-700c-4097-9730-775b7af90c9e","block_type":"box","text":"Redeem in Writing:","page_number":167,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"0de2d0a2-5ae3-4df2-964d-9dcf8c1b250e","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":167,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"2b21e64f-241f-47ab-8ea1-2bd2eba33fff","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":167,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"4a6f3382-f5c6-47c4-b76c-01029e8e41a5","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":167,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"6239633b-72ca-4eee-a514-85699e66ea7b","block_type":"box","text":"Pennsylvania 15222. If you hold share certificates issued by your Fund, the letter must be accompanied by","page_number":167,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"ab043eb5-3e68-4beb-844e-e7691012c64c","block_type":"box","text":"certificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":167,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"6a9d4dad-f74e-4215-b812-d779bc5c6667","block_type":"box","text":"generally be required but may be waived in certain limited circumstances. You can obtain a medallion signature","page_number":167,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"d94181da-265f-44c5-b498-7a1d0361cb11","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":167,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"3fb473be-4975-46f1-a2c9-d1e4525f40ce","block_type":"box","text":"II-116","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf968251-c984-4da9-af5f-4ff388dae3ba","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0208f0f-7e58-4cbc-a108-77c0a9b1e27e","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":168,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"15bfc954-01b5-40c3-bf1a-4ecc81a52388","block_type":"box","text":"hold stock certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":168,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"c6e4615f-e1eb-40d0-9c76-3dcb4b473317","block_type":"box","text":"or wire to the bank account of record.","page_number":168,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"73ba4738-0ed7-4422-9a95-dfcdd42d4bc4","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":168,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"ce8bcb24-0484-4038-bf3b-07645d54b71e","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":168,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"f65d7827-98f1-48c1-b241-f4426239a5b2","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":168,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"821b6eab-e75a-4f6e-8190-402b5b9f50db","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":168,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"71c4e5cf-566c-4ad1-ba78-c39b7c6ea820","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":168,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"3416f408-0c40-496d-964c-0a702381a1d0","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":168,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"299b0d73-125d-40a5-af71-b3abd6730474","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":168,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"53203eec-0b57-4361-bfa9-a46e0363186c","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":168,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"dd978c6a-7b1c-4a46-987e-94af98e7f824","block_type":"box","text":"redeemed by the Fund.","page_number":168,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"20793ae6-b6c8-44a5-b3db-617ea8bdeb22","block_type":"box","text":"Note on Low Balance Accounts.","page_number":168,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"2e5859f7-19a7-4994-8cf9-6acc13f9ec0b","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":168,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"800b8c7c-2dd3-454a-892e-310ec19137a9","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":168,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"476bbdf4-da65-4275-8729-3051fa4b46b0","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":168,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"93637b35-000c-4dc2-95ac-6a183827cc2a","block_type":"box","text":"for any reason, including market fluctuation.","page_number":168,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"44d488e0-82ae-40c2-99aa-9bc37a6d43d9","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":168,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"ee109f04-6cfa-471a-b500-fac89f8e6c76","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":168,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"7c88d002-6e8c-429c-9e52-23d00a879952","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":168,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"a836d00f-be60-4a0c-8676-b244a2e736c2","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":168,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"5f9da60e-95ef-46b5-bb1b-97a94129d63c","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":168,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"e67f6757-fed7-45ff-9ea6-2e139851d734","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":168,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"02ec9788-06dc-4859-abfe-6144b5778034","block_type":"box","text":"Repurchase","page_number":168,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"18b21f03-d3f4-4196-a0cb-e1f3c4493575","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":168,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"a0959c44-1b03-412e-8e88-4a0111045e47","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":168,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"98fa24f5-ae77-41d9-a874-710bf21322f9","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":168,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"cbc93f5c-6245-4db5-919d-6fb7705c923c","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":168,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"2d961083-89fd-4328-b40d-258e0e82048f","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":168,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"d3cdde58-a1a8-442e-b060-b5edd30272d9","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":168,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"abd26d6c-c416-4c23-85af-1799559ddd8c","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":168,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"4f6ba9d0-04d1-4e45-a327-22add1369abf","block_type":"box","text":"next business day.","page_number":168,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"0c697bdf-10bf-481c-8079-fee06889132c","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":168,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"644c289e-1948-43df-8f28-e513afb6d6e4","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":168,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"cb442199-3125-4ed5-aef4-d69ac7183c37","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":168,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"c39c939d-3189-4a6c-9531-428ccde4c6a3","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":168,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"c23be9aa-d09c-428c-953c-037072ee77d3","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":168,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"6c6f24c7-bc74-4213-a657-2a22508befb5","block_type":"box","text":"redeem shares as set out above.","page_number":168,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"57ce6bce-cf70-4c8e-9900-7c176310ed80","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":168,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"479351ef-c471-4ef6-a203-0694f49e1713","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":168,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"4e39bfbc-08d2-4299-a8f3-44e0680a89e7","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":168,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"8d4e1054-0bbe-4c67-a69d-454f3e41d06e","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":168,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"68980769-100c-415d-9a14-aecc2ed6a989","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":168,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"c779ed7d-19b1-4ea9-8d49-12b3998fab71","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":168,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"389dde33-6551-4a21-b400-17d540b75d03","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":168,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"8a97d594-e61d-42df-8c81-52e119615973","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":168,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"d09fa7ac-866c-4220-9789-4615bfb0a53f","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":168,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"ee631d65-697e-48ef-9948-ee3924388526","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":168,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"657746b1-f199-4ddd-84f6-e1915aabe032","block_type":"box","text":"II-117","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"45932b04-ed23-41f6-ac1d-d60e71b3fcac","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7637bdff-843f-4cdc-8acb-feb0ba873322","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":169,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"db333411-f26d-4f4e-8773-6bf49b751e8c","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":169,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"5ac990d9-1874-41bc-86b3-a5deeb8126bb","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":169,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"8a7a26a6-1ab3-43bb-889e-9762bbe5124c","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":169,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"4a3b5b7d-a53c-4b0d-9ffa-98827cdfcd31","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":169,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"1dd5f13f-aa21-4031-8092-f6b73f3f95e7","block_type":"box","text":"Investment Account","page_number":169,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"c6268a7a-98f9-4b65-9fe6-8d9858ae8172","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":169,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"3ca14458-a2a0-43ae-8439-40629b792fbf","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":169,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"6bed99bc-8dc3-4ec6-a5a4-c7fe1627d879","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":169,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"6138f4df-468c-4f93-85a5-e10949035178","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":169,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"7375925b-6a61-4d4f-a388-0e428379364f","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":169,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"e0ee0222-2a39-4d84-bc5e-bc640d7fdeaf","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":169,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"9a66853c-0315-4d3b-9acb-f181c338e226","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":169,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"2bc6fdbe-e817-482e-b26e-600b5d504c87","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":169,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"f6784856-a3fe-4126-9d43-82bc3db44358","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":169,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"6fd66735-bb7c-4e39-967e-00cc11e84ec8","block_type":"box","text":"automatically at the Transfer Agent.","page_number":169,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"abcdb723-6626-4e02-9b34-b446f77a68e1","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":169,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"fecc038e-0bf7-4f94-a004-212cf93a3aaa","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":169,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"0e6c3e99-26f8-422e-9d64-9f5e340e66b8","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":169,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"13001da1-8829-41c8-a162-0b4f5d04e033","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":169,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"c57eb223-b96d-40ba-8372-2ddbbdc5d22a","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":169,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"547f207f-2f5d-49f2-836b-f32441c5700a","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":169,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"7f2a28a6-4c23-4107-996a-d6eb28a101b0","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":169,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"72b0b82f-8f33-4beb-8ab3-afacde73ee48","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":169,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"ebc46efe-49c5-4bea-a394-c8f5203b6ee0","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":169,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"9692a501-6cc3-4b78-98d4-92d62ec37517","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":169,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"4141035f-736c-4917-81a2-db773cbf70bb","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":169,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"6c3ab5f3-2e16-4268-bb3b-cd52acfbba4f","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":169,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"6f73b789-43da-485c-b464-9e8be17ad563","block_type":"box","text":"issued.","page_number":169,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"0dc5124c-aef3-4111-a5dc-2b4616e8d398","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":169,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"528d7b3e-4181-4fdc-b66d-9f5c965253a9","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":169,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"4e8fb67a-b408-4dc8-8869-3e76f6dd3c8e","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":169,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"2cabfc32-d500-4302-8a22-a8d260459544","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":169,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"6df169b0-a970-4aac-8674-0f8f705160d4","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":169,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"11195ebf-591e-4e0b-9188-0a00c3c38cc1","block_type":"box","text":"Exchange Privilege","page_number":169,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"cbd219de-7dc5-4db3-862b-8d08930abd06","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":169,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"94b6e6a1-dfc5-40b8-8ca8-cab6da542704","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":169,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"a9e5e182-1679-4c83-a791-0639da2b57a5","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":169,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"0ddef010-02f5-4d08-a345-8007db554182","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":169,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"bd8d6d9c-d270-4cc2-93fa-e381253075cc","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":169,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"ca2bed25-5519-456e-819c-b4dcc4a129dd","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":169,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"4efcac29-055e-4fe6-a79e-c35507a05439","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":169,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"4d9e8979-a005-412c-98dd-b649d2605d2e","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":169,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"544f0887-510e-4ae4-b601-5001aa0752cd","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":169,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"574176de-15c3-4703-a0ef-89886fe3057c","block_type":"box","text":"Institutional Shares","page_number":169,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"f48c58a4-8d8e-45f1-bb73-7e80d549f138","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":169,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"b7c37b42-cd62-482e-9ac1-b388b5477a70","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":169,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"47068d27-ff14-47b8-947f-ae786b7a9c91","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":169,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"ba039469-e6b6-4d24-936f-7053d22028da","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":169,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"4508a5a1-ee2b-423c-a596-1fd0aaa3f6f2","block_type":"box","text":"for Class G Shares of other Funds.","page_number":169,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"12325c1a-d45d-47fd-91dc-7f386efd3bd4","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":169,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"78856e82-ae3f-4761-b726-edc2ed2a718b","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":169,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"3c3e771e-6633-4d16-a0cd-9ba4ecf1d28f","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":169,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"e3238e12-d3b1-4bba-b84b-d644addb0dbe","block_type":"box","text":"II-118","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2739ee04-a180-4e82-b210-06ac30ad43ba","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2680759-7ecf-43c2-b139-d0dc7c5a8a6b","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":170,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"59bd16a7-f7dd-4574-943e-162800f0f2aa","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":170,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"0bb210a0-6d1e-45cf-9fcb-dc6297839de1","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":170,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"aabe8311-4b51-468a-8e26-b17f7a08ff93","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":170,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"d5abfd81-3998-47bb-8ce8-b95ddcb3e451","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":170,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"68fc173a-99f9-4806-a369-c0557653f12a","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":170,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"ef275e39-57c6-4632-abcf-63efc82799c7","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":170,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"fe9e2e00-c8a4-42a5-8c8b-9ae8c9b744b8","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":170,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"17c08aee-b168-4874-9233-967e5e035c42","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":170,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"65f515a0-9338-415b-b7c2-ca5b5af96e98","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":170,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"dc395c1c-e3f9-4875-8102-5df0769e7b07","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":170,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"a770095c-e985-4cb3-af99-e310485fcf55","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":170,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"cd0a75f9-4061-47f1-b953-0502f5cc9f25","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":170,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"6a741c53-9335-4cfe-8127-86ba712c2e9f","block_type":"box","text":"Exchanges of Service Shares.","page_number":170,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"755cd994-800d-4353-9888-02b9ff6d2073","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":170,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"d1ae934c-0d4e-42ce-845a-fb22d4aaedc0","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":170,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"2cf83984-4e6e-49b8-b17a-f2d3d05a3d6f","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":170,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"8d03ab28-88ab-42eb-8721-ae4f84b964cb","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":170,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"5e011a42-0e65-4bce-b228-8cb2f7b58d7a","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":170,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"55b78849-cd81-45d8-957e-84c9c9de3f9d","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":170,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"52975f6b-0fe8-4dc8-89d1-5574c1fa4635","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":170,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"5db853eb-4d0d-4049-85c8-9e46b910300b","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":170,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"65abe0f0-5c67-4834-bd01-ac4a42cebe3c","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":170,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"f14637f2-4feb-42e3-9344-e1558ebf6e9c","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":170,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"056b4d07-910f-4f65-aa20-b47b6c271067","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":170,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"ca72a50b-5477-4ed6-b3c4-b60a1542a655","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":170,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"77d75f09-cba7-4461-bba2-1e77526c010b","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":170,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"51032d2c-c573-496a-a29a-7288cffc0e47","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":170,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"8c4798df-56bc-4a24-876f-e9b322fa92ce","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":170,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"7ec1e1b6-0310-48c2-803e-bdd79aef3dfc","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":170,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"828f1bff-3a6d-493a-b661-0ef2dc4e6586","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":170,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"3d5b884a-3ac2-4fb1-b14b-fad633fcb5ba","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":170,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"04ff19cd-a584-49aa-829b-1761bd71239d","block_type":"box","text":"exchange.","page_number":170,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"e6b5b609-f896-4c19-9ce4-aa8e91f48dd1","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":170,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"41c90df6-ac24-44bc-a071-a5f4580b1d04","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":170,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"7f1975ca-0a5a-42e1-a3f2-78379ee339e4","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":170,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"467b1067-1f92-4e43-bd08-22e2a2537bb4","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":170,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"c5351297-32ca-4226-a0bc-37d43723a835","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":170,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"9accdce5-306d-4101-8edc-162700710247","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":170,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"68a8ed8b-16b7-41f1-9009-ad71483fcbfc","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":170,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"a5afd837-ef78-4e0a-bb5d-9c962403dce3","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":170,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"a41436d8-461c-463f-9035-1c98218ec081","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":170,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"6c3c5167-601f-472a-85a7-cbf66af9e295","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":170,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"bab103da-2c4a-45b7-b108-faea5bd15bff","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":170,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"4134492c-c0e7-4803-9f68-1eb00d0df553","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":170,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"a01ec3c7-9419-4a12-8457-df4d0acd5412","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":170,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"75b08093-041b-4c75-9780-124f71379e15","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":170,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"8ed981b0-6e1d-48a3-a6a1-fe394d5371ab","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":170,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"b8f66f89-ecd5-4108-bc75-01b80befaea1","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":170,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"5491f0bf-c9aa-4dd7-8687-fe3f19617f85","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":170,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"3bac67fb-7c34-4b9a-b2ca-7faaf02f2820","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":170,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"646f1d21-f26e-44b9-9f84-a5f7888c2259","block_type":"box","text":"Transfer Agent in writing.","page_number":170,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"077ba776-9461-4687-8d13-9fc60623001c","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":170,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"32648e7b-6d16-428f-9c09-4346bf81fa06","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":170,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"3ba8c0da-2f8a-47fa-9c02-540f31fa9dee","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":170,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"9db86c48-fdc9-4ebe-88d5-d58936590ce4","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":170,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"1d3917d1-c3ea-4edc-a201-370a89a00bb9","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":170,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"f729b00d-be71-447e-88e0-cc3fc45c7804","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":170,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"c67503ca-3317-43f6-9a05-54e62abb274e","block_type":"box","text":"II-119","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c819a854-e912-4ed4-b886-a4d44055dbe4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c59de9d-30e8-48d3-a97e-180b5ffbedb4","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":171,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"204b48b3-d07e-4ac8-864d-1a35fa3a8e04","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":171,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"6eaa52ad-a86e-4c46-bcc5-03c5fd636b27","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":171,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"8f0f7eae-4fa5-402b-9274-eef95f2461b2","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":171,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"35edf404-b85d-400a-807c-54f18774ac4c","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":171,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"9aea7932-598d-482e-8f0f-bfeee0a315a2","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":171,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"d0852409-609e-4676-b776-6b120195837f","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":171,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"011eb472-5af3-42f7-9f5d-7444ec697d4a","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":171,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"2654a842-a293-4e7a-b063-66e0ed0d7931","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":171,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"cc6741eb-b050-454c-98c1-276b3dc4a4c3","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":171,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"19c67c59-e369-497c-859d-c81d6831095d","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":171,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"459d3082-7f08-4c57-b3ae-0b88d1c41c0d","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":171,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"cc223ba0-dc1e-4492-bf33-f87185fbd5bc","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":171,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"bad7e512-3c43-428a-9ff9-8a4a043132f1","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":171,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"7e75c212-0526-4fed-b6c5-d81118786a8b","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":171,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"dd914843-02f0-4028-b1f4-3921e9fbea13","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":171,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"7e5c19de-12ab-4977-89ec-a38f60676b14","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":171,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"f2a54512-939e-48d9-b37e-01e000ae216e","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":171,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"b7811ccd-2807-47cb-a23a-152505201af9","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":171,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"1d2d746f-af74-4327-9b69-a3f5ded12f5c","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":171,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"901873a8-c0b0-4bad-b64a-50911975ea07","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":171,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"2c5b73f4-d03e-4090-9d8c-337bfb2c9aa7","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":171,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"5bc8a749-3834-4dde-9b81-aa6dca84f43d","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":171,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"bff27e3f-37cd-4b7f-af57-d74381cfc5e0","block_type":"box","text":"may be distributed by the Distributor.","page_number":171,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"ed9b3b39-f0db-4d13-a4a2-4f3393a546ed","block_type":"box","text":"Participation in Fee-Based Programs","page_number":171,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"0d8504e4-80ad-41ec-9d18-c2ff35926b94","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":171,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"6efecb65-50b1-44fb-bca3-736d95adf439","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":171,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"fd525928-c930-407a-a221-8e36efd644c5","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":171,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"79804f20-35d7-4f3e-8849-831ff38ecafb","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":171,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"94bbf289-2b04-4e96-a6fe-db30eeecf66c","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":171,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"65513b1d-d0e2-4d7d-9a65-296170a9f069","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":171,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"0265ec6e-580d-439d-9922-625869cf2baa","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":171,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"aa4948ff-94ff-46f4-bcb4-632f29dba3c3","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":171,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"f8a8b87d-5d8b-4483-b538-c92ba7ed00f8","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":171,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"ab8881d7-8386-4571-8831-13c84e13b864","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":171,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"915d445c-5dd7-4c25-a7bb-101b17563ca5","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":171,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"c08187b9-eafe-40ad-8766-5f4104ef2af6","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":171,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"d61284f3-c984-4c6e-bc88-ea55151b3aa3","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":171,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"aaa2269b-1b8b-435b-b05a-66c84dfdaf02","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":171,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"2cf7e6c3-cfba-413d-8236-bbf407f8a900","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":171,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"fa3ae6dc-e9a2-4466-896a-05d061af8066","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":171,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"4c0df11a-23fd-4dba-a7cc-5bcc012fb21b","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":171,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"c6f4ee2b-5caf-4ad0-abeb-2762abf6f31e","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":171,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"0d180943-35e1-46db-96e5-43cbef844d9e","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":171,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"2b4dc985-32ef-4572-8e0d-b8e27ca92790","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":171,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"c419254c-9806-44ca-8c34-a913e610fd69","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":171,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"0ca34c63-cb00-479a-b605-e509eda00b80","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":171,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"d29e4422-8934-4a4e-957e-c6f9b7d25a95","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":171,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"d201fd1b-fe95-4feb-95df-26c0aab01451","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":171,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"1133c511-3c73-41b9-bc53-2cb2957a5d25","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":171,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"1cd723d3-cfd4-46f1-beef-db1742a2134b","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":171,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"d404806d-768c-41b1-af16-578cb4357150","block_type":"box","text":"information.","page_number":171,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"07fbcd0f-567f-4967-923c-c2d1dbd15e2c","block_type":"box","text":"II-120","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fa799bfd-4aee-417d-93b7-184f8fb9a9bd","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e4a24b4e-b9be-4393-b213-2a4a107ca6ca","block_type":"box","text":"Retirement and Education Savings Plans","page_number":172,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"35c7118b-d7dc-40a7-9caa-891957656de0","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":172,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"c22060d0-46c4-42e6-ab47-15319c9446e4","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":172,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"9c675f73-f679-4ac0-b212-9439dd13697e","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":172,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"03a882ee-e1e0-4212-a292-c5ac3047c5a2","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":172,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"d7b6d930-6b16-42a2-811e-d1c83ce15feb","block_type":"box","text":"your financial intermediary.","page_number":172,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"ac1ac4d8-5d21-4f8b-9d33-2e9ad810bedc","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":172,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"afb325e2-66d8-47d7-9a6a-7b25bf4d7595","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":172,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"400d01af-28c5-4993-8438-40beba83aeee","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":172,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"16f7fe40-e46d-4aa0-9124-2a437b32025f","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":172,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"0b5f16da-dfb2-416d-8936-f8c0cdafa48f","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":172,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"328f13ef-6e89-41fc-9c6e-9c7eeb808e58","block_type":"box","text":"Automatic Investment Plans","page_number":172,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"697ada2d-1a2f-409a-b28e-90bd6b946daa","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":172,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"ee73d9ed-391c-4954-83c5-d45a7d6022a8","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":172,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"a0375c5d-a6ea-4db7-a312-f7169758fff3","block_type":"box","text":"®","page_number":172,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"4dde7a0f-b916-45d8-8576-cbe87e5f1840","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":172,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"f017508b-c999-4b4a-aae5-a6b5c853a6bf","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":172,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"a93a699c-c92a-440a-872a-259aab479a22","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":172,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5f789908-a2b4-4c28-9b6b-2a06730b5be2","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":172,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"0a0eba2d-9dfc-43d5-b3e2-5a2855310266","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":172,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"95088fb9-688c-48a2-bb9e-9eec8ca50658","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":172,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"c2b20caa-4e40-46c6-997d-37194b376f4d","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":172,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"22d9a77f-7a77-43b9-90d0-77ed1e0655c5","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":172,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"00eb3816-7c16-4e86-9c04-81366273927d","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":172,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"36420044-a061-48fd-a67f-980801638783","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":172,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"a1b75598-4363-4919-82ed-b83012a1cd6f","block_type":"box","text":"Systematic Withdrawal Plans","page_number":172,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"30e2dbf5-a3e9-43ad-8df1-18aa26fa3f6e","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":172,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"c75e9457-719d-4f59-b988-bc958025d025","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":172,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"4b288fe3-ee56-4e8d-9162-4be1267ca8ec","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":172,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"73f4b8ed-5b17-4f39-94bc-1679f611183e","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":172,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"eec7106c-6aa1-4e00-8245-faed6ca35249","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":172,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"25e62f3f-2d07-4b5f-ae44-a9a5b647d112","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":172,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"2ff32fbf-6e14-4dec-9c62-a60bddfd3eac","block_type":"box","text":"www.blackrock.com.","page_number":172,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"86ce76ef-96d4-4c32-89d2-4e2be37e617e","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":172,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"846d761e-41bf-489d-bff0-7a9c7684bbe4","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":172,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"dc3a8d87-afad-4dca-8f91-73819fc956db","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":172,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"e794a0ce-7b03-46ed-8d89-effbc8956856","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":172,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"0ea081f5-4e14-4356-a410-5d0c1e7ec009","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":172,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"fb80144a-248d-40bf-9afe-b4a6e6d10935","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":172,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"692c9670-3518-4290-8340-40a62163bd6e","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":172,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"8bb8af89-8ec1-438a-88d1-798c6d15afc0","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":172,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"0f76bb44-29ca-40b2-a618-f7593376d245","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":172,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"1eeaceee-9551-441d-b421-4b243163c742","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":172,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"d1e6bc3f-ee41-4d84-8225-5f32363f439f","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":172,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"35bb6fe4-19f3-431e-a4be-a54963668911","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":172,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"b6407be6-c747-4d7f-a13a-f8127af23a50","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":172,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"802dc234-21eb-4b2a-ad67-c569a1bc9576","block_type":"box","text":"Dividend Allocation Plan","page_number":172,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"6f97619c-2d03-416e-a298-3cb765085e53","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":172,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"7d0ee302-e1c7-4ce2-98d0-77b17f4e779e","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":172,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"13bfc299-e9d5-4019-a789-3eeb4adefddf","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":172,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"e2d11f09-398d-4003-80f5-4aba7761ed1c","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":172,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"7d9b7904-5523-42bc-a793-fce0da8566f0","block_type":"box","text":"II-121","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b655c399-3095-4f4b-964b-aab12204e5c2","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"860f1717-1c09-47df-9959-39cf59331868","block_type":"box","text":"PRICING OF SHARES","page_number":173,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"8192a6a2-83a2-491b-9c46-ccd81d28ac28","block_type":"box","text":"Determination of Net Asset Value","page_number":173,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"eb23453a-c2ef-4c9c-87e1-db5d7b00cdb5","block_type":"box","text":"Valuation of Shares.","page_number":173,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"0d2f9889-358a-45f9-97a4-65741a70eef9","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":173,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"c38d9b0c-aae1-40b1-a2e9-133122e2a8b4","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":173,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"9f4e95d5-72cf-41bc-9dd5-b258bac67bb6","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":173,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"906b5bcd-5d92-4400-bd23-446c2cf5ab1b","block_type":"box","text":"Equity Investments.","page_number":173,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"462934f0-cfca-4252-a295-5dd57b54b54a","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":173,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"c3081a71-5d18-45ac-a300-505a3bdb571a","block_type":"box","text":"e.g.","page_number":173,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"053ac5a8-82b3-4bc8-8486-1105a409134c","block_type":"box","text":", NYSE), on separate","page_number":173,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"712f07de-49e2-4f5e-81a0-81de0ffc48a3","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":173,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"831178f5-4872-4524-8286-8e066a9886b4","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":173,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"51ebe835-6f17-45f6-bd4b-9250484868d2","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":173,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"d6f631f7-e1e4-46c0-84a8-c96ce6505bee","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":173,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"986c5f19-0adc-44a8-be17-8bd29f645f44","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":173,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"ddb600dd-bc76-45be-9463-6697a395dae3","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":173,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"4bdb5569-13a9-4ab1-8c90-f1cff933c15b","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":173,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"216c237b-b0de-4402-a38f-f4214131fcd1","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":173,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"e463af03-1a63-4a39-9bad-d502509258d1","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":173,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"f92a70a5-2982-463b-85aa-faba23f9b2a4","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":173,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"ddff3827-6289-4212-9334-baaa4adeb456","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":173,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"bfe0ee80-a4d2-483a-9103-433606bc70d5","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":173,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"b0498d82-878a-4e59-bd28-46da26b18c2c","block_type":"box","text":"defined below).","page_number":173,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"ce3b0c49-1708-4f7e-b57f-787a19646b9f","block_type":"box","text":"Fixed-Income Investments.","page_number":173,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"38217c46-da1b-4d16-8b8c-86250473a3d4","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":173,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"edbf8548-f5d8-4f44-b1f7-d2d8d9badc7c","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":173,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"7d8b70ab-8a84-446a-b6a5-ccf07430c7e1","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":173,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"257fd54a-1605-4d65-a892-da692de94d5a","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":173,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"56485f01-54d0-41ee-b5aa-efdb2d252f43","block_type":"box","text":"e.g.","page_number":173,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"152d2cf7-f510-46b7-937e-3a745c4eff12","block_type":"box","text":", recent representative bids and offers), credit","page_number":173,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"1bdb27f2-34d9-4464-9545-c8eff988ed02","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":173,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"a226b082-c034-4450-884c-132ceb1794da","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":173,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"f137a2ca-e047-4f45-9337-eac6b20d446a","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":173,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"747f3981-5646-4a05-9dd1-c9cd70038cc1","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":173,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"fae8b0ac-1b28-4472-973f-2bc18f850b81","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":173,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"20ed8665-dfb1-40b0-95dd-fad0174ea2e6","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":173,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"44f4e27d-9802-4c4b-9365-ea0854b36351","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":173,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"914dd10b-9e3f-4cbe-adb0-8b21de965b33","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":173,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"1aeab620-fae0-423d-acbe-1d4cc8913989","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":173,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"ebee2ca3-eae4-4a29-a7da-1eb9c8daae15","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":173,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"2f5d2c72-4d12-4e6e-948b-34b69210b578","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":173,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"deedbecd-ce25-4a54-99a7-95c4758f3955","block_type":"box","text":"attributes of the tranche.","page_number":173,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"ef8995e4-6ece-4ce6-94df-a26906b1173d","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":173,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"f5a772e8-c5d4-4466-af3c-a2fb4fd8dcbd","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":173,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"1ae48215-ce1b-4e6a-a541-5ebe71eefdaa","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":173,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"08b216b8-1194-47f3-971a-d2dd0947c939","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":173,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"27a222fc-2a36-42b9-94a7-f53e1d0fd3fb","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":173,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"927a3437-4788-4869-aa6d-91e2fb45d740","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":173,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"14f833b8-e328-4c07-9be8-d65a8e0a34b2","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":173,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"0f20aff5-a111-4ee4-be0f-64e462c50350","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":173,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"c3118358-d835-4a0c-bcff-58357ab21cee","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":173,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"10246a40-db2f-4865-babf-d5c5e8034c0a","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":173,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"6562b275-af10-41af-8616-f7e4870e3c37","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":173,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"cc3534a2-57f2-4981-8a7a-6bd039e823d9","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":173,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"1e807f67-b3e0-4ed4-8c51-18c62728b117","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":173,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"c6e5bd6f-f149-4442-9ef1-908083739dfa","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":173,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"38aff8d6-fc66-43ce-90c0-dc94a7e6bde8","block_type":"box","text":"Underlying Funds.","page_number":173,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"0b008cd0-ddf8-449e-ae78-12a2867d0c36","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":173,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"9d323714-45b6-4167-8e79-dfd0d8e5fd10","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":173,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"885fe505-fa39-4d0f-b3de-f92f86ae663f","block_type":"box","text":"General Valuation Information.","page_number":173,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"e0a6691d-8279-4de2-9b31-6010e8084af8","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":173,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"97a20f8d-4e60-492d-bf73-cb820dac5b9b","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":173,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"790757b2-1a5b-428b-90f9-45dff2646603","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":173,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"dab33d2b-1eb3-4552-83d4-44726675e8d6","block_type":"box","text":"II-122","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"90827cf9-320f-444f-877c-12d58dbc2ed6","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e899ce23-ae65-4a82-b738-444f6e63680e","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":174,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"3ee13e17-73de-4d01-bf72-fb76537744e8","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":174,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"7c42e9c9-a429-43a9-8351-fdf90ea342ba","block_type":"box","text":"the revision.","page_number":174,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"bcd26d70-12f7-4ce5-86bf-2b0091b04ec5","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":174,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"47f92335-b69d-45c1-abab-14700bf96575","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":174,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"1637ea66-34f1-4f57-ba2c-00aba3b29ec3","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":174,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"fd94e2e5-5448-4673-ae87-343a13a30a34","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":174,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"6b414b6b-c2e1-4641-9152-6de11117c0f2","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":174,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"393d8110-1cca-40af-9226-c56cd874d195","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":174,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"8eb27c42-8a16-4e9b-b15a-da22b55fa798","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":174,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"2b5bb6ed-7b43-4feb-995c-2dd64cbe7cd8","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":174,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"88996b3b-24c6-4df6-acb6-898af986d13d","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":174,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"2198a4dc-8d7b-4d5c-8e01-20525242583f","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":174,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"e447bd89-d61d-44f4-b9ad-f00665d740d5","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":174,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"15d8d6b3-36a3-4358-a058-d12de3c83568","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":174,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"cb67c1d2-3adb-470c-b911-d183a4be7be9","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":174,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"1a89b89f-1647-4b3f-9f86-fc5045f2bec7","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":174,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"028553f3-328a-4a27-9b40-a2148ee119e1","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":174,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"da2444ee-964a-4d2b-8870-604aaa919701","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":174,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"69920c2e-514a-42e6-b32d-ef6748567618","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":174,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"e50e46e5-bafb-4cc5-9cc2-8d0442600525","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":174,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"48679be4-3c79-4f0d-b055-60c5af2c5086","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":174,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"bf184da7-553f-4374-ae12-078f088e0a97","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":174,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"3170c5a8-f9b9-40e3-b92d-c8de7830d8ae","block_type":"box","text":"Fair Value.","page_number":174,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"431d3640-d84a-4deb-87f5-5a63ecafdd87","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":174,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"c80abfe0-73b8-4054-8da5-b2db93ee8bc2","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":174,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"04a48a1a-809e-4db9-8b5c-c88f07809f31","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":174,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"aeeac145-f330-47e2-9486-dba4f6fbbb05","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":174,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"0efd00a4-a932-47f7-8312-b725b9ce170c","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":174,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"128ccbb2-3500-4aa2-9209-47cec4fa738d","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":174,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"3f25fe9c-63ed-4130-8c66-92ebc31fbb42","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":174,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"2564af3d-8c33-4d9a-9e2a-55e88a448a1b","block_type":"box","text":"(","page_number":174,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"9aac3b25-4c66-4b91-bfc6-4b66b029342f","block_type":"box","text":"e.g.","page_number":174,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"085a0c4a-8d57-48a9-b361-0364d06e632d","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":174,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"58129c16-d055-4057-bf9e-0f259111ee21","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":174,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"f2ccf7f5-7056-425d-831f-92f60f8a2aac","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":174,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"34162f17-3c0e-407f-967a-7ac5657d4634","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":174,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"26c90990-c3b7-41bb-83c0-311796824a7b","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":174,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"b50ad66a-4fb7-4bbe-a80e-92e592ed6530","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":174,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"90cb63f9-9eb9-4d07-9134-92cf8b379a70","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":174,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"2537a833-ef81-4280-a8a2-6b94c3a2b001","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":174,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"3f406340-2eaa-4ef6-b5e2-766286d2b76e","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":174,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"391b9b39-6e55-4654-acab-a2908aa48f09","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":174,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"53314e26-83ef-4605-be75-8d285fd8aef4","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":174,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"3c099a7f-45cc-43ae-8443-6a8a2cb2ce5d","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":174,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"87745d01-510b-4d02-94de-035acc0cd4bc","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":174,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"515369e4-bfe6-4dbc-891d-1975ade8a262","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":174,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"0aea8b49-9fc0-4b2d-b04c-0e134ce8fc3b","block_type":"box","text":"pricing