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Paying a portion of discretionary incentive","page_number":22,"box":{"x":116,"y":221,"width":769,"height":12}},{"id":"f4516a9e-6860-41b5-bf56-f9cebbc4243b","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for","page_number":22,"box":{"x":116,"y":237,"width":770,"height":11}},{"id":"8c6295fb-d4e4-486e-ab77-5128e13842c8","block_type":"box","text":"a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.","page_number":22,"box":{"x":116,"y":252,"width":753,"height":12}},{"id":"dedb6b70-def3-4791-b5c7-f6b71978fef4","block_type":"box","text":"In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a","page_number":22,"box":{"x":116,"y":268,"width":746,"height":11}},{"id":"24f9bdd1-dd76-4b32-8751-aedf4ad595da","block_type":"box","text":"long-term incentive award to aid in retention, align interests with long-term shareholders and motivate","page_number":22,"box":{"x":116,"y":283,"width":694,"height":12}},{"id":"47a302c0-b406-45fe-a953-7a394c6b3a22","block_type":"box","text":"performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc.","page_number":22,"box":{"x":116,"y":299,"width":720,"height":11}},{"id":"fcc9faa9-bfa8-4b37-a235-9d2c8fe29165","block_type":"box","text":"restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock,","page_number":22,"box":{"x":116,"y":314,"width":761,"height":12}},{"id":"ca445f26-a7a4-4267-b86c-b8cc5d45cdee","block_type":"box","text":"Inc. common stock. The portfolio managers of this Portfolio have deferred BlackRock, Inc. stock awards.","page_number":22,"box":{"x":116,"y":330,"width":716,"height":11}},{"id":"9ea92d13-e672-4437-a0d6-c8aeee2faaca","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in","page_number":22,"box":{"x":150,"y":358,"width":718,"height":12}},{"id":"42838ce6-57fd-48a6-befd-4b10421af761","block_type":"box","text":"the form of deferred cash awards that notionally track the returns of select BlackRock investment products they","page_number":22,"box":{"x":116,"y":373,"width":756,"height":12}},{"id":"1ff6d486-f88a-4086-a84a-1172087e3e77","block_type":"box","text":"manage, which provides direct alignment of portfolio manager discretionary incentive compensation with","page_number":22,"box":{"x":116,"y":389,"width":717,"height":12}},{"id":"dab6a096-81e4-4599-9a03-678d643e4b68","block_type":"box","text":"investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in","page_number":22,"box":{"x":116,"y":404,"width":756,"height":12}},{"id":"66909935-4284-4a5a-ad8d-1234a4f140d0","block_type":"box","text":"the form of cash. Only portfolio managers who manage specified products and whose total compensation is","page_number":22,"box":{"x":116,"y":420,"width":729,"height":12}},{"id":"f5eff371-7514-4ca4-93a9-1a2069c7fc7a","block_type":"box","text":"above a specified threshold are eligible to participate in the deferred cash award program.","page_number":22,"box":{"x":116,"y":435,"width":608,"height":12}},{"id":"45b70688-f1d6-4854-8ecc-57482d6a4188","block_type":"box","text":"Other Compensation Benefits","page_number":22,"box":{"x":150,"y":463,"width":212,"height":12}},{"id":"78d80284-62da-4f10-abfa-c65e0006063a","block_type":"box","text":". In addition to base salary and discretionary incentive compensation,","page_number":22,"box":{"x":364,"y":464,"width":470,"height":11}},{"id":"70acc739-e8a0-4b46-b411-d333a86e9008","block_type":"box","text":"portfolio managers may be eligible to receive or participate in one or more of the following:","page_number":22,"box":{"x":116,"y":479,"width":625,"height":12}},{"id":"bb0f93cd-b327-40a3-a344-979db5d8e8f2","block_type":"box","text":"Incentive Savings Plans","page_number":22,"box":{"x":149,"y":507,"width":161,"height":12}},{"id":"16a5b3c1-3b39-4ca9-b417-cc405fba6c74","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which","page_number":22,"box":{"x":310,"y":507,"width":523,"height":12}},{"id":"952bf1dc-4d5a-4e6c-bfa8-d6993a3428d2","block_type":"box","text":"BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings","page_number":22,"box":{"x":116,"y":523,"width":739,"height":11}},{"id":"57755f2d-186e-4390-a687-28280031c21d","block_type":"box","text":"Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components","page_number":22,"box":{"x":116,"y":538,"width":759,"height":12}},{"id":"98e573ed-b889-4513-87d3-915049360399","block_type":"box","text":"of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped","page_number":22,"box":{"x":116,"y":554,"width":758,"height":11}},{"id":"a172c1ff-4eba-46a0-980c-139099db75f8","block_type":"box","text":"at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the","page_number":22,"box":{"x":116,"y":569,"width":729,"height":12}},{"id":"02db439f-fb24-4341-9e01-f850eaa3ad98","block_type":"box","text":"Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including","page_number":22,"box":{"x":116,"y":584,"width":739,"height":12}},{"id":"4edd7f86-bdba-456d-9a51-8f76f57244a9","block_type":"box","text":"registered investment companies and collective investment funds managed by the firm. BlackRock contributions","page_number":22,"box":{"x":116,"y":600,"width":764,"height":12}},{"id":"916233d1-0d00-4240-a545-1078331ffdf1","block_type":"box","text":"follow the investment direction set by participants for their own contributions or, absent participant investment","page_number":22,"box":{"x":116,"y":616,"width":752,"height":11}},{"id":"a062e606-320b-4224-a1ea-98373db0fcf2","block_type":"box","text":"direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant","page_number":22,"box":{"x":116,"y":631,"width":770,"height":12}},{"id":"4926affe-3f0d-4ee6-8fb6-d8ee00ea33d5","block_type":"box","text":"attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market","page_number":22,"box":{"x":116,"y":647,"width":764,"height":11}},{"id":"55fe54d3-fb2c-4cf3-a094-880488c8f323","block_type":"box","text":"value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000","page_number":22,"box":{"x":116,"y":662,"width":728,"height":12}},{"id":"bb5f31fb-fd57-48a5-a9f2-f64cf589c4aa","block_type":"box","text":"shares