time.","page_number":174,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"2a224f05-f7d1-45fd-b0dc-18a4810d62e5","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":174,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"fbdb6903-73cf-43ed-a937-bf83b706e071","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":174,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"33a0ac5c-7ba1-46dc-9374-10778b57883f","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":174,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"48bf6451-a7f1-40f2-9e65-0e9be3c6b5d2","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":174,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"ab393dcc-45b9-4601-8389-189802b75af0","block_type":"box","text":"assets and liabilities of the Funds.","page_number":174,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"f5fc9a58-b2c3-4e7a-90f0-220a8acf172e","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":174,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"93b86a72-e604-408b-8a15-d633bbeeee45","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":174,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"8a75587b-291c-473d-8ee4-8d3cd46a8341","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":174,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"4ebcb1c2-e7eb-4b56-a9b1-066058dac8c3","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":174,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"93906b77-26a9-4665-aa6c-d5b06cff9b2c","block_type":"box","text":"II-123","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3018bb2d-e9e8-418a-8a0e-3f35c0ca01c4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"006772ae-4ad5-4d06-a924-ec9061b5c3be","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":175,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"ea510e7d-e59f-40f6-b8cd-0b0605b8e0b7","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":175,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"a6b6fd55-2362-4fa9-a8ab-536082bfc0b3","block_type":"box","text":"valuation models.","page_number":175,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"a55f82ad-b08d-40c1-80f4-00a988a3f65f","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":175,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"5ee0a407-030f-48ec-9eeb-880e8627ff64","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":175,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"b58e5c53-564e-4bc9-a0ac-18b915819144","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":175,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"3d304dc0-a8ef-4cb4-a133-3c88874796f6","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":175,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"ce10b42a-a594-4178-b3e3-9662291333a9","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":175,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"211c5b02-9cf6-46fd-a6ba-a8310efddbe3","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":175,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"9b68ef7a-57bb-4e55-aa61-f5e848c067ca","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":175,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"a95925c0-eb56-4e18-9bfb-73148b6234ad","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":175,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"ccafd8ce-300d-4e1e-89c7-5c969deae7ba","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":175,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"c1c0d1ac-2aef-4c0c-9514-dbba69311c1a","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":175,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"b647f421-f26c-4738-be7b-1b24fa3b61d7","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":175,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"d0879095-e787-47ab-b1a2-07416e500a8f","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":175,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"242e864e-27f1-463a-b8ac-7e4b82f28046","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":175,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"bf716172-c9a8-46f1-b5b6-2f74da92131d","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":175,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"083cac49-31b7-4504-ad7e-5bbef3fb8003","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":175,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"28ff91b9-0add-4b22-ada2-2f7d470b6b7a","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":175,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"64a48125-c756-4fe6-9fb3-2d3218132c40","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":175,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"79803e55-c1d1-46d9-b082-386fc2b5ecbd","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":175,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"86798161-11f4-4876-8df0-147b993579c0","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":175,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"10c2f526-da42-45b6-a032-beaeb4d0e3cf","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":175,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"0b46ac81-18ec-425d-8e4b-425a4ae4765e","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":175,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"4c6e0303-fb94-49d8-b73e-26813ac8a3af","block_type":"box","text":"party determination of fair market value.","page_number":175,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"d7ffdabe-5baf-4c4b-a7aa-09cdd7eb39b2","block_type":"box","text":"Computation of Offering Price Per Share","page_number":175,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"fe38fa4c-0fe1-46ff-ab39-a27633773edb","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":175,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"be67598a-d2cb-4656-8117-96c64c630182","block_type":"box","text":"the offering price for shares of your Fund.","page_number":175,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"223f7072-86a4-4fed-b613-11d69418882a","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":175,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"3114d117-27a1-41df-b0d2-b19b6bd9b187","block_type":"box","text":"Transactions in Portfolio Securities","page_number":175,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"644d90b4-8a2d-46f5-8a16-826e973ef0dd","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":175,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"1fa6e80e-4141-4163-bd92-a575e0e6ada1","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":175,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"84d2c0db-feb3-4b89-9183-1377be770bf6","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":175,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"39dd7561-f175-41fd-ac23-7985ad9d0755","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":175,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"7d027548-db09-43cb-8538-00010f2e0679","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":175,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"1af055f4-fbb8-4c73-b489-8b9a19f0a898","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":175,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"18b67fa1-5acd-4b41-8e23-dec6891e6158","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":175,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"0cb9bec1-a26c-4c5b-bc78-f5aa352974bc","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":175,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"955ad96c-cf95-4a20-bd75-a00788b9e312","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":175,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"bc921e13-8533-4227-b083-4d6e7d4a54ac","block_type":"box","text":"reasonable in relation to the services provided.","page_number":175,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"1f2d890b-bb54-4c83-8e61-52056ab6e40e","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":175,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"179dc882-e4f7-438a-aba4-1f4bdf8d481b","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":175,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"ab52bf40-84d1-4ecc-801e-75aeed809f8b","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":175,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"ea66412d-2097-43c7-8d5b-7e29944ffc72","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":175,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"2b910731-310b-49df-9390-39f5a36c979a","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":175,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"7379901b-413a-49b5-9b18-024fc45054d6","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":175,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"e91e82c7-cf0a-4b02-b6d6-4daaf6fc9965","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":175,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"f4dcd6af-b989-4471-8de8-592a6bdbf2bd","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":175,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"d7ab4837-b9f9-4f4d-8cab-6373ca693748","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":175,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"eca26ecf-b841-417d-bc3b-68e7923422f7","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":175,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"901784fd-0f2b-4c91-bd22-2f19c9830464","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":175,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"f44af9c4-7ffb-427a-88a4-d1b9e3af191c","block_type":"box","text":"II-124","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97213c79-73d9-4ee6-a7db-9c773d50a968","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3419213a-6894-48ac-82c7-654e57846b1a","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":176,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"a1be222d-059e-40e8-b630-582fe8f68374","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":176,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"2836c21a-1ca5-4085-bd53-b14fbece5792","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":176,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"e53fc2ab-0b13-4cdd-81e1-8409b4735597","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":176,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"8e4dbcec-bd09-4a9d-b178-3deb084a1c1d","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":176,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"9d9f4894-f503-43a7-8634-950c1cee8dbe","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":176,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"3cb867e1-3a38-49fd-b231-cf7488a7e9ad","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":176,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"8a6b5716-a043-43a5-a820-f735ce30e0c3","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":176,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"cfd9856d-92f8-40e4-8a2e-dcfaddc47ba9","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":176,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"f308e74a-4e63-4401-981e-bc560d8d674e","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":176,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"eef01a52-0862-49c9-a243-44d68c440ae5","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":176,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"27258201-2de2-4b65-9e1d-6041fde7d67d","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":176,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"e9d2d21c-cc74-47d3-b7c1-b2be4925d92e","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":176,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"4c1ccb38-5635-4b29-9069-461e49dde85c","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":176,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"1014c117-addd-463e-ba44-f2717afb1ab3","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":176,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"e9ffb03f-1884-4421-ba68-ef94c3ad08e3","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":176,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"25d8fbaa-548b-4a94-8552-517303d2963e","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":176,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"5a06e80e-7975-48fd-a570-d6d5ad5465a9","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":176,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"f3fb42e0-12ce-4677-b22b-0a28ee45f001","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":176,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"5d2a53d7-ad31-4cba-a717-ee456d2ca2b5","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"f0bfa102-551d-402b-aecd-1457e8666d78","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":176,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"09ee03fb-fb9a-4b43-953a-5cee1a99b194","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":176,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"231bd5fa-ecf7-40b4-9938-8b4e086e59e3","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":176,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"dce0dbbf-c209-4581-ba73-e7cbefac1423","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":176,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"905929a1-5ed2-48b3-976b-cbaaf6f90d80","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":176,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"97d73927-cbc0-4b9b-bd1a-d0dd3543caeb","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":176,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"950a5e20-405a-45ba-8bb8-43e15e3de4b5","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":176,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"d5820cad-d000-44b2-8fc7-2515dcca99e1","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":176,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"175a5424-45e9-4dd9-b837-d4f9c71c65b8","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":176,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"5df73626-bcc6-4752-86a4-071bd9642a6b","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":176,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"0ed6fe14-baf0-48ec-a6d6-8e0378e11528","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":176,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"f5d28a9a-fe1e-477c-bcd7-fb0191486c4c","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":176,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"765b16f4-2309-46e0-946c-b427e8b23d68","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":176,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"ddc9f62c-844b-46a8-90c0-d2d68027b18f","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":176,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"579a2c76-ffb8-401b-abc7-ddec5aa76570","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":176,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"d39873af-5c81-4b3b-bf57-5db3a53f0168","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":176,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"515aa1c1-0196-4bdb-a138-0e6c2f5b3f76","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":176,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"0e022050-4e9d-407a-82ce-cd77d1580088","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":176,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"0df27271-f4fb-4b85-b9a2-23a84649b8c5","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":176,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"ff09ba19-4223-4c19-8317-04d156f74f27","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":176,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"4ba68cc9-da88-4bb3-af5b-aad1b3932289","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":176,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"4d29c43e-f4cf-4dd8-b7ff-e281a797c5a7","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":176,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"0873f9e8-7c21-4d1d-93de-1e61d139be2d","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":176,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"9336d684-66d7-40bf-9972-caef9cdac2f9","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":176,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"26f2933d-9417-440c-9dc2-f36f1362044e","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":176,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"d33a8030-b61a-430b-a756-76ca4cb03277","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":176,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"e77cd231-0d41-4aec-be93-3f20c920ebc6","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":176,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"891fab20-b216-4814-9527-fb6f65c931e4","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":176,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"1c456dd7-39ab-4878-85de-2fe1dc399046","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":176,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"d90a58b1-ff23-42d7-90fb-bce33125fdaa","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":176,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"a55ccce6-b136-4ba4-bcfa-5a483f659152","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":176,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"f7d1d622-a4cd-4bac-a6e7-20d0f61c444a","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":176,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"336cfe8e-cadc-4523-bd88-3943e09f9bf9","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":176,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"b2f31e27-1ad8-42eb-9e73-24b832bb88ae","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":176,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"39e22f01-1648-4c4b-a903-b04ed587861d","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":176,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"7db8b2c3-a36a-4c20-bf88-ae73a9f4e08f","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":176,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"f644c604-a491-4e90-b6ac-d9cadca43083","block_type":"box","text":"II-125","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bca72575-5add-4dd0-80b2-0f8782c097de","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ae1e077-5245-4ffd-9eb4-f632ef28a40d","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":177,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"9f6ac6d7-f97e-4ff5-be80-51a355c63395","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":177,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"e96a5639-7f0f-406c-9e84-d924be949378","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":177,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"1b00ae82-5d5b-4c55-94e1-e682dcb18140","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":177,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"a844f552-5810-4709-92ca-0fa89c66c7bb","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":177,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"10e6a671-cb72-42af-afd9-7252344a4f1d","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":177,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"e16c2f20-05e1-43f9-a9d9-c664e68de086","block_type":"box","text":"brokerage.","page_number":177,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"6101af95-9eef-4e42-b21d-e294f8f48024","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":177,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"5791dd77-c8e2-4d8e-8a45-239f9bba55e4","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":177,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"296e3d36-91a9-4955-8f14-ec745685a40b","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":177,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"88beee6b-50c5-465f-ae57-8265a5f54645","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":177,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"1980ca9f-7fdf-4125-a037-5a3d38d1cfd4","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":177,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"f7f79dcd-9763-4949-9e96-482614210724","block_type":"box","text":"Section 28(e).","page_number":177,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"d39c5813-39dd-47ea-9b88-81529d450573","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":177,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"0f797d5b-cbae-4917-9633-33bf3cfc138f","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":177,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"7161f2f6-c9ce-4683-a7a6-56a533f173dc","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":177,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"aea25736-5f3a-40b0-b280-b8a642079d46","block_type":"box","text":"execute transactions for those mutual funds.","page_number":177,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"1d8cadac-f260-44f6-a0f6-a2c9cd7107e9","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":177,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"e69cbbe4-da43-4e99-a80b-e4f81f4ed962","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":177,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"f6a7dbec-efc3-4a23-a2d8-9873b6f03655","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":177,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"45cfce82-c652-4dd6-a411-ad4c7132a075","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":177,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"3c3d04ef-b9da-4695-aa6c-a880e6fe3c09","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":177,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"71aa55c0-782b-40b4-bc2c-d5473eb471da","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":177,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"34fe3e38-ee1a-4abb-9a59-3116d20ad706","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":177,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"6499ae7d-40a3-4579-801e-1c664738185e","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":177,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"0945cbc3-ed66-4145-844c-92592c9323bc","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":177,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"64778f35-5193-4cff-b8d3-40a4cc4a4ad5","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":177,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"71b9a76f-df36-495e-beaa-4cc8df740243","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":177,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"43720e93-1d6f-497d-9b4c-b1b5a60a7935","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":177,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"275e5f1a-88c6-47a1-b7ad-4da38f34e1e6","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":177,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"638b9f07-6b88-4548-9167-d04a580db97d","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":177,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"e651d8a2-d5f0-4194-b912-328457d6e87f","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":177,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"46bf243a-3c55-4a28-a28f-b4a6028b9ca4","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":177,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"cc88b795-9d8d-41c8-83a1-bc30704fb4a8","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":177,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"3036f762-4a5f-4b04-8665-cf1bbf74e5ed","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":177,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"3520236c-3143-4f7b-a490-701bd13e81a1","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":177,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"18b9a816-70be-4c10-a783-360289d0142c","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":177,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"17966338-1cd6-47fc-a1b4-136989815ff9","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":177,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"356f130a-d02c-4b22-be67-9c5cae409f1b","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":177,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"f399614e-b8bc-4bac-89e5-34048ad6e808","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":177,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"a8026fd1-d064-47db-b6c8-8bfe4d0454e2","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":177,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"78492e9d-227c-4a30-952b-a945869b76f3","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":177,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"9b8aef78-ce65-4d87-9599-4b3334fdf204","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":177,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"d57dab97-43a3-4d8a-aa17-36789837637b","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":177,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"615702a3-3e00-42e2-859d-d010dc56dd44","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":177,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"d7c74b3d-bb14-4019-990d-210d006d410d","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":177,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"6813d674-1b9e-4f47-9f6f-65337cbb8ed5","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":177,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"531a7e47-4bc3-4b08-b48a-aa74c997167c","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":177,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"9d2bae29-abc7-4426-81c3-430511731a29","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":177,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"bee58d02-1041-4384-9486-e5f729a4214b","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":177,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"8514117e-f9cf-4f4f-8ff9-83e9a9ace1be","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":177,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"83af8137-edf1-45a2-992f-44cdcbec9ee6","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":177,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"a36ce796-7cc3-4169-a442-ab704df8b0ac","block_type":"box","text":"II-126","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9c9b694f-f5f6-4c15-8d53-46a720f07693","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e6ff070-88a7-4558-83f3-76440fc44da8","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":178,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"513662f9-230c-482c-8ff1-c6b6d5a9947c","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":178,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"d698bfc2-ec96-432b-a71f-07df7a379e08","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":178,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"7d54390b-7e46-4e82-8ccc-738abc69692f","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":178,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"3f85cde0-7335-477a-80f0-77eb3b6336b4","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":178,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"95bcd38a-dd20-405f-8d60-14c75eb0288d","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":178,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"c7139e20-b202-447b-b598-bb50f79522cf","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":178,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"87b39160-79fc-4726-947a-5b3e63199bc2","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":178,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"7484f2a2-e3e5-4fc2-863d-acd273f40890","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":178,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"848d6f24-8e9f-41cc-bd1c-05d8bf0e99fd","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":178,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"f991dd1b-4744-4a6a-9a5f-49a526192d44","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":178,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"89fbfacd-edb6-4897-b455-445d3587895a","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":178,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"3dca7073-2f0b-49aa-abc3-6e6b51346f4a","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":178,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"70f4e148-6b94-476e-abe1-4894507954ad","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":178,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"ff57978e-15d2-4a91-8e6b-7f4d8c14bd2a","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":178,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"72396482-d491-48c6-8c0b-d3531fcd3914","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":178,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"e71b6eca-5c23-4648-a36f-20229b480908","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":178,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"eb3adc11-2bed-4fd1-86ac-46922c4922bf","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":178,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"08b08e27-45b4-4d4d-a7dc-57d214b8af31","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":178,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"3cc68eff-e1b3-419b-aa7b-938f789568a0","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":178,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"ce0fd752-4068-4b9e-a168-0f9014172cef","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":178,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"723c1d5a-ab3f-4df5-ace4-de91f64105fa","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":178,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"fd0268c4-a9db-421f-9ab4-07bc2fb4d60e","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":178,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"ad364b4e-ca30-4493-8062-1c2871e5a10a","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":178,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"b7fa6d62-2190-4413-a7d6-daa5cf7dd7ff","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":178,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"dcf045bd-c429-4eb8-b3d8-088b913b7ee5","block_type":"box","text":"accounts and compliance constraints.","page_number":178,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"e7ae1320-cf53-4284-af4b-ffd27d7082e9","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":178,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"13de8361-d827-4389-8d8d-53bd823292d0","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":178,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"7b130573-5e19-4913-a1de-6c89e9cf6d14","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":178,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"cb1ab220-6aba-4274-956f-7a077d515d94","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":178,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"92d8e334-9146-4eb9-880f-62a63aa9f523","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":178,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"5b7c865e-1f59-4fb1-8b9f-7c8b57c9f4ee","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":178,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"da0f8d49-c66e-4f1a-a255-aff150ca7dcc","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":178,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"a1947f0d-d56b-4ef9-addb-e8232c5d866a","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":178,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"1462f0a9-2ab3-4872-b390-ee67a3865226","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":178,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"b6c770db-7c2e-4821-b7e1-02ec9c3df8c0","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":178,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"19f8178a-630f-4f6f-b210-36630489f33c","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":178,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"72387f2a-9eba-4054-870c-775b4cf0b97d","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":178,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"3f9f1fec-34df-4a51-bdd3-052968e15f94","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":178,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"0d0f549d-f10d-4341-b39f-13bb7dc79e69","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":178,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"79909724-b600-44be-a121-4f4c64d38164","block_type":"box","text":"clients may be used as well.","page_number":178,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"b30066d4-fcba-4bcd-960a-dbbeda233c92","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":178,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"ca167bd6-8f57-4c1e-a2b5-502db256ea88","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":178,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"72eda81e-e8ea-4dc6-8788-4a42a27c279c","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":178,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"13c81c75-6a91-4088-a461-571a84a99218","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":178,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"f820d1e3-2558-41ab-aa95-3bfbbb334d36","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":178,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"daffd2b2-4155-45b9-84c3-1993bb292a73","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":178,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"03a4e660-24c8-42fd-a73f-2330a2b53aa2","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":178,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"c30ef349-747b-4898-9bb5-eba043188af2","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":178,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"117c7a11-d7ae-4d7a-80d6-ee8879cee049","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":178,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"3bfdf8f6-0373-43ed-af3f-7677d45771ff","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":178,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"4263bba5-75e0-4e2e-a839-0faa73f50429","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":178,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"c5d5090d-c4fd-428b-81ec-820e96f25ba9","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":178,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"91e7b1a4-ead3-4e35-96be-181a5e718ed0","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":178,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"0b82a118-42c3-4e3e-bead-8f74a6591de9","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":178,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"582e5865-647f-426f-8e01-9966b18bd1c7","block_type":"box","text":"II-127","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e8382838-f8c3-4828-be18-4a1e664ebb1b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"983d17b8-897a-4b48-9964-df135376a647","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":179,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"dd6acbc7-05ff-41c0-9c48-98501ea7fb24","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":179,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7047b81d-67df-4ebf-86a1-333380b34b7d","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":179,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"311b21c7-a15b-40b3-a8df-6d6dcb55ed6b","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":179,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"eea32bbc-976d-4365-bf0c-b9bc5fedd844","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":179,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"ce42d704-6793-4614-8385-53e2ea048e9f","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":179,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"9a83b729-db2b-4f41-b6ab-8c103dad2bae","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":179,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"13206a4b-50b8-4c74-9695-f6a59a9a8300","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":179,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"6db11cee-d7a4-4c08-b80c-c76b31ee96fc","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":179,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"878d10c6-902e-48ff-952a-22927d69e500","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":179,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"4ed35b2b-e469-4422-9fb9-723e0c84e231","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":179,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"e194dfb0-3bd4-4391-bf7b-d79f3da7cfb3","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":179,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"45d12f71-e31c-4941-a942-d0fe721b4ece","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":179,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"6e7e0119-3f61-4a4d-9960-8937b76e1a83","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":179,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"459a41c9-803f-4d5b-ae52-e40eef2cc42c","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":179,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"ef6b73f9-1919-4aa7-aef9-11f63f0c0876","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":179,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"1ff8e3d5-fdd8-4845-80af-35384ce7e5a8","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":179,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"f96394c1-8040-49db-9594-e8842d7b8dee","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":179,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"764a7104-61d1-4e99-9334-fe6008cfb97a","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":179,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"fa3df921-be09-4e8c-b746-c4dbec8ff432","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":179,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"b51e1883-21c1-4f59-9e0d-84b579dcbea8","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":179,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"2cbb60b3-79ec-4214-82bc-00df19fe5a30","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":179,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"809ccccf-fb89-4b06-84fd-f6bb4899fdfd","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":179,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"164a0580-3aac-44c5-9d2b-01bd0a559614","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":179,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"db13d75e-53e0-4966-9cb3-bcf58f6aef09","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":179,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"dcbea422-1738-4139-981b-3bbf64d421af","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":179,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"2846703b-f5cf-4020-8aaf-ceccfffcec78","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":179,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"5d917cb2-ea64-42df-ac11-23b666cea2dd","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":179,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"4a461882-3261-4aaf-88a2-12a68eec4779","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":179,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"7cee5d23-0900-40c1-bfd3-48f84922805b","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":179,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"b2a2b50c-1db3-49dd-8dc6-dad876f52eb1","block_type":"box","text":"Portfolio Turnover","page_number":179,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"b34639cb-9967-4797-8898-9d52529ea730","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":179,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"efb1fdbf-b936-4e85-abc3-f194d5cc122c","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":179,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"91065c99-a52f-4450-8288-27d016ac0746","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":179,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"442b1929-680c-47c0-9d73-d54e47f3675c","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":179,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"c05dcbd0-18da-434f-b888-9b9b1b720b61","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":179,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"a645b225-97f1-447c-931d-cca1b9e4a551","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":179,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"337dd03f-48a0-47ba-8cff-50004862510e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":179,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"f7f09479-82ef-4889-b50d-e5fa2b1c0d5b","block_type":"box","text":"Dividends","page_number":179,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"11eea29d-b8ff-4183-b536-739afb2bd810","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":179,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"dce43d47-39c6-4c21-b09e-58b887c4d35b","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":179,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"26131235-a275-4172-9083-bd7dd77df7b5","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":179,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"65be90c8-de5a-4ec4-85cd-c2fd25e92bde","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":179,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"8385058f-dfa8-4fd3-92f1-2c75ff22af0b","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":179,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"dc2d1a43-82a2-4a5e-9cca-92115a19aa55","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":179,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"a1a9c86a-29ff-4046-9a02-bd30a9bfc976","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":179,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"72384749-c51e-41c0-917d-e755e1a7deac","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":179,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"f025cc40-395d-4dde-b34b-24c48f132183","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":179,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"7bba4858-dfe3-47ee-bcb0-a3479c6c0139","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":179,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"0b824736-8e18-4b09-a0cf-f5f75b955472","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":179,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"f04023f9-188c-4f30-8383-f002d3651487","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":179,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"98ac077b-2ce7-438f-847a-b866f6b681da","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":179,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"8afc71b3-4331-4e0d-915e-d175a53b6731","block_type":"box","text":"II-128","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c113dc55-bb0e-444e-a48c-e05a75e9c1c9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96b94fbf-0336-4779-86b8-7200cbaa5ed1","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":180,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"7d8a3076-3743-475e-8749-b94ac016941e","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":180,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"0c9140e6-6ba1-4ec8-b299-5dd140245b5a","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":180,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"c83373de-12d9-47de-b402-72addad9bff5","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":180,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"721f08e7-fb01-4d3b-8858-592d63360ee3","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":180,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"7f5276e4-18cb-4a5d-a2ea-235c2a709349","block_type":"box","text":"Taxes","page_number":180,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"b09727a4-e007-4b58-948f-f7a40d2fc12e","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":180,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"929b44ab-bfed-43da-a89e-c3c404fa1e93","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":180,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"d982978e-8e68-474b-8860-a1eeafc1fc58","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":180,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"da040dff-9468-4113-a550-da53e4bd34c9","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":180,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"9c19ce3d-4726-4b7b-a6c3-3549f121ec59","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":180,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"570460ec-a0f9-4751-9335-e86cc6528726","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":180,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"1315521b-1117-415e-93fb-5bf5639f14e5","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":180,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"f187ea50-5253-46be-94f1-b6a53b9a89bd","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":180,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"52fa8f29-7a0b-4e28-818f-9b589d25c3f6","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":180,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"5df603ca-6b2e-4cb2-aedb-482f374dfff4","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":180,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"afc6ec99-ff68-4036-ab6f-d3c149742146","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":180,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"af5b57ff-aae5-4207-b892-e1218b6fdda3","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":180,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"0cc9f609-95c9-4a1e-af87-2a2cfb0a96ac","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":180,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"d17bd331-8cbc-4df0-9a4a-5fd88cb86492","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":180,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"a806d11a-54d3-41da-9932-5471419ae433","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":180,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"dc6d0aa4-4038-4efa-99c3-c2b319cd35de","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":180,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"188efcd3-b136-41ef-ac0d-f73b270ace19","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":180,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"6b7ed376-2dd3-4698-8e1d-b4e1f2fde572","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":180,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"a1914e52-dc3a-4a70-a29d-22a2827c68de","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":180,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"225051a4-98c5-4dcb-b6b4-2aceb1c75a60","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":180,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"c19868dc-4f07-4499-b755-671b1a67c6cb","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":180,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"8d9e1067-cd46-4a12-b21e-c1e107a84e28","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":180,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"83e43421-22b0-4ca9-aae4-46ddf615a5dc","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":180,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"b07dff99-5d10-46c3-afbf-3648d87d871f","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":180,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"02034d63-cea5-4346-b9ab-f2afbb06413e","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":180,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"be9cb130-b089-4d11-abd4-7ac0b4732e48","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":180,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"1f3e6a48-13ae-422a-93bf-397637c310fe","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":180,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"e140981a-f1c0-4cd7-a63f-c700fb3bafb9","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":180,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"189feddd-5955-4f1c-879e-5728f73b0f15","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":180,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"af38aed5-edd5-47fb-97b5-0a3c5a9dcb43","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":180,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"b70d5f53-7747-4d4b-9c03-f6f248bf85b8","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":180,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"58b1ac0e-6364-4a19-960d-7a7b54bdb319","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":180,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"70b21d60-6555-4029-90a9-c0acf6150f66","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":180,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"130d2d2f-3415-4f59-b7ad-d0a9043eecd9","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":180,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"0241a58c-66d5-4d8b-bd7c-bb5cf76aa492","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":180,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"aa5cab97-b82a-40c7-b58e-671f062ba80d","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":180,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"77d8237d-fb6f-416b-b6a3-82f5591a1f7a","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":180,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"ec47cdf9-ab5c-49b9-bca6-818e133f78af","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":180,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"8f0cb007-8799-4151-a665-7438fc90d181","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":180,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"0f2bc4f9-60f1-4358-9ca0-b173bd0a1b54","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":180,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"8dbed15b-b970-4d32-ba86-09cabcddbc12","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":180,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"dcefa051-ecaf-48d7-b2d8-6a5b47063f05","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":180,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"c499c6ef-6c51-4fe5-bbaf-a352851c0965","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":180,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"48e4a314-42c0-4f24-a01d-8f315245e4ed","block_type":"box","text":"limitation.","page_number":180,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"d1a15f82-9006-400a-963c-b54b132f75f9","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":180,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"e85e4add-11fa-444e-b81a-ef334158c58a","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":180,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"0f45f2f4-33f4-491c-90f7-765f17d250da","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":180,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"4c9a8c15-1367-4ce2-9eb9-1e9b00d91ca6","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":180,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"07edcfa2-ace7-4a73-900f-7c939a1b06a3","block_type":"box","text":"II-129","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"20c5008a-d784-4e92-b7ce-daae2e7dbaea","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de67cd46-b451-4a47-bfc0-82d2790073f1","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":181,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"b561ce7f-edee-444d-9fd2-8bc8adc63c7f","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":181,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"642e3720-37ea-4111-be4f-c900d24cba29","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":181,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"a625dd2a-4f2b-467f-ab76-45726ba6073b","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":181,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"3f285c4e-5348-495a-8133-5bcf6c4103aa","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":181,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"23113546-5f33-4b11-a30c-b0d72c17e843","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":181,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"523b37ba-ee16-4317-a9bf-c81e89b08d58","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":181,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"84659415-a5e1-4fa7-9da1-818e6dd95f1f","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":181,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"f172959b-7ef9-4ef9-9dab-45b6038f8c77","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":181,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"e8a35ee6-a05f-4be6-ab71-370751fc2715","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":181,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"a8f4460f-b5d8-4387-a06b-9fd42486990d","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":181,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"34b3307b-6542-44f3-905b-a0c49e33249c","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":181,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"8589e8cc-7ceb-405c-a749-fe7e00b2ee65","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":181,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"244b9308-af48-4e34-a13a-6937bb2326eb","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":181,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"bbd63a45-f920-4733-9b64-f021f7364247","block_type":"box","text":"constitute “qualified dividend income.”","page_number":181,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"fae7eb61-0d4a-40f7-bdb1-e1f7f2a78014","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":181,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"996c5527-e4f7-4edf-8ba9-44db2a2d6dd4","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":181,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"56473b49-c478-4d4e-8cca-17f3785089ba","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":181,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"f3faa03e-50e3-4c3b-adf7-4bfa8fd78c41","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":181,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"851a012c-1f79-4d0e-b723-1bf9bdc579bc","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":181,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"d8913a5e-31bb-4f66-83c2-e085820b2448","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":181,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"bee6bfd2-2338-44dd-90c9-6840c39429a3","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":181,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"ccc9aaf6-d44a-4b8c-967d-d6aa6bbfc159","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":181,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"9888fa5c-2a33-4729-a458-c672d653996d","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":181,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"46846cd4-7887-4d56-9e8a-911095b2e086","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":181,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"a8206acc-71f8-411d-8f0e-c58022c39f93","block_type":"box","text":"against their taxes.","page_number":181,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"1e3a835b-e622-44a3-b146-2dc6fd0f9502","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":181,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"9cdcf200-d66c-43cd-8179-ab282cdd9c72","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":181,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"79048aac-3d19-4509-89b2-720bdb1e7d41","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":181,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"a153e609-7b40-46e1-b230-dcf8f0554f74","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":181,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"41e21657-9f83-457f-8389-e212b6adf93f","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":181,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"e5696081-edfa-4073-a478-1964131eb4fe","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":181,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"f5abcc1f-b3d0-47b7-a57c-5cd5b7a8f5e3","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":181,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"0bc511a3-e6eb-440a-adb1-08215177bdc2","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":181,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"c330fc8e-12f8-4017-ac74-4950aeaa9719","block_type":"box","text":"dividends received by the shareholder.","page_number":181,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"32fa399f-0d9d-4e45-a8a8-2f7dfb895268","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":181,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"33cd424b-0adc-4209-9032-fce68fd121f8","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":181,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"74a9f460-6093-4a6f-9c88-1a697c0a2345","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":181,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"e72e4405-64c7-47ab-b756-19fd878cf5b3","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":181,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"705280cc-eff8-4a0b-8bad-2e355d67fb29","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":181,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"49dd66b8-19ed-4905-acfe-f5aeff0a27b0","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":181,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"299585ef-9f67-4574-8102-bd857b26d2d1","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":181,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"1dcc0b9d-66cf-4171-901b-77566bff39b6","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":181,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"733b9502-ec98-4dec-989a-9e979ca28581","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":181,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"ff5c4eb7-1992-4164-846f-29a4d3d2e5a5","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":181,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"7c28e7f0-60d4-4b02-8aea-734c3a5ed0f8","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":181,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"b542e94e-f4e3-4d78-90aa-a0371b5af166","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":181,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"eb47a493-f6e4-4bab-8b02-532cbf4573c0","block_type":"box","text":"taxable