of common stock or a dollar value of $25,000 based","page_number":22,"box":{"x":117,"y":677,"width":396,"height":11}},{"id":"97bb551b-6cb1-4b3d-ab75-801c33bc9a2d","block_type":"box","text":"on its fair market value on the purchase date. All of","page_number":22,"box":{"x":518,"y":678,"width":347,"height":11}},{"id":"7b233e6b-bf1f-4832-961a-cde2613784fa","block_type":"box","text":"the eligible portfolio managers are eligible to participate in these plans.","page_number":22,"box":{"x":116,"y":693,"width":479,"height":12}},{"id":"f6450b78-0d2e-4931-a9d9-4470e2ba4991","block_type":"box","text":"Portfolio Manager Beneficial Holdings","page_number":22,"box":{"x":116,"y":721,"width":265,"height":12}},{"id":"a35f6371-2b59-4c67-9772-36e54393260d","block_type":"box","text":"As of July 31, 2025 (except as noted herein), the Portfolio’s most recently completed fiscal year end, the","page_number":22,"box":{"x":150,"y":749,"width":704,"height":12}},{"id":"5f4fcf53-95e4-4651-8be2-53f53f640861","block_type":"box","text":"dollar range of securities beneficially owned by each portfolio manager in the Portfolio is shown below:","page_number":22,"box":{"x":116,"y":765,"width":700,"height":12}},{"id":"bdaa1c38-12e8-41eb-9966-1d68c2bce50d","block_type":"box","text":"Portfolio Manager","page_number":22,"box":{"x":123,"y":803,"width":133,"height":12}},{"id":"2c8ddc0f-11c9-419a-a05e-f1832f43530b","block_type":"box","text":"Dollar Range of Equity Securities","page_number":22,"box":{"x":642,"y":790,"width":241,"height":12}},{"id":"9dca49b9-12b9-44a3-bb6f-99a6a79f11ec","block_type":"box","text":"Beneficially Owned","page_number":22,"box":{"x":690,"y":803,"width":139,"height":12}},{"id":"f5bf144a-fc59-4d0b-9294-0d3576bed3ee","block_type":"box","text":"1","page_number":22,"box":{"x":831,"y":803,"width":4,"height":6}},{"id":"828f997f-9bc6-4f82-bc2d-ac1b33cb4eb4","block_type":"box","text":"Justin Christofel, CFA $10,001-$50,000","page_number":22,"box":{"x":123,"y":823,"width":697,"height":12}},{"id":"64a63999-2b53-4c8b-9a63-73fb3c403570","block_type":"box","text":"Louis Arranz, CFA","page_number":22,"box":{"x":123,"y":845,"width":130,"height":10}},{"id":"350fa3f3-5b15-4369-8caf-de05a16cf095","block_type":"box","text":"2","page_number":22,"box":{"x":253,"y":845,"width":5,"height":5}},{"id":"a975f295-bc43-4fc1-a416-ea3cb4270cfb","block_type":"box","text":"$10,001-$50,000","page_number":22,"box":{"x":258,"y":844,"width":566,"height":11}},{"id":"c4f09f1b-90d2-46ac-a06f-e2143b1afbc5","block_type":"box","text":"1","page_number":22,"box":{"x":117,"y":867,"width":2,"height":4}},{"id":"afb92947-7035-4d5c-9303-94a8c0aad299","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement prog","page_number":22,"box":{"x":143,"y":867,"width":667,"height":9}},{"id":"490383ba-1672-4d2b-862a-ed718e330c02","block_type":"box","text":"rams.","page_number":22,"box":{"x":810,"y":869,"width":29,"height":5}},{"id":"415e42cf-432f-4817-bf27-bec6ad9f1a11","block_type":"box","text":"2","page_number":22,"box":{"x":116,"y":879,"width":4,"height":5}},{"id":"cf1c34b1-47dc-4338-b13c-36d472d5741a","block_type":"box","text":"Information provided as of November 30, 2025.","page_number":22,"box":{"x":143,"y":879,"width":257,"height":10}},{"id":"855e7952-bbed-4e55-9482-144e59ffcf11","block_type":"box","text":"2","page_number":22,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"4d9c1ed6-ab9b-4ec8-bac0-34acd2da609f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":22,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"16d09f9f-a252-4e35-a07b-d4f4dba8536a","block_type":"box","text":"Portfolio Manager Potential Material Conflicts of Interest","page_number":23,"box":{"x":116,"y":88,"width":398,"height":11}},{"id":"3fe42512-8bbb-457d-81ca-0eaa50a377f5","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":23,"box":{"x":150,"y":119,"width":708,"height":11}},{"id":"65f7d600-a320-4f35-a11f-6d13cecdb76c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":23,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"8a274f34-05ea-47f7-8d3f-d6506dfef964","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution","page_number":23,"box":{"x":116,"y":150,"width":770,"height":11}},{"id":"0ca6cb0c-a5ba-4a3c-91ea-7e79c1bf23e7","block_type":"box","text":"of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed","page_number":23,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"a319e7ec-4a80-4f06-968c-bf993608d9a3","block_type":"box","text":"to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":23,"box":{"x":116,"y":181,"width":754,"height":11}},{"id":"06a51775-dd54-4593-ae54-27d9bb661372","block_type":"box","text":"management and advisory services to numerous clients in addition to the Portfolio, and BlackRock may,","page_number":23,"box":{"x":116,"y":196,"width":708,"height":12}},{"id":"a8fa5b66-515f-47bb-8a31-5e711c9e48b2","block_type":"box","text":"consistent with applicable law, make investment recommendations to other clients or accounts (including","page_number":23,"box":{"x":116,"y":212,"width":714,"height":11}},{"id":"4047c561-a80a-4ac0-a995-0cd6976bf6d3","block_type":"box","text":"accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio","page_number":23,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"4b422528-f810-4592-a518-9c7da12e0be9","block_type":"box","text":"managers have a personal interest in the receipt of such fees), which may be the same as or different from those","page_number":23,"box":{"x":116,"y":243,"width":757,"height":11}},{"id":"39ec9b55-a7eb-41ad-b6b1-7cad57f4fca8","block_type":"box","text":"made to the Portfolio. In addition, BlackRock, its affiliates and significant shareholders and any officer, director,","page_number":23,"box":{"x":116,"y":258,"width":765,"height":12}},{"id":"f483140d-f5b5-4a0f-8fc9-c756f69d967d","block_type":"box","text":"shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock","page_number":23,"box":{"x":117,"y":274,"width":750,"height":11}},{"id":"cd607c99-249f-40f3-92eb-c9660b91110f","block_type":"box","text":"recommends to the Portfolio. BlackRock, or any of its affiliates or significant shareholders, or any officer,","page_number":23,"box":{"x":116,"y":289,"width":720,"height":12}},{"id":"9389635e-a158-408b-944e-e0a4e3a9aadd","block_type":"box","text":"director, shareholder, employee or any member of their families may take different actions than those","page_number":23,"box":{"x":116,"y":305,"width":689,"height":11}},{"id":"38e63688-21e9-473e-b8ff-198f5cd8205a","block_type":"box","text":"recommended to the Portfolio by BlackRock with respect to the same securities. Moreover, BlackRock may","page_number":23,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"b79a9882-e6b1-472c-bf43-c84336c140fd","block_type":"box","text":"refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s","page_number":23,"box":{"x":116,"y":336,"width":752,"height":11}},{"id":"8da5b4ad-f10e-4d84-a519-9d1ab0defae1","block_type":"box","text":"(or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or","page_number":23,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"ee7e6c7d-c136-4422-9792-41f92569b74b","block_type":"box","text":"companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and","page_number":23,"box":{"x":116,"y":367,"width":763,"height":11}},{"id":"133b5264-5960-4282-831f-76e777bf1352","block_type":"box","text":"employees of any of them has any substantial economic interest or possesses material non-public information.","page_number":23,"box":{"x":116,"y":382,"width":746,"height":12}},{"id":"29041943-c4b3-4309-9c8b-f113b92752b6","block_type":"box","text":"Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to","page_number":23,"box":{"x":116,"y":398,"width":752,"height":11}},{"id":"ed27fece-0e35-4149-840e-5087cd4d0103","block_type":"box","text":"the strategy utilized for the Portfolio. It should also be noted that a portfolio manager may be managing hedge","page_number":23,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"f307efac-e0f6-427d-9dc3-e74031cfb0df","block_type":"box","text":"fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":23,"box":{"x":116,"y":429,"width":720,"height":11}},{"id":"6563be06-5de8-496d-b9d3-8ae884374440","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive","page_number":23,"box":{"x":117,"y":444,"width":761,"height":12}},{"id":"93d5e6ca-e8cb-498c-a987-124836b039c2","block_type":"box","text":"fees earned on such accounts. Currently, the portfolio managers of this Portfolio are not entitled to receive a","page_number":23,"box":{"x":116,"y":460,"width":732,"height":11}},{"id":"6ba857f7-17db-4aac-92cc-547f37e042a2","block_type":"box","text":"portion of incentive fees of other accounts.","page_number":23,"box":{"x":116,"y":475,"width":293,"height":12}},{"id":"232b4b28-ec67-49e8-95d1-6828fd7dece2","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When","page_number":23,"box":{"x":150,"y":506,"width":688,"height":12}},{"id":"33927156-f41a-4f27-ac43-263126c90b40","block_type":"box","text":"BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner","page_number":23,"box":{"x":116,"y":522,"width":731,"height":11}},{"id":"4e706010-fa21-4b34-9589-4d75ca0aed1a","block_type":"box","text":"consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner","page_number":23,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"1c616ddb-61da-4d02-b66a-4fa8f13d2426","block_type":"box","text":"among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted","page_number":23,"box":{"x":116,"y":553,"width":740,"height":11}},{"id":"8a19cf94-4638-4eac-81ec-c476aeed1062","block_type":"box","text":"policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with","page_number":23,"box":{"x":116,"y":568,"width":728,"height":12}},{"id":"84aaceae-af15-4abc-9786-60466fc6cd7f","block_type":"box","text":"sufficient flexibility to allocate investments in a manner that is consistent with the particular investment","page_number":23,"box":{"x":117,"y":584,"width":703,"height":11}},{"id":"aaa833ee-9486-4f7b-84ad-ea36796cd03c","block_type":"box","text":"discipline and client base, as appropriate.","page_number":23,"box":{"x":116,"y":599,"width":282,"height":12}},{"id":"aad5bc62-3a19-43c5-b3bd-b340f28a4632","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":23,"box":{"x":267,"y":630,"width":470,"height":12}},{"id":"43209129-79b1-4b23-bc32-5eda638e3f14","block_type":"box","text":"SAI-MAI-0226SUP","page_number":23,"box":{"x":116,"y":661,"width":135,"height":9}},{"id":"4b690a8d-abb9-4914-8a18-964c4647c2aa","block_type":"box","text":"3","page_number":23,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"f23ed0da-0fd2-47e7-9243-bbdd6394a0b1","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":23,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"0cb38654-0fb7-428f-810b-61f475605c34","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":24,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"429c2fae-cd9a-4191-8427-8b02c8e865f7","block_type":"box","text":"BlackRock Funds II","page_number":24,"box":{"x":369,"y":120,"width":240,"height":14}},{"id":"9564212b-83c7-43ca-becb-3d6572ea1969","block_type":"box","text":"BlackRock Multi-Asset Income