year.","page_number":181,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"e37ec868-9119-41a4-a7c2-797b34abdae5","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":181,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"dc54d8b1-ee36-418d-adbd-196fd42308a4","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":181,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"c1a18c2f-687e-476e-a63b-3c240f3e3388","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":181,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"a0d6da7e-9c40-4041-815e-80211cd38a74","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":181,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"b19bc9af-2a9a-4d0a-97d7-bc45fa5c1c1d","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":181,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"778b28a5-1626-42e8-af30-d555d1886be3","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":181,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"3dfa12e1-95f2-4779-82af-7d3b63a5481a","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":181,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"30079599-877e-462d-ac64-23ae4f5c4f9b","block_type":"box","text":"II-130","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"86a8a8c2-4f8e-428a-acf7-2788a22224bc","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c16c303-72e2-4813-bb61-ba1a304f5136","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":182,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"5f0dba19-e8ef-43d5-865f-388c40d2e2e7","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":182,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"7dd129dc-ff3f-472b-a776-1d5327863b83","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":182,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"671bc116-3e50-4710-8a49-52eccb2d9cd2","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":182,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"38f9f52b-1270-4211-aaa3-39c97d1e4431","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":182,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"5be62932-4dcd-4788-ba75-20f0c7ba5db6","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":182,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"a52f884b-a113-493e-8504-b422d037ee4d","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":182,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"b87d69f7-1701-4e48-a2cb-503960dc2450","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":182,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"577672e4-44ee-4bae-ac77-846e9a8a1ebf","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":182,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"164fa8fc-5fef-4d4b-b6f1-4c71971ecfc2","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":182,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"caf22c99-9f77-4180-8d8a-24e993669529","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":182,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"a6dd6152-1d83-483f-9328-c859bfd6f1e1","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":182,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"0557ee84-2f0f-40f0-bf2f-b1db12df9498","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":182,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"ffdb4426-0ddb-40bb-bc8f-99a5e96a091b","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis reporting","page_number":182,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"d0393bca-87fe-47ff-b631-6e1df70b1f1e","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":182,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"24265551-eea8-413a-9241-f6e2cb1d1ce3","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":182,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"da7984d7-4b06-48a6-9808-fa3b0b55ce55","block_type":"box","text":"redemption of such shares.","page_number":182,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"eee8daf4-da5f-44c6-a038-15af88ed4bd5","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":182,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"d0c1acd4-e7fb-4977-bc2f-7684e4ca1a86","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":182,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"aa2c9cb0-214b-41dd-8dcb-497708a9b1a0","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":182,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"9d8c11de-1630-42cb-a451-589618ff775f","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":182,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"fc6e8d89-9cb7-4903-8d7b-fdeca69df5eb","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":182,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"8350d16a-7760-4db7-ad24-de08c44823cb","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":182,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"df94732c-8532-43c8-9812-6bc6fa26a0a3","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":182,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"4fa3a791-b3c1-4cd9-8633-b8e62b80b159","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount that must be","page_number":182,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"eb4b1945-8ba6-4a88-b255-69e1a4a310b1","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of certain","page_number":182,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"eec688cb-595d-4e21-9366-059745428e64","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":182,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"9c3befa0-2e00-40fa-93cd-ce3a86357805","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":182,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"ac7e8a27-e8d0-4b59-b43d-cbdc49f611c9","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":182,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"b89a2efa-f1ab-46d1-be04-ebcf596df7d4","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":182,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"c6785060-aec8-4186-a113-deed7eae4b82","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":182,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"bde13127-a28a-45b8-979d-899435760b19","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":182,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"8a7d9821-eb7f-442d-8471-87481090d702","block_type":"box","text":"on a section 1256 contract is treated as short-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":182,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"dc534a84-db8e-40c2-bfa0-967d8eba37f1","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":182,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"49f012f2-ec26-4390-82f7-2ea2d880a80f","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":182,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"3c4759e9-5e52-4bcd-9795-f73b25dc3f39","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":182,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"07f23f1b-5208-447a-9822-db2e3e67df8a","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":182,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"aa229545-4d97-4743-89f1-2389fdba4bc7","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":182,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"539a6973-9737-48e9-8962-37d08af2cf93","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":182,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"d3de2e8f-8582-49f1-95c3-aea23547c95a","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":182,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"53f4857b-c353-419e-81fa-10393eb8c5be","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":182,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"fac4e7bb-2fd4-46b9-aab8-201983f21aca","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":182,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"8da6c2fc-0da3-4acd-83bf-4f1ef3a0a273","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":182,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"fae33227-f1ea-4c9f-a0de-bddf46039691","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":182,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"dfb00e14-5541-45a7-aac5-8388f3995c5e","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":182,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"50273521-2e45-4da3-ab3e-0ce61a549760","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":182,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"0ed59b9c-76bf-4895-b266-fee96e37ca05","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":182,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"3cf447d8-b070-4a0c-997e-287d1ff0a20b","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":182,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"fd1fe78e-8f66-407b-a27f-ff82fd931f74","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures","page_number":182,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"8346d970-d247-40ae-b770-7dc2697dc048","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":182,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"f0a872b8-6524-4c87-bfca-885cbbfd3ebf","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":182,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"e2589728-13f5-47b9-b6bc-3202ec3e691e","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":182,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"fe23c934-6e10-4853-a1f1-7a9b4bd1b23e","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":182,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"a67a5215-f9c7-43a3-adbd-d5e55ccc8509","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":182,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"bb79f984-970e-44f7-8f63-ce7ab7c73db0","block_type":"box","text":"II-131","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"02bbd626-72b8-4743-8cfa-d2c40d364b1f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10ed252a-fe98-4962-9550-37d65089cdce","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":183,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"3c2183fc-e7fc-456d-a373-099650a5e659","block_type":"box","text":"in subsequent taxable years.","page_number":183,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"0a87407a-ebd6-4f36-8157-42b6ddc3f199","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":183,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"af2597a0-7c38-4935-b94c-7a06ba12ae11","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":183,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"49abc198-4cdc-4800-b566-9a8da3cb6c72","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":183,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"d21f70c9-1851-42a6-b6e0-33bb08c6e447","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":183,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"9d67aa6a-4079-4b26-b578-205119cee579","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":183,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"040ab744-3590-4990-8dfa-1141bc8af819","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":183,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"91543f5c-8603-41fe-81d0-cc2c64ae95df","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":183,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"1f7d9cfd-8f1f-4787-8f98-138ba8b2fb8e","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":183,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"b7d2c813-b206-49ad-8d15-4afbe3747961","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":183,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"8ec05c82-8b3f-495d-8b78-171b7d2aefd6","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":183,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"08c50bd4-d4df-4105-86ff-b081d3416498","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":183,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"11036df9-4530-4088-bc02-14f4a4a01f22","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":183,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"563f8ea7-f1b5-4444-8204-31165b8c1f73","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":183,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"d5516ad8-aff6-400d-b7e7-0a1880dfd3d4","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":183,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"17be6ad1-1874-45aa-9011-fb0b3a36684e","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":183,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"3a880c2e-6f04-4a9d-8482-8aed49421b3a","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":183,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"4f3c1319-678a-4d34-a0d8-7f72e721fcca","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":183,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"98a76cad-4d98-499b-a1b9-30fd0cc359dd","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":183,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"538244d0-757a-4d90-a0ee-0abaac1a7aa3","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":183,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"bba384cd-4067-4666-9f16-83fff4d7fab7","block_type":"box","text":"dividends under these rules.","page_number":183,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"5dedf737-3b6f-42ef-8035-96a24591cefd","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":183,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"821773a8-25fd-4c0e-931c-ecc4fba1a6db","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":183,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"bc631fbf-6392-4953-943b-ace1514cc948","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":183,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"658c4c7c-3059-4d2b-94c9-c6c4d407b2bc","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":183,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"4732e33c-0598-453e-b2d8-fbd38c59e4c9","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":183,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"1742c6f4-c825-492e-8264-a05efd594866","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":183,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"46139c18-b6ba-419f-aca2-761426c247d2","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":183,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"a90c479a-9710-4dc5-beb7-567e60952e38","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":183,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"6f28d1db-d71a-49fd-8c0e-b444810c6b2c","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":183,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"4d25d2aa-e5a0-467c-ada2-a2cc89a77a0f","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":183,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"da554666-3b5f-4dbb-a0ae-a451b8afe301","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":183,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"e9d34c01-c1f4-4099-ab37-0005e77ed1a0","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":183,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"c35d2e9c-83dd-4ea4-a878-83d83b332bbf","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":183,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"008661eb-b366-48ce-8283-b6af56338fa4","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":183,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"ca9d96ae-6a64-4d29-b623-9e4c91f0e901","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":183,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"63f3b75a-7d1b-4cd4-8e2e-7119616a7ab7","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":183,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"4b0f913e-d9a4-47d0-ad78-c11354f1f1dc","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":183,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"15e88606-96bb-4a5e-afa3-3c35a68cdc8b","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":183,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"5c2391be-1838-48af-a88e-bd524593e9a7","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":183,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"42beac3a-783e-41a4-8e6c-65416af15fa4","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":183,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"963dbc68-ff02-41ce-b7b8-314d07df5642","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":183,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"8e4bc626-a8a7-435a-93ee-18099058e510","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":183,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"a58f66fb-2ff5-4353-ae3d-26f6fc60826c","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":183,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"84916e5b-cd31-4444-8326-a0ff7cd00bc8","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":183,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"200a7b4b-50be-418c-9217-bfe60552e2a1","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":183,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"be2a7a65-add8-4662-8e6e-7736cc12f5b0","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":183,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"30c848dd-8285-4686-868a-13c7699861e1","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":183,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"18e30046-1819-45c5-a19b-24c52a2d6bc6","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":183,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"7cb79d9e-53af-4d7e-b0d5-87d2eac7aad0","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":183,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"83a88d88-88ee-4f35-a698-b9041b9cfea4","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":183,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"d43fed56-1a20-40fc-a657-4f5221b8ef76","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":183,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"e58f711a-c0e8-4d95-bd94-02272074aadb","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":183,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"29aa886f-6573-4f8c-b340-b0231fc36789","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":183,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"a8066b1f-663d-4711-b1ee-c70a7ec760e4","block_type":"box","text":"II-132","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"53c50664-72ea-453e-9a7b-dd6e6c3f1c89","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe90480c-3f49-4802-8535-4323bf9d8389","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":184,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"ba1ebed8-1e9a-484b-824a-2ec27681fb51","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":184,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"313919f4-aefc-4adb-8b6e-46d064643adc","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":184,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"009e2fea-b94f-42cc-b6e0-872e713a2e31","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":184,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"254a17a3-19ef-48bb-b2bb-9072c855c61f","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":184,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"c38b4211-bfea-4c69-bab4-4f03f373628b","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":184,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"54aadec5-6f3a-46ea-8e28-8a161a729ab8","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":184,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"bc8885de-d145-426d-9b54-2a12286d9bf3","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":184,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"3a0d11f1-7dcc-4709-80f3-96928f1698c2","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":184,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"6f6a0738-eaea-4f9c-8de3-999b1f4c09ea","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":184,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"353682d2-b5cc-4233-8624-5ab2f30e2761","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":184,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"2f437eb0-e175-4792-84aa-506daf5d6e0b","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":184,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"237e5277-9069-421c-8910-9d97bb07f56c","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":184,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"dd923551-7993-4e03-a898-3577dbcd5a39","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":184,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"8781f084-096c-4f15-9d5c-a5e80da6a312","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":184,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"bc3edba5-55f5-4720-9b87-5d936c96b646","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":184,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"e604ffac-8577-4d8d-bd8c-8b3bccb615d5","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":184,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"e016bdde-cc98-4c14-9e90-03da5b2dd95b","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of portfolio","page_number":184,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"0e4b00ca-f621-4e5a-83cd-15a18ec3cbbe","block_type":"box","text":"securities are in many cases exempted. That a loss is reportable under these regulations does not affect the legal","page_number":184,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"c149293a-8ee4-456c-bd77-009c2dda9ea9","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":184,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"77df3284-5504-4fd6-8498-9f716b642a54","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":184,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"78ed231a-edb5-4c27-aa5c-6b1d62c0eee1","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":184,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"00e61544-0173-48bc-ad84-396b02490e91","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":184,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"ed9e097f-88be-4f09-bfc1-70278e2081da","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":184,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"adf6e6e1-4657-44ee-8eab-a64204c44e7b","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":184,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"2f8f72fb-40c0-41ba-951c-dbd065fc4c58","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":184,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"d9d108a1-1d51-4d05-b6cc-e38987764d98","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":184,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"1a6e58c4-9d65-482b-bb46-337ae0797f89","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":184,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"0939acff-df74-4148-93ac-0665d63e7cba","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":184,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"5f7cafc5-4d29-4df2-a4c3-e1813eff69ad","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":184,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"63f1b6c6-678d-4706-8e41-5f47da28463a","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":184,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"01dc4815-cedb-49b2-82bc-819bc66cf88b","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":184,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"6a6faa49-2351-440d-94bb-8d9a6a9d9e56","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":184,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"64b95057-a66c-4659-b8aa-26f441cf5c54","block_type":"box","text":"investment opportunities.","page_number":184,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"09ba3cc1-5008-4062-8708-b0989409108a","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":184,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"441e78a2-60a3-4fcd-8abd-ac8f6a9bce98","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":184,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"85ed9321-c5b3-4d81-846f-4442bfaa80dc","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":184,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"8011df5b-3d36-457f-8e1b-36294c24532d","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":184,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"1b1dbe36-4836-44a5-b0b0-e032ef5e50a5","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":184,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"2e8636fa-da4b-4472-8115-650da54d1f68","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":184,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"63769d31-95d3-4422-8a66-5bc6a8c8cf7d","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":184,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"fb487fe1-a78e-4420-a626-b39ff92453a2","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":184,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"7b0949e7-8875-4b4a-94bf-c2207e1aa9d9","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":184,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"e717da50-83ad-4f4e-befd-8f246fc4b07f","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":184,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"36ff8466-fce3-4d97-a1f5-2b47f405e3cd","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":184,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"352d5acc-c2d7-4790-9f49-c2e426824e24","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":184,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"d66b941f-2c09-4957-8b2d-f4f54561cc07","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":184,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"36451aba-6ae6-4986-b931-e609b2484bcd","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":184,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"503ba869-44e9-4158-8e8f-941f2e4e1e56","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":184,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"5bee407e-762d-4e7c-bb57-d2f1af561bc2","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":184,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"cba4c6a4-15d7-47c7-a1f2-9da969932b7d","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":184,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"da5971f4-b124-47ad-95c3-b5d55412f07a","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":184,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"00ee2b58-ff9f-4a28-a9be-bafb014f651b","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":184,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"7558ca17-f9ed-4f71-aac4-31bbd001e206","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":184,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"5a03b03d-4ccb-4066-97d3-839381ff154d","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":184,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"acbe0c28-40d4-47a6-a0aa-6585c64c9362","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":184,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"de494e34-eae8-4b13-9ea8-402e1e2a73e4","block_type":"box","text":"II-133","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cca5af4a-7a54-422c-8fb7-4781f4ab103d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92abcbe4-ac8e-414d-8228-8a516d1f45d9","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":185,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"944307a7-52b3-4b0b-8241-70e288b835b0","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":185,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"7eeadbce-b748-4f99-a4f1-818c6f68ca46","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":185,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"4a5719af-68a8-4448-9e3a-2e73848ff879","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":185,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"895cb28e-374e-4348-a39d-ed3f0c9f81ca","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":185,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"60350253-81c5-4f4a-99dc-fa7f914cbf40","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":185,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"31f98d74-3723-4b83-bf94-75550ed46b0b","block_type":"box","text":"positions in its portfolio (","page_number":185,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"ee980cbe-f612-4999-b76a-137ff5c4d7e3","block_type":"box","text":"i.e.","page_number":185,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"dcb968bc-8365-43ca-9157-0607df1fa33c","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":185,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"726996fd-3f2f-4eee-b793-59300fb22f86","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":185,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"baf7653f-f14f-4c83-9f1a-86a03c0eed70","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":185,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"553524d7-5730-422f-9bd8-e20ca97ef900","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":185,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"06bf0af3-ca5b-4a4b-9b8d-579b5679c0b5","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":185,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"4204fc86-f76f-4551-b858-6dc93e144cd6","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":185,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"b299e11a-8029-4adb-a700-e9f0576af605","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":185,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"c191747c-5e61-481b-a3d3-059252e6e6e2","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":185,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"50a107de-6511-4f89-aa78-21614976ddbb","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":185,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"ba3400fd-6e33-47cf-a530-67b4c43e0cfc","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":185,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"572a54d9-4d1a-4a3c-a32a-1ea56219d843","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":185,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"af92d805-f9c8-4470-885d-c5980e15ed62","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":185,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"ca0f20c5-6922-45a7-af88-c582fe0e13e9","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":185,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"533a3d6f-4cca-452f-bbc6-0607e975cd59","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":185,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"a04ae2a9-4c98-401e-95c8-c4b54d3f0b42","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":185,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"8d5d0747-771e-4389-8551-290af8f45e2a","block_type":"box","text":"capital asset.","page_number":185,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"eae8bd50-9227-452e-9cdb-813cc86a68fe","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":185,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"7080e33d-45a6-49cd-82a1-90c3bbd039cc","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":185,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"375abb03-7229-4e78-8978-07bcbea93080","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":185,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"21bbb003-56de-46af-8af1-f99a810ad428","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":185,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"af00505f-3ea5-44d8-aa35-9653cfaec43d","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":185,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"b5f6e233-7117-4e8f-b152-436feb66e86b","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":185,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"8cb89a60-8570-4025-8143-406b5e9ea61e","block_type":"box","text":"Fund were to invest otherwise.","page_number":185,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"a3ac9d06-3526-4ff1-acb5-a66ee8a92811","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":185,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"e7999041-34b7-445b-9b71-2b6062f9a263","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":185,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"bdbdfda9-96cd-4eee-b501-15d3a724c928","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":185,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"05eae4be-4f9c-44fc-a216-cf4374507a66","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":185,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"7f1af366-f017-4128-a6fa-28cf88aa77d7","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":185,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"0c5aa340-0058-442a-ad05-a1ca0f292608","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":185,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"5d8a3b8d-b0a8-418c-8791-f5fcd76c714a","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":185,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"83ee69f1-6496-489b-8e99-4a23e68c7a99","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":185,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"f35e8859-3f5c-4be5-bb18-5b104b173f5e","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":185,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"2cd8342d-239e-4f75-9510-f102371555ce","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":185,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"ec12c3ff-dd4c-4c73-a717-e7d1caddf714","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":185,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"0b26d8e6-0919-45a1-ad85-b963ee467440","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":185,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"38d21127-9dc1-40c6-b570-5f4a3e7e485d","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":185,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"198adfd2-9812-4776-b114-2356d634555d","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":185,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"9aee237a-5732-4f57-97be-84e2f99344be","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":185,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"5997b6bd-3860-44f5-8980-1a3326478387","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":185,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"e79d3abc-575b-423c-a6a9-ede8738f02cf","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":185,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"7f573bc7-7639-48c1-8d43-864afe1a9069","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":185,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"8926eb16-4e78-459e-9492-9d582262712a","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":185,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"fee22505-b192-42ac-82bc-85050ca71fb5","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":185,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"5a16797e-b44b-428d-bbca-9ae27e5f72e9","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":185,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"613863dc-0224-4b43-ab16-6f49bfe90351","block_type":"box","text":"PFICs.","page_number":185,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"844d8b1b-2ce3-4367-bfc4-302a18562e63","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":185,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"9346ecbc-084f-42e2-8f7a-85bd9a2a7b13","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":185,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"8e6f832d-6a23-40d0-a0ab-8b10d1a466c3","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":185,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"c00af903-4638-427c-a993-cee503711c0a","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":185,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"b3e15012-e2b3-46b7-b669-419c826a09be","block_type":"box","text":"II-134","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"602cc126-549e-4aa3-81b9-c81f20e3a664","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f6d6775-294c-4eeb-8eeb-c000c574f782","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":186,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"c5c44ca4-99f2-496f-add9-03ca8d52f380","block_type":"box","text":"difficult or impossible to obtain.","page_number":186,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"d66bbcaf-df84-4d51-8093-a66eaffeac99","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":186,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"d80dc319-13e3-48ce-bcc6-2ea2a4868f58","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":186,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"dceb32dd-538a-4eca-bf8c-c933568c6dbc","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":186,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"b8852801-5248-4b7b-8be7-9d5679c651ed","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":186,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"27ab8b9c-6d95-4d82-818b-ed55f785b630","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":186,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"49ebf455-1745-48c7-a7cd-a0fd39df3d0e","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":186,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"696186c0-5680-4946-88bf-47edb4e94622","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":186,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"2672dc1c-8e0f-4db2-b567-12caeb7a214d","block_type":"box","text":"Municipal Funds","page_number":186,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"158d4590-06a5-49ca-8d33-553ee68d894b","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":186,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"62d181b5-61b0-4b18-95a7-1a61e4d6c18f","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":186,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"498d9d2f-41c4-4e6c-9809-2de620df654e","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":186,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"61a2deae-53a4-48a3-b4c9-a04e74de6a4c","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":186,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"313850db-3027-469a-90eb-9400a7243511","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":186,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"5a0f7ec2-c867-470f-b680-c07e93f8496d","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":186,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"b2dff81e-9f70-4980-afb1-92c296591002","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":186,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"a9e3c12c-e3dc-46c5-9120-ebb528e76be0","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":186,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"bc313dc9-e67f-4a9d-96dd-761c62efd4bc","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":186,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"f870276a-693a-41e5-a2bc-c7dc95e67cd3","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":186,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"fe6d6719-c0fa-423a-b4ae-183d4ea35832","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":186,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"5253c064-3903-4c1b-98a8-dfb585efbd27","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":186,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"f95a51cf-f54e-4c23-8edb-c8fbc423f5ba","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":186,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"c4a4529e-3bd7-4fad-b9f9-6fa54658d602","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":186,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"b50cae8e-89e0-4229-8fed-003a54660117","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":186,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"84683a5c-9094-44aa-b3c5-7ab1c450d93a","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":186,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"82e8e024-df0e-4ef1-83b7-ad467e06f2e6","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":186,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"bb131c62-2f83-4b1a-bff2-a55834d7a9c0","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":186,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"0f2d8909-08d7-45c7-b590-3267cb06bf41","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":186,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"738526f7-3287-45b0-b2a4-3ef8098a94d6","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":186,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"a79c16df-e46c-43f6-ba20-8c8d9bc9b97a","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":186,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"c2a11817-d158-4acb-af7a-23b1bf0dfba9","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":186,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"9da45379-0613-4eaf-8a73-4cc506ebc57e","block_type":"box","text":"constitute exempt-interest dividends.","page_number":186,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"8c10d5a5-dac6-4c93-8d2b-b11b002ecbcb","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":186,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"efab458a-8cab-40c0-8f6c-0126b0a7e9da","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":186,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"89ed7816-e3b2-479f-8263-9f764ec92c1d","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":186,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"42acb4c8-df52-41d2-b5fe-9c1fb0632c49","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":186,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"e56a3fe2-5d22-4783-96d3-8cb80879a3a6","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":186,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"e7bfd4fe-c14a-42a9-bf2e-8c1dadd57115","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":186,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"66c3c3b9-20ef-41dc-a670-ed503b697c08","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":186,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"0ff4ca58-e932-482d-9046-a88fd32e707b","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":186,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"51d5dfec-c5b7-4341-9700-81eea8087d39","block_type":"box","text":"income dividends received by shareholders.","page_number":186,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"903f05e0-e361-4e11-8a44-347f91e26c1c","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":186,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"9d5a12aa-f8a7-48a2-ad06-ac5fdd52e8a9","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":186,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"c87355c3-d40b-4a4f-964f-3f28e7f7c80c","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":186,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"02626f7c-e436-4cbd-b04c-02857dbda7a4","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":186,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"d837ecce-8d28-449b-9ffe-88f6ea8cae50","block_type":"box","text":"the accrued market discount.","page_number":186,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"c6d2372f-fa3c-4bdf-9617-ae3f12adf342","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":186,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"210f8c98-d20d-4202-9546-880b19a1d409","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":186,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"14537503-3ec2-47d6-ad30-418b16eb0b26","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":186,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"fe97e090-e3d9-4424-818d-3ba47d6e8f49","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":186,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"80fc5ac8-6220-4200-8b73-07768900b0c1","block_type":"box","text":"e.g.","page_number":186,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"cb1f3b1a-46d7-4b36-9a46-fa3990d596b0","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":186,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"cffe7b1d-b000-45de-93f6-e2e428d72e38","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":186,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"9b247c9a-cd68-4c63-81c9-49c029032cdc","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":186,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"2f796925-968d-45e7-9b52-68463aee570c","block_type":"box","text":"II-135","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c72147f6-1673-4262-811a-b23ab6990b55","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"772bc20b-7581-4749-b05e-3b48c56ae613","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year the portion of the Fund’s dividends","page_number":187,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"fcf105b0-7096-4fe3-8946-80ff4288c30b","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":187,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"8b512fc3-3057-48d2-9638-d70ba5b1080c","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":187,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"6d75d6c1-48e1-4475-949c-46b8c6980288","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":187,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"ba14c85f-7e2c-48e8-a662-60a42cec412f","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":187,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"0b6732b1-9f36-48d4-a690-3407a77ea250","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":187,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"62c603ff-84b3-4b51-9289-08fb8c1d8a6a","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income proportionately, they","page_number":187,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"1657beed-b51f-4233-b1dd-b4a782a4fdda","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":187,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"134cef76-d251-40d7-a5a4-a9a78d2ab31f","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":187,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"da0b8242-bd03-4344-889c-a5f38c2fde53","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":187,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"9688ea63-e345-4b43-8979-4ee8a22d1dd5","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":187,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"e7ad212d-599f-4593-98c5-c43f6546367e","block_type":"box","text":"within each applicable state.","page_number":187,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"9ee3e62f-e7a1-4f49-a0f5-a8f7ed64c65e","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":187,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"866f0058-0979-459d-ab13-78468eacb032","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":187,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"b641aded-be04-422f-85fd-a7d646a9067f","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":187,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"b473135e-c70f-4d6b-b0c7-da1816a4a685","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":187,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"503c0ec7-7ff2-426c-b783-f776ec5f4090","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":187,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"2c261360-7df0-4564-9d94-4f9de9dec164","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":187,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"c2edb86a-b124-4489-8a4b-99e35f8f666e","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":187,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"b020f318-4764-4585-accd-17f8f163fca2","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":187,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"b10dfc60-4e4d-4d84-8025-1f948fd7f515","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":187,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"d2051625-bd11-49b6-9bc8-266a853aa7f1","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":187,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"522f9bb4-d6be-4e83-94dd-b3a62121eed8","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":187,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"dc1e1a48-de55-4a72-abd6-dc26cef313b4","block_type":"box","text":"exempt from state income tax.","page_number":187,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"c9378340-703c-494a-93c1-b729a6eaf160","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":187,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"da7f2794-d89f-4cdb-9df1-a718a7c2c7e0","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":187,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"4d673816-de3f-400f-bbb5-b6019997e9af","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":187,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"a627b8d1-c9bc-4fbd-b3cf-3e0cbdf37103","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":187,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"7053a000-af17-4e7c-ab34-87e7c1bd403f","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":187,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"946d4809-14e5-4b72-988e-2da58620b0ed","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":187,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"ca006de3-b263-44b9-8aff-03a6b0616beb","block_type":"box","text":"decisions may have a retroactive effect.","page_number":187,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"f82f1778-e887-4bc6-b2dd-b0251c1bee7d","block_type":"box","text":"PERFORMANCE DATA","page_number":187,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"605b097e-372b-4468-a0e4-ac8f9930bcb9","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":187,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"c62fa1b5-54f4-4e2b-a6c7-8c8b42049322","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":187,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"5b3c4cda-9a59-4869-9011-707beb150523","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":187,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"101ffea9-3359-4b66-aaa7-bed183be3dca","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":187,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"d072bf2b-5b51-4018-9c1a-8a6b77ed6fb4","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":187,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"78a3dacf-769f-42d0-ad4f-0ca750efc143","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":187,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"f01e494f-ac9f-474e-9621-e991e0a201d1","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":187,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"cd543349-82f7-4f05-96e1-520aded1b040","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":187,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"2436001b-c6ba-4df4-b35b-88940335975d","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":187,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"a7cd512f-1f0b-4bc8-9ae7-2d6009025663","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":187,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"0151653b-45b6-41c4-a71f-c1bda546467a","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":187,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"d44bda91-72bd-45f3-9c1f-8eb3e5d5ddea","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":187,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"8a107d6f-6ec2-42ca-8718-6ac7072d278d","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":187,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"5b06ee26-4709-4f62-b6fe-776e84610df6","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":187,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"e1f5d62d-9243-4498-ba3a-01e7aa48dcee","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":187,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"cfcdcce2-a1dd-4d9d-88ac-96558b07e329","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":187,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"34771dc9-3f10-47ba-82ab-d3b51455c449","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":187,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"4bc0f118-4170-444b-a9ee-2b5a60410104","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":187,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"ca1d42e9-68f9-4def-81f0-7d64598ef64b","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":187,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"cedb50a8-f117-4ecb-b724-00102167ecf8","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":187,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"e7d00125-878e-47d1-8007-05a7ed60972e","block_type":"box","text":"II-136","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e1a0c25-72f5-4934-8752-99deffa0da92","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a633127e-8c5c-4432-82a2-70537bb1bdbe","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":188,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"8e71fbb1-e9f4-432f-a0c5-bdc0211c81d1","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":188,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"9672ed45-d1d6-4757-8456-70ac1e719df8","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":188,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"3b3ca543-fd67-433a-9e2a-59826f2314ef","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":188,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"4ae063af-3bd4-4096-a11c-8cf483eb9a17","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":188,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"41b5db4f-013c-4f9b-962c-b556e7549b24","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":188,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"5d4afcb5-b0a2-45d0-9928-7f603750a986","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":188,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"f594160a-9f28-474f-9a19-3728b288f99d","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":188,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"c06aec1c-5015-4135-b701-6bfa78b1a07e","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":188,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"7f08b75b-2753-4dce-b193-fe7e41954922","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":188,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"0159ebc0-1daa-4a8d-a135-f2526a3154f3","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":188,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"c4a933a3-2665-4bf9-9b27-d0db6ab2b764","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":188,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"f65f5cd2-8c9b-4448-9de6-54b3899d9eff","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":188,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"81f62379-67be-4081-bfc7-a9f176ecdd5c","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":188,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"7859190e-26f6-4b2c-9c98-26c707dc65a3","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":188,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"b24fd31d-7a15-4cf8-b5ff-09ac56881c12","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":188,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"6d991d17-9387-40d8-a6e5-c9b0d329de08","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":188,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"c21ce043-5723-4cab-9764-57e2dab59d2e","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":188,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"91a48472-bb89-4bdd-b8b2-5ff6f98e8f81","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":188,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"52debf0f-0146-400a-bb5f-abb1b037810e","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":188,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"fe40d52a-670b-4ab2-b364-c12bfea961f8","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":188,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"1e30467f-d556-4c37-82d9-75086347e499","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":188,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"7b3fa826-a187-4b66-af8d-3f18bb07fc79","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":188,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"86ca2d03-d108-4f21-b782-4fb0891ff1ae","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":188,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"5a2a5509-7267-4810-bf02-c3924e7a7830","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":188,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"0274b851-1901-49c0-b98b-f1ae8a45c357","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":188,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"406c2c66-2fed-4586-ac90-ccb3bdc6022f","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":188,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"34dd276f-2700-4364-af64-0bb8b6e38655","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":188,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"ddf57b8a-fbc0-4f9e-9352-244b8c869ecd","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":188,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"78da85af-ae77-466d-a145-31eba5345f97","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":188,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"32b6cade-d6ab-46c2-988b-0df488911679","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":188,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"4cce569d-dec6-4ea1-96fa-f63106cbcbff","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":188,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"443e01c0-beab-441f-9ac1-8ed339753ec8","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":188,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"65ce62a9-2756-43fb-a5cd-5bff94557c69","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":188,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"88e89735-feb9-4a2f-a330-f566324157c5","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":188,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"2aa2be68-3fad-48cc-82fb-54e5f05a2b0d","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":188,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"a0edbca9-bc52-4677-b976-ef549a7db15f","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":188,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"c1736637-166a-4a7a-a896-59df978eb917","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":188,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"d029ba2a-1559-432e-9c54-07dc9865b1d5","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":188,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"373ab7a8-64c3-4610-9654-ec743a6147bb","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":188,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"c5aa9735-7d9c-4bf6-b23b-52e10db2284d","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":188,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"3212b63c-912c-48be-bfa0-c23257b78bfa","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":188,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"a5b8c281-7799-42e4-b186-261175d1dc6e","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":188,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"7e8659e8-1914-4b91-908a-1c5a01502d77","block_type":"box","text":"less