Portfolio","page_number":24,"box":{"x":343,"y":149,"width":292,"height":9}},{"id":"1f93052d-4bfc-4402-a58d-dac1889b9a5a","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":24,"box":{"x":118,"y":176,"width":742,"height":14}},{"id":"a44114cc-83ba-4add-9f2a-2448a68ccee9","block_type":"box","text":"This Statement of Additional Information of BlackRock Multi-Asset Income Portfolio (the “Portfolio”), a","page_number":24,"box":{"x":101,"y":233,"width":779,"height":11}},{"id":"ecf73c9e-2f92-490e-9208-85fd8d383b8d","block_type":"box","text":"series of BlackRock Funds II (the “Trust”), is not a prospectus and should be read in conjunction with the","page_number":24,"box":{"x":69,"y":248,"width":793,"height":12}},{"id":"94be6a92-3ec1-4bdc-a9da-1129e7fc9d8a","block_type":"box","text":"Prospectuses of the Portfolio dated November 28, 2025, as they may be amended or supplemented from time","page_number":24,"box":{"x":70,"y":264,"width":835,"height":11}},{"id":"398ed3d6-d437-4dee-b669-014ea89fcd6b","block_type":"box","text":"to time (each, a “Prospectus”), which have been filed with the Securities and Exchange Commission (the","page_number":24,"box":{"x":69,"y":279,"width":792,"height":12}},{"id":"a094ad45-7e8e-47aa-86eb-6530c7d60a40","block_type":"box","text":"“Commission” or the “SEC”) and can be obtained, without charge, by calling (800) 441-7762 or by writing to","page_number":24,"box":{"x":69,"y":294,"width":820,"height":12}},{"id":"ab5d016e-4972-4ea9-8e94-efd70066700e","block_type":"box","text":"the Portfolio at the above address. The Portfolio’s Prospectuses are incorporated by reference into this","page_number":24,"box":{"x":69,"y":309,"width":778,"height":12}},{"id":"60d1f132-9ab8-42d6-bd88-615b48648551","block_type":"box","text":"Statement of Additional Information, and Part I of this Statement of Additional Information and the portions","page_number":24,"box":{"x":69,"y":324,"width":822,"height":12}},{"id":"0bfda8e7-4737-4dfa-a6dd-deb01fdf3d05","block_type":"box","text":"of Part II of this Statement of Additional Information that relate to the Portfolio have been incorporated by","page_number":24,"box":{"x":69,"y":339,"width":806,"height":12}},{"id":"d58c2c58-642c-4882-8dc2-29f111db0dc2","block_type":"box","text":"reference into the Portfolio’s Prospectuses. The portions of Part II of this Statement of Additional Information","page_number":24,"box":{"x":70,"y":354,"width":829,"height":12}},{"id":"c986ea55-7561-4e35-a030-f077f9722a21","block_type":"box","text":"that do not relate to the Portfolio do not form a part of the Portfolio’s Statement of Additional Information,","page_number":24,"box":{"x":69,"y":369,"width":805,"height":12}},{"id":"a2e78998-0321-4bee-b4db-d12e3df135a3","block_type":"box","text":"have not been incorporated by reference into the Portfolio’s Prospectuses and should not be relied upon by","page_number":24,"box":{"x":70,"y":385,"width":815,"height":11}},{"id":"61f116df-0f2d-43c4-a263-63a6d2033de3","block_type":"box","text":"investors in the Portfolio. 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I","page_number":25,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"e8b07c74-3217-484e-9aa6-e07dc2a8df9b","block_type":"box","text":"I-133","page_number":25,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"727848ab-e00b-4908-a8ee-0cc454c460af","block_type":"box","text":"Proxy Voting Policies and Procedures. . . . . . . . . . . . . . . . . . . . . .","page_number":25,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"d5f6a93a-0183-4993-8cc9-79bfb00d527a","block_type":"box","text":"........................................... 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A-1","page_number":25,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"428a6b02-e67f-4dcf-a987-cec94d1a43db","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":25,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"45406604-60b6-4e82-8308-2b1af0174d85","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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The Portfolio has also adopted certain non-fundamental investment restrictions,","page_number":31,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"ffdd6529-3311-4478-a77b-b985023b6329","block_type":"box","text":"which may be changed by the Board of Trustees without shareholder approval.","page_number":31,"box":{"x":68,"y":218,"width":557,"height":12}},{"id":"b8275a0b-adfb-4bae-ae97-e8bd07342e28","block_type":"box","text":"Under its fundamental investment restrictions, the Portfolio may not:","page_number":31,"box":{"x":102,"y":241,"width":488,"height":11}},{"id":"b98c2637-adc7-4c26-9dca-fb38075d2d04","block_type":"box","text":"1. Purchase any securities which would cause 25% or more of the value of the Portfolio’s total assets at the","page_number":31,"box":{"x":135,"y":264,"width":772,"height":11}},{"id":"33206c33-1dff-445f-b111-7edebbfa77bf","block_type":"box","text":"time of purchase to be invested in the securities of one or more issuers conducting their principal business","page_number":31,"box":{"x":101,"y":279,"width":766,"height":11}},{"id":"f8c38d39-9497-4994-a90c-b0a081a690a2","block_type":"box","text":"activities in the same industry, provided that (a) the Portfolio may cause 25% or more of its total assets at the","page_number":31,"box":{"x":102,"y":294,"width":787,"height":11}},{"id":"d2066d61-a6f5-4d16-9d18-b469bde73d38","block_type":"box","text":"time of purchase to be invested in the securities of one or more investment companies; (b) there is no limitation","page_number":31,"box":{"x":101,"y":309,"width":802,"height":11}},{"id":"64b7c7b9-f200-4544-a3b9-fd5fe8e94226","block_type":"box","text":"with respect to (i) instruments issued or guaranteed by the United States and tax exempt instruments issued by","page_number":31,"box":{"x":101,"y":324,"width":800,"height":12}},{"id":"3e8c711e-e760-46ed-9ab5-ef972f69116b","block_type":"box","text":"any