than their original cost.","page_number":188,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"46f819ed-c7ba-4616-8a67-eef4d6d7c81e","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":188,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"77b12f31-f9d7-4f83-8d13-e72622e74e0b","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":188,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"fbbd495f-c3af-45df-b729-80c6219db0fa","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":188,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"f28fa90d-4cd3-4142-b656-dcac88e00357","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":188,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"7f5bb97b-5d61-4e2c-b6a3-e77a133328f1","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":188,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"3023bcb8-5727-4ca4-80bf-9fb937bbf744","block_type":"box","text":"lower amount of expenses is deducted.","page_number":188,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"611285a8-7ed8-4ca6-81b6-009f3b8923aa","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":188,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"5137e8dd-4fa1-4fa3-97be-d266366d4308","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":188,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"149b6148-2d9e-4a7d-b196-a2443de43622","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":188,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"f576da78-eb0e-41de-ac55-b7b94787730b","block_type":"box","text":"Money Magazine, U.S.","page_number":188,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"c5d1f701-d336-4d3f-9ef4-54a5015e8af6","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":188,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"aeb8c5a5-e6f2-42df-a3f1-73513e51667e","block_type":"box","text":"or other industry publications. When","page_number":188,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"1931825f-022c-4212-8036-8535c341bac4","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":188,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"8d4037e9-891a-43e0-832e-067d3a4c6364","block_type":"box","text":"II-137","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7f40a18a-cb22-4055-b2e9-a6ec5a8fa27a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7808e459-5cad-4bc2-9907-7b44556fbd84","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":189,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"2c40ee6f-c3ca-4ee7-8fc9-f08b0227343d","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":189,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"9d40bbe2-f607-4fed-8140-04e2b9ab95fa","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":189,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"e049cf28-0647-475b-9660-b286f24aac9f","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":189,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"6af4ff11-3e92-440f-8455-6f13b75c78f0","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":189,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"f334618c-e53e-4638-a90f-adf2800ec223","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":189,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"8213bc14-a85f-4131-a55a-422b5ddab554","block_type":"box","text":"developed by Fund management.","page_number":189,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"28c645ea-21f1-436d-8a32-bbfcf97ab5ea","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":189,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"467cc3c4-20b8-45df-aaee-65a9ac1a2ca3","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":189,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"50a31bc1-97b5-45bd-8a76-d5555184e00a","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":189,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"9080751f-22eb-4a3e-a87d-9ddd0b8af8fc","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":189,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"c5014c11-93a1-431c-b8bf-3dd4fd19c738","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":189,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"6bb01306-6de3-4455-acee-42882ffcab09","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":189,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"1780b062-6adf-4724-893f-6b07b6590f31","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":189,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"7140bc37-45fc-4f0f-896c-28f93e8e37ee","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":189,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"6d632786-4bc3-4930-a5db-86769d41b39b","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":189,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"322c7601-fd3b-453d-84f6-f6baa7506465","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":189,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"69bbc993-ad76-49b6-90ab-59343f194b83","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":189,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"4867e341-5190-41a1-91cf-335d2dc55b8b","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":189,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"2d3f32f8-658f-4199-adf4-78361afd00a5","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":189,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"23111895-f6be-4b77-b644-8fd7aaf4e081","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":189,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"58cab384-142a-408c-bac3-1ed701a15d46","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":189,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"8c7d1f07-563a-42fb-b483-b2c332aa52a7","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":189,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"cc35c178-8be5-4c49-abf1-a1f8a190341d","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":189,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"30b09d37-1978-4a2f-833e-00a98373c828","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"c5eb9963-5025-4982-a8ba-426f8505d8c3","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":189,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"ef38d3d2-761d-42ef-b146-c47ba62ca8ce","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":189,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"1b9078d6-fa12-450c-84a1-ae31c5133411","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":189,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"18a25151-333e-4531-b762-cabb0a1b35a2","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":189,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"f27b448a-65c7-4caf-b185-b706a2c293b6","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":189,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"1ef54b62-4f68-465f-adad-22c3c51d994e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"4b65e7c4-fc76-4c14-abda-d64ba1167778","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":189,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"8945b4a3-b9b4-497a-9b45-9ecd4624fc13","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":189,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"09fce9ed-56a2-4038-a691-ab84aaa96974","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":189,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"4c2c2c16-bf22-4205-9b60-dcf389ef79f2","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":189,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"ada9c784-11d1-49d6-8015-a295d16a7593","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":189,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"53b4cf1e-6475-47e0-b620-5a58e284d32b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":189,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"eb129a83-c582-4333-a0aa-21964d2802ff","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":189,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"9a0fa4e4-21a1-47e8-8d4a-2d8f6f72cd04","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":189,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"7be63a9d-f882-4dc8-ba02-339b72533e82","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":189,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"d6ee0f17-b21d-4ef5-9050-902f48e3c953","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":189,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"c48f4783-2b8f-404c-8581-3702f39ab036","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":189,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"a3f4a56f-962c-4213-a8bf-89c7b4914381","block_type":"box","text":"GENERAL INFORMATION","page_number":189,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"8d366e97-0ab7-4394-83de-49881f550ed2","block_type":"box","text":"Description of Shares","page_number":189,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"bc38ca09-c9c7-420c-9c3e-88e42599a12f","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":189,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"1ba5bd49-97d1-42e7-afe7-c2cfc354d537","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":189,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"94778c57-be33-4fc6-a5eb-24eb3e33430b","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":189,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"44fe08e7-8c4e-4895-b9fa-9e4e221d74ff","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":189,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"20b7bd5a-5925-424a-9cd6-760e9f072298","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":189,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"8d66d6c1-b041-4345-968c-a3919e634164","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":189,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"59e6d3a8-079e-43c8-942f-d89f98cf46e5","block_type":"box","text":"II-138","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2d187431-ebd0-4de6-a7d7-e3215d7f0852","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b1e920c-5a84-420f-8272-9a9746d14d29","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":190,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"5a777d50-660c-4087-a043-f7448ab2d83f","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":190,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"d78e47ce-74f8-457a-b44c-e71212e5ae4a","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":190,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"bc88cd0a-b5ef-4994-8762-83893b536d8e","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":190,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"98dbf184-c9b3-434d-a400-f53b8aad5996","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":190,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"c09a8f2d-99d3-46c2-8082-2d33757c4575","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":190,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"0eba2b9c-f7b4-467f-b37c-93732235d8a2","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":190,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"9aff4d20-bdb9-4e7a-973c-8eec06e32d37","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":190,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"31f12ce5-24a2-47cd-b014-abab160ea803","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":190,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"e4de443d-d525-4487-b955-4b58364c65b0","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":190,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"302b380b-4be5-462d-8374-71a89ecaeedc","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":190,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"df3c6c23-63e6-48f3-a982-730815e409bf","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":190,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"661fa43d-4e55-4ff6-a3ed-2a0ab08dca6d","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":190,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"4268776f-defc-4701-8f28-e617216ba0ab","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":190,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"63f87e8c-afb0-4734-8b0a-a3ec661f109f","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":190,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"2e6bef23-e9c1-4ff9-8772-97f8058de232","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":190,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"a6c4eb05-210b-40e0-b44a-8513a2025286","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":190,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"bbfc2a0d-08a3-42bc-b7b4-75e9bdc5dc3e","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":190,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"102402a9-d3e4-48c9-9b45-32e701f54dc1","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":190,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"559f787e-8a6c-4601-8395-9a054335545b","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":190,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"9a770035-21df-4f45-9bca-892f312f08aa","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":190,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"05e903fb-933d-4eac-92b8-43d44d8a0d8a","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":190,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"ac5c09e6-421f-4b53-aa0d-8e8ee6172a20","block_type":"box","text":"Additional Information","page_number":190,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"f9273621-868c-4379-bc85-0fbc0d0761db","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":190,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"6f1ba0de-cc83-4c45-ac64-a5a42035a640","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":190,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"fc5f9828-e777-4f47-acfe-541612db4cb3","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":190,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"7f3d61f7-b39b-4555-b0c5-63c13936eadd","block_type":"box","text":"such name to any other company.","page_number":190,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"5fb64135-eb99-46ac-8974-8f465624f778","block_type":"box","text":"II-139","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cd1fce64-1e8f-47b0-b649-97b16e18a328","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c331d9d8-c29e-481a-8e7f-eb08a545f890","block_type":"box","text":"APPENDIX A","page_number":191,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"315221ba-b59b-48f4-9817-0cb556c05bb5","block_type":"box","text":"Description of Bond Ratings","page_number":191,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"dfb98478-a048-43a2-ad2b-5b9dd620f2cb","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":191,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"cb068ae1-610a-4a0e-8d03-59734dc322bf","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":191,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"1582e5ea-e74f-49f5-bfe2-74c0715dd88a","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":191,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"f9ef2a58-1d77-483d-b5a6-534a44d2d9cd","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":191,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"b40f39c9-cdf3-4286-9754-f82a4fd270bc","block_type":"box","text":"date.","page_number":191,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"318a6ae8-95d4-4089-83ff-ee5126e408de","block_type":"box","text":"NRSROs may rate specific investments (","page_number":191,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"c75da08d-129f-428a-9f8e-c40211d882ac","block_type":"box","text":"e.g.","page_number":191,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"0ca8eb6e-e485-482e-9f35-af9fa596f768","block_type":"box","text":", bonds), issuers (","page_number":191,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"dd99a01d-e59f-4321-9024-8a4640828bf6","block_type":"box","text":"e.g.","page_number":191,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"e804babb-0d31-4fa5-9818-5a2b11d58c3a","block_type":"box","text":", corporations, governments and financial","page_number":191,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"c4ab76c9-8d8f-4995-88b8-b9b91ae028c4","block_type":"box","text":"institutions) and/or programs (","page_number":191,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"cf16cf74-71e8-41d2-ac25-e684cba377a2","block_type":"box","text":"e.g.","page_number":191,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"f785fd0d-e0d6-4806-badb-ae24c43933d9","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":191,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"8c4d9db0-d317-4451-b678-52d4bc77085d","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":191,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"862c0a76-98f8-4545-a3e5-387751f406a6","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":191,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"295d80ab-1d69-4ed4-a726-c99187369345","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":191,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"d88e5f4b-450f-451d-b139-116b42d6089a","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"9154c5fc-e247-4a81-84dd-3904165b135d","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":191,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"0d2c107a-a6e2-4674-b0c3-30ed1fede2af","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"c7d64ff9-a5f5-4655-8a76-8a84a501f5b3","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":191,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"1a886329-63a0-4205-b714-a598e89126a0","block_type":"box","text":"security (","page_number":191,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"99848421-1149-4fec-b0df-6be81fce6202","block_type":"box","text":"e.g.","page_number":191,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"f08e85d9-a305-4d02-aeae-99ebe1407188","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":191,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"3c52bb2a-98b5-4048-a6ee-f3edc31891d2","block_type":"box","text":"highest of the multiple ratings.","page_number":191,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"c76bf6ff-ea22-46f4-a3aa-3162e5469a96","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":191,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"246c293c-f9d1-43b1-b606-c414e829d140","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":191,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"0172a7fa-e009-42fc-9ca6-3eae52546fcd","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":191,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"09ba42da-0ee4-4bff-8890-1a1f2531260c","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":191,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"8ededfb4-8e7f-4b5b-9bdf-ea04b2f42c52","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":191,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"5922045e-0302-4896-ba57-f0e9f6ce30f6","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":191,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"7cabaef8-6e2d-4317-a3f6-100028b65143","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":191,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"987c713c-4733-41e6-9b5e-8ccd9bc51548","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":191,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"07d1f904-5066-4b8b-9551-4308d0b64dcf","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":191,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"bb9e7fad-8b8f-45db-9bd3-39de1dabc7fc","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":191,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"dad42e37-2138-4c85-a680-081b9e5792cb","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":191,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"81285c4d-4de6-4e6c-ad86-b3d5635bd60b","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":191,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"7b804a21-2fe0-45b8-b9fe-3f568b52c472","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":191,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"c53e6f6c-26d7-403e-9f73-4424a8260710","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":191,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"9fdbabec-d9cb-4eef-b73c-6c4d44a814ed","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":191,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"7a617fe8-36f7-45e5-bd96-91acb32e57e4","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":191,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"d22c9f9a-1f71-4ccf-a929-70aba84d6937","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":191,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"16defff7-568d-45f4-be0c-ca5ec038dbb3","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":191,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"9083dcd7-ad9b-44b3-90b5-36b40e0a7ea4","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":191,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"e712e4c9-c271-4282-ab6f-e7ee17e9f218","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":191,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"f8e43543-db30-4ecf-b8ce-0099857051eb","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":191,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"3fb5f467-3f53-4aed-8900-3a31446b542d","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":191,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"81f108bf-d183-4ec2-8825-49b74df2bfa6","block_type":"box","text":"Fitch.","page_number":191,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"1aae4979-eba0-43b0-9104-2bedde145cb5","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":191,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"17631bf2-ca67-4be2-9fa1-5441cfc7ab6e","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":191,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"d47759d7-21f8-4d0d-8b7d-19249b30114e","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":191,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"853087ad-4b73-41e6-bdd4-4d29dd415301","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":191,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"619c6130-5559-4d02-b5c6-89fec50bd539","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":191,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"90a927e3-9c4b-4a68-abac-c9ddb1b74d96","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":191,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"199dcdaa-cb90-4e33-b2b1-809ec1ca6be0","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":191,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"3d46b3c1-57d7-4cef-8f5c-e71452195b92","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":191,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"5f8a1126-1a65-4dfa-9606-9f0965cc499e","block_type":"box","text":"sources of variation (","page_number":191,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"8f850795-4378-4372-8ddc-e22cc271f057","block_type":"box","text":"e.g.","page_number":191,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"2ffb927e-de78-4328-9406-dd455d11dd20","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":191,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"4dfa5884-0551-45a8-94cb-583b23bfa9f8","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":191,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"bf4d84b4-500b-49ac-ba87-46a9d2e100d2","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":191,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"bb0d49d6-c0bf-41c4-a777-2904279a0b29","block_type":"box","text":"e.g.","page_number":191,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"f36ff743-4090-42bc-9786-daa9bf3238a5","block_type":"box","text":", equity indexed), absent an express","page_number":191,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"47026bb8-97a2-4e25-9d42-64eb3f003a08","block_type":"box","text":"A-1","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"d853d698-58b2-4f4a-8459-550b1870c351","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59138e27-c33a-4165-b859-6f0cdd4e3f32","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":192,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"075c86c1-260d-4c6c-abc4-b6008bbce8cc","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":192,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"e63ac8b3-f346-4582-8af0-592cdb04691a","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":192,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"31b19541-73e1-4818-8313-3fbc6a7a47a2","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":192,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"0dc814c1-20dc-453f-ada0-d71798499e15","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":192,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"8c84d1e2-5348-4e91-a49e-ccd7d240a5be","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":192,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"c9f37a99-8d0b-447a-b316-f1059fae034c","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":192,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"868ae3b7-b9bd-4b4b-a3b6-13f12b2766b5","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":192,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"e4bc42b7-dbe9-40f3-9ce6-654e90db85a9","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":192,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"41e20e4c-4d75-4a89-9129-c15700243add","block_type":"box","text":"i.e.","page_number":192,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"16a4f7c7-0528-4f09-954d-3ba1ade9cdea","block_type":"box","text":", ratings on nonfinancial","page_number":192,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"571760b8-055f-475b-a40b-1eb348d789b3","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":192,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"f8d56364-3960-428e-82a5-d00e19a285b8","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":192,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"7a3338f4-43c8-4fa7-a8e7-cffbaa5380dc","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":192,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"483314d8-025d-4b8f-9a05-9ffcb2e63190","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":192,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"b6cfe48c-1e52-4883-8dc0-a8209eb433e3","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":192,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a32692bc-7ec3-4119-85a0-94ca069c2798","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":192,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"1dca725a-e3bd-4504-8faf-d946ee999173","block_type":"box","text":"of time.","page_number":192,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"d58c756b-a0d2-47ad-a9f6-a7802b5c52c1","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":192,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"666624d7-e1b6-4a68-92f7-5e429f0c7c80","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":192,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"68861f25-0d99-4a9e-8863-08bae88f543b","block_type":"box","text":"risk.","page_number":192,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"ef15d6e7-d58b-4aaa-9f66-5b1546f1d2b1","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":192,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"25802d2f-8e4a-4d6c-a56e-255d52ab3884","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":192,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"2e0bb0e4-a2d5-4393-963f-09695c0f6966","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":192,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"9fd72037-f41c-4d92-b1db-e3e3d5f9681c","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":192,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"9ad46bf5-a66a-47d9-a787-88203f76fffd","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":192,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"e49e104e-21aa-4b97-a1b0-4a34e65ccf3b","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":192,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"ea5bc4f0-3bdd-48ca-b21b-344e28bad9de","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":192,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"fa259776-8d6e-41c7-adb9-dd2f3b4b85da","block_type":"box","text":"credit risk.","page_number":192,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"e6abc081-4fec-4511-a68a-a4f76391e607","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":192,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"901fae86-ea21-4f0e-b497-a8ec62bdfab3","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":192,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"0817cfb0-9a9a-4226-99f6-59de36dfe10d","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":192,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"8a6ab82c-02cd-47e9-b759-7699978ffa7b","block_type":"box","text":"of principal or interest.","page_number":192,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"ea97c92e-73b0-4bd7-adb8-3129b791c871","block_type":"box","text":"Note:","page_number":192,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"3d9eea6a-a107-418e-86d0-031900b0bfa2","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":192,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"52e000c3-f46f-4078-a6d5-7b8067b2fef5","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":192,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"508e8c41-348d-463d-ab90-0dec78c90bcf","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":192,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"5653b055-b090-4ca6-9b7b-c2b912f576f8","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":192,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"2d1c81d7-c4a1-4e34-8efd-0f658b75d37f","block_type":"box","text":"companies, and securities firms.","page_number":192,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"f43fcbfe-3e1a-4b46-91d5-ab9ebee7ad18","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":192,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"0a3849a7-9f48-49bf-a49d-36cd813ebab5","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":192,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"5e4e78c9-aacc-489f-bf5b-ec291abdd505","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":192,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"610018fe-c8ce-412d-a6cb-09b5777da40c","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":192,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"c5cabcf4-00a3-4ca5-97ac-e152d2c1724f","block_type":"box","text":"that security.","page_number":192,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"769e5f9c-361a-4020-be32-e8e568a3a9ec","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":192,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"fe7a76e7-3c92-4bd5-9d6d-bc30798a447c","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":192,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"ceaa0d41-fc43-4176-8a13-917b6aef7648","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":192,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"84788752-bf2e-4ccc-b83a-8008cefb924f","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":192,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"3c86a2a9-8ec6-4319-b847-4919387114f9","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":192,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"9e818a4f-c700-4640-aca9-9a117151c88d","block_type":"box","text":"categories.","page_number":192,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"29f54a0d-706a-4e78-a192-bbc04d06e6b0","block_type":"box","text":"A-2","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7c3f85fa-6307-4588-8d0e-e64f9080cd3d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"237f9126-b1b5-475e-9119-66c97f1162f1","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":193,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"29cac159-16e3-48e1-9829-d370c1b65240","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":193,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"5ca18e3f-8737-478f-84cc-c44dfcc4c2e4","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":193,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"407fd00a-3e36-400d-90d1-0e7cdf62a75d","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":193,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"648c7673-9714-4014-8b2e-5166c6ad1e7b","block_type":"box","text":"an issuer’s self-liquidity.","page_number":193,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"7c394218-32c7-4430-8c8c-f0853ec9d7d8","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":193,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"72482ac9-7ef8-4005-9e49-5c142528eda4","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":193,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"44341948-7ce7-484b-a902-c598dcdd5483","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":193,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"4358bdc0-f85c-4385-a9ef-8abc428bf3b5","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":193,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"cab85653-61d1-44dd-a0bb-5550defdacb9","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":193,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"f2c46b38-56a4-4adc-9c48-71bc0224a15c","block_type":"box","text":"MIG Scale","page_number":193,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"66425b51-0d60-404d-88ac-d704be39f7db","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":193,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"2f765666-abbf-4fc1-b7b6-fb48f910470b","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":193,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"79558f25-f05b-4982-bd1d-d62aede014f4","block_type":"box","text":"refinancing.","page_number":193,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"2082b7e2-991a-4b34-af9a-4a78bf1b3aa3","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":193,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"929a500e-9459-40c7-8cbb-a334b8f424ee","block_type":"box","text":"large as in the preceding group.","page_number":193,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"364b61cc-bf5b-48e4-8c39-7408137b339f","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":193,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"1ed85cf7-9209-4b06-a0dc-2eb59694e469","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":193,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"33893414-4b6c-40be-a015-03c39774b1eb","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":193,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"373a5409-9671-4685-8d47-1be8b4b504cc","block_type":"box","text":"lack sufficient margins of protection.","page_number":193,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"2da47917-e38b-44c3-9df7-ac8aa5e9f821","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":193,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"2f76f98a-fba6-412b-840e-4bebf9a82a01","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":193,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"7d740a0e-2a95-4566-a4da-1a094641e0bc","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":193,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"628a5741-96cf-4517-bd6c-fcf77029d8cb","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":193,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"bfd8a8e3-86d4-4bdd-9838-f0e5d75548ad","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":193,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"4d92c9ae-ffaf-4d8c-a3a9-9370ced7d256","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":193,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"de9cf92e-bb91-470e-9463-afba8cea59f8","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":193,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"524388aa-ccfc-4953-ba95-8c5a74ff9b2d","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":193,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"670deb02-a195-495e-bc11-1e8b1f5b7fee","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":193,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"aba80721-8170-41bc-acb8-e1fe61ce294e","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":193,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"f067a42a-d004-4ad9-a5ac-74e35131a10b","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":193,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"9f1e9144-4500-4974-9a51-d14801d73f09","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":193,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"49ce86e3-11d2-4975-ab27-32f307294c4b","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":193,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"52135953-99b2-4478-9aa2-3e07195df6ca","block_type":"box","text":"VMIG Scale","page_number":193,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"932abccf-ce26-4405-9aed-91ceaf0041d9","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":193,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"ab120ead-33c2-4403-8ce2-09bda5d022a5","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":193,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"41060a30-e53e-4ebe-ba7a-0e00818b159b","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":193,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"692da613-9b6b-41e3-a8d4-5433311a4119","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":193,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"04ff77ba-5d69-4d26-aaa6-8905db0649f1","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":193,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"f969f05d-96ee-4672-be26-4b991d66aec0","block_type":"box","text":"payment of purchase price upon demand.","page_number":193,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"6fd8ea32-4ef3-4d8f-af29-7912eccc427a","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":193,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"e854f505-8543-451c-8614-00167058fa43","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":193,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"134a4a10-a61b-424e-b0e7-8d41596f38f4","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":193,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"234099a8-0cf1-4b13-a175-5c48948b9d08","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":193,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"2e4ba411-4967-4d92-81bd-28a6fe5c1d26","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":193,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"4a05885b-de11-46d1-8ff2-931817899da6","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":193,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"8c0f915f-3084-43b8-8f36-8b1d56d9b9e3","block_type":"box","text":"price upon demand.","page_number":193,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"71a9a39d-e8cc-4824-8210-e0a955daa471","block_type":"box","text":"A-3","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"a32e2972-a645-446a-92bf-e4de308b3303","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50162e14-78af-4a36-b5f0-a9217bb7c677","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":194,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"0f3e0d04-0ec3-4237-8740-602faa7417b1","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":194,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"b1009f6d-0626-4f49-982d-d5fa48baa131","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":194,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"6284a267-26b4-4870-83ea-146dd759f7f8","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":194,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"92117f18-2693-40e3-878b-76184717e64b","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":194,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"fa78382f-3160-4f40-9d82-9b63802e1a7c","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":194,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"04e9db9c-3387-45c7-a7b5-ffa048f0ee2d","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":194,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"c5c4c8e5-5798-49b4-ab37-72d80f14f4e1","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":194,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"358c579d-0deb-49dc-9ede-4b15f7bb7840","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":194,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"03c620b5-0b32-4078-9dee-d0ed8c010d11","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":194,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"c0eb198c-06bc-4125-8648-351993a02ea2","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":194,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"5f6ebfdc-b75b-48bb-a168-e86ed41fb538","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":194,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"51c2a6c6-620e-43fd-a867-d7bb5ececde7","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":194,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"2751bf4a-6256-4bc9-9820-922f22179684","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":194,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"a8c6f44a-5987-4551-80b9-1f0d0fd5ee2c","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":194,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"3b2d207c-91e7-4444-8f7b-c3e614559377","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"097bb56d-4b32-49b5-9403-366fa170d388","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":194,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"cc9f18a8-74f8-440d-8870-b80a07bff9b3","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":194,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"69db0825-937a-4d5c-9851-737349784897","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"0e5f0c09-15d8-4430-a750-a3cb5085b26f","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":194,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"cfb7970f-bd7d-4182-a534-7128e9bc9f50","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"992e43c8-9ce5-44b4-84f8-e2236a410217","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":194,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"c0b03bc7-702b-49f4-9c52-be456d8055ad","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":194,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"2d0ebc6e-4f96-4401-bc9e-4abed144bae2","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":194,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"72707089-691b-45ca-aae2-b125d5412365","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":194,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"414a38b7-0779-4b21-a936-daa52228e11e","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":194,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"50e11aa3-76ff-490d-8cad-bdfb37cb9feb","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":194,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"55d2ca4a-c3ae-48c0-990a-51c34ef67f75","block_type":"box","text":"obligations.)","page_number":194,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"9eebcd06-26ab-450d-bb75-e74ffa15be7d","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":194,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"7d94451a-7bab-4d7c-bea4-736f2455b822","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":194,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"1d36aa36-7bc2-41e0-b336-fd9f8d3490d2","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":194,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"7abf7dab-7add-449e-a160-3ac9e1b443b2","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":194,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"c74b14a4-db93-47ce-95fe-5fa79890a05b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":194,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"f4bcc89c-b907-41d8-8cab-57d53de2b073","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":194,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"6f28dced-b0d2-4ea2-8552-000f50736740","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":194,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"1e2c9b1a-f62a-47e9-b986-e34b881088aa","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":194,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"e053ce3b-5857-41a3-9b9e-e6eabe5f002f","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":194,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"b1e3b947-0eb5-49ca-b8ce-694fd10947a1","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":194,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"da0daefa-1fd8-4868-b2eb-7e51509b4c73","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"ebf5cef2-f307-4049-9c9b-eb0018d2a12c","block_type":"box","text":"BB,","page_number":194,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"b4da03b0-1a61-4dca-bfae-1f0d28f5ca58","block_type":"box","text":"B,","page_number":194,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"b878fa04-4697-4f13-801b-f91f3a6b6c15","block_type":"box","text":"CCC,","page_number":194,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"438e8d70-2664-4fb1-96e7-943480dcfa47","block_type":"box","text":"CC,","page_number":194,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"9ef30008-54b4-4e47-9b3a-d13c3468043d","block_type":"box","text":"and C","page_number":194,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"5d115df3-8a1c-479c-afa3-d9f01b359c7b","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":194,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"54ce7fae-3550-4cf3-a632-0726c63c9661","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":194,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"056a90f2-366c-4821-b25d-6fc3099d0287","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":194,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"16ef10b5-85f1-4f7a-8086-1e3c792960ad","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":194,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"8f183c40-1a06-4407-835b-f739c76d2e70","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":194,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"c31e5c1d-1d89-487d-8c13-331b1475f53a","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":194,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"21104ed1-16d6-496e-8290-12184f4c5e5b","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":194,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"5ec1c6e7-7e76-4cef-be2f-bf16bf91e976","block_type":"box","text":"on the obligation.","page_number":194,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"d8b2d95b-9bff-4d94-a4d2-bf4f3e659e34","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":194,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"07ddd21e-4541-4990-be04-7a8283a1bafc","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":194,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"7d78a15a-68a2-4638-acfe-a23348f9e9b8","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":194,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"9c7620b7-40ad-4716-b697-8f8751c5917b","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"65db52b5-82c5-4b8c-bb76-fca2bd4cd5fc","block_type":"box","text":"A-4","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"bf59253e-76e7-4066-8f0a-9820f7b56327","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbe08566-0b2a-459e-9fe7-41a07b529cf8","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":195,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"566beeb7-f7f7-40c5-8af9-11f99e103c84","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":195,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"2b216138-e4c5-44f9-b4d2-f33e65784149","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":195,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"53fd5670-399d-41ef-a92a-8ff0b007bc7a","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"2a4bcad8-6c22-45d3-b0f5-7ed7056458a4","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":195,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"218e1fc5-f6c0-4664-a99a-f3c1c35cb704","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":195,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"9656f47a-d0db-473f-8bf9-fed859034932","block_type":"box","text":"anticipated time to default.","page_number":195,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"b78c858b-f749-4bcb-96a3-cf2018466a0d","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":195,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"26eedc10-e2df-4151-acd9-6eaf66e3dc99","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":195,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"470d8e92-8612-483d-93f6-dfeda8f9d8e8","block_type":"box","text":"higher.","page_number":195,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"7e16922b-5794-4f7f-9c31-200dd3990a69","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":195,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"3ae603e8-2fe8-4676-a017-7e8f70fb6ce2","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":195,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"252fb2d6-6a25-46b9-b501-41435e63eb1e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":195,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"d524d54b-840b-4f77-b006-d06aa7e5557b","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":195,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"081d7fe2-de18-488c-bd2c-b8512821b82a","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":195,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"24737a11-f216-4885-903f-1620ce30f441","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":195,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"c30b40ba-6247-48b4-acf2-0a0f87183758","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":195,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"6c4fff07-079b-464f-b165-292a7b685d60","block_type":"box","text":"restructuring.","page_number":195,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"80f9e59f-c750-4607-acd3-8642be1b0e58","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":195,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"d446dac6-01e4-4864-9265-ab071a6cef02","block_type":"box","text":"standing within the rating categories.","page_number":195,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"d0fe3fdb-7ac3-4cb7-bb39-fee568645ec8","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":195,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"48578254-23ae-4bfe-9d01-f3ab995df2d1","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":195,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"6831816a-f7ce-45f0-81ae-b4d28896be1d","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":195,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"774ea13b-4851-4043-89ee-1b20707b6194","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":195,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"173d565a-6c16-48d0-bba0-baf58278853b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":195,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"6a1d75bf-dd95-4e4f-8843-8232bfbe8b61","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":195,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"1c34244f-0c98-4c1f-a343-ae8c13681b84","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":195,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"6e1e352e-cbce-4957-9452-fdb732d97e2a","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":195,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"8b20c8d2-e811-434b-95d0-e97ec3ddfdf6","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":195,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"7693ceb3-a60d-493f-99e4-3cdfb8ca19fd","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":195,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"0129bfa5-f66c-483e-a3d5-a69bc7a908b2","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"3a2efb41-fc7b-47ac-aada-b793f12c15a0","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":195,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"320d24fe-5e29-48cd-b4ba-48c13aabc1a3","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":195,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"62a5744e-cdbf-475a-bc4f-f6405fc6cb25","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":195,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"d1718b2e-c4c6-4240-beaf-886729f7fe30","block_type":"box","text":"financial commitments.","page_number":195,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"254330a9-1629-47d2-a3ce-6470479471cc","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":195,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"eb1bd67a-15aa-4f99-ad36-9b0b26702715","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":195,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"df9c7976-b9da-422b-ae7c-6507ff9d1e46","block_type":"box","text":"commitments on the obligation.","page_number":195,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"74582d0a-a412-40e0-b008-3bdf4e352dab","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":195,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"45750622-3083-45de-aa90-cbf66f6bf629","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":195,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"da0d21ac-de05-468b-8333-b660d1accf16","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":195,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"5025ddf1-c2f1-4f60-9a7f-34837d4d5542","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":195,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"f388dc38-8d54-44d1-a1b7-4cd83a1d4c67","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":195,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"e6b5f3a5-2356-445b-b5eb-0607c80f86ca","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":195,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"4f6b5f5d-a31c-4de8-8d03-3a000c0ca04e","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":195,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"e1994839-1033-4c45-a4cd-6b730856f147","block_type":"box","text":"debt restructuring.","page_number":195,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"38b568cf-b6e7-44cc-9993-376e611cf75d","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":195,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"a5df7d6a-d8bb-4615-812a-6ca791c22703","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":195,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"f86b5f22-1174-48a2-a562-ce4a3abe8c27","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":195,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"1f127024-b0f9-4e61-a48e-aa6e63fc60aa","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":195,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"6fc166ba-94f7-4be3-a567-42d39ff2fddf","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":195,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"64f3a798-3e66-49e9-9fa3-47aa1018220d","block_type":"box","text":"A-5","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"57a65ce4-0d26-406a-8997-35fb680e3d80","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27385869-5379-4bbe-a168-70809109357a","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"963ecf8f-7895-42e0-9f36-36af81eda8d3","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":196,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"84bc6206-0d70-42a9-b837-e62116932872","block_type":"box","text":"as a note; and","page_number":196,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"fd64ca2b-5681-43ec-b51e-4dfb19c740e6","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"56b6885c-3d7e-44ff-baa1-e4eb77947550","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":196,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"96dbb864-301d-487a-9560-992b93c4e22e","block_type":"box","text":"treated as a note.","page_number":196,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"9b274862-d38c-41ed-9138-55b95503b70a","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":196,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"f0898e4d-4903-4d09-9c8f-f867ea8aabed","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":196,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"f3837a27-690f-4bbd-a45a-a0fc49efb2c0","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":196,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"79f1317e-6c7b-4bd8-8c60-46887031eed0","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":196,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"e58a7d65-6910-43f9-8c61-ea9476fb76ff","block_type":"box","text":"economic