state, territory or possession of the United States, the District of Columbia or any of their authorities,","page_number":31,"box":{"x":102,"y":339,"width":751,"height":12}},{"id":"e45be806-d707-4164-8f54-e2936669a643","block_type":"box","text":"agencies, instrumentalities or political subdivisions, and (ii) repurchase agreements secured by the instruments","page_number":31,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"6468f4c6-8809-45db-bd69-5f91cd9e7faa","block_type":"box","text":"described in clause (i); (c) wholly-owned finance companies will be considered to be in the industries of their","page_number":31,"box":{"x":101,"y":370,"width":772,"height":11}},{"id":"de9e64b8-4294-42bc-a876-2330b0acfdba","block_type":"box","text":"parents if their activities are primarily related to financing the activities of the parents; and (d) utilities will be","page_number":31,"box":{"x":102,"y":385,"width":774,"height":11}},{"id":"fe0095d2-0d9b-4c06-8d7f-84aeab10b357","block_type":"box","text":"divided according to their services; for example, gas, gas transmission, electric and gas, electric and telephone","page_number":31,"box":{"x":101,"y":400,"width":796,"height":11}},{"id":"a1e5a1e1-44d2-4bb3-8554-185b98f38b8c","block_type":"box","text":"will each be considered a separate industry. 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Write or sell put options, call options, straddles, spreads, or any combination thereof, except for","page_number":31,"box":{"x":134,"y":801,"width":706,"height":11}},{"id":"601e2e9c-2bca-4359-8a8c-88d14e4c5d81","block_type":"box","text":"transactions in options on securities and securities indices, futures contracts and options on futures contracts","page_number":31,"box":{"x":101,"y":816,"width":790,"height":11}},{"id":"c0cd8d37-6580-451c-9cbe-f91e017c7551","block_type":"box","text":"and currencies, to the extent permitted by applicable law.","page_number":31,"box":{"x":102,"y":831,"width":407,"height":11}},{"id":"5acd69a4-dfb9-49c5-b8d1-1316ce098694","block_type":"box","text":"7. Purchase securities of companies for the purpose of exercising control.","page_number":31,"box":{"x":135,"y":853,"width":526,"height":12}},{"id":"c865e66d-e9f0-4140-9097-647d830ae913","block_type":"box","text":"8. Purchase securities on margin, make short sales of securities or maintain a short position, except that","page_number":31,"box":{"x":134,"y":876,"width":757,"height":11}},{"id":"86b035cf-2572-4108-ae23-e434ec23bdc5","block_type":"box","text":"(a) this investment limitation shall not apply to the Portfolio’s transactions in futures contracts and related","page_number":31,"box":{"x":102,"y":891,"width":759,"height":11}},{"id":"b7dd6a41-4212-4c79-8134-156c915e4d1c","block_type":"box","text":"I-6","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"02d8cc8d-0c76-427b-8652-9ea00a4c2e11","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cd8c7f0-cfaf-4d90-b91a-148df8aab233","block_type":"box","text":"options or the Portfolio’s sale of securities short against the box, and (b) the Portfolio may obtain short-term","page_number":32,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"a5d68376-8a41-49c6-b9ec-e7c7000c13b0","block_type":"box","text":"credit as may be necessary for the clearance of purchases and sales of portfolio securities.","page_number":32,"box":{"x":101,"y":60,"width":656,"height":11}},{"id":"9424ce55-0107-4502-b622-059d3dc00f67","block_type":"box","text":"9. Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development","page_number":32,"box":{"x":134,"y":83,"width":707,"height":11}},{"id":"86e7502f-9fca-42d6-ae5c-bb9ae1773211","block_type":"box","text":"programs, except that the Portfolio may, to the extent appropriate to its investment policies, purchase securities","page_number":32,"box":{"x":102,"y":98,"width":801,"height":11}},{"id":"dd59c3d6-07d1-4be6-a25c-0cf28afacdd4","block_type":"box","text":"of companies engaging in whole or in part in such activities and may enter into futures contracts and related","page_number":32,"box":{"x":102,"y":113,"width":772,"height":11}},{"id":"3d41cab7-318d-43d9-86d8-e1c8ee9dba93","block_type":"box","text":"options.","page_number":32,"box":{"x":102,"y":128,"width":55,"height":11}},{"id":"11d71314-f235-4844-9fdc-057f6f80220c","block_type":"box","text":"10. Make loans, except that the Portfolio may purchase and hold debt instruments and enter into","page_number":32,"box":{"x":135,"y":150,"width":695,"height":12}},{"id":"f7a54b50-9d3a-43bd-9b81-6574d60d4072","block_type":"box","text":"repurchase agreements in accordance with its investment objective and policies and may lend portfolio","page_number":32,"box":{"x":102,"y":166,"width":735,"height":11}},{"id":"277adbca-82bb-4439-85f5-c277be6837ad","block_type":"box","text":"securities.","page_number":32,"box":{"x":102,"y":181,"width":72,"height":9}},{"id":"007dc392-e685-4ca8-b9b2-6ef0778e8601","block_type":"box","text":"11. Purchase or sell commodities except that the Portfolio may, to the extent appropriate to its investment","page_number":32,"box":{"x":135,"y":203,"width":761,"height":12}},{"id":"967346d0-a74c-4859-a8f0-015725b01cb0","block_type":"box","text":"policies, purchase securities of companies engaging in whole or in part in such activities, may engage in","page_number":32,"box":{"x":102,"y":218,"width":744,"height":12}},{"id":"6c65d35e-03cf-4412-b5c3-10351d9241a3","block_type":"box","text":"currency transactions and may enter into futures contracts and related options, to the extent permitted by","page_number":32,"box":{"x":101,"y":234,"width":757,"height":11}},{"id":"7d4f0f52-8af7-48cd-bda9-662460745c05","block_type":"box","text":"applicable law.","page_number":32,"box":{"x":102,"y":249,"width":102,"height":11}},{"id":"7e646204-5f04-4e2f-9c04-b2aeac9591ed","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":32,"box":{"x":101,"y":271,"width":793,"height":12}},{"id":"32a09fe8-fd7f-4904-99b4-dcbaf3585e5b","block_type":"box","text":"the rules thereunder, at the time of the Portfolio’s adoption of fundamental investment restrictions no. 6, 9 and 11","page_number":32,"box":{"x":68,"y":286,"width":822,"height":11}},{"id":"ff1f165e-daf8-4b29-88c3-fa08fb38b966","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Portfolio’s compliance with applicable law.","page_number":32,"box":{"x":69,"y":302,"width":778,"height":11}},{"id":"f9ff2332-2cb7-41a6-aa4d-08cabdec7426","block_type":"box","text":"Accordingly, fundamental investment restriction no. 6, which does not restrict transactions in options on securities","page_number":32,"box":{"x":68,"y":317,"width":817,"height":11}},{"id":"2a41424f-a0ab-44e1-85a4-6566f7cfb817","block_type":"box","text":"and securities indices, and fundamental investment restrictions no. 9 and 11 are being interpreted to permit the","page_number":32,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"a40d995f-617b-43fc-9b32-514f19fa2688","block_type":"box","text":"Portfolio to engage in transactions in swaps and options on swaps, as applicable, related to financial instruments,","page_number":32,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"01c98cfa-4c7b-45e2-9039-06017fa0da00","block_type":"box","text":"such as securities, securities indices and currencies, but not to engage in transactions in swaps or options on swaps","page_number":32,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"43f86414-cc72-49bc-9a69-cab12e152f01","block_type":"box","text":"related to physical commodities, such as oil or metals.","page_number":32,"box":{"x":69,"y":377,"width":390,"height":11}},{"id":"e83d26da-856f-42e0-a02a-1dbade26a468","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities above, the Investment Company Act,","page_number":32,"box":{"x":101,"y":400,"width":795,"height":11}},{"id":"bdfb2b40-72f2-45f3-962c-9f55149c3ad0","block_type":"box","text":"including the rules and regulations thereunder, generally prohibits the Portfolio from issuing senior securities (other","page_number":32,"box":{"x":70,"y":415,"width":822,"height":11}},{"id":"47e090d8-b97b-4980-8440-16c6d355d1db","block_type":"box","text":"than certain temporary borrowings) unless immediately after the issuance the Portfolio has satisfied an asset","page_number":32,"box":{"x":68,"y":430,"width":786,"height":11}},{"id":"6599fc6e-17f9-4c99-a3ca-d6f854e989b3","block_type":"box","text":"coverage requirement with respect to senior securities representing indebtedness prescribed by the Investment","page_number":32,"box":{"x":69,"y":446,"width":795,"height":11}},{"id":"8e34d7fb-eea2-4eb6-b957-abf5d2a8afb9","block_type":"box","text":"Company Act. Certain trading practices and investments, such as derivatives transactions, may be treated as senior","page_number":32,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"1c34a553-5d58-4edf-9673-a33d43f2f294","block_type":"box","text":"securities. Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act, when the","page_number":32,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"812eb232-f288-42cc-81b9-452fff0942fc","block_type":"box","text":"Portfolio engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff","page_number":32,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"ec9403b4-16f1-478f-8f96-df6a015ce721","block_type":"box","text":"guidance and interpretations, the Portfolio was permitted to segregate or earmark liquid assets, or enter into an","page_number":32,"box":{"x":68,"y":506,"width":801,"height":11}},{"id":"e2f6fde0-8499-436e-9c9b-197d42e4f399","block_type":"box","text":"offsetting position, in an amount at least equal to the Portfolio’s exposure, on a mark-to-market basis, to the","page_number":32,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"86475a6f-4d81-4385-a365-30b1e58b4ae0","block_type":"box","text":"transaction, instead of meeting the asset coverage requirement with respect to senior securities prescribed by the","page_number":32,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"068481f2-ba65-44bb-8aaf-936b54d63ab0","block_type":"box","text":"Investment Company Act. The SEC staff guidance and interpretations were rescinded in connection with the adoption","page_number":32,"box":{"x":70,"y":551,"width":832,"height":11}},{"id":"91961370-94ee-410b-9b61-7cd43908cd2e","block_type":"box","text":"of Rule 18f-4, and the Portfolio now complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the","page_number":32,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c3051653-7b41-4a1d-b2c8-482a86dcefb1","block_type":"box","text":"fundamental policy relating to issuing senior securities above will not restrict the Portfolio from entering into","page_number":32,"box":{"x":68,"y":581,"width":771,"height":12}},{"id":"e4feb9f1-32ce-4a38-bfa7-f0fd365b37c4","block_type":"box","text":"derivatives transactions that are treated as senior securities so long as the Portfolio complies with Rule 18f-4 with","page_number":32,"box":{"x":69,"y":596,"width":817,"height":12}},{"id":"b46d70fb-925b-4446-b401-c528213f2a82","block_type":"box","text":"respect to such derivatives transactions.","page_number":32,"box":{"x":69,"y":612,"width":288,"height":11}},{"id":"22289107-9e0e-46b2-bc26-640bfb79a94c","block_type":"box","text":"Notations Regarding the Por tfolio’s Fundamental Investment Restrictions","page_number":32,"box":{"x":102,"y":634,"width":520,"height":12}},{"id":"cd9688d9-d14e-4435-b0a4-340dca7c3825","block_type":"box","text":"The following notations are not considered to be part of the Portfolio’s fundamental investment restrictions