changes over the term of the notes.","page_number":196,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"bd9ce2a0-5a83-4805-9fc3-3c4a724e032a","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":196,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"29828f96-0988-4741-bde3-ae2e8d146bce","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":196,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"966c5f1c-a237-438c-ac0e-b55370495965","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":196,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"d30e9204-3408-4f18-b84b-c456849e714a","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":196,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"4968ad7e-964d-493f-a747-e43bbb40dfea","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":196,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"fdaceb2d-612b-4d49-9730-f7aef910c544","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":196,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"190500ab-9a6d-468e-9643-584c2c74c22c","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":196,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"6b366bdb-69ed-4a5b-a892-50687f82ad02","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":196,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"aea6f0d4-281f-4018-87d9-78f15a8292ee","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":196,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"ccecf81b-0313-4bde-9807-e5e25d2c5bd0","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":196,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"758f0ffa-014f-4ccb-a1e6-9e157267e9c5","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":196,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"04e63246-90fa-45e1-a792-a479b734027d","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":196,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"cdd3eb6c-a977-4c93-a2b0-2fc9b067cfc7","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":196,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"ac97b9ea-1fd1-4d58-8e07-a7b380f80059","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":196,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"0fd2f30e-02b1-4673-8f1f-8cc8ca331aa8","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":196,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"069f7b51-7eca-4b9a-8a96-8cdb76c7aa5c","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":196,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"84d77ee0-36fd-4bba-9c0b-8305610964d1","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":196,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"a8fb4c9e-3d26-49b7-a7c2-be4365e834af","block_type":"box","text":"receivables or other financial assets.","page_number":196,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"b1a28c62-e89e-4f84-a03f-bcffc4dd143e","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":196,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"2129717e-7720-45d6-a910-c51cad7d2685","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":196,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"dd6caf8f-0fa2-4ec4-a3fa-dfbc93ed5bee","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":196,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"b92af549-9c98-444c-b464-259f65893de1","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":196,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"0ae18d8a-4a7c-44ed-891a-7210ecc50f01","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":196,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"00e2378c-9fc5-44c3-ae0c-7de84082a73f","block_type":"box","text":"occurred.","page_number":196,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"999aea4f-8ec6-42df-a42e-df65b3b97944","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":196,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"097eb185-0725-4223-aa2d-279d508b0e28","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":196,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"b970c162-38f8-4af2-afc6-6c5be4da9f5e","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":196,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"dc72fecb-93e9-49ea-a4a5-e3506975b575","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":196,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"cf909db4-810a-4384-82f6-66ba5a2ceeca","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":196,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"fbdb9982-e799-4818-b310-bde0b49a7c7f","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":196,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"48ee8c6c-f4e8-4c3f-8041-a0e6ebf6f3bc","block_type":"box","text":"rates.","page_number":196,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"cb27ad0a-ba36-40fa-896a-818ce9686754","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":196,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"eb4ebb2b-183c-4264-8b96-b5802e0fca10","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":196,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"6e216487-6e70-4399-b80c-dd63b2f11261","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":196,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"a582bdf4-2bfe-4d82-9108-97103a814720","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":196,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"6565cf18-27cf-4946-a614-b04faa537a42","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":196,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"789ca95f-af2d-4ce4-9141-c57620421f76","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":196,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"90aebf3d-7062-4566-ada8-21398f97c8bf","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":196,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"757b5e3b-ad74-4cb7-be06-ac59b8588282","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":196,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"dd4cf836-5ca4-4c89-8f5c-ccc35f381742","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":196,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"6241712d-3968-44ee-8a50-ce963acc1921","block_type":"box","text":"i.e.","page_number":196,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"cd6ae132-ec24-4f3e-a01e-b3154ac4df52","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":196,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"72d8084f-0992-4f5e-99c0-91d59cfe693d","block_type":"box","text":"the obligation’s documentation).","page_number":196,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"e97939f9-a91e-4e42-95c5-d8d1e15cda34","block_type":"box","text":"A-6","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"acfc3465-e3b1-44f1-bc6a-133b3cbf363a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"414b5a8d-669c-41d2-aac1-2340a6fc709b","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":197,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"1dad339f-9c5e-4600-8a13-d9ff6eb7e1cc","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":197,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"2b2e8bf0-ec07-4ff5-9bab-50b3ce34255c","block_type":"box","text":"agents in the form of a rating letter.","page_number":197,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"77c19a0f-03e1-4648-bc04-0bf14ff5ceba","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":197,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"c9269ea6-1a9d-46d2-a56b-1b25c3900430","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":197,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"0f395d23-fa8c-423e-a0d9-91231efa905e","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":197,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"0021d208-6d73-4c47-ac17-d12148273ee1","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":197,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"25f9bdbb-7db2-44ec-bde4-ae94b3e56e09","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":197,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"3f2ebfcb-985a-499e-8c79-64d00fb7a8d6","block_type":"box","text":"e.g.","page_number":197,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"bb3f827c-0fb1-48c8-8600-1299edfa306b","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":197,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"a7f7bac2-981b-47cf-bfa9-341c4434d1bf","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":197,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7a584d9e-16f2-42ac-81e5-8974b160053c","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":197,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"f9f0c26f-b5b5-491d-9fac-358a58ac5735","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":197,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"88dad84e-b12b-4dd0-8417-f4f7da933332","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":197,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"8598e18a-80ee-4dcd-8004-9b2d0364cf6a","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":197,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"478452d5-c372-471c-9bfe-5fc077b5c7d3","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":197,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"d1dcf844-dae3-4916-862b-c7b8ecec196d","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":197,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"4867a68b-f756-4198-b941-347028f64db6","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":197,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"3b6afc07-8fa3-4dc8-8bae-93d77a796a02","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":197,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"59cd435e-86e1-40de-bcf7-9d89dcf7c7f6","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":197,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"f7bce18a-8233-4d9c-a83b-e8541e05583c","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":197,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"239c2671-1e0e-423d-be7f-fb1a52e0e536","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":197,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"7ee74648-c133-4ebd-8913-282b9f16fc5c","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":197,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"3a8b3a59-5377-4003-bf70-455417a7d90f","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":197,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a787a903-5796-47d1-8e00-08b0405914ba","block_type":"box","text":"Ratings.","page_number":197,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"29928816-b5eb-40c2-902e-aabea4505a9a","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":197,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"5664eeea-ad71-4ee1-b451-2d4ee7fa67fc","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":197,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"283edc0a-1815-413f-be4b-ad2803817b5a","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":197,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"2a173cc5-d4cb-4e7f-8598-210fa0f8738d","block_type":"box","text":"obligation ratings.","page_number":197,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"e608c5f9-2f4d-4535-96eb-dc682716a34e","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":197,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"3eb3429c-6649-4a7b-b01b-2a344399608d","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":197,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"4b8950c9-1d65-4211-bf6d-66e2f40fab8c","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":197,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"575b76a7-5d8b-40b2-a86b-b009f558bdaf","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":197,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"69fd300f-7392-4b09-92ba-b2732a30100f","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":197,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"64716c24-4e83-4dc1-8fc8-1de4e330534d","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":197,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"4a2b17ac-8a7c-4b94-8758-d3dbacf370bc","block_type":"box","text":"to foreseeable events.","page_number":197,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"1dc6737e-03cc-4dac-b7ff-e7578d84c8d1","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":197,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"321fedea-c61e-4f78-b694-35c1d18ad26e","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":197,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"302f9130-6f72-418f-a302-d05a1f1cf623","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":197,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"d1346a8e-dc71-4cc2-a165-fe1f93221d95","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":197,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"1dcb64dc-1301-4225-bd0f-a78a7cf38394","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":197,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"3df88716-7f5b-4186-8558-5984636a076f","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":197,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"35b7ac97-c408-4702-9e12-58367b70461d","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":197,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"e1fce71f-0684-4811-ae31-b98a0241007a","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":197,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"cd4d5597-3b24-4b5b-b8d8-b1993a271557","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":197,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"b8f21fac-f868-4db7-b192-4388601b5fda","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":197,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"dd68184e-1d41-476b-8f31-b430509af7e9","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":197,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"6b5b8b76-41fa-4259-a2a2-ac4766f0def8","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":197,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"09008046-ae27-490e-a329-a87599c062fc","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":197,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"25289b9e-55ed-4489-b6f0-259dfbce10dc","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":197,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"57a35c5f-3e2a-4ae8-a8e9-5246d8d0ba26","block_type":"box","text":"relative status within major rating categories.","page_number":197,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"77585a83-d2ee-4f62-9fd0-dc5fe2a446a7","block_type":"box","text":"A-7","page_number":197,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"30071b0e-3647-4009-b073-7efec422f898","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a781f60-a17e-4009-82e6-65085151e6c5","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":198,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"8e516aec-c124-402d-a30f-d705e56ec2bd","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":198,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"a604fe52-e1a1-48f6-9e8a-afc17423856f","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":198,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"e5c5ac4b-5704-4f68-aaac-40de99fd77b8","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":198,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"0b82125f-00f9-40de-977f-de0acd4aab87","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":198,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"34b6628f-375f-4fe1-8e6b-7712169aaeed","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":198,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"d785d070-ee5f-4b77-b4c6-853e063dd986","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":198,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"90ba1e4d-a077-4e03-9f6b-f7b2eb92a53d","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":198,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"cc49cc51-49ea-4010-82c6-0ef77a08ee4a","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":198,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"8e8bd2f9-5f01-4bca-92b3-f2da98df3d7b","block_type":"box","text":"finance markets.","page_number":198,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"6e719eb4-164a-4855-becd-5e73b73aaea9","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":198,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"cf5b4d06-0700-45f1-bd49-f0bbfd0c962b","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":198,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"35fc4ef1-9654-4d2a-9eca-70f861dc7403","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":198,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"b00d07a5-911f-4653-8512-b51d681f2f17","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"ffab887c-d347-420b-bd97-8fea11bce074","block_type":"box","text":"commitments.","page_number":198,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"e534cbae-0d21-41ca-a6cf-7614616568ac","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":198,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"5e00a618-0d73-4acd-89db-70a3d1ac552c","block_type":"box","text":"adequate.","page_number":198,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"2a64e4f4-0409-4227-ae01-cfd4bc29232d","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"54bbb1ad-57ea-407d-81f0-860da4bd1cf9","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":198,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"fa91b855-1c5e-4bdd-8aa5-f1b17822932f","block_type":"box","text":"economic conditions.","page_number":198,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"fc175333-c4cf-44b7-a471-111970b47226","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":198,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"99a390b4-56ff-4fa0-8ff9-df60d36ed8b1","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":198,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"88a351c8-1ffa-4345-8c83-77faee940fd1","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":198,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"4d340409-77bc-4d18-bf07-397be32f758c","block_type":"box","text":"ratings only.","page_number":198,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"1d4b2089-c08e-477c-8920-25367eb5005a","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":198,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"028c8273-1fc4-479b-843c-e539e2938dae","block_type":"box","text":"obligation.","page_number":198,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"5959af83-7826-4d08-82cf-22141fe93bcb","block_type":"box","text":"A-8","page_number":198,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c2d3e655-0ca4-4aca-aa9f-c65667024ca7","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18158d4e-2bb7-45c5-bc1b-6f90f2a8c7f8","block_type":"box","text":"APPENDIX B","page_number":199,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"11880605-1554-40f0-9329-74901b58859f","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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to the","page_number":199,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"7e1dcc55-27ea-4350-9e61-d0c1e4c72225","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":199,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"c3b3a1f0-f9bb-4cf0-9b5b-8d29ae7576d0","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":199,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"99536afd-ebf7-42d5-af2d-61b96b656ad9","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":199,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"6f9d905c-e226-480b-a2fa-82338f669af2","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":199,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"90d018ac-5534-412b-af29-e1895d12472d","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":199,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"cb317020-2d81-4b77-9912-06d41847ecad","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":199,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"3f5dda51-e8f9-4c0e-bf72-b44d6d373cf5","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":199,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"275e0f16-877f-4f98-98e5-46b84867785f","block_type":"box","text":"Conflicts Management","page_number":199,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"18a7fd4c-7c80-4cf3-9a06-324ccd4bb93f","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":199,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"9b46a956-2c41-4263-9578-0f3bf5a7d714","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":199,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"27a98ec7-4c24-402c-8f7f-4ae0001188c1","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":199,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"9f196bc3-3dd9-4ef9-ae7f-f3eab691e2b1","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":199,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"a4480111-4bea-4aa9-bdfe-ed77af529a89","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":199,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"800a2360-5af5-4e19-990c-3d41dca9816c","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":199,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"7bc728b6-045d-4b12-a82e-4874977ea97c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":199,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"44ff4ebc-de1e-4c7a-8700-88968c8b6fab","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":199,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"41b4f6c6-b609-48c0-81e7-11efb6264e03","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":199,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"94e5ffa9-60d9-4c8f-9aeb-a3ce4d2a4027","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":199,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"93f038d7-65e7-4df6-92c0-1c9c1e11b595","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":199,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"310d138d-02d4-4217-94d5-fd05972fa916","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":199,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"978d3c50-3413-4a0a-807a-e8d686d5c07d","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":199,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"a63dae26-acc0-46e9-b450-f9c5a179fc58","block_type":"box","text":"connection with proxy voting.","page_number":199,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"3b650199-c981-49fa-959a-61cc374e08a8","block_type":"box","text":"Reports to the Board","page_number":199,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"197899d1-f29c-4f14-b4fa-a34f51dd7735","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":199,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"c86bd9fd-20ae-4e5d-ae19-db3680e257b5","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":199,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"bf26c477-f621-4bec-910c-cb197ada8971","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":199,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"355b8e47-cc42-43de-bf7f-b98059727845","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":199,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"72c6509f-cb92-4216-b53b-b1a0eb91faa3","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":199,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"ad80ab92-2e3b-4087-af35-0514ba88453a","block_type":"box","text":"BlackRock","page_number":199,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"2c1c4118-5815-4dd6-b9a1-66a67c48bdff","block_type":"box","text":"Public Page 1 of 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":202,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"bc92174d-88a4-449d-9b3c-fe3ed9c899e7","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":202,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"170a7801-2909-435e-ae08-76aa87b253d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":202,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"8cbda927-2cdd-4747-8001-37a70609d648","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":202,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"6a63ba7a-3d13-4309-9eaa-c6096767ce52","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT 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with","page_number":203,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"68f2b014-d4c2-4acb-b69f-e5603b39f4f1","block_type":"box","text":"issuers.","page_number":203,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"bb729d64-a191-479a-81de-be41edb50e22","block_type":"box","text":"1","page_number":203,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"1eb20fb9-d321-4300-91a5-089656f8baf2","block_type":"box","text":"BAIS works in partnership with BlackRock’s investment teams, excluding index equity","page_number":203,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"b130523a-6001-40f0-b8b0-513c795928d7","block_type":"box","text":"2","page_number":203,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"a4f17c97-1f92-4166-9135-d7c0deca151c","block_type":"box","text":", providing expertise","page_number":203,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"db57c3ad-d27d-42ce-9e94-9a65e4e1e66e","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":203,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"1328f43f-62ca-40eb-95f5-ac32be5880cf","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":203,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"f8f3a1d2-e385-465e-a55b-861d9fcd85e5","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":203,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"b95e92c0-209d-4789-8999-f5c42fe2e4af","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":203,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"eda197bc-9511-4441-8a33-1b16e13372af","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":203,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"b9846850-9460-4970-93f9-4c5ef018aeb1","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":203,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"6209d015-6deb-4613-857b-057e04872d93","block_type":"box","text":"The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these","page_number":203,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"02672f9f-631a-4cfa-8049-7d92cda60d3d","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":203,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"0a601d0e-2ad7-495c-9fb7-c81496947943","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":203,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"c6cde3db-56de-4f35-a789-46b25aae16a7","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":203,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"4d628a05-66f4-4256-b5b2-ebae1e26fe12","block_type":"box","text":"1","page_number":203,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"b888dbce-7bea-4b39-9724-24aa3d26556e","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":203,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"16f7e500-f415-46b6-838e-22e22ff56915","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":203,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"3b65d989-5766-43d1-aff1-4fbeb07f582d","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":203,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"5f363bfb-e124-4071-9323-2b936bea43f4","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":203,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"f5ba3eb1-ce14-4e9d-a43b-38b29c58399e","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":203,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"e3d2dc60-3fde-4d62-8a4b-dccb5efe3127","block_type":"box","text":"2","page_number":203,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"b0dc3fc3-d6e5-4046-b8d6-6bea2fbab9a9","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":203,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"e879bac3-a16d-4a31-86cd-814ff73bf3dc","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":203,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"7a643f2e-e701-4c28-91ec-30d9db5bdbc9","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":203,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"ac559897-d72f-4d1f-889a-9584735d8659","block_type":"box","text":"policies.","page_number":203,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"a6180b18-5e1f-43a2-b38e-a71b358af31b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"60fe6690-fcda-4ba9-a071-f670b38e0cb1","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3093452c-f890-4c90-a435-9b6ce9f0a042","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5a0a4bb-294f-46ab-bec3-5e4f816e3b96","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":204,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"c646ea73-a501-4b14-bd77-d3c75e39e0bc","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":204,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"95b44614-4088-49bd-a747-185f86985b6f","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":204,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"67cba907-386d-4764-bd44-5b5c6bd15ba2","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":204,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"fdf052fa-337c-4ef9-a218-7b5ea3472953","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":204,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"a7ba839c-81d2-48a2-9337-df889139398e","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":204,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"f625731c-991a-4dd4-b7f3-33383f288368","block_type":"box","text":"this work with research, data and analytics.","page_number":204,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"3c603b25-4b80-49f9-834f-7dfc33923eca","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":204,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"031acc4f-d77b-4199-b638-0a84bda31412","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":204,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"b2177420-e19a-49a4-8ea5-c0254369028d","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":204,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"2bd36a96-182d-46ad-8a55-d4e9e0d0bac4","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":204,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"13c36bc9-6833-4374-b6cf-aee53cbfc205","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":204,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"2152bb07-6358-4c6f-925e-46d1466c2d32","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":204,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"ec1177e5-8a5e-46ca-bf92-4b57c4fd1322","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":204,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"6a462f41-6bf0-4efd-876f-b838d70d3291","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":204,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"4042928d-e927-4de3-9a19-a2e9518c5aff","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":204,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"d6e8d285-aa28-4b3a-b91a-959dfd674908","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":204,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"4eca9523-7c35-4bed-b031-b6b1e5689e86","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":204,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"d9badd94-44a6-46da-b142-d2af369386ce","block_type":"box","text":"shareholder meetings.","page_number":204,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"03e2245e-5612-440b-a49c-76878c780457","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":204,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"2eac7517-02e4-4d6c-84aa-e10c9bb591a0","block_type":"box","text":"investing.","page_number":204,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"70908293-ecdf-4375-99d0-6b80d2a5ff00","block_type":"box","text":"3","page_number":204,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"06e505d5-120c-4dd8-b6df-d6b11c93c4e5","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":204,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"12668420-993d-4dc6-9982-53566555870c","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":204,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"06ab27f6-264f-47d3-9d93-b823d33b5ae5","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":204,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"1a00709d-af60-489c-9b6c-164b9afd704c","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":204,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"5f54ddfc-4d28-4019-ad2f-5018fc102d28","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":204,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"6f876d8c-f45f-4f49-a788-00277d53af4f","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":204,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"eacb67d7-e180-4f40-a261-48cd2d6090b5","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":204,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"d5625900-40d4-4427-9650-0531413562bc","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":204,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"71048394-cbf6-4476-8f60-15bdd121199e","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":204,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"2ab24425-b1d3-4e97-88e8-3741aa4b7b86","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":204,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"ed127373-44e3-4db4-8ec4-63ba9da06f65","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":204,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"dd230c7d-ab6b-4e16-892d-b9011cfd568b","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":204,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"a63c9080-26d3-4e72-a29c-61291e7c8b00","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":204,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"16370c4f-194b-4453-87bf-9d6c98739916","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":204,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"76a62564-1182-4257-930d-8ade5e293aa2","block_type":"box","text":"management teams and board directors","page_number":204,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"c9b9bbdd-2e27-4d40-94b3-d6b2d72df47a","block_type":"box","text":"4","page_number":204,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"0fe7484a-d996-4446-9941-5f318a81a4be","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":204,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"e3b22d3b-9d56-48bc-b08e-ad72c3372f7e","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":204,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"3b767add-b789-468f-85b4-f62d2a88782b","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":204,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"42e3cbfc-c6f0-4c71-96b9-fab9b20950a7","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":204,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"27d63948-9ed8-4758-bfd9-acaaf59fef17","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":204,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"d1118d85-c14e-48e4-a843-c2f91ec43b56","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":204,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"917795d7-cfb2-46b3-8af6-4935797dc9ac","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":204,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"dbaaf8bd-c299-4ba1-aa40-a81b30037c5e","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":204,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"5e345bb2-afa4-45d1-bffc-61cf8b3556aa","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":204,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"6945e1f9-2990-44e4-8420-a82d774f3b61","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":204,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"0ffab6f5-14e6-49fc-9f37-152d4d99788a","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":204,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"0a0c1d45-dc2f-4492-aab9-bb71726ce1b9","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":204,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"63c18e66-5f77-4dc2-a1d5-18bf52bb341a","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":204,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"2d8736a9-9161-4169-9a13-df42b5113999","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":204,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"bf5e9ffc-da3c-4c3d-a28d-b3d733b14c7b","block_type":"box","text":"3","page_number":204,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"aec923a8-e7ef-4dc3-b673-4c33a32f562e","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":204,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"1a2a3226-402f-4a6a-88e6-ca14e7ec0fea","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":204,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"428bcbda-9d80-46c4-879e-b403d0179b6b","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":204,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"d9db56a5-96b0-45f3-a58b-8c8a1c54100e","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":204,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"d300c635-5a8d-43dc-9e92-fe76491f7395","block_type":"box","text":"4","page_number":204,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"40dc2259-b2c5-4b5a-80b9-0acfb5a5e25e","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":204,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"b883dccd-c75e-4fb9-8bad-9916f311aa11","block_type":"box","text":"boards and their members, where relevant.","page_number":204,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"44601b57-b9e2-42a9-90af-79cb1c59865e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4909c3c0-a4c2-4c3d-b8a4-6557bcfd2f8f","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1d451b9d-6550-41b3-b8a8-3479a9b7131e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0182bd38-4b6b-418b-9eb8-5fd375d26065","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":205,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"52c08712-328b-4df8-9620-6067f14d627e","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":205,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"6e1ba41a-2788-4977-a19e-c97211e49db7","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":205,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"4b47b6c7-1f13-474a-a106-7ad0e3a0a880","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":205,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"353cae5e-a65e-49ab-9dd2-677bd16dce4f","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":205,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"0c40fdac-b38e-4c9e-b6c5-56704c0779e8","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":205,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"f1be24bd-4e45-407d-9db6-899dbfe0cd61","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":205,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"fae8c721-ad80-4046-aabf-ebb7fcb448ab","block_type":"box","text":"5","page_number":205,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"d669f9c7-96a0-4c21-a226-dced8ed81081","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":205,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"6c2a67f4-443c-41da-b57b-3b8f57b183cd","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":205,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"4e826f68-cc3e-4cec-bfff-0a4a0b3d3be2","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":205,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"d886b921-14b9-4295-8924-137622307d00","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":205,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"59631edc-bd7a-4be5-afb9-f063bd548e28","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":205,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"8ef9624f-96cc-4647-a8d1-f10e707f1182","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":205,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"10f450bc-a3c2-4fd3-93a1-933cd79c7634","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":205,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"def632d0-ed6e-4352-9465-26803e18adfd","block_type":"box","text":"5","page_number":205,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"a86da395-66f7-4fc9-8752-92e1399fb9e3","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":205,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"a8f2bdde-9ffd-4577-84a0-027b85aa2196","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":205,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"901912d0-89c1-4d33-b747-732996fcdaea","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":205,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"8b6e98d6-eb68-40f3-b363-40776ddebf01","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3c26a9a0-8749-43ee-b66f-bc91a027ad6a","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ec217c75-cae3-4bf4-8ff8-428916ac3f2d","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aed520b0-4d76-4076-a60c-20a1d7a934ca","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":206,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"90c201e0-1801-4a3b-b803-ee1a409e3493","block_type":"box","text":"Roles and responsibilities","page_number":206,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"bf507385-6ecc-441e-a64c-4eb608a83175","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":206,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"6c850858-1723-485c-bc9d-37efb9ddc559","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":206,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"7559f875-90c8-42e6-b4ff-b30e6850663a","block_type":"box","text":"6","page_number":206,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"ef829378-24e5-4367-bac0-00c0bf9d5143","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":206,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"4b75f754-9b07-451a-9e14-f69b6295307c","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":206,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"06340fc4-1448-4a3c-b54c-ccacf12d2796","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":206,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"18602cd2-5620-4a04-b704-d8221eba2bd7","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":206,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d6c2bf81-b20a-48f3-ae24-591a26fc98ea","block_type":"box","text":"performance over time.","page_number":206,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"245ef828-8789-4547-9747-ee9d2419ee48","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":206,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"09ab2dd3-cff2-4f94-99fe-b76bdfe96c02","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":206,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"096fd9b7-4681-423b-b448-5e7f2baa741f","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":206,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"b034bc68-91f1-4cce-9408-b0f3e81516b4","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":206,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"fd210ebb-46f6-4ecd-9be1-cf041e2fd091","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":206,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"c860809b-8d1c-43a8-906d-3acd6d368dc0","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":206,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"2872b301-0c25-41e9-8273-e6765e915200","block_type":"box","text":"Composition and effectiveness","page_number":206,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"897dd484-1173-4800-b336-d376abfb10b1","block_type":"box","text":"Appointment process","page_number":206,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"4550c104-a68b-464d-a10a-84a017090fa3","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":206,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"a4b4199d-01d4-46fa-85cb-6a8be5267bc0","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":206,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"5d585292-440f-4456-af6d-3bfd729dcef4","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":206,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"592a062c-f6fb-4923-b7ae-0a19c302992f","block_type":"box","text":"e.g.","page_number":206,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"0c7dcab6-2018-4bb2-99ea-f630d1c07388","block_type":"box","text":", sector, maturity, geographic","page_number":206,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"c5a45c10-86e4-4977-94f2-e5fb336ffaee","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":206,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"1c519652-4fbf-4f39-9b49-363b4e989533","block_type":"box","text":"e.g.","page_number":206,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"b0ff2a9a-6825-42b8-88ff-0b20b7395995","block_type":"box","text":", financial expertise, industry track record). To","page_number":206,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"b511eb43-df04-498b-bb7e-d339bfe01ec5","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":206,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"bc9bc7ed-4855-4cfc-81e8-d6616dd18cbb","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":206,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"8bd6a988-a8d3-453e-bce3-6ac54b77482b","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":206,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"21c23065-3cac-4f9c-af22-e330a930f7c0","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":206,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"e3300803-5ea6-4aa8-a741-d80b570b6a35","block_type":"box","text":"and local market requirements.","page_number":206,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"5c486cd6-f43c-4d74-a0cc-aecd27e3d756","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":206,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"1ab9f308-0f74-4648-b3f5-9cf325e853b8","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":206,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"d23e0c15-8b25-41e0-a349-e6a5ed2704ad","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":206,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"cb292e6e-bee7-46ab-90f2-f2add95a595a","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":206,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"e6396840-7358-4c62-970c-a13226673b3d","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":206,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"f799df24-3c4f-40da-8d3e-6c0d2f8f6e30","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":206,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"15cdded4-e053-458f-aa1e-993c6dad419f","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":206,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"8091f81d-f23d-4da8-b81a-371976a215c7","block_type":"box","text":"Independence","page_number":206,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"c0df7728-a41e-482b-9fc3-f66953a9b104","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":206,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"5f49e8b7-6f17-40ac-bdd5-d3fad23bfcfc","block_type":"box","text":"e.g.","page_number":206,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"d60958e5-f078-4cd5-b765-c8b52d236ea7","block_type":"box","text":", government or","page_number":206,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"6d101d24-c7de-47e0-9c6b-352f5e5f4ad8","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":206,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"23aa2e05-d5d5-48a0-b441-d8979254d8d2","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":206,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"cacfefe6-6147-4950-9d3d-874b1e7d50eb","block_type":"box","text":"conflicts of interest or undue influence.","page_number":206,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"089bd0f3-a204-41fa-8c28-08767c641d73","block_type":"box","text":"7","page_number":206,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"0fda40d3-52e4-4ce3-8b0b-baf673c0fb23","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":206,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"8ea1089c-9a44-4de0-b253-550344c74c98","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":206,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"61b80e62-de9e-4e49-93a8-0b26fa634a8f","block_type":"box","text":"independence should meet those local requirements.","page_number":206,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"186ecbc9-82cd-4b38-a988-a497a309e011","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":206,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"80b39d29-5bc6-47ce-87d9-c1fff21260ed","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":206,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"ef7dee1c-0648-46fa-868c-0a77f9e55095","block_type":"box","text":"composition if this is a perennial issue.","page_number":206,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"73255b93-97f5-4be9-bd22-ce1ca425a6ac","block_type":"box","text":"6","page_number":206,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"f97cec64-05ff-4506-a334-861bfc8a9dfb","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":206,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"701a16d6-2b59-42b8-b7d9-f6549ad353e6","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":206,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"79754420-7526-4b28-97de-04ad6dcfe429","block_type":"box","text":"7","page_number":206,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"3d7e8166-0581-479b-a2c1-ec2ada4bb8af","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":206,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"dcc4196e-77ce-456b-b6bb-c60d1555d396","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":206,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"ba274630-337d-43ab-b4d2-a5fdc162663c","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":206,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"ea6b7f1a-e814-4ab9-9de0-d0603708c443","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":206,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"5e6ecbcd-ddcf-47fe-b578-cb97b66f8830","block_type":"box","text":"of the company and shareholders.","page_number":206,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"089685ef-9844-4ad9-8a6a-5b7ad5c0285b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9f72028d-7747-415a-9376-ab3424aae7bd","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7d0dabbb-82ac-4be1-b03e-804e04c1342e","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9d6ec1a-d21b-4fc8-893e-30febcecc04d","block_type":"box","text":"Independent board leadership","page_number":207,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"26b76db7-7216-493f-85be-f9fb7be954dd","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":207,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"7f36ecbc-e966-4714-86b1-f9dc80e4693c","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":207,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"9cb6e879-69ab-4f3b-bfcb-36cf0d4376b4","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":207,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"83fcde6f-4863-47bb-8b42-79c01c911e0c","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":207,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"f20a6113-0a95-4751-9002-791a84a9f5a7","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":207,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"7a5df065-98e3-4c7b-bfbf-f81c75739b40","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":207,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"a4567843-d063-4a34-98a1-493802514f85","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":207,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"13f5cee5-6edd-40e8-a356-90f412527a1a","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":207,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"570d680e-3fb5-495f-a167-df9ec1dca32d","block_type":"box","text":"how it serves the interests of shareholders.","page_number":207,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"4b6fb91b-713d-481c-997b-8853f0517839","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":207,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"d9acaea8-2b7b-47d9-af79-e765f2b4214b","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":207,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"556962e7-b41c-45ea-8714-528fcfa4fce2","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":207,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"b282baf6-2709-43bb-b25b-5feac78f2d08","block_type":"box","text":"Tenure and succession","page_number":207,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"db96de2b-01f0-4c64-9849-cee6e63222c1","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":207,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"fc847463-08a0-494a-94e6-8b10abcff96d","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":207,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"946caff1-158c-462f-9e6e-d2337916a978","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":207,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"e0038ab1-6941-4fb0-82e7-8961abe375a9","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":207,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"8265adb5-484b-410a-9da8-41b08b51d588","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":207,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"e127cc7c-5c4e-4107-a753-b558c5d79008","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":207,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"62054e87-8220-4bc4-ae4a-a56ef7b5ad9e","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":207,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"41d84563-75fe-475d-b978-55c4950e97eb","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":207,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"44842e6e-0209-4a4a-ad81-7992a86086bf","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":207,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"71eefdab-b0c5-4edf-8851-e3a27e4bbdb7","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":207,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"f9ae9fc1-4479-4add-8fa8-ead497b7eeb6","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":207,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"9a5e4f08-02f1-485d-b34b-e2c9b935dec9","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":207,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"6cfc2451-fed9-4456-85d1-7e6e723c3966","block_type":"box","text":"for their continued service is not evident.","page_number":207,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"1f413eac-b622-48c2-a7e5-a53264f0c5cc","block_type":"box","text":"Capacity","page_number":207,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"41884c90-aee2-40d2-963f-04dad92097ad","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":207,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"7d453572-312b-4169-9ed3-56ac793e390b","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":207,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"bd517ff9-24a0-4c4f-a545-30317230f445","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":207,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"6fcce2be-7a74-475d-ae5c-1bc03735c0c8","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":207,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"e29228a1-9207-4253-8afe-b632b839c88b","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":207,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"217c6d23-7592-4753-adae-1c400a8bd433","block_type":"box","text":"determinations across markets.","page_number":207,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"0e68d076-0bb0-4943-a4cb-fffa85ec3701","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":207,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"45549e9e-0fa8-4693-a66b-2e45ce58f2b0","block_type":"box","text":"their duties to the board and company.","page_number":207,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"2d80eb43-af96-4667-8d0f-1208e3e53534","block_type":"box","text":"Director elections","page_number":207,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"1cca67e7-c795-43b4-b533-aca53936860b","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":207,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"dcfa6df2-221d-4428-b564-1d4c893347af","block_type":"box","text":"structure","page_number":207,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"308c5a44-10b7-4025-a086-d3cab4da2c60","block_type":"box","text":"8","page_number":207,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"246051a7-009b-417d-9ca7-f46c171aa203","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":207,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"4bb34727-73e7-4ab2-ad0d-79dabac709bf","block_type":"box","text":"basis of its business model (","page_number":207,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"d885e9e0-a9ca-4295-856a-f45882952126","block_type":"box","text":"e.g.","page_number":207,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"b813dd76-25f0-4424-844e-830a30125cd4","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":207,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"ab890ef1-7e06-495c-9904-e469e35530a2","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":207,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"0a62d6da-3b71-49cd-a252-69d7f19c78e9","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":207,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"c567aa75-de75-4dd5-ad24-4ec476aa416e","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":207,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"ffdd94d3-4ee8-4210-bf90-5eb45d840605","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":207,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"97bb6f50-c887-4386-bdb4-f51ea49f17f8","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":207,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"6e644b0c-9413-404a-8ada-35ee2dfbc6fd","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":207,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"618147c1-5d84-49bf-b831-efd2cbffe927","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":207,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"b4a34ffd-f8ea-47b0-9966-e90e461aece7","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":207,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"c4d7e9a7-3e3d-400f-865b-fd3c6931504a","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":207,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"178ba068-5ed3-4735-9f93-8e54d4cf4a67","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":207,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"79a2cf89-6d7d-40a0-b6d9-d6e5e2f1b0bb","block_type":"box","text":"8","page_number":207,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"66708add-15d9-4a1e-acf8-64b6057dadf3","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":207,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"b4e733e7-3932-4614-9833-e795805931b8","block_type":"box","text":"directors