and","page_number":32,"box":{"x":101,"y":657,"width":796,"height":11}},{"id":"c030c224-9ee5-4b26-a75c-7c05bd1f41cd","block_type":"box","text":"are subject to change without shareholder approval. With respect to the fundamental policy relating to concentration","page_number":32,"box":{"x":69,"y":672,"width":828,"height":11}},{"id":"b204fd94-53fb-45dd-89b1-2596a70b90de","block_type":"box","text":"set forth in (1) above, with respect to the Portfolio’s industry classifications, the Portfolio currently utilizes any one or","page_number":32,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"8b4c9a49-d477-4fb8-8bd9-89c14f84e956","block_type":"box","text":"more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":32,"box":{"x":69,"y":702,"width":784,"height":12}},{"id":"b821c299-e58a-41f9-9241-0c2e6629b390","block_type":"box","text":"indexes, and/or as defined by Portfolio management. The policy also will be interpreted to give broad authority to the","page_number":32,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"ff820182-cb1c-4e8c-bfee-36b9dd725a66","block_type":"box","text":"Portfolio as to how to classify issuers within or among industries.","page_number":32,"box":{"x":69,"y":732,"width":465,"height":12}},{"id":"fc385ebd-8569-429f-b59e-759d912d275c","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":32,"box":{"x":102,"y":755,"width":764,"height":11}},{"id":"ee19ed68-b653-4dd8-b903-62c720ba36af","block_type":"box","text":"shareholder approval, the Portfolio may not:","page_number":32,"box":{"x":69,"y":770,"width":312,"height":11}},{"id":"af49552f-2504-4b57-a5d6-0c9c55f96e64","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":32,"box":{"x":102,"y":793,"width":747,"height":11}},{"id":"215a3290-7bc2-47fa-ba9c-e1dba7faea5e","block_type":"box","text":"Company Act. As a matter of policy, however, the Portfolio will not purchase shares of any registered open-end","page_number":32,"box":{"x":69,"y":808,"width":785,"height":11}},{"id":"d9003caf-2227-40c4-bf35-1169847f301b","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":32,"box":{"x":70,"y":823,"width":829,"height":12}},{"id":"547834a1-e0fe-47c0-91f8-72ab71023a91","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Portfolio has knowledge that its shares are purchased by","page_number":32,"box":{"x":70,"y":838,"width":834,"height":12}},{"id":"bdf75251-0aea-4ead-bbb6-b79650d19282","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":32,"box":{"x":69,"y":853,"width":763,"height":12}},{"id":"6afbbe1d-7104-4d59-b0f6-424f7e3bc009","block_type":"box","text":"Unless otherwise indicated, all limitations apply only at the time that a transaction is undertaken. Any change in","page_number":32,"box":{"x":102,"y":876,"width":799,"height":11}},{"id":"93f4cffc-39c3-4b18-a81d-b33dccc1b817","block_type":"box","text":"the percentage of the Portfolio’s assets invested in certain securities or other instruments resulting from market","page_number":32,"box":{"x":68,"y":891,"width":807,"height":12}},{"id":"a8b0cde6-4d3f-4d8a-a1e6-c2f1a43a3308","block_type":"box","text":"fluctuations or other changes in the Portfolio’s total assets will not require the Portfolio to dispose of an investment","page_number":32,"box":{"x":68,"y":906,"width":830,"height":12}},{"id":"1490ad4f-518a-402f-bb27-b0ec1969b839","block_type":"box","text":"I-7","page_number":32,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"453217c7-bd34-41b1-9693-0348518ee372","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da4db7b8-caf9-4b88-8676-d9fe03c733d5","block_type":"box","text":"until the adviser or sub-adviser determines that it is practicable to sell or close out the investment without undue","page_number":33,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"a63e9e04-b681-46ea-844f-fdd5788cf6e8","block_type":"box","text":"market or tax consequences.","page_number":33,"box":{"x":69,"y":60,"width":205,"height":11}},{"id":"727fa308-1a03-4f8f-a68f-eb6ae20487b4","block_type":"box","text":"The Portfolio is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":33,"box":{"x":101,"y":82,"width":803,"height":12}},{"id":"1c84d733-914a-48b2-8966-c2291ecbef62","block_type":"box","text":"Portfolio may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":33,"box":{"x":69,"y":98,"width":778,"height":11}},{"id":"5d0ef495-4135-406e-9933-a232bfa87014","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":33,"box":{"x":68,"y":113,"width":812,"height":11}},{"id":"871ac672-68dd-46fb-ae85-0871642b62a2","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Portfolio’s total assets would be invested in securities of that issuer","page_number":33,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"30f7dbaf-c526-481a-bf29-694050659892","block_type":"box","text":"or (b) the Portfolio would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":33,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"7e094f9b-3836-488e-9ffb-201cdf609644","block_type":"box","text":"remaining 25% of its total assets, the Portfolio can invest more than 5% of its assets in one issuer. Under the","page_number":33,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"e700b579-73b6-49a7-975c-87e169be3d4d","block_type":"box","text":"Investment Company Act, the Portfolio cannot change its classification from diversified to non-diversified without","page_number":33,"box":{"x":70,"y":173,"width":800,"height":11}},{"id":"02ac02d6-cae6-49da-8dbb-bf5a11df80e7","block_type":"box","text":"shareholder approval.","page_number":33,"box":{"x":69,"y":188,"width":153,"height":11}},{"id":"4e35e7d2-3ee2-40a8-96bf-91476993fed7","block_type":"box","text":"III. Information on Trustees and