stands for election in any one year.","page_number":207,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"37de0d18-b47a-40eb-b09c-d4563e478430","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"08ce04f9-a8a4-49c5-9b1c-1edfb8fe16c0","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4a7758e9-97bd-429f-bb9b-a91d4aedefdb","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2321794-841b-45a4-88d0-a7a982114aa5","block_type":"box","text":"Committees","page_number":208,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"a9e2e491-f0a5-4c3f-a5fd-a3550d3b8c6c","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":208,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"e7c9acb9-339a-4d7d-bd2b-6cb3429a2495","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":208,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"416474bf-5ba7-45aa-ae6e-3c4ed6ebb15a","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":208,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"26483de8-ef84-4dad-b2d1-8dff96e90f73","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":208,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"2ebf0897-36ee-46c9-bc05-686be1c5171e","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":208,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"443f9ab8-d69d-4c89-b72e-5d6e2530589c","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":208,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"a7cac2fa-1d31-4dc5-9c0f-81f1c9a495c7","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":208,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"731aa5ee-2c78-4c50-b819-be8ed9436cba","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":208,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"48061732-a908-4e87-842d-b77fa78c9576","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"2a77a14a-1c2f-4905-962c-a829d9b1f14a","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":208,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"869966f7-29ac-4bb9-bdf9-56862ecdc5cc","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":208,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"777d626d-6f76-490b-b1a1-71e6a1af86d4","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":208,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"fb1d17e6-0740-4bd7-a061-499346203431","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"9c451e79-4030-470d-9ec3-7cf48add19b0","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":208,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"f89ed075-5dff-4d14-b3dc-994dd2fb74f0","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":208,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"86c47b29-3e3a-44ab-a587-fff0aa841d43","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":208,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"d3939a24-a65d-4164-8cae-bde29983029e","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":208,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"c76daad9-b9a7-4f6a-ad0c-81b667328742","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"1373f5f3-3d36-40bd-b2de-053eb7026070","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":208,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"08c60477-ccb6-4eba-b60a-d3559274f925","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":208,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"b59ed131-6d25-4423-beb7-fa14ea21cc37","block_type":"box","text":"firm-wide compensation policies.","page_number":208,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"d103140d-87a9-4207-9c5b-e3634939fbbb","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":208,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"2c3c15bb-416d-4a70-9640-88d575011e58","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":208,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"d8406324-30e7-41c2-9f0e-602a6cc6cf64","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":208,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"beec5ee6-bea9-4682-8411-3ac12097dc67","block_type":"box","text":"Board and director evaluation","page_number":208,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"055b8528-4056-4afa-8c99-74044bb188ef","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":208,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"18f3a51d-3978-4857-a59c-eab90646ee20","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":208,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"f2062adc-c952-45e6-9172-f8412178d34f","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":208,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"bc11831a-0341-4e73-9c70-3784d756d84f","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":208,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"e1aa7c61-201b-4643-bf6b-5748d0d6b678","block_type":"box","text":"a result.","page_number":208,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"0b0c7649-607e-4daa-8c83-f90a9139ed3b","block_type":"box","text":"Access to independent advice","page_number":208,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"c84afa3b-7bf1-41d5-8be0-f7e5f510fa13","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":208,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"90ca2b11-909c-4c4c-ba3e-60a7c468424e","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":208,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"4d9daf87-7790-4acc-8561-1129b3631654","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":208,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"235a40c8-5150-4ebb-9f6a-1044cd01068b","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":208,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"e2ed5b29-774e-40ee-8d3d-a368a7a81c62","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":208,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"d846e450-a170-46f8-8718-2ea4c8ba0a92","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":208,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"dfa4fed8-3234-4c6e-8bd9-ce7fc7de6b0b","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":208,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"7bf3e249-c1d1-44e6-b1ed-23c9e564c5aa","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":208,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"57b39434-64fe-47a9-a6ea-95e268f6edf7","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":208,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"8c3881ca-5aca-414f-9d71-f01e4f93bae5","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":208,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"e11348a8-0c07-4efe-9708-5cff4f45cb0d","block_type":"box","text":"performance.","page_number":208,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"5e3de31f-2ad2-46c3-82d9-cecbb6243ddd","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":208,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"6a557241-fb3f-4e60-b165-046bf1613273","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":208,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"a1059d6d-702a-4605-b8f5-18444a18c3d0","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":208,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"df2410b6-06f4-4514-9bb6-b0ca97604535","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":208,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"d769bb5c-3237-4f28-96dc-1eea0810dafa","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":208,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"3ac0b285-4164-491f-a032-08f5039305cd","block_type":"box","text":"recruit and motivate.","page_number":208,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"018c1d12-d09e-4487-b489-633b1b928b47","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":208,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"4df3eb7d-83ec-42f0-8549-476842fc0916","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":208,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"5e26a3c3-50b5-4b7a-97c5-8b9ce25601fd","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":208,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"39c21c8f-359c-4232-a3d5-e7e201199d75","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":208,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"7731fda2-d9f5-42f1-b9e1-6904cc4c8555","block_type":"box","text":"arrangements include:","page_number":208,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"3b987a97-6ad7-4b5c-91b7-49ae18011db8","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"6606ecbf-03d4-40ec-8424-86236c15c9c1","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":208,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"5dca4eac-e0c4-4af3-9ef4-937aa083f6d7","block_type":"box","text":"the company’s size, sector and market.","page_number":208,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"0e156705-f6f1-4d4d-a228-6f41dd83de25","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fc30e91b-8ce4-4738-b463-c2ed8ed17b24","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"48d2b34c-2a2d-42b6-afa1-18d8c9110ce9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0173317b-2390-4944-af36-c522b51401ac","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"39d1819f-7f9f-448e-81d8-4d727ab98e67","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":209,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"fdfa76b0-5d93-4741-928c-aea140b860d0","block_type":"box","text":"strategic objectives.","page_number":209,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"8af6c65c-964f-4824-996c-bc5db9cdf207","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"c1b46c94-24f6-4c2e-89d8-5fa1a512f7cc","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":209,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"f4936072-5165-4a4a-b781-eb720238060e","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"f16ae60e-6275-4581-bb8b-67e32ef81ef7","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":209,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"b74f2c5c-56c5-466e-aec5-87ae3fc302d9","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":209,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"99cb251f-89ce-4286-a036-83b9d1112692","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"dfc9ce9a-4294-43d2-9460-bf77288e9f11","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":209,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"98a494e6-1e7a-4f71-ae8c-0fa43fb75acc","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"74b1c5e9-6bf9-4ecb-9f23-cb670da24374","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":209,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"077589df-0708-45eb-9e5a-35a9fe2772de","block_type":"box","text":"transparently.","page_number":209,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"aa8473b8-18ec-43a0-902c-0af1cb398ec0","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"fbbdd501-a55d-4ba8-91ca-9e129e540355","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":209,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"407839e4-2dd8-474a-b92a-48f57842f293","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":209,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"126c2dfc-cfbb-4c10-98df-2628f8c21bb3","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"a8cd0dbb-09c0-4ce1-b093-dfe24f0df4f5","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":209,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"29057441-e0b7-4ad7-8e9e-50bc604a384c","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"77fa6a02-5a1f-474d-820b-568513e2723e","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":209,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"23044a53-b2aa-4aaa-8d31-c116dd34d98b","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":209,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"0c9f7fac-a582-49ce-8f3c-f67bc648622c","block_type":"box","text":"misconduct.","page_number":209,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"e282689b-4082-4bce-88c5-52ee69e5d639","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"031b560d-858d-440f-ae4b-9d226d23db02","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":209,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"e70efe99-8837-4eac-9c54-a66b39a70e91","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":209,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"18b0257d-c048-49b0-b685-37e14db44e0a","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":209,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"0d556383-820b-44a8-9b51-a0ff6e8362a1","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":209,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"ae93cc3e-f968-4e50-9f29-098e233eef45","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":209,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"3b48efa7-3a60-43c4-9a6e-5cea587c24cb","block_type":"box","text":"committee, or the most senior independent director.","page_number":209,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"3bfda825-8a36-44e4-bc50-d4a1b0a2eaa3","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":209,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"d1f31b46-ad56-42d1-89f8-55d397ac4a0c","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":209,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"d64a0193-9754-4978-a6ae-70121a817118","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":209,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"bf6703e7-1715-4665-b11d-a67d6142ffe6","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":209,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"be408551-8785-4dc2-9f36-9a9743571b2b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":209,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"9091783c-d234-4257-a921-e399fabc4b06","block_type":"box","text":"CAPITAL STRUCTURE","page_number":209,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"258f000c-b43a-40d0-a526-f8a44de61866","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":209,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"deb219df-e0dd-44a6-ba05-bb6ae598e64b","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":209,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"e4f8eabd-90a4-4c25-b624-3a2dea8e5a66","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":209,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"42357c4c-68f3-4eb6-9b5f-2f091b631be6","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":209,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"49c216df-8428-4263-b3b8-129451dc6094","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":209,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"344c6cbd-b314-4bbd-8c92-cdd536d0e2a9","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":209,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"98186e66-7ddb-497f-8695-451b296f0bc7","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":209,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"ffaa116c-b3ac-40b2-8738-5e76a1628e41","block_type":"box","text":"Share issuance","page_number":209,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"50de76a2-0774-4d13-8910-0f571db0c9fd","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":209,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"c73e08a4-b001-4122-89fd-2d3d7800046b","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":209,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"b1ac1b26-d71a-4704-b883-5e044bce4557","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":209,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"cd1dbae7-2e01-46b9-8ae8-1ced84d51042","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":209,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"274bb7af-7e7a-4d94-b50f-4e17be874297","block_type":"box","text":"market environment.","page_number":209,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"e19cfffe-2daf-42fe-a5f3-13d0b5c4eb9b","block_type":"box","text":"Share buybacks","page_number":209,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"7696ce70-e570-460a-9e09-2e9e92ba6d0c","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":209,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"adc6a591-01a5-4abe-bdc5-1477701c7312","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":209,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"462c82eb-a3c3-4af1-b613-fd3c8e058370","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":209,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"7eb74835-86ee-4910-b7a1-06a0eaddba9e","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":209,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"a858134b-f153-4fd2-b8b2-480a92ee782a","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":209,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"b6e54354-cc4e-40c5-8a8b-92379199ce20","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":209,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"a614bbd1-c369-4f90-befd-2d5aed10f38c","block_type":"box","text":"of the company and the market environment.","page_number":209,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"637ae6db-fdc6-4bb8-be6a-27359a6d723b","block_type":"box","text":"Dividends","page_number":209,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"9862ad4e-deff-402f-b502-7e12533cc588","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":209,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"b71df2f0-d05d-45df-b670-68f37ab711ec","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":209,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"758214af-ae3e-4ee1-845a-1a426f7324b8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3704ddb3-f533-49df-82fb-c85a01a637e0","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a2c26196-ed55-468b-956b-5191d79094e8","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43a7df12-3397-4081-b4f8-c9a5f160499c","block_type":"box","text":"Differentiated voting rights","page_number":210,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"e0fc46a3-f944-48d3-abc5-516c196a7a12","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":210,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"ef1a1554-b8d9-4d0a-b204-441375b898a2","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":210,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"ac75d436-998d-4ac9-b86d-ae8c01e01d97","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":210,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"2de5cc37-3d60-482d-9062-4628bf8462e2","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":210,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"e361ea69-3f79-4222-9260-a2251b805945","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":210,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"74506ecf-0e53-4cf3-85e6-b188b11004ca","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":210,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"9251e494-eb9b-4830-bd49-3d2e39469c23","block_type":"box","text":"analyses of proposals.","page_number":210,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"3f84bed4-f886-49ba-a0de-cf2dc48794a7","block_type":"box","text":"Mergers and acquisitions","page_number":210,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"87943d84-bd6e-4348-b02c-3ddec3b2b725","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":210,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"f5b75b27-c3f3-4753-a1f0-21e01bd64e87","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":210,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"3742aebd-1342-4f3a-9234-0b70f62feaca","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":210,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"4de9a277-1ad0-4278-a78a-ccc93a929249","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":210,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"c7e21400-88f6-4e7d-bb03-cbd63a1c7932","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":210,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"bc89529d-173f-4750-8def-a76e8449a93d","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":210,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"fec1fdbb-0d06-45c5-bef0-91f44130eed4","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":210,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"ad7725fd-a0cd-4c79-b1f6-924ff9d8c502","block_type":"box","text":"Anti-takeover defenses","page_number":210,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"900cfcbb-2c39-4341-a8c7-d6b6b51de7b3","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":210,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"d66574bd-0bf7-43d0-b295-dcdc94d5f817","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":210,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"961c33be-be25-4db8-8a22-5b35d8f5b899","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":210,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"de4e1ecb-c1c5-4de3-8d61-22c2fc23e65a","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":210,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"38bfcd95-5d19-459d-80d1-148e101cb0bc","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":210,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"eeebcf11-f59a-44a5-b5d3-a176eddd62fc","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":210,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"2361594e-3e9c-4243-987c-66d610f3e33a","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":210,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"69317566-35ef-40b3-9214-9310d5173b33","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":210,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"392e1035-d35d-4baf-a1bc-b7691ffb9cfb","block_type":"box","text":"Shareholder activism","page_number":210,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"7e87152e-072e-4944-9a55-dae9ab37a2f8","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":210,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"35b3c44a-85b4-4d6f-b4c7-2738aaa011ae","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":210,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"ac1bcee5-f48f-4054-8450-bc7161186a00","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":210,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"86cde3ed-94c4-43ca-9e57-6913fe1c3fd7","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":210,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"14a9e29c-b651-464f-ad98-738387c95404","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":210,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"2017e665-6e13-4a86-ab62-6ecd1cfa8ced","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":210,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"fd1565da-cc25-4c5f-b325-22201d0b9422","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":210,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"415adb2c-8512-4442-ab50-fe14398d94b7","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":210,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"925d4cc7-0a75-42a7-9ecd-7eec806f393c","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":210,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"86e39447-dfbe-4d54-9ab5-8231b7420efa","block_type":"box","text":"protecting shareholders’ interests.","page_number":210,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"c57d7db1-0473-44a3-b8e7-dfc4e5e888cd","block_type":"box","text":"Significant shareholders and related party transactions","page_number":210,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"2201d27d-76d7-4eaa-b1c4-00d68fb41c34","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":210,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"f98c668b-fca9-4831-9ffd-87075a7fe5d3","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":210,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"078b397f-30f4-4888-895d-acd6a30aceab","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":210,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"8474f96c-d869-404c-aec6-f2392a3cf06a","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":210,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"3402caea-5d0e-4541-ad69-9e22bc8fc3be","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":210,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"055c5aea-e3e3-466a-9ed6-d0118dabed9d","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":210,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"c7e0d315-18f5-42d6-8709-a57c046a8c1c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":210,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"8c608235-7721-4887-804d-3dd0ef266ce2","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":210,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"83d2ae5c-028b-4474-b939-7bde7f513b67","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":210,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"a70867c6-4203-4bc1-994a-bfff22124dc7","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":210,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"ce555f70-93c1-4f68-bbe3-badf2c5ded52","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":210,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"445a2cc9-a442-4d9b-8ad8-592714d5fdb4","block_type":"box","text":"audit.","page_number":210,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"1d6e9043-681c-4af7-8eeb-fe9cbe3487dd","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":210,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"e22b2df4-a65f-4520-b3a7-4b242dec2d15","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":210,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"34a8169b-f949-4926-ae33-c492b4cc2def","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":210,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"6d334724-58f8-4b9b-b601-c48b8b876605","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"411e2311-67d1-40b5-87f7-e2e4a9eb80c0","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"78069746-5f48-402b-84cb-968825f4d1be","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c5463d4-a287-4ca8-8b71-019c1a05d588","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":211,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"318662fa-4176-4edc-8484-3ce3bf28f84a","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":211,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"8aa21b52-2f36-4bfb-92c0-6df7d99a53b8","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":211,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"875a2297-42e8-48eb-9f90-db2f905a6325","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":211,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"bf528776-b80c-4b11-b418-6a5037c28161","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":211,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"0381813c-38b9-4419-972c-9fa712020c2c","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":211,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"b9f51670-b53e-4456-b29e-0d8ae13a48f6","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":211,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"830d2aa4-e21d-41cb-a028-1e0de57fd550","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":211,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"367d1f79-3962-4bec-a196-97e6d2329955","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":211,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"04c69e1f-f343-4bf2-a5b8-5c86e21c6eaa","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":211,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"03553b43-1190-49c6-9190-b43594fa2172","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":211,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"eb6070be-7065-4ce2-b2c3-f80c22675f86","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":211,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"3a6533e3-6d48-453b-bd15-18c53d82a877","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":211,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"01123338-832e-4f3c-9504-b808eab6e451","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":211,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"f5592e74-60b3-4785-80f8-b35b7b095cb3","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":211,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"a7fed969-4621-468d-8c3b-82fd19c66cbd","block_type":"box","text":"9","page_number":211,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"3917473c-1133-41bf-ad9f-ce29d2a8b806","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":211,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"037f1242-fa60-44df-8a51-82340b5769d7","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":211,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"0aeb6c44-89be-4f20-84f9-c7f980c19acb","block_type":"box","text":"standards specified by policy makers.","page_number":211,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"44fe3c14-d5e8-4177-88f9-5b245efb95b2","block_type":"box","text":"10","page_number":211,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"06a5fc10-2d77-4586-9762-0261b211b2eb","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":211,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"079e3287-1b5d-4727-aa07-867a6d1f73a7","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":211,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"c1b3f77f-b027-47f5-b043-c08612549fa5","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":211,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"106f87c5-a9e4-437f-9daf-d82916445a78","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":211,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"9e9db1e9-570e-4414-990a-43f617a568d7","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":211,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"bf6788ae-839a-435b-8b4a-d0057d5d7fbe","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":211,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"45f0c8ce-b276-41ad-8ef3-3dbb95add8ae","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":211,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"fb31195d-154f-49ba-830a-c6ef5856b1b5","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":211,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"dfd3b4bc-ec0f-4111-ab14-0f5ae82acab3","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":211,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"64e4e3f2-aa56-4cae-bdc3-95e02ca5d984","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":211,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"3a6a0fae-aac9-4ff2-ba50-0e9b2f2df3bd","block_type":"box","text":"remained independent.","page_number":211,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"497a8170-1709-4bf0-bb3b-fe42ffe79de2","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":211,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"960d8041-9278-46c1-9c49-e3a12278e8f6","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":211,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"431d40b3-65e6-44de-8381-565fee71cbaf","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":211,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"1e774b2f-6ffd-4bfb-8cc1-157086d23ab5","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":211,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"bd24df85-085d-4c46-b846-309610107acb","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":211,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"6ddc3e8a-c66b-4e78-b39a-aaaf6d8e4d5c","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":211,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"6bd27c20-146f-4483-a616-76c147d66d9e","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":211,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"92a94176-6f5d-4c53-8efc-4e6d0cc1d314","block_type":"box","text":"General shareholder meetings","page_number":211,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"c0a920bf-cd15-4c50-814f-4dba5e2099bc","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":211,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"836749f0-a986-49a2-ae66-dad89c125230","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":211,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"17ec44d4-d9dc-405a-9f56-d8382b147da7","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":211,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"e92bddec-6b83-4094-bee9-5fc9cddea703","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":211,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"16474d51-ded5-4018-881e-edd87aa81b28","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":211,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"a7f4567f-3543-45cc-90ca-27eb5b6c7cfb","block_type":"box","text":"an in-person meeting.","page_number":211,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"ec61bb8a-a156-4b13-abd1-bc7e3a3cd169","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":211,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"7dbffda1-4878-43ec-8002-8b6cc620e20c","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":211,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"de01297d-e18d-4954-b2b4-dea43943bb72","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":211,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"1f47a11f-3be1-4667-8f81-710ea226ddd6","block_type":"box","text":"participation.","page_number":211,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"1d32931b-42d6-42b2-aa10-6644f973cf46","block_type":"box","text":"9","page_number":211,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"c51f8ca8-31a9-45c2-9384-3f77adad7b0e","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":211,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"162d3646-2ecc-4448-a381-c3b1074e7007","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":211,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"271aa2ab-e591-477c-84ec-7464e8a87ce5","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":211,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"d4dc1eae-ec5e-49fc-8f0d-c110a4eee176","block_type":"box","text":"Disclosures.”","page_number":211,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"2a4fc9f6-5812-42fe-84ae-ef5e444fe5eb","block_type":"box","text":"10","page_number":211,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"197601e0-20fd-4211-99c5-2668218ca7fb","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":211,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"12bf8eef-cc89-4e0c-8143-fc209e48afb7","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":211,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"24136fae-1a23-4c4b-b748-9a60ef530cba","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":211,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"58cdedef-b6a8-4953-b8b2-6fa73d4d9d0a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"05227908-3ce2-4925-b0ac-127a79ee25b9","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"365574c7-5e45-4020-adc0-933eebdc7a15","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66e307f9-a6a8-415f-af90-54e13e1b78c2","block_type":"box","text":"Bylaw amendments","page_number":212,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"2ac81edd-c1c5-4287-8f86-e58198a03838","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":212,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"6f4691e9-7859-41c0-a1fa-e675fa165078","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":212,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"c00056b2-4398-4d5b-a051-8ad0151f7f89","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":212,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"fc6ac765-ba1e-4c8c-8614-ae742b756ecb","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":212,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"beccee98-a4ee-4a0e-880c-b451226ec1a6","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":212,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"afe9a205-81a1-487a-bb24-d0d8870e5f7b","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":212,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"44a56708-58ad-4e2c-8357-512e6ed4a87a","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":212,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"db545c58-0f4b-4ec0-a440-6481826d9bc8","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":212,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"901e1f49-b155-4f75-baa5-ab54d939e00c","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":212,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"40bf4a9e-cbb0-41ed-b217-fbf80317829c","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":212,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"4a94c3f4-7e53-4eec-87a1-bb9483a98142","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":212,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"5682ba33-0a77-4d93-9c43-638adbb259b1","block_type":"box","text":"nomination process.","page_number":212,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"e53d96cc-c7ba-4e83-bf0b-22b640e63edd","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":212,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"23d9d052-0d10-4348-8d50-3b77601d3075","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":212,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"c26ff01a-cde5-4084-95b5-e02c29bc5443","block_type":"box","text":"Change of domicile","page_number":212,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"79073689-bd82-4819-9c87-b11fb4831fbc","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":212,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"af5af92d-1038-4195-8cef-f8a4cfbf3afb","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":212,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"540b00f4-b151-40a8-95e6-1b1833cf48aa","block_type":"box","text":"immaterial.","page_number":212,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"6d9b7870-b717-4c45-b05f-101839afd98e","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":212,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"2d715821-1504-436d-89f3-c91d4a03caee","block_type":"box","text":"with our clients’ financial interests.","page_number":212,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"89314aa5-a1ac-426c-93ef-cd9e0dbd9cdc","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":212,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"ff9bf901-7bd4-488e-8ccc-ff20e83f9635","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":212,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"afe7ed8a-1b0d-4902-a6b6-65c9de272aa9","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":212,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"92bcd52a-072f-4f6c-ba53-d79688de16a2","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":212,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"3c47d7da-8a8b-4e57-a639-fbdf71c32fd9","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":212,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"ed90713d-4713-43e6-9f3e-af245baa6bf3","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":212,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"6282ae03-581e-4e4a-adb3-fdcce3889eee","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":212,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"4886f46e-d94f-42d2-ab23-64f735303f75","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":212,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"fc95fd05-d5b0-4bf4-844e-614ab210b66c","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":212,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"e74216e4-c190-4592-9a35-ece5a4c593b0","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":212,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"515f3fd5-6aa5-40d9-b1ac-8995c5c47afc","block_type":"box","text":"relevant to a company’s business.","page_number":212,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"99751717-d37e-458b-ae02-e362bfe07b2d","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":212,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"ccfabbb2-6728-4e87-87b6-7b9e7d4c38b4","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":212,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"03357c0d-3e64-4b58-9a90-8a1c4e9ef2ca","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":212,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"f6d63ae5-4000-4e25-98bb-b3b6c68e08f3","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":212,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"2a8866fc-7317-4ef8-b1d6-4c0286e54d1d","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":212,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"60d59022-2d91-4611-9e0d-c018abb88cf3","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":212,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"8781dff3-a30a-41bc-af6e-c71e8ea1bcff","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":212,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"66879da2-25b0-479d-b2ed-699d82a9e652","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":212,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"175d8614-80dc-4017-81c6-8ebcce4741f9","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":212,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"a3fc1a26-ce7d-4e5b-9698-583bc0389803","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":212,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"18951f6e-fd6a-46a9-960e-814670dd9b27","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":212,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"5beb4bfe-6e98-4229-ba52-0fd2c28489d3","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":212,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"4ed06894-c4f2-4b0d-8ef2-1fc05dcf21ce","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":212,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"123a28d6-40a4-4deb-b20f-728778c581dc","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":212,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"48143ef8-2b2c-4fd7-9c32-59e8486017e9","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":212,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"f3f5dd41-07f5-49e9-9892-44444243032c","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":212,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"c300ca5d-3562-400e-a6cb-03d283a0743d","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":212,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"8b4557f8-4e95-45c4-a1d0-eedb16b0e0c8","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":212,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"41416e3f-20db-40f0-ae66-f260da562e75","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":212,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"3f294f54-e0af-4403-b14c-0a28d9018813","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":212,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"96a5f55c-e1e4-403a-8d8d-fe600793b5c1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"60df88b3-1fad-4d8d-9803-c17207562a24","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"42a6a460-d2d7-45d3-bda1-67e32d656682","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ff40c2c-7dbe-4a74-9542-b122c05d6f06","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":213,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"411039ad-49aa-4068-aba1-fa6fda46490e","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":213,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"94223a2c-e9aa-4376-9c9c-ad88864ff399","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":213,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"75f7ca38-3249-4765-9bae-4ff46b12283d","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":213,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"17b91c8e-e732-44d4-a48f-01493e37928c","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":213,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"8ae107a1-6e8e-433d-b4a1-6cd5f6dda5c6","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":213,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"7cbde241-bf9b-45cb-af9a-dda4fb3fb943","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":213,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"b7c61773-903d-4913-a288-5f3d3cf79732","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":213,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"efc01358-11c1-4878-82d8-52ad194da46c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"89873913-36a0-4245-a494-3a592d0b729e","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"813fcf70-bf87-4785-a596-90c951200640","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c95f6015-ae4b-4325-98e0-a5e6ea66bfc1","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":214,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"6e026787-7fb4-4b6e-aa37-441282f2e7e2","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":214,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"67ceed13-a953-4abd-8ddc-15530d8ffaba","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":214,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"4ad09386-bdf3-405a-8838-d9cd9a8fc29d","block_type":"box","text":"11","page_number":214,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"f4f96fab-c334-4d68-b379-cff8624047ab","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":214,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"3c95f3a5-a3a6-4640-ba2a-3120cf9d6a5d","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":214,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"14cb73f3-f14b-4b1a-9d22-1828f3b5cd5e","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":214,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"2ee4c1a0-3547-4f20-ad3b-8aec0999df04","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":214,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"94288e53-0f36-4eae-89c4-caada064d6a2","block_type":"box","text":"regulatory requirements.","page_number":214,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"02f12b6c-05f2-4740-ad64-e9e48eb9c688","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":214,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"ea2cdbd2-8a92-4bc8-8aa2-d5fe1b4b7d1b","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":214,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"b3b9767c-b516-415b-af10-c5281a64589e","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":214,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"29f16a7d-bf69-4c80-b9f1-61506565db79","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":214,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"84fae861-edd3-4e12-8410-23b3af5e4f71","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":214,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"a301cd08-fb73-4e55-9a82-a759bbc41c9c","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":214,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"b1c41bf5-de36-481b-bb07-f249320fc5a7","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":214,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"b66f2d10-d02b-4041-8dc6-00345f2f40c1","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":214,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"bf661062-51c8-4d77-b53a-b716496d72eb","block_type":"box","text":"returns.","page_number":214,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"039c8f06-ba0e-4a2d-ad70-8603c88e1beb","block_type":"box","text":"KEY STAKEHOLDERS","page_number":214,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"9f45526f-ce81-4a17-8012-fda11cbafc5b","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":214,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"5ba9bae9-0036-4dbd-a008-a51d462d1ac3","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":214,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"b0622a15-83dd-47a8-a308-708890a835fc","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":214,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"f9a9c28d-771c-439d-a37f-5eba76b5bc50","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":214,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"e276c8f7-88ba-4500-9dda-44bc4a29451c","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":214,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"fbbfb4ca-c7fd-42a3-808c-82a412a35468","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":214,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"254cd43c-b2a6-46bb-aecf-b7eb3b2c0c30","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":214,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"d6e68d1f-20d9-4227-b849-892433a43275","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":214,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"1b2e6649-011f-4e01-ab74-ca25469c7215","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":214,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"38b865ee-298a-4e72-a598-3fce16b067b4","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":214,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"7a19845a-a068-45dc-8e53-b53bf489dca6","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":214,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"d222f0d2-84ac-4fab-88a5-135e79f9a163","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":214,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"8f0ef7ec-919d-4a3f-ab67-f90aea3e2796","block_type":"box","text":"i.e.","page_number":214,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"66610796-b373-4007-9dd3-1e7970f74101","block_type":"box","text":", one in which global","page_number":214,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"f311671b-613b-4fc8-9fa3-8724e238b5cf","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":214,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"6e4723cb-b6b8-47d6-8317-c1b0d0098633","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":214,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"3b16d4f3-57b4-49a3-9366-7bd007414caa","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":214,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"127405e5-9947-41af-8871-c03c4e7f2054","block_type":"box","text":"client.","page_number":214,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"6d295205-3f29-4419-a7f7-47bc7e59e990","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":214,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"ad3e0ef4-1ee0-4b05-8cb4-d7916c589211","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":214,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"2e823a74-a813-4e8a-951c-e0004a9ea3ac","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":214,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"5630a5e4-89b7-4183-b338-67a5832cacca","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":214,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"d8025ef8-ec95-453d-952f-c615dba96b5a","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":214,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"31bf5546-bab5-49e2-adfc-e897ad4f7b29","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":214,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"f854e47f-c81f-41e3-b507-140cab99262a","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":214,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"25d4903e-ae6e-4021-a38d-df16b1b7e4d5","block_type":"box","text":"1 and 2 emissions.","page_number":214,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"77ffbf35-aa06-43d7-bb1e-8a8167086fd5","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":214,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"2ce92727-a2e9-4010-badd-021d1e30d01d","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":214,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"460f158a-f122-4cd3-8633-4dc4c88a2548","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":214,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"2b7e3854-ac37-4aaa-a7bc-9ca540a332da","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":214,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"9bec362e-9b2c-48d7-a12b-b20376560f79","block_type":"box","text":"11","page_number":214,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"8e04dc86-3d50-46a5-af5d-9635fcb64af9","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":214,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"aa1fd294-540b-428a-8acf-e0d6f33e3ee4","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":214,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"553081ac-d5ba-475e-84d5-657fb66aec0b","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":214,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"cb6ed043-ab02-4212-8581-8bc96e3d7a4a","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":214,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"4cc48982-7075-4eea-b449-ec9cec419e8b","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":214,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"158c21ac-07ff-40e3-a60a-0a97ac4a171f","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":214,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"34c69f88-80ab-4b20-aed9-50a98c91d0f1","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":214,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"0f76a52c-e87a-40ab-ab60-7522e7e2e1d6","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":214,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"077b000b-79f4-4d16-a54e-f9fbda36735f","block_type":"box","text":"sound governance framework.","page_number":214,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"6257da8c-0a8b-4ce1-aecc-f62125bc85f5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e57b4b35-e42d-4833-8f8e-71dc3eabe921","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"36938583-ece8-417d-b7ad-9aeee05d893c","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0787ad3c-a906-468f-9cca-2e31c554129d","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":215,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"86ca28ca-8c1f-4941-86e2-0597f84853aa","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":215,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"757d4c05-387e-447f-9f9e-48a6639aae1b","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":215,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"886c4c7b-c5b4-418c-9fad-ab82618a063f","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":215,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"2126f4ff-5a5d-4074-ba71-36edfa88e905","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":215,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"b1145076-9abe-46b4-af6b-ea4be0a30c40","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":215,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"c903a5cc-22bb-490f-915d-44a14d04ff5b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bc80616f-ab5b-4017-b5b1-bdf6b5d4164e","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"77113661-7e28-4cd9-a698-25c840dd187f","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b5bd9ef-5552-4c4f-a2ac-ffd39f5f4da3","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":216,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"b585f680-5b11-4681-a0ff-d1270cc58db7","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":216,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"420e75ab-356c-4313-ba8b-d23d3c10eb6d","block_type":"box","text":"Oversight","page_number":216,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"d9b39af4-f331-4e9f-a3d7-617a2f4d0627","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":216,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"0bd4c46b-325e-4dcf-8677-a4ab0ad60fc8","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":216,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"33bd8cb4-ee84-49c0-850d-a0d501cf787d","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":216,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"3789f199-ee5e-415c-bce5-a877eded88cb","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"1c93578c-8973-4b00-87a6-e6f42ccdcf1b","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":216,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"79e56bed-aa7c-4c8d-b0fc-1a5caf83d54e","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":216,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"40657745-782e-40dd-b680-b211bd1a72cf","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":216,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"69a8483b-6321-4f52-bc37-557d87d49876","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":216,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"3758653b-818a-4b93-a2f2-aa7ec5d4b45b","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":216,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"97773fd6-a3b9-4661-a0a2-5b3a6027dd32","block_type":"box","text":"relevant active equity investors.","page_number":216,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"a839f630-a8db-464c-90b2-1168ac178d67","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":216,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"2248cc90-21c9-4efa-9c4f-a4694c867f60","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":216,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"dcc8e0a4-f5b9-43bb-b0db-83bb4efaf81a","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":216,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"104837ce-dc7e-463f-95e9-fcd10fe87c64","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":216,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"72ccf434-0a6b-4d37-a315-d822c6ba5671","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":216,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"0047405a-d57d-4e36-ae7b-71c04b15c399","block_type":"box","text":"third-party vote services providers” below).","page_number":216,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"ee835a0e-04b4-4094-8f1f-939a519fd651","block_type":"box","text":"Voting guidelines and vote execution","page_number":216,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"2222adbe-7020-4a35-9908-acc03773f8b0","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":216,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"00415238-b9a5-4c86-979c-2cc8edad0c10","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":216,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"8a0485a4-0bcc-4e32-aa82-b79cab775a96","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":216,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"42bc08d3-61b1-4553-a6c4-cd21e16f1edb","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":216,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"5c587062-9eeb-4906-9f38-3469b628ff68","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":216,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"f15a8c02-14fe-4cf7-a9ba-8d7b11094bbb","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":216,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"1261fea6-4cf8-41a8-a72e-3de5d2fd66b1","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":216,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"e327ec92-f4a6-4ea1-a002-433ba597afcf","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":216,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"52716065-ee89-4752-869b-abae9037306c","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":216,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"edd64972-efe9-431f-abbb-b2060035ff23","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":216,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"516baa4c-b244-4fb1-8c6d-eadf33379c86","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":216,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"504a8e1e-0249-4b6b-9e92-e6a8bb888ecc","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":216,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"a0931823-6da6-48b2-bc8b-e8804ca5a61b","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":216,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"9e45bc80-b05a-4e19-a6fb-753c431cd7bc","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":216,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"77234fda-6262-4927-9992-063fd6279f31","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":216,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"b7881191-9e36-4049-838e-c6aacdfea498","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":216,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"0d359b2d-8d78-410b-b577-bbc0ed8a5b1c","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"b93f9080-3887-45bd-ae3f-0ed139ad80c9","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":216,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"fc4849e4-fcbf-470e-96fa-7d970bd4f4ad","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not supportive of impediments to the","page_number":216,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"6fcf0350-0ca4-41ce-8cd7-7ca69bd1f4af","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":216,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"e47593a4-02e8-411c-bad9-3b191ede1dfd","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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In addition, institutional clients in","page_number":217,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"bc108358-d7c9-4817-b180-fe6d7408a810","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":217,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"2a604abe-a574-4e79-ade9-4c6f8f228700","block_type":"box","text":"strategies.","page_number":217,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"ba8415c7-93cd-495d-8444-426258d74926","block_type":"box","text":"12","page_number":217,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"175cedd5-f022-4e4a-95ea-628b1566714d","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":217,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"016e4138-42cf-4933-805b-a2731d7f2558","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":217,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"8cc1a765-3a92-424c-a26c-4663db9d7ed8","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":217,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"667cb0ea-4de5-4ec7-9f00-32ed4ce91a08","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":217,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"506079d9-7eef-4bfc-98e4-172a89daeae5","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although","page_number":217,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"a9f7d131-717c-4c94-b56a-9d95158e919e","block_type":"box","text":"proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their","page_number":217,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"192fd691-fc7d-4efa-8785-6dd33a8d2145","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":217,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"03291fd4-284c-457a-b4a3-1ef82f4efc6f","block_type":"box","text":"our Guidelines are important inputs into our voting decisions on behalf of clients.","page_number":217,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"10d8e0bb-1b1a-44eb-8bb2-9d1d73d3c21e","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":217,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"5d1f7aba-e6d8-4189-8cf0-375d6e35be5e","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":217,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"1a8383b6-1a57-4f32-bdbc-2972a19da7f5","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":217,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"8eb1cc1f-2985-4f9b-9d60-5a02c4a9236d","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":217,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"12435e96-b2db-4fd9-b8db-daf5ffb4e99e","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":217,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"e9a37c15-4016-4efc-a189-93af892d5ce7","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":217,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"3b8f1a83-cfa4-47ec-97d7-150518a5ca1f","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":217,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"6c614cd3-3fea-4c92-95bf-1cd1057297b4","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":217,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"8b2653ac-469a-4c25-988b-8923ef3bbde2","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":217,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"6428e989-fcb7-401c-9b02-604f08ba0537","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":217,"box":{"x":70,"y":439,"width":760,"height":11}},{"id":"3f5b1aa3-22e1-4b92-a98d-542a92ae96c8","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":217,"box":{"x":69,"y":454,"width":824,"height":11}},{"id":"e618c34f-adc4-4592-aa22-1bf7ebb5c9a7","block_type":"box","text":"policies.","page_number":217,"box":{"x":70,"y":469,"width":56,"height":11}},{"id":"056f59e2-ec27-435c-ad16-2e7462fdf35b","block_type":"box","text":"Conflicts management policies and procedures","page_number":217,"box":{"x":69,"y":491,"width":342,"height":11}},{"id":"c8181d77-3de1-4988-a3d6-8bafac977acc","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting 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BlackRock","page_number":217,"box":{"x":102,"y":639,"width":767,"height":11}},{"id":"01c0cbb1-8e4e-480c-b739-5c122ec89296","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":659,"width":6,"height":5}},{"id":"7e39b2fc-c50f-4c39-83ca-872fa565988e","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":217,"box":{"x":102,"y":656,"width":698,"height":11}},{"id":"a6498ba7-057c-44ca-b182-d1e9197ba293","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":676,"width":6,"height":5}},{"id":"6dbad03c-fc71-44c0-95ec-e07056e29163","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":217,"box":{"x":102,"y":673,"width":789,"height":11}},{"id":"054416ed-67c0-4e65-a7f4-16dfca8ad318","block_type":"box","text":"managed by BlackRock","page_number":217,"box":{"x":102,"y":689,"width":163,"height":11}},{"id":"940c7358-1d2b-4ace-bd13-da5759ac46ed","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":217,"box":{"x":102,"y":707,"width":785,"height":11}},{"id":"58d45fdc-290e-422e-a006-b81af111c9d8","block_type":"box","text":"following:","page_number":217,"box":{"x":68,"y":722,"width":66,"height":11}},{"id":"321f5993-014b-499c-a073-28a1f45b1153","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":742,"width":6,"height":5}},{"id":"8afc33b9-9eb7-4571-b718-f129c03bd0aa","block_type":"box","text":"Adopted these Guidelines which are designed to advance our clients’ long-term financial interests in the","page_number":217,"box":{"x":101,"y":739,"width":741,"height":11}},{"id":"5def794b-44c8-45f2-bb4d-2c723f64bef4","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":217,"box":{"x":101,"y":754,"width":383,"height":11}},{"id":"2095f329-5516-4870-9301-179e3aa002fd","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":774,"width":6,"height":5}},{"id":"b8031f07-9667-4a91-afbf-a9b4c6203d27","block_type":"box","text":"Established a reporting structure that separates BAIS from employees with sales, vendor management, or","page_number":217,"box":{"x":102,"y":771,"width":757,"height":12}},{"id":"7847be0e-371f-4cf1-828b-2bc999053132","block_type":"box","text":"business partnership roles. 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In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":220,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"7cfecbf9-3b1b-41a4-9554-13b8cde92845","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":220,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"a4bdef67-0003-4980-bda5-d637e8d0baba","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":220,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"93840f87-5340-49d6-8084-e90721623740","block_type":"box","text":"Appendix A.","page_number":220,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"3b0d433f-6041-4c91-aa72-09c25a56ae93","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":220,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"e8149337-3d9d-444e-bd74-79a5ea277849","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":220,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"763a9f56-6693-48c6-9bba-9c5b89387475","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":220,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"2e3db2b4-5b70-4e39-95b6-3087be7a3f6f","block_type":"box","text":"Conflicts Management","page_number":220,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"768b4949-3ed0-4048-a990-b836e877d193","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":220,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"e9937772-41fd-4e87-8ecb-1b79b8ab0004","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":220,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"1d0b6e2d-7791-4c36-8bba-d7527bf5af0b","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":220,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"0fb0a18e-5b50-412f-8230-a870af9c14c0","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":220,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"d0c840e3-6027-4b39-a720-675ac3530187","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":220,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"140419d0-60e5-4e51-b30e-0bb0e3f46489","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":220,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"59653ae1-9be3-4ac6-a4a0-4c6f875bb256","block_type":"box","text":"connection with proxy voting.","page_number":220,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"a6a93b76-5f75-4783-b941-3854b351ed90","block_type":"box","text":"Reports to the Board","page_number":220,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"e3a562e2-e9f9-44f0-a4c5-69f353148793","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":220,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"d14b80ca-450c-4b7a-9876-020cec22d0f0","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":225,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"9ec756c7-2cbf-433f-9e8a-a258d5544acd","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":225,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"cfc68ab3-97e4-42cc-84c5-f8c94272118d","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":225,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"82f0843f-3240-4081-b363-3043fb728876","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. 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These are topics that shareholders may have","page_number":225,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"f793a2ec-3c5d-4ef8-bad9-4d38b571b856","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":225,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"8f740e7f-0dc5-49e1-8122-a82a6e137b11","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"3a342662-68f6-44f7-9472-d508e00803d9","block_type":"box","text":"Boards and directors","page_number":225,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"ea4089c4-7032-4420-ba01-d01847a1a231","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"4469edfe-4dfa-4376-9401-9fc9105467b1","block_type":"box","text":"Auditors and audit-related issues","page_number":225,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"87189d3a-15ac-4c34-b06d-9dd2f5282c00","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"cd3a74d9-0c5b-4d09-81df-6d8ccd05d1cf","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":225,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"3b787f90-822f-468e-b23d-ef3c21e66838","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"69ddaa2f-3f21-4f63-834b-52bd5d31e451","block_type":"box","text":"Executive compensation","page_number":225,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"6d4b8980-ef21-46dc-bad5-56d90de39d31","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"7a3ee615-1960-41f1-b44b-2fdfcdd0d9a5","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":225,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"069810da-a451-488d-a9c6-6b85fd2d707c","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"1a9201ed-01d0-4212-b084-961fb7432a53","block_type":"box","text":"Shareholder proposals","page_number":225,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"d3eb8448-2e09-4cef-8c86-553c3578e33f","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":225,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"0a058c3b-fea3-4f07-bcf3-12a69d714f38","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":225,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"23779979-616a-427a-9932-59beaff0ad8a","block_type":"box","text":"which companies operate.","page_number":225,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"c1fc7fbc-81d0-4e89-95d8-62efba204018","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":225,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"3c8f6e81-e7a2-4035-9def-4c069097bd02","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":225,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"34bb2cf0-fa9c-40d3-9931-318c147b3459","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":225,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"b11d2f90-0f9d-4f77-ad24-066ab3be90ec","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":225,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"a2ebf2b5-baf7-47eb-8649-99e3d16f22ac","block_type":"box","text":"4","page_number":225,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"014c259e-eab8-4d85-82b7-c778bfe1858e","block_type":"box","text":"3","page_number":225,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"43e450dc-f1f8-4453-9023-89c9e9d54072","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":225,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"ffcf8b36-1873-4ca3-a732-432baf8bbbe8","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":225,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"67b3c3fd-49eb-46d5-90c0-0981c9001b1b","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":225,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"23bc705d-e689-4756-93e5-3d9bfde81299","block_type":"box","text":"4","page_number":225,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"a183fd6e-dcaf-46ed-83c9-ed51ce28cca5","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":225,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"2c7af519-afd8-4e0d-a4e7-25b9dea10a4a","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":225,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"19a49b72-3558-4427-8dc6-4c1cdbf675d1","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":225,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"49d1734b-b91a-4f82-8370-d756f5c9f2f1","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":225,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"4a7fd42d-fe3c-4e53-921b-3943e553ea81","block_type":"box","text":"guidelines.","page_number":225,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"fdcbfb75-cbd0-4efd-8d64-47d84e123341","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d975132e-7966-4d94-80bd-c0a1f471a1a6","block_type":"box","text":"Global Principles | 4","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"70d3c15b-ceae-4927-b12b-9b005b7fc03a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9521042d-9a01-417d-a3d6-607cc086b1dc","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":226,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"c1cb22a5-c9f4-4d02-b599-897f2da8a834","block_type":"box","text":"Oversight role of the board","page_number":226,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"e30085cd-bab0-4ea5-8ac3-396eecabfac0","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":226,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"70137350-1cf9-48c3-8bdd-3e00dd33795c","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":226,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"1aa79135-135d-44aa-a635-7444cbfb2223","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":226,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"3848b5b4-a2eb-4008-a035-c91cd7448cf5","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":226,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"889895c7-c0c3-4425-9ee7-dc60c2eb99bd","block_type":"box","text":"long-term financial performance.","page_number":226,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"582de650-f369-4e13-be4a-54671b5ad75f","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":226,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"83e114ef-b6f9-4652-b1a3-0ac4201e0ae6","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":226,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"6256673c-6c13-47f6-86b6-385989f59b0e","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":226,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"2e55929f-617a-4235-8fa9-6e8b192c2899","block_type":"box","text":"the business environment in which a company is operating.","page_number":226,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"6ac46698-9be6-435d-b32b-9ee412ba2162","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":226,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"186e0865-048e-47af-a4f9-f9ac15397a5a","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":226,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"d0f758dc-8d23-4c39-8eef-6d41c5de6ab5","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":226,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"d3b7d221-c37b-4bfc-8cd5-33981b90ae7e","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":226,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a1371a7e-c107-4224-86ba-53e6e1f30974","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":226,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"b9821f9b-e39e-4787-84b0-d00b68217f84","block_type":"box","text":"mitigating such risks.","page_number":226,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"16bb358f-b0f8-4842-892c-6d02358a5e0e","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":226,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"a7a7b0e9-129c-4eb5-a237-b8948ff9768e","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"0c5f37b9-2f8d-4475-be19-443d11b6c14a","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":226,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"7384ab8f-837c-444e-b28d-5ca83f3c2a4d","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":226,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"7f48e6d1-dc62-43fe-a194-de06794267d0","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":226,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"5794ac09-203d-400e-9cf5-3471a3931831","block_type":"box","text":"strategy.","page_number":226,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"512c3687-7b66-4d29-be9f-2ea4d513017e","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":226,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"15cd5f03-8046-4151-8dbe-7d788530786b","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":226,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"52cf1059-ee5d-44d2-8dc3-06112b96ea13","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":226,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"2bc587e1-cfe8-406a-8d0f-15f03039ee17","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":226,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"9d0d8f34-ece1-40c9-9b6e-1dce89880555","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":226,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"bced56c1-668a-49ed-bf8a-d1458f85650f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":226,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"3ce14504-b528-4a31-bf5f-81c6a86a1c34","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":226,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"7bde2d16-101f-4ad4-b415-067753fc2d16","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":226,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"7cb51bdb-58c2-4776-87b6-94e412adb488","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":226,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"cc1def9e-5742-4ae1-8558-3e1233fa258c","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":226,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"55775c07-b41c-42b8-b153-a15887df9e3e","block_type":"box","text":"Regular accountability through director elections","page_number":226,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"8a4735fb-1819-4c3b-98a4-a9515c43a344","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":226,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"aa17dd83-3eb3-4100-8c8b-50e1935193b6","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":226,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"c7630762-2c5b-459f-8cd3-95dcc05cc448","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":226,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"6be047b0-72b9-44d8-a7db-5dd096a531a3","block_type":"box","text":"5","page_number":226,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"e4f14b78-a2c5-4d08-8868-56c364baa899","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":226,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"c112b00d-a0b4-411b-a584-97e44b6f54c1","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":226,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"1801911e-4d01-4046-8712-74e55cbaa66b","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":226,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"79f38c3d-e8f1-4b00-8615-086e3610c96d","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":226,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"bca805ad-bb19-4e06-bd79-8a6d3b85b201","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":226,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"1529b7b1-a1fc-4dac-893f-f0e36c144d53","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":226,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"ae230f6e-5d73-42a7-97ec-d0848ad3daac","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":226,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"72aa2975-5224-486a-87c4-8de6fa63c03d","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":226,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"661f8b72-1d12-4da3-9cc1-0cbb516f5809","block_type":"box","text":"5","page_number":226,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"053e524b-1e72-4ed1-934d-e371dcbbc4fa","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":226,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"104c7a1a-79c3-45da-9362-86fb320b61e0","block_type":"box","text":"market regulation or voluntary best practice.","page_number":226,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"b6aec172-d81a-4e30-b686-266de4002aad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"899ca638-0ffa-4f37-a4b6-a1f014d942e1","block_type":"box","text":"Global Principles | 5","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"31fbcb14-a242-4a29-8bce-5713a278a3ce","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8193b18d-7395-4851-8db1-9c05b77bdd22","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":227,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"93b4d251-6abc-4f07-80b0-fadd3efe5226","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":227,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"686aac36-189f-406b-aa87-e7b4b354d513","block_type":"box","text":"recently.","page_number":227,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"ee3c250f-7e97-462a-9ce5-ce2b2eaaa6d3","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":227,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"1f12e8d9-927e-4af5-8354-94b6eb018fec","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":227,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"17ce1b19-daf1-45fd-bde8-a785cdd72e11","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":227,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"bf259df7-c388-4999-9898-a5c19d791fd7","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":227,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"44427f54-6f39-4b34-b84e-86fa27e3d96f","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":227,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"0468e52a-9123-457c-96b3-03edd2539d0f","block_type":"box","text":"Director independence","page_number":227,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"4a44b78a-7459-4cad-b89e-42e4fd9051b6","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":227,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"3b651e39-02ec-4c18-b796-95cd838c2a2d","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":227,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"6b26e37f-5067-4fb2-9d1f-f79ff838e547","block_type":"box","text":"6","page_number":227,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"c9b67918-0556-4b06-88c3-29171667c1c2","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":227,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"e5944a77-6fa3-4c2b-9642-2bc7dcebd2fe","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":227,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"f3734d00-d9b7-45bc-bd6a-e0fb64505214","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":227,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"38139570-ef71-443e-a710-355ef423c60d","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":227,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"e360dfd1-514b-4f0a-83cd-f27708c891c5","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":227,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"a8375ba3-dbcf-4c74-94a6-87eb3fa41eab","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"eaf607b0-a900-4990-922a-053a8c502a68","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":227,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"52a5881e-2b3f-4e25-a674-84ab28639e1f","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"169392ba-2136-4a1f-bb93-cb21a597a3c0","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":227,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"df4e3f7a-b295-4890-867a-317d54612cee","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"3657179a-73e6-4281-beda-7dd3c01e5daa","block_type":"box","text":"Interlocking directorates","page_number":227,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"ce6d6998-ffc3-4659-9c33-aa8b668c92a7","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"65b52928-dafc-4f03-96ab-5105ac5d11d7","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":227,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"10c0074d-6b7f-41ef-8671-3ae1470551f6","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":227,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"e24c9629-66d3-477f-b12b-8a487a7e3f84","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":227,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"70d5f206-a9e5-4419-a338-3e04f58706df","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":227,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"b0ccf9f7-1c27-477c-912f-cf69ccd7789f","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":227,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"5c2229b4-46f1-4530-826c-c515c0058092","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":227,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"99e72095-a4ac-40d6-9a1d-821909a42670","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":227,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"2b879432-2b74-41e4-82f0-858742ea39c8","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":227,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"b2651896-d9d6-4ff8-8791-b18cf44f8234","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":227,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"b88f1920-b8cc-42a0-81ab-4693cd218631","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":227,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"e18ac412-6a05-4f23-810b-bab209cf57dc","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":227,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"712c13ae-6870-42df-a82a-4311ac539530","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":227,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"1f2f4161-45ce-4ff0-8af8-464d9688096f","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":227,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"5f24e1d3-0bf0-410f-a514-6b779cdf5829","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":227,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"e6ef93d8-28d3-4d2c-9e69-1f6d1c243974","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":227,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"873eaff9-5756-4d7c-836b-e507e6753724","block_type":"box","text":"Sufficient capacity","page_number":227,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"98d71f56-ea8a-4288-8aaf-7b2e31984bbf","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":227,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"fef58b7f-4667-442e-b127-a965915a66eb","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":227,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"a0fef5ac-2c58-4d09-97ca-25208388a58a","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":227,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"d160729f-d54e-49e6-8e8a-d03064ef3e5c","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":227,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"02e1c787-e97c-49c3-91f6-bf4815dc048b","block_type":"box","text":"Board composition","page_number":227,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"96c8499b-0a56-4400-b992-a0090c3735ed","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":227,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"17d47a89-4507-4552-bdff-d487a8195233","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":227,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"c2bda90b-c51f-4c1b-bb47-f7ef3e237924","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":227,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"c1e1871f-c98a-463a-b708-ef48cb0009fb","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":227,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"d59849c6-f177-40aa-a1bc-4f5059601a71","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":227,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"cd949ac3-124b-4f90-bab1-2683cccf7b5e","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":227,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"285ab8fd-88e2-44c7-8a06-0120bae98fc9","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":227,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"14ea668b-3526-4820-9545-766c243c399c","block_type":"box","text":"6","page_number":227,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"edbc8056-99fd-43b6-a69f-bf75767a7966","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":227,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"44436611-a056-44e5-a70a-91b05a490950","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":227,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"a136b349-f30c-438b-a7cf-8ec0198ef2d0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c008ea5d-7e8e-4b7c-ad40-c5c451e1767f","block_type":"box","text":"Global Principles | 6","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ffab0776-5412-4913-a190-59534602e4a0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d831d06-0975-460c-bf0d-c73b48d294bc","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":228,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"048dad82-8078-4889-abe2-beea883dc08d","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":228,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"30fd9aa1-3359-449d-832b-da6c8447e351","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":228,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"bc54b6b1-c091-4081-94b8-fe186d0fe596","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":228,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"b1fd7cc8-e4f6-46c7-b897-9997bdfd478e","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":228,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"4aa0044b-3d07-42cc-88b8-981f6ac41f8a","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":228,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"595a10fb-e71f-4a8f-8189-a129f124be62","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":228,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"2e8faffc-d81a-4a98-8a59-59b9ac1b2007","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":228,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"94e0b579-22f0-4f24-9763-7c405b4d7979","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":228,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"409e765f-1947-4049-98e7-aef20aada901","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":228,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"3efda2aa-09d0-4e14-93e2-7d45390626cc","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":228,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"8297f5d1-2c9b-44c6-a026-0f4d8a901ddb","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":228,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"d679b8a1-a57b-4066-9940-ef72ae165fd6","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":228,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"6e798b5c-e149-400a-a6ed-68bf8e9c24f7","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":228,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"e7f5dc51-911a-4e15-a307-1919fdeea093","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":228,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"f24ae8c5-a283-45a3-ad29-32ce8438ebc9","block_type":"box","text":"systems.","page_number":228,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"c8bec794-2bc4-4703-87ee-8340d7841179","block_type":"box","text":"7","page_number":228,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"400953be-2fa4-4155-b248-3d3d49c5f450","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":228,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"bfe2e948-b4ab-4d3b-a3d5-9c6d78cb4e1f","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":228,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"9e41da14-820b-418d-b0c5-b0bac2ea17a5","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":228,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"81c12b1e-3157-44fa-bb3c-ce8176dd54f4","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":228,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"cd82b380-f417-4b7d-abd5-58c1e122cba4","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":228,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"e259240c-1abf-4212-8826-47ae657949c0","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":228,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"4a981f55-51e1-4544-8752-f333e39f25e7","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":228,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"03610b85-db0e-470a-87b5-0d6bce2832dd","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":228,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"10e2b676-f380-4f35-ac10-dda4df5d252b","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":228,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"f1b17668-a7d4-4e48-9b4a-f40bd5e4f179","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":228,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"e9035b84-37c0-4372-bffe-118d65bbfdab","block_type":"box","text":"or internal audit function.","page_number":228,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"0a75786b-c708-4e6d-855f-5ad77030495f","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":228,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"f6c0f197-f965-46c9-8a2a-19e6a5ff6627","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":228,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"5a22d737-a098-4d79-9179-383b7a392497","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":228,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"6ea497b9-7526-43e1-8806-0a337ff08d79","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":228,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"b6fda26c-6a8d-4013-bae4-ceb498665ef3","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":228,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"15df5fb2-7663-464d-870b-75789bc1aa10","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":228,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"09fd429a-5789-4e2a-b77e-a08fa194356d","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":228,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c39bb6f0-0bae-4740-a2fe-45f9c7ce3d06","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":228,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"bb765a7e-f0f9-4075-9ef0-a68e89e2c733","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":228,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"ae783d8c-2858-4182-8da8-ff47efa5b6ab","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":228,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"2167c2d1-5760-4cc2-9694-4758de038d7c","block_type":"box","text":"risk.","page_number":228,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"6cecfea1-caec-4192-a20e-31dfcc486a8a","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":228,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"e438a436-81aa-4035-8b06-c0a57d0abb14","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":228,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"2aa3fa8b-fb6e-403c-b958-9c10bb1d5b28","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":228,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"3f824d3b-587e-4b93-80e5-bc06e7bc6577","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":228,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"32618708-1c81-4844-8959-d2f87a8fc377","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":228,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"e6807335-9226-434a-8b8d-0b930e5fbbef","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":228,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"a04e3261-1b99-45da-b410-ad50f6cea095","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":228,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"acd5dd37-4338-4fe8-95c4-b907a3d6fc89","block_type":"box","text":"7","page_number":228,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"d72274d5-ea89-4cc3-8df8-fe13120cebfe","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":228,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"6383f2a6-ada6-4577-b05b-881887c05253","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":228,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"ff7b3cd2-c1f8-4d1e-8a31-cbc0fddf51ca","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":228,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"5dce3cef-c940-43ee-ab7d-761bcb1176c5","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":228,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"8dfcbaab-06ce-4c54-8fa1-1cd0446bf3cc","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":228,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"13bbfd7d-526e-49a6-8a4f-c85014cb42e4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b78c2bb0-4ba5-4234-91de-9c577523b09c","block_type":"box","text":"Global Principles | 7","page_number":228,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"bbcc70fd-7767-421c-9e0c-e95854124099","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a85caab-11ba-44a9-9f36-50ec574e5f70","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":229,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"f002284e-0435-434c-85e8-3e08e6966f7b","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":229,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"14403f85-3fdd-4850-9cea-9d7130727085","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":229,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"46d4974f-3b37-47c9-bfa6-e732a6f6f75f","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":229,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"a15ae190-2a68-48a6-a815-b9df630b23a8","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":229,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"1f9a1fa3-921e-46fe-ac71-c9419863a5a3","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":229,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"14ee0449-df39-47cf-b2c7-b86b86e29a3d","block_type":"box","text":"minimizing costs to shareholders.","page_number":229,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"d59f926a-fef9-4383-8446-4f137c467f57","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":229,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"d85a05e6-d3db-44a7-bcdd-c9ef8823515c","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":229,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"5ec48dc2-ddfb-4b00-8b71-1903d8015333","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":229,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"81cb88a0-11b4-44e4-838f-db5de6f8ee49","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":229,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"c6fd0bf9-b4c8-49f4-af3e-b897849b3648","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":229,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"c5d105bb-5911-495c-92a8-b9b1e41af140","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":229,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"8cba173d-6228-437b-a08c-35c8091374d0","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":229,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"0e1afab3-6951-454a-aa3b-e87987217509","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":229,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"0bf28815-2105-4330-927d-b3041d126de7","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":229,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"afe5827b-9153-4565-8585-a8ecbb02b797","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":229,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"31fb850c-aeb3-4760-8838-332dc9f99208","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":229,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"ff74a0cb-9574-452a-a12f-6abec786a14a","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":229,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"99681f03-e0ef-4027-ac2e-8d80a71aa21f","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":229,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"0a41a628-160f-4e11-bae6-7915239d0b94","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":229,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"15d943cd-e670-4c30-a65f-edc426f0d250","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":229,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"df11a950-7f46-4880-a9ec-bf5ec28fae93","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":229,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"33b35b96-f9e8-4b73-8d28-c2b4ab0f61db","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":229,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"31288631-0749-4f56-9b73-f7b705b5f220","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":229,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"f7d6b6bc-a3e1-4a99-9ded-e091c546e70a","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":229,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"46eb671f-f2af-4fae-bf6f-3618c19eedbc","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":229,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"6e14a68f-e0ea-4fd7-8b77-7216bf33f9e0","block_type":"box","text":"ownership.","page_number":229,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"cc2ab364-47e6-4414-9a5a-f1d4b91902b5","block_type":"box","text":"8","page_number":229,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"0bb6e4c3-32a8-43b9-84a7-9293dd5f6aa5","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":229,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"30f6dea7-8f3d-49db-ab33-3af8df74d7ed","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":229,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"e50e06de-77b4-48b4-ba63-0f1cd9eb37df","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":229,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"73bed350-edcf-492c-909a-e835dfb9e9a8","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":229,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"73fa18a0-3ea8-4246-8747-e9c03e2eef91","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":229,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"15351be4-aeb3-4c8f-a1fe-8705fa7fe03b","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":229,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"b67ecfed-1ed5-46e8-a99c-172a70c63a85","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":229,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"eb92ad11-db0d-4444-aeb6-c77c44b7d2de","block_type":"box","text":"results over a period of years.","page_number":229,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"09394271-f4c8-4f9e-948d-e4cb381c254b","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":229,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"80a73663-b091-48f9-b358-8acfe6422cdb","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":229,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"5cbaf332-3d3e-4249-aef8-07a4511486b7","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":229,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"2b8b171a-3bb9-4666-80fd-44d0939e3dfd","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":229,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"33f9c178-256c-4825-9fdf-2e6e7342076f","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":229,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"568d9581-ea65-4458-8ddd-da69a9883797","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":229,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"fb1b5ad0-ac4b-4d12-977d-bab1f0a4ff65","block_type":"box","text":"executive compensation strategies.","page_number":229,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"5a9b7a61-eae6-492e-92fa-bab72957a226","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":229,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"07f9f050-156e-48ea-a427-be4baf07d31b","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":229,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"38914081-222a-41b1-87cc-87d7c0b11431","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":229,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"1160963a-1c15-49c5-88c7-d7a8c882e06e","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":229,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"6575e48b-2b53-450e-a00f-f5a766504f26","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":229,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"bb656ef7-87f1-4a9e-9e98-a905da9e2bc7","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":229,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"88698a1b-9cff-4a54-94f1-5826bbf49fad","block_type":"box","text":"8","page_number":229,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"719e3de9-3557-4ae6-b4ad-b86347772eb4","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":229,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"3599a330-cfd9-4e78-9a8a-eaa39515ccd6","block_type":"box","text":"different markets.","page_number":229,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"7364bb7b-7f45-4613-916a-2279436c5a0b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"52c091e5-8b68-4e38-9921-2a8889f97e12","block_type":"box","text":"Global Principles | 8","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"83058f57-9b34-4bf5-95a7-ca9563f182a0","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07ae9548-5ec0-4640-8af6-9424483e49b5","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":230,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"0a9effbb-78d5-445f-b27e-e6a4b2e3c3c9","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":230,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"717ed96b-2c9b-489e-ba7d-9c8f241bba22","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":230,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"e86bbf24-26b7-458a-9b97-44c7918988c4","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":230,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"a58e0639-46a3-44d5-ac55-e66338b41c18","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":230,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"293ed0af-859a-4898-a2a0-648b2d15a3a6","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":230,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"b29554df-8986-47fd-8157-e782c43bc5e4","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":230,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"c1707b93-a023-43af-b7ca-07652730d332","block_type":"box","text":"whom they are charged with overseeing.","page_number":230,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"d4f2a548-657d-4391-8d21-d11f3fb7dc1e","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":230,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"cbbac54c-5040-4cc1-a918-de67b4fb09b9","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":230,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"0c2178b7-c015-45e9-8381-a81e7b13b07a","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":230,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"b91a7ef6-be42-4ff8-a980-fbd1daab8531","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":230,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"6c4dc4c6-cb64-4563-bc0f-44ba55d22849","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":230,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"16e7b057-77e4-442c-9b9b-10230cf83642","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":230,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"4ba2c3dd-a30b-428a-a302-9d2a8fa245c6","block_type":"box","text":"structures.","page_number":230,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"e3a6a106-fd7b-4144-bd51-9b5f460026fc","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":230,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"0ffcbf8e-f0d3-40e2-8220-bf08b06195ee","block_type":"box","text":"Corporate form","page_number":230,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"4a612bff-fcb9-423b-be74-438da70ede58","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":230,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"4f80c249-2cc8-4eac-9d5e-c67315b34526","block_type":"box","text":"the company’s purpose and business model.","page_number":230,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"525cc2dc-474f-457e-8b4a-236d69e04e9c","block_type":"box","text":"9","page_number":230,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"28e7ad54-e5d4-476f-a16b-970489c4bad1","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":230,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"10daea59-74cd-4128-8420-d5a6872f6d5f","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":230,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"3fd18d49-41c0-4a99-ad66-daf69568ce5a","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":230,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"349c9ffc-3006-4952-af0d-5f404af19286","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":230,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"19672274-4227-4385-a393-903ada4dc336","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":230,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"7c23f4d9-9bd6-4eb0-bb36-860e64929bab","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":230,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e363cfc9-6de1-4f42-b0d5-bd0779c41e15","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":230,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"c5a52671-b234-4537-abd6-9e6fd134c9a9","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":230,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"4a726b24-7814-44a4-9941-e923a8ea99d9","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":230,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"b69db714-4637-4a77-8b45-3e00801a13bf","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":230,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"d126eb28-e752-4765-b0ce-0e630df7c7b7","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":230,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"670b73a8-0918-4fb6-831a-2f94e2d9d094","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":230,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"de5622f2-b6f2-4f96-aba8-12fdd7e7ed01","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":230,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"b1e3de6a-76c7-4702-a7f1-d5725b1511c8","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":230,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"291269d2-ce0a-4c3f-98d5-7e8b3d4e08f3","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":230,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"f69ced67-951b-41d3-9f9b-d3b26022fc85","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":230,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"ddb00d1c-ce76-4a3a-bbd3-91ab8e025e92","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":230,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"0c89c8ed-530c-4d97-9238-2c10505fdbdd","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":230,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"9d7861bd-d644-4198-b673-aa0fb50881c7","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":230,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"fac3400e-1791-425a-b103-ed4faaeef9ef","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":230,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"bbd02af8-5f28-43e3-8eae-1b8d2f470c3d","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":230,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"31364ef3-58aa-4ac7-a82d-b617e0459a02","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":230,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"d89b4ed7-6b73-4039-adc4-b8558ed66d5d","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":230,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"1e44da56-d93e-46f9-9683-a6428cdfac6d","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":230,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"f50b188d-3b90-44df-a218-1ccc5bc095b2","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":230,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"14a2c724-a94e-4cb6-9824-7cc4934d11dd","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":230,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"ee951618-cba0-4edd-bfb1-bf9aac37e34b","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":230,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"e4c35788-da2b-49b8-bd60-927c5134c890","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":230,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"8c8b4848-9f4b-4470-9e01-df1272275c27","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":230,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"7768fc84-a2dc-4fa8-ac86-dc1f587cfe7f","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":230,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"0252f87f-780f-4c17-92b2-d93bc222d434","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":230,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"2b5eac92-30b1-4af3-b437-79aee95bd5c8","block_type":"box","text":"9","page_number":230,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"1f4d6210-10a1-4484-80ce-c786e533b589","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":230,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"7118c489-5044-4cf3-8a81-8c688d8fe989","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9012aa8f-5d48-4eaf-8b52-43d07b2a4f79","block_type":"box","text":"Global Principles | 9","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"925e43ab-5a53-4a6a-8d4c-aeac9262d39b","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f40fe8b-cdc0-4c49-a096-9fd5dc56642a","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":231,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"26fb773d-dd81-4e09-8e20-04b5fd3d41df","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":231,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"57043d19-62ce-4cb3-bafc-5f1efd2489e4","block_type":"box","text":"long-term financial interests.","page_number":231,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"288cc52e-a2f6-40f8-9f6a-a83b060c76ad","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":231,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"ac277b46-595f-4ae4-917e-58610af911ab","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":231,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"24376e75-47ca-4a22-ac25-c9ec8b4285e7","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":231,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"1cac459c-cad0-4dde-955a-e9de49b9d937","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":231,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"9b17793b-3f24-480f-98cb-6a3c5e579454","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":231,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"530501f9-6a8b-4b0f-9df2-8b0258043348","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":231,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"eaddc72c-46d1-4976-8b99-edaedc3acf00","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":231,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"87a7fbc7-bb9e-48c9-96ca-cd54f18a480c","block_type":"box","text":"term financial value creation.","page_number":231,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"4ac92937-d377-483c-b124-a8be6f9ab5fa","block_type":"box","text":"10","page_number":231,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"40139fc6-5639-4d3b-a444-8fb59b413d00","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":231,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"2b4aea1d-195a-4ac9-9c04-fed93782378a","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":231,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"531cb993-d69d-41af-b607-f39464113367","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":231,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"e1038e3f-ceba-4d48-b35a-4a1591fae227","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":231,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"6f4156cd-eba4-4680-97cd-d5f2a8c0a669","block_type":"box","text":"industry-specific metrics.","page_number":231,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"1c60c307-c4d5-4236-8378-e313fc8661b7","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":231,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"2fc96019-daee-431c-8496-adb93b946975","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":231,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"ff4517d3-717d-4a8e-9a09-2b2b2d81b500","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":231,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"4abf646f-2c9e-4ad7-bd8e-171b2aea38d4","block_type":"box","text":"11","page_number":231,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"63b1bde9-29cb-42c8-98e4-8c67e3c679fa","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":231,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"357aa06c-9977-422d-93a0-42ece4b215f2","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":231,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"cb641cd6-62ce-4d4c-886f-288c24babff3","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":231,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"324f127f-7434-47ab-9d6a-b3eb19ea6a08","block_type":"box","text":"specific.","page_number":231,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"006784bb-4207-4968-8c92-f19d2b24c470","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":231,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"22658145-0705-4ed4-90b8-3de72b0a0473","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":231,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"a9a92e05-085f-4c6d-b51e-90c056aad9e7","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":231,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"4b8e228d-449a-41dc-8dda-97373f2b160b","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":231,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"d2df7732-70cf-40c8-b15e-59eedcf501e1","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":231,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"13a42ed5-081a-4ae6-b2ea-76e930cf2265","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":231,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"0745f5d1-1a24-4754-b1ad-baac2ad56f3f","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":231,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"54e8a6f1-17b3-4973-b7c7-655ff9a5f356","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":231,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"817d3c40-5558-478e-91b5-c1402ed7ac43","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":231,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"a8dde9e9-c017-4d32-9ac3-547f4e772723","block_type":"box","text":"10","page_number":231,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"45df7983-ea1f-4fd0-a591-0a5be2db5070","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":231,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"224519ea-b9bb-498c-b17c-c2f44a12df09","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":231,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"a3dfb27d-7a3e-400d-96ba-314bca837ab6","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":231,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"3ff29b2b-958b-4106-90e2-12a1ad41c8a4","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":231,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"9287ca22-bd5a-4bb5-a539-b91d81003b25","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":231,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"4c6fc19e-99cb-4c90-82de-2456a495b4f9","block_type":"box","text":"11","page_number":231,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"53c67460-91da-4010-8809-e5dd69269c87","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":231,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"76babfcd-4d7f-42d8-ac0d-286bd6b73893","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":231,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"e0f8b188-04cf-47f4-a155-29795ff2ea66","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":231,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"b26a4625-56a5-48f8-8527-0e906a62e682","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":231,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"7437c3db-de8a-48a1-9fd2-4cd119443c8b","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":231,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"4dfe0a07-6b80-4c86-a68e-2a22659e55ae","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":231,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"49bbdf0b-65f2-47e2-a795-9fae93f871e1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a93a3d88-cce7-45cf-bfcb-61abd12398e0","block_type":"box","text":"Global Principles | 10","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7dbf0cea-2f1a-4548-8a67-3380ed609289","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99b7b01c-fc16-4d43-aa7a-2152de5d938f","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":232,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"afaa3b46-471e-4f65-96d4-6bd52f727a56","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":232,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"f72461d4-0a1c-46f6-887c-927525be48e6","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":232,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"ed768d35-a282-489b-bde5-b7a952b7b994","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":232,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"b844e352-907a-424e-a0e4-50d5bf0992d4","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":232,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"ecac51a5-df1d-492f-a4dc-8ab71470ac8c","block_type":"box","text":"12, 13","page_number":232,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"47542363-51b2-4375-8678-2242e0d759bd","block_type":"box","text":"From company disclosures and","page_number":232,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"4e52c4c2-97d9-4346-97c5-022868d97dba","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":232,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"7458374a-7d57-426f-8c9e-08194616608f","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":232,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"c7957737-dc87-44ea-a2c7-b7224b455ee3","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":232,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"dcb512ed-ff90-49b7-9b47-0f1c25188ecd","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":232,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"a6306b0f-81b8-4253-b4e4-ea834d67682c","block_type":"box","text":"viewed as best practice in the market.","page_number":232,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"8149c5fc-a593-4c7b-8782-f533a8d0edb0","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":232,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"f43d8527-35b7-45e3-9b5f-471d34f8f572","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":232,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"0bccc6f8-7a01-400f-978a-c526f0cf6666","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":232,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"e3904a67-55b3-428e-b625-7d50de0ab0e3","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":232,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"3e40fbd3-4137-453b-a978-36f1e03486ca","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":232,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"efbb6f50-97c2-4a94-bf64-e271affcd9db","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":232,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"5d6047ce-5342-4dfe-b94d-e17b63730af1","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":232,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"d9225030-fbbd-4c56-afcc-aa2813588dcc","block_type":"box","text":"interests of their investors.","page_number":232,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"d4b3fd1d-37b2-41c7-a161-58093c917d49","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":232,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"5a48edd5-dbaf-46ad-9cb6-c48c1e2c9029","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":232,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"20fcb3b2-539c-47a6-a8df-77f491597ed9","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":232,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"bf23a193-2161-4ecb-bc7d-bba5fbd2fa16","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":232,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"c60bad75-6f53-4b0f-99f3-a28f101dc290","block_type":"box","text":"good-faith basis as methodology develops.","page_number":232,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"509712b8-3dc3-4d7c-b829-c57533e10623","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":232,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"299b6251-164d-4474-8f72-ef8cbf4a9da2","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":232,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"d432b93a-3df3-41f0-b623-73137cae6b27","block_type":"box","text":"generate long-term financial returns.","page_number":232,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"a60aa336-d7d6-4961-96cd-2c435f414ed4","block_type":"box","text":"14","page_number":232,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"71f57ebb-2f12-4aa2-b956-5e080daf9c3e","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":232,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"797d3f9d-7a04-4e2b-9f73-58f717ca9a02","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":232,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"3284855c-89a3-4b0a-b928-5a7f73d43713","block_type":"box","text":"15","page_number":232,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"709b9ba2-92d9-4c58-a23b-f7b5d097123e","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":232,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"bc085c7f-e998-4bf4-a674-486b135c0b33","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":232,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"a36f3cb0-49ca-4f73-bc60-80fcc7440d0a","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":232,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"6fddd6e8-6465-4db9-bd54-f425fc75af7c","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":232,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"2c224b6a-01de-4263-a90e-0569384a2642","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":232,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"0eff1913-f9d4-4e39-aeed-b75a58d0c4ae","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":232,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"d6e13ac9-49b9-43d4-9f6a-b9838778f70e","block_type":"box","text":"12","page_number":232,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"8c3dce7a-bee2-4e6b-972a-aab784bf93ac","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":232,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"fcf24ab7-948d-4c9d-aa13-73d5b9fdeb00","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":232,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"d1e3557a-b661-47cd-a5ea-ba298d5962ce","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":232,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"3f85f852-c5b0-45bc-acd8-7c10e1ee6f6f","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":232,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"1f2dd9e8-8d8e-4322-9c26-b500732a7527","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":232,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"911f6f80-6a00-4528-a09e-ad2771c23208","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":232,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a644998e-a500-48c5-a4e7-0695d9c71f41","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":232,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"ea12d2e4-6590-4fed-ba3d-a7cf665bcbd7","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":232,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"727f5d92-af7f-48da-9ab8-754649520469","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":232,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"5cd68bd0-88c9-46ed-bf96-d5f207eaa1db","block_type":"box","text":"13","page_number":232,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"2bdbbe33-4b52-4f9a-9bee-4f19d7b9a41a","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":232,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"b811d053-14ff-4a03-9fc4-25b7b32e736a","block_type":"box","text":"2025.","page_number":232,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"2da1dca7-cd57-46f1-9b8d-f59a39bc2069","block_type":"box","text":"14","page_number":232,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"ec92e0e0-27b7-4814-8683-a26819dcf736","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":232,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"b30f4b5f-753a-4150-acd4-4966048af7ad","block_type":"box","text":"2025.","page_number":232,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"a8ed6344-bd45-46d7-9d22-161ce3ff82fe","block_type":"box","text":"15","page_number":232,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"84e72956-ef5d-4111-89e6-a58d969d0d7b","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":232,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"efcda144-bb2f-469e-9a14-0419c1bb0055","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":232,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"4f374043-1bd3-4ded-9f81-b1cb93383451","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":232,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"989f17df-f9f4-4f43-869b-93a4a1927fd9","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":232,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"adbf8634-d3fd-4aad-b5ba-1aa950078e5f","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":232,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"a9fc6c17-b63a-40f6-9778-079e4e0300f6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a26db7b9-ac7a-4bd9-984f-aa1c362bd017","block_type":"box","text":"Global Principles | 11","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e244d5ca-e0f4-48db-9d7f-9e89f4c6dae4","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e106bf2-f600-4a27-94a8-51b45fe3e2c5","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":233,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"5ff1494f-d3d2-4342-93b5-4eb11f98b896","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":233,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"6015fba7-134e-4193-83ac-eae9ea98f2ae","block_type":"box","text":"16","page_number":233,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"0bfdc089-751e-4732-b10e-9e093fae51d0","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":233,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"ed5de921-594f-4ab7-aec1-5af0fd902bf3","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":233,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"26995f7f-4bb5-4f33-a171-ef72d3b525a9","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":233,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"47c1f335-b345-4144-8f29-4a1075984bc0","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":233,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"0f30af8a-99be-4a01-be99-656a52ea5c15","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":233,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"05f00c49-99d4-4180-a120-23afaa52344b","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":233,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"55b4831f-9ea9-4d13-a848-148f2e726c71","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":233,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"770c3b34-1c5e-47dd-a2ef-c73ae7e3895e","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":233,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"eee5f1d0-59b5-47f3-b271-b7d10f14d939","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":233,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"008f972b-446f-4cd9-a95b-9a002a72b1e4","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":233,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"539be562-f750-45cf-a324-00b1c4c849fa","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":233,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"89101fec-f7d7-4471-a0af-9208296a5e45","block_type":"box","text":"impacts.","page_number":233,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"6479b88e-9922-41b8-a817-f885ff8efbee","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":233,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"859f4b23-77ab-4030-ac55-ab80cc1fe2b9","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":233,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"d3fc7e39-0b5c-42fa-9a46-a013860534b2","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":233,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"26524bbf-52bb-41a3-a1f0-8693ec1600c5","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":233,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"907d0dc8-deea-4951-bfb9-2b57120342f3","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":233,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"f6717f33-8afc-4163-bc4c-a40091f9bdf8","block_type":"box","text":"clients at the global and regional level.","page_number":233,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"b45bf179-31e6-4337-b592-9d2b15311ac8","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":233,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"6f998604-b290-444b-ae5b-fae5f7b76ae0","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":233,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"7194b81b-feea-43d3-a3b2-fa92a0631c38","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":233,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"ccdb9482-d7e3-4fb5-9a4b-d042f975448b","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":233,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"e793c633-f614-4ff0-917c-6e2be57ec4d0","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":233,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"2ebeccd9-3695-4bf3-b2e8-b4ac7c592493","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":233,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"d042467f-3820-4ae1-8a24-185d46224d7a","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":233,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"8d3f4c4b-3cfe-40fe-864f-6cf84011a58a","block_type":"box","text":"are independent from the investment stewardship function.","page_number":233,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"5f3a5fef-2e48-4403-bef2-7932e580d451","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":233,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"c782b5b4-9085-4e70-b31a-9d6ab1c4ef13","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":233,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"7b1b3a04-ad99-45aa-9281-c966dbfd27b4","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":233,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"7e96513c-032b-4540-8575-8d3836bbfc00","block_type":"box","text":"VOTE EXECUTION","page_number":233,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"41547eed-fbf0-4a32-9353-efeb9c984c1e","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":233,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"17b72b76-c21d-462e-95b3-9e9f898ba147","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":233,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"65022f14-485f-47d5-8eab-dde0888896eb","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":233,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"4b7e4438-a85c-48e3-8957-6d34e0166a72","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":233,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"26a55228-1960-49c0-a075-347c12b1ae7f","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":233,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"66c3fdee-9fb9-4319-a74a-f43a53ebd11f","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":233,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"8606923c-015b-499f-9673-987685d15836","block_type":"box","text":"management policies and procedures,” below).","page_number":233,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"01c9b29f-d3d5-414f-9065-3c3b7af12319","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":233,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"aedc31a4-2f7a-4202-8049-5d94b9b9b8f4","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":233,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"e76f2b0d-2cee-4c06-8e30-2cdd308d3adb","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":233,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"3a1ee7bb-7903-43bb-b11b-f725d553a457","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":233,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"3d1eb633-d43b-414d-b360-cd8a82e0c2af","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":233,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"f1bd245c-d13e-4088-b64e-e27a9ba78fbf","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":233,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"a4cd50b2-9c99-403d-9eed-e2f91aab8a53","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":233,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"48fc848c-d629-4b5d-90f6-03f373922211","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":233,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"754110e0-57c7-4480-8bd6-ab96a4ea3aef","block_type":"box","text":"16","page_number":233,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"d69f1aa9-8042-461e-9377-da78b362e083","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":233,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"97e8cbf2-c589-47ad-b161-1adce2c938a6","block_type":"box","text":"December 2025.","page_number":233,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"9fb31cda-20fc-4e36-ba43-745af62f2025","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e456d17a-e15d-44fb-809c-9f4b56bcef2c","block_type":"box","text":"Global Principles | 12","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"8d9e56e8-2dad-44a4-b37d-3271fe22491a","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e953de1e-159a-4f68-9db0-61cbddbdc440","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":234,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"044419ea-604c-47eb-a6af-a8a7e9df9b31","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":234,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"e1d109e4-471d-4ab0-ab26-00f007bf14d8","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":234,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"562883d8-ea4c-4402-9cd1-ecc27d8f6ddf","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":234,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"8f90968d-d161-43e3-be7b-d85bd3bb3f8c","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":234,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"8306e039-bbcf-488c-b9e8-659ba9d68374","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":234,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"5306f479-b99f-4b9d-ab58-f85e6a8b8f06","block_type":"box","text":"enterprise-level vendor management activities.","page_number":234,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"25d15be9-9e2c-48d7-8f16-8c48eb5f7013","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":234,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"188f83fe-fa63-425d-8b98-05cbb20f2bf0","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":234,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"ac3a8580-8df2-49c3-8f6e-cd159d06b288","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":234,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"7b9860e3-ffac-4955-90a9-86ae910f58b6","block_type":"box","text":"BlackRock employees.","page_number":234,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"808e3c75-4cfb-40f2-b250-84ad773336d8","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":234,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"25e6c8d9-1862-4a28-8dd8-196f605e3e1a","block_type":"box","text":"SECURITIES LENDING","page_number":234,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"44965b76-e1d8-428a-bff1-27ea461bef8b","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":234,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"6b4f3ecd-0747-4da7-b0ef-de898f37efd3","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":234,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"d772b8cd-f41a-4fad-b85a-c9a70d1f5488","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":234,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"aa461888-545e-435b-9daa-662bbe0d7500","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":234,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"2a545ccb-171d-48f9-96ee-de7b53cfb5fd","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":234,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"7aec9c88-5f23-408f-8b15-8df99fb3efda","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":234,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"169779b0-7e37-4b2d-9c75-14741f06cca7","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":234,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"b708ef18-e27a-41b7-9c1c-01245b2ccc99","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":234,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"722a1069-94f6-42db-8426-b8768ed14367","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":234,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"becceff9-4005-4605-a533-6840ec96a819","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":234,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"2ba1eae9-5aef-4d38-99b7-da6c5c3b295f","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":234,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"9c646494-0e29-4b08-8e25-8ff5be53af19","block_type":"box","text":"of recall consideration).","page_number":234,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"e0378906-8585-4a9a-a893-89162b3afaea","block_type":"box","text":"17","page_number":234,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"0e43bdbe-7a6e-4f36-ba91-16f17122b516","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":234,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"a2a91333-7fd4-4f30-a95d-3fe43dfc2170","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":234,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"cbb19b8f-31e8-4e6c-91b9-dbf9e3bf8206","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":234,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"43f41667-d084-4bbe-8013-e8f1054262ae","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":234,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"b69bb138-dc88-4350-b49a-562365dd00e8","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":234,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"1adb2df4-9020-45e1-aae7-b644da8da45c","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":234,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"c00f3c12-d54e-4bdb-98af-f7133f7b3c7e","block_type":"box","text":"important to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":234,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"a5c3121b-a36c-428b-8da8-30f9ac86ed5e","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":234,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"453a9089-a7fa-4e2f-8777-26973a13ef8e","block_type":"box","text":"and may modify it as necessary.","page_number":234,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"a7458d84-afff-42ae-9d9d-d60cb37af732","block_type":"box","text":"VOTING CHOICE","page_number":234,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"9faab32a-ec9c-43e1-941d-41947e4cb5e9","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":234,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"fbb5496b-4474-45a3-a269-edf7ba139035","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":234,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"a01ff0e5-265e-41a1-98aa-ca0071fae975","block_type":"box","text":"18","page_number":234,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"1efe3174-d6c0-4ed5-af10-cca3b78eae19","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":234,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"d39cd05e-f12d-46a4-9ab2-de48a32740fb","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":234,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"d07b4056-bc8f-4394-928a-28c7a1b7db89","block_type":"box","text":"17","page_number":234,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"c45a5d31-7ee7-462f-9466-0250d204985b","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":234,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"b43f6737-4ddb-4b83-be7b-f64991223aa5","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":234,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"20fbed07-4d28-4f0f-92e8-80d81182f62c","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":234,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"98dfa403-4f9c-43d3-81d2-9a9c97e1b01f","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":234,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"e198d7ad-4499-4ff3-aaf6-dc28ee09c55b","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":234,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"872a033f-bada-4356-a52b-043b049030fc","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":234,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"0bbdeeb6-9450-406a-9d55-3c2771d9821b","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":234,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"411ee243-0f16-40e4-85b4-5ce76d9863fd","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":234,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"37c5f5bd-8607-4c9c-a6ce-561c801be0de","block_type":"box","text":"18","page_number":234,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"3312483a-08de-4197-bfb6-8a93ab585b73","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":234,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"1af30c9c-7ae5-4450-bce2-54fa445b7c10","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":234,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"b997d65d-c162-4b6e-9564-e53b2f5426dd","block_type":"box","text":"including the decision to lend securities.","page_number":234,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"74b888fa-f126-42d8-998c-9fc187fce011","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"463641bf-075a-428c-8e7b-819ac3c3ce9d","block_type":"box","text":"Global Principles | 13","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"0456adbb-7dbd-40cd-b47d-14a27d1e39f9","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4daed8bb-1be1-4d87-a3e7-8d0e59285962","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":235,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"4e91ad97-2e73-4269-8c0e-ad7e83104a3a","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":235,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"0eb6eaac-eacd-4541-aea5-daa3d124420e","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":235,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"805a9434-a751-4435-b0c7-9f2d2b9b8852","block_type":"box","text":"19","page_number":235,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"ddb7ac76-ce0e-4ad2-a109-68b153b9b2ca","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":235,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"ce1c7967-0eea-4bb5-aab5-d03f98e4b247","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":235,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"ab6f717e-9889-45ea-a9e8-2a5ffa3b0a4d","block_type":"box","text":"20","page_number":235,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"f79ee4a9-4146-40ae-bf8c-e564f69b1bc6","block_type":"box","text":"As a result, the shares attributed to BlackRock portfolios in company share registers may be voted differently","page_number":235,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"e0d1c2df-3ae7-46b1-98f3-4e572dc8bc1e","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":235,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"956c47a9-ef54-49b8-8e5e-175a139c283e","block_type":"box","text":"accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":235,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"af4497c7-f012-4f2a-82dd-814bb517fa0a","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":235,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"1c32c726-f940-4ea8-8f0b-48b687e72556","block_type":"box","text":"21","page_number":235,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"29499781-de27-49b6-b26e-15d8ca0ced23","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":235,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"a78b60b3-4c96-4070-a737-1bd105de3ce9","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":235,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"bb7c6037-dcfb-48b0-a9a0-0e4c74271588","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":235,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"7d01624a-6121-416b-a297-381686a423bc","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":235,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"75c1fc60-dd7d-4872-bfc7-c51f438552f2","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":235,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"b782da2e-58b9-4d5f-a33f-9b681ef3fa61","block_type":"box","text":"priorities, as well as quarterly reports detailing our proxy voting and engagement activities.","page_number":235,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"41d2419a-8814-4eec-aff7-a5307316f751","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"16ef0007-5fb1-4c9e-a956-1c57b6942254","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":235,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"082be5e2-d1ff-4154-9811-4e95ef0d7117","block_type":"box","text":"preferences from a set of voting policies from third-party proxy advisers. 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Further, the Guidelines consider the","page_number":241,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"71d14909-37c0-4db0-a9c8-221690a0efac","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":241,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"8d032902-db28-4d38-9960-c9a095d74e6f","block_type":"box","text":"does not.","page_number":241,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"fef24877-1f43-4f5d-8b5c-c4c6e546c8a7","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"48224690-8b21-4967-8e45-ba2d0ba0da57","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":241,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"3546442d-ab04-4fb4-a076-229bf1607286","block_type":"box","text":"limitations:","page_number":241,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"cd60bd89-631c-493a-adf8-ef532a36fb91","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":241,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"19e0a637-d63c-464b-8e59-886c4f0189af","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":241,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"786447d0-71df-498e-960e-882af20f3f21","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":241,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"981c59a6-e9bb-4bee-903b-457285d4dd13","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"310c4cd6-337c-419d-a29d-7fa0ac1c1e0e","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":241,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"ac3a635d-6e20-4722-bb43-850ba4cf951e","block_type":"box","text":"The boards and executive leadership","page_number":241,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"d5cd27c7-e32b-43bc-930f-8f4553724b3f","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":241,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"08237cc8-2139-4c9b-8f64-2fe16bc0a91d","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":241,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"27335ae7-9b63-47ae-ac74-0ee9a60d22dd","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":241,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"53ea3c51-8072-4bdd-ae2c-3bf94a12b558","block_type":"box","text":"Voting approach under the Guidelines","page_number":241,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"19be5430-e501-4105-be7b-6d38bc793b95","block_type":"box","text":"12","page_number":241,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"0c0272e2-fef4-4e26-b323-cf392c52f536","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":241,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"a6029a43-7067-473f-9cbb-965d300ebf49","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":241,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"7fa212bb-9cdb-4b6a-9b01-54d932b399ee","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":241,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"35377df5-d828-4514-abdf-0814e1876eab","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":241,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"92fa40e8-c248-43c8-96fd-4a8435a95ea8","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":241,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"eefe1461-97dc-4e6c-863d-f89342372f6c","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":241,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"120d38ef-ff94-4a2e-a6b1-cc04936dce99","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":241,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"7f382659-d0f1-4e76-9bf5-bcfc426193de","block_type":"box","text":"Corporate Disclosures","page_number":241,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"49b4bf6c-ff19-45b9-ab2b-b1f2aef9f4d7","block_type":"box","text":"13","page_number":241,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"250b7891-3e18-417f-b568-dde156bd0ebc","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":241,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"746bb0ef-9b6c-48fc-98e0-ebc26e82d050","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":241,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"8a1b6561-0732-409f-bdb4-d7b8810ff827","block_type":"box","text":"to companies that are important to the transition to a low-carbon economy to explain the strategy and governance","page_number":241,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"d0165559-6aac-42c5-9555-7ad36d77532c","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":241,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"2d9074b1-bbb9-441b-9629-2b30c4dfabe6","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":241,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"8af1b213-e4c6-4f03-aae1-3f67c8db1571","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":241,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"fc674bfd-b9f9-423e-99b2-2cc7eb00bf21","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":241,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"2652d716-5a60-4d5a-82ac-f9f86acf230d","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":241,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"f26883ca-7d60-4f41-8fcb-bde92f5b4338","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":241,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"a1c85976-a958-463b-871d-fd8dceb3d52d","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":241,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"42d456f7-802f-4e31-9733-294762edf195","block_type":"box","text":"14, 15","page_number":241,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"6a14cc78-0fed-4b7d-8191-a5d982ff27db","block_type":"box","text":"IFRS","page_number":241,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"ebc427cf-226e-4a6c-a2f0-3e35eafc8a4d","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":241,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"7438e004-ae62-46ac-93e6-4e5190afa607","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":241,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"3f27da82-ad85-4570-802c-67072a58da00","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":241,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"8904bce6-e761-4019-b28c-35a60165e0c4","block_type":"box","text":"and assurance standards are developed.","page_number":241,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"c20a4e3c-c5cf-46f0-8b96-68914d975c03","block_type":"box","text":"12","page_number":241,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"a2e4e210-8107-4575-8d8b-188342dfc727","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":241,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"805c3fe8-fe42-4c17-a063-f8304e7d7fa0","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":241,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"b1fe127b-ceb1-4d57-bd4c-13299eb89ca9","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":241,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"972adfcb-2fc7-4716-a959-270a205ca0e9","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":241,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"1fca0754-77f6-4238-95a4-c67013e7a993","block_type":"box","text":"13","page_number":241,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"201f3126-8c0a-49b4-900f-a58230a1a8fd","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":241,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"43a5c2c9-af50-4b59-b7e5-92f1004dd456","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":241,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"6535b522-47d7-4a79-9028-63107b28dea6","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":241,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"c3b26039-4cf2-4d00-8702-273a4f454bf8","block_type":"box","text":"14","page_number":241,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"b23d938b-6090-4953-947f-26ee86e745b2","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":241,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"29186b34-04a6-45f3-9312-c3fb6a10734e","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":241,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"6385c399-e11c-4422-befb-69ff6426928b","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":241,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"bda8f528-3c87-47f0-8ec1-efdbd6655194","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":241,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"8db007e6-87bb-46d3-93a5-ca1f9257a766","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":241,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"c011fe0c-ebd3-421f-8dc8-7560382cd0f6","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":241,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"be687d33-27ca-4e63-9937-5b73d34a17ba","block_type":"box","text":"15","page_number":241,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"b48cc705-eb21-4ace-afab-15adf67a3bef","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":241,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"cab1e439-9eb7-4125-90cc-bcfac8311c96","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":241,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"d57d5647-d9e5-4d64-952d-fd0adc529d5c","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":241,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"269b6873-a768-4369-b723-dba30d5775c2","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":241,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"a123c1e1-f910-42d4-b679-5ac002f46928","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":241,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"dfcfdc45-0130-489a-9dc9-93ea19284594","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7129ce5b-47b3-4390-8989-7cef6f089553","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"bcd74492-0b8f-42ff-b59d-b0b04dc8c0ca","block_type":"box","text":"BNM1026U-6033397-19205805","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"812972b8-9db1-4040-b843-996fe45ca69e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":242,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"16dee8c5-b8ce-4a2a-9a53-2865394c4f99","block_type":"box","text":"16, 17","page_number":242,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"b3e85e76-7102-46ac-8189-fabaa133eb3e","block_type":"box","text":"In addition, the dedicated team looks to","page_number":242,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"af40d6f1-b1b1-4dee-8a40-835ca3601c7e","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":242,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"8bf71cbd-b0cd-482b-a1dd-378503ad355c","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":242,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"15bfb726-1768-4dc5-829d-f1f32d044235","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":242,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"b570f3db-52be-4a4f-88b0-37ec9ac629cc","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":242,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"96f725db-376d-4d49-b360-510de95959a7","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":242,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"2fa4ebb4-97b0-4cfd-bc13-ac103c98e39e","block_type":"box","text":"18","page_number":242,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"b7bc097c-160f-4d80-a5dc-6bd05f0f54ab","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":242,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"6176ff68-2ef8-40dd-8783-f5e13de0e2a8","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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BlackRock views transition plans as a method","page_number":242,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"7a2b7686-e6ec-47d1-aa92-7b36cf4c9634","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":242,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"14d129ad-4616-4144-b030-2821387461f2","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":242,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"7fe6cd0f-a51f-4c13-a316-64cbf830ddee","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Where the dedicated team","page_number":243,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"08bd7e46-8bc2-43ef-8fea-8ccd8daaf08b","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":243,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"b7b95745-a79b-4f5b-bfb5-4ec13ad36bbc","block_type":"box","text":"having the most responsibility for the issue. 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The team notes that assurance of corporate disclosures related to climate risk and the","page_number":245,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"a1ad8cdd-a09e-4238-843d-14e98a7d94e0","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":245,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"68d254fc-b880-46b2-a08b-3a560e4bfef3","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":245,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"0b8c966a-a717-4461-b247-cea2bb1a91c1","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":245,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"a142ed3b-8475-41eb-8d9d-c3276b151c43","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":245,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"861b9d3b-ccc2-44eb-92e4-9da631975c19","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":245,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"a16427ba-a6a2-41cd-8699-beaf0a980ec0","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":245,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"d9d4e1a9-957b-441c-a9ef-0ca001300dc1","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":245,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"8f6422a0-665f-4862-8ba1-1a594d0d4e6f","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":245,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"02409b4c-e34d-4ea1-a9b3-1430fb2f6cd4","block_type":"box","text":"sustainability-related risks and opportunities that may be relevant to a company’s business model and long-term","page_number":245,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"8fa729a4-292a-4830-a85f-abad58af20f2","block_type":"box","text":"financial performance. 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The economic transformation is being driven by changes in","page_number":246,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"6974bb81-f8da-470a-bf7c-82ddfd9810f7","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":246,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"389b087e-fd4b-45ed-a695-d50083e49c49","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":246,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"d872ce27-74a1-41fc-9eef-9f5146f9e04e","block_type":"box","text":"Decarbonization:","page_number":246,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"1fba2b1a-d7cb-4652-96fc-d5dd49e5822e","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":246,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"43157d8c-cb14-4b74-bea6-1f870c7b3426","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":246,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"6ef63dbf-74c3-4d79-8d92-29c7937e1631","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":246,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"af24b830-6859-4d45-97a5-44d293b643e5","block_type":"box","text":"e.g., methane.","page_number":246,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"09b09b18-1ccc-4d6f-b2e4-89da49781e17","block_type":"box","text":"Climate-related risks and opportunities:","page_number":246,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"b9a9d2f2-3776-4128-bf04-107f106a012a","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":246,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"47dad305-8b86-4e0b-bb8a-cc659b01c882","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":246,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"39645258-ec1e-4389-be19-4596cffecc4c","block_type":"box","text":"to physical climate change.","page_number":246,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"46faca51-55e2-4072-894f-5dbcacc073f6","block_type":"box","text":"Climate-related transition plan:","page_number":246,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"395e65c0-5d7a-4f99-a4f4-902f5d9c42e3","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":246,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"59e6e322-4f14-450c-aac9-0e1dbc2324d7","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":246,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"68e2840f-2a2f-4542-83d0-4e6a32ded6c6","block_type":"box","text":"greenhouse gas emissions.”","page_number":246,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"da5c07ec-ca86-423c-878f-3a1328b5c7b0","block_type":"box","text":"27","page_number":246,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"3b0463ed-e937-416d-b622-9cc61667e468","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":246,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"5ed5d02d-f68f-4dd8-ba33-3f26ac993b6f","block_type":"box","text":"Targets that “","page_number":246,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"dae1bd24-44f3-4cef-b008-468fe0f0fe44","block_type":"box","text":"are in line with what the latest climate science","page_number":246,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"ad7190e6-4fdb-4723-91ce-db8e0715af09","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":246,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"6c268a95-f832-47de-bc5e-cb7bc7c32df1","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":246,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"cd4a4934-fb52-422c-945e-a37aea733c17","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":246,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"424cf17d-ad67-4721-a80b-20f30844ee92","block_type":"box","text":"with the Paris Agreement goals.”","page_number":246,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"4a797b6c-1823-49f9-a036-eec8b5ff3916","block_type":"box","text":"28","page_number":246,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"b8908182-641e-43e5-b5c2-721b82de51f4","block_type":"box","text":"Scope 1:","page_number":246,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"74093dd5-757e-4e08-a0a0-96395f23b7a9","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":246,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"94339907-928a-41ac-9803-f58e117df979","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":246,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"b775c612-9710-4d0d-8a2b-37ea3be88103","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":246,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"9128642b-d62a-4b09-9e71-e97bc8f168df","block_type":"box","text":"29","page_number":246,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"3d8845c7-9406-413c-9caa-0584cf6f2f27","block_type":"box","text":"Scope 2","page_number":246,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"ec26990e-ecc5-4081-aa4b-1f26b6dec8f1","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":246,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"78429e97-5608-40dc-87d8-83757071bc3e","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":246,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"880fcba6-d6ee-4db0-8ea9-20a65b0d8b97","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":246,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"b2d6205f-c6bd-4870-8f38-5c6c5a1ab2d1","block_type":"box","text":"30","page_number":246,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"4ef7b6fe-68aa-46b8-93dc-aca08fc165a5","block_type":"box","text":"Scope 3:","page_number":246,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"b1b4d659-dbcf-4ff5-b9d8-1e97564bf53b","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the treatment","page_number":246,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"068008b6-0faf-4187-8aee-47f684604c73","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":246,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"6f176c15-6772-41c8-a155-2c4496254dc7","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":246,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"bdc9ab7c-e04d-4acf-80ef-a968c92f892a","block_type":"box","text":"31","page_number":246,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"7e4866d6-4d2f-4bc7-8d96-7f2175e9aabd","block_type":"box","text":"27","page_number":246,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"4b6111dd-5984-4ebe-b1d0-cda729d42855","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":246,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"9cc6cbab-f775-4036-b819-0a2e913b9558","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":246,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"1bb4e5dd-f645-490a-a683-f3733cc2c626","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":246,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"dd908042-cbc2-4a45-945e-2c770d07b3eb","block_type":"box","text":"28","page_number":246,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"fb48fe38-c25e-44ca-adfe-615782f82edd","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":246,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"ca236fd6-55bc-4928-8a2e-30a7904ad226","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop","page_number":246,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"e9e54816-e714-4ef4-ad2e-092272107a50","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":246,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"e62e7141-8dc5-4f6d-874d-4b95b70db071","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":246,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"fecc986c-72e8-42c1-a6ee-392303e29128","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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