Officers","page_number":33,"box":{"x":69,"y":219,"width":290,"height":8}},{"id":"4bf7ba23-f48a-4d8c-bd8f-e0959d8044f0","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":33,"box":{"x":101,"y":241,"width":789,"height":11}},{"id":"dbe55691-de44-42b0-9eba-9ce01f49ad68","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":33,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"98673db1-0c69-460e-82d1-aa01ed6caae8","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":33,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"f4ed03af-66c2-45fe-85be-61452fe8139e","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":33,"box":{"x":70,"y":287,"width":793,"height":11}},{"id":"8486bcc2-d281-41d7-9208-34ffdafb94e4","block_type":"box","text":"Complex”). The Portfolio is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset","page_number":33,"box":{"x":69,"y":302,"width":777,"height":11}},{"id":"0ba0b609-6db8-490d-84d1-671ca1d493e8","block_type":"box","text":"Complex. The Trustees also oversee as board members the operations of the other open-end registered investment","page_number":33,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"45f01eec-0b4e-4971-92cc-f9e421e95e06","block_type":"box","text":"companies included in the BlackRock Multi-Asset Complex.","page_number":33,"box":{"x":69,"y":332,"width":418,"height":11}},{"id":"7245f662-2760-4f8b-b7c7-8156cfc8bd7e","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Portfolio. The Chair of the Board is an","page_number":33,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"6543f11f-088c-4abb-86b7-2a457cc307a9","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":33,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"df0fb0ef-d16e-4dbf-a8cd-8d54dee40cb6","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":33,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"c701ec0f-b424-444e-a5f7-bee76f3b3504","block_type":"box","text":"Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":33,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"c509e79d-b7de-45d7-8460-8e72436dcbc6","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":33,"box":{"x":70,"y":415,"width":830,"height":11}},{"id":"2f4f37d8-b15e-45fe-a94a-a76a2d4d1abe","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":33,"box":{"x":68,"y":430,"width":789,"height":11}},{"id":"79d98c05-54fd-4e7b-a877-dc24c227743c","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":33,"box":{"x":69,"y":445,"width":810,"height":11}},{"id":"c8acb812-f79a-4d8c-94d3-6be1e4f97461","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":33,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"00e464c5-f9ec-4e92-b980-e6652ca33b43","block_type":"box","text":"presence of Portfolio management, in executive session or with other service providers to the Portfolio. The Board","page_number":33,"box":{"x":70,"y":475,"width":814,"height":12}},{"id":"de952e58-d050-4889-8b30-49d6d2281998","block_type":"box","text":"has regular meetings five times a year, and may hold special meetings if required before its next regular meeting.","page_number":33,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"8911bd72-d7a2-42fe-85ad-098c68015d3d","block_type":"box","text":"Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and","page_number":33,"box":{"x":70,"y":506,"width":812,"height":11}},{"id":"530e0fc1-fb72-43f6-9b9a-3f6debb5a65c","block_type":"box","text":"reports its findings to the Board. The Board and each standing Committee conduct annual assessments of their","page_number":33,"box":{"x":69,"y":521,"width":800,"height":11}},{"id":"8eebeb76-be51-4c4b-87f7-b8fbf857ac9f","block_type":"box","text":"oversight function and structure. The Board has determined that the Board’s leadership structure is appropriate","page_number":33,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"82fbe61c-ded7-489b-b194-6e22ec8bdcaa","block_type":"box","text":"because it allows the Board to exercise independent judgment over management and to allocate areas of","page_number":33,"box":{"x":69,"y":551,"width":753,"height":11}},{"id":"b4b366f7-f62a-4d9c-84fe-8677c73ce157","block_type":"box","text":"responsibility among Committees and the full Board to enhance effective oversight.","page_number":33,"box":{"x":69,"y":566,"width":593,"height":11}},{"id":"c2942425-6c20-45aa-a025-9b52bf0efcd8","block_type":"box","text":"The Board has engaged the Manager to manage the Portfolio on a day-to-day basis. The Board is responsible for","page_number":33,"box":{"x":101,"y":589,"width":803,"height":11}},{"id":"a946545d-8479-490a-ba8a-26c415d38510","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Portfolio and associated risks in accordance","page_number":33,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"d9b83fb3-2ae1-4619-a44a-b1f07e47eba3","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s charter, and the","page_number":33,"box":{"x":68,"y":619,"width":802,"height":11}},{"id":"d63b0ebe-5c17-4224-b8b0-4c28b3a6d57c","block_type":"box","text":"Portfolio’s investment objective and strategies. The Board reviews, on an ongoing basis, the Portfolio’s performance,","page_number":33,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"4d45dd3b-365e-4f0d-8a6f-ccec7d3c441e","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":33,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"09933236-c1b8-4152-b5fc-95b752e3097a","block_type":"box","text":"in running the operations of the Portfolio.","page_number":33,"box":{"x":70,"y":664,"width":292,"height":12}},{"id":"fcc7aa75-077e-49bc-a08b-89f1ab42c59a","block_type":"box","text":"Day-to-day risk management with respect to the Portfolio is the responsibility of the Manager or of sub-advisers","page_number":33,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"5c588462-29d4-4be7-b93e-bbdc8fa7a1b9","block_type":"box","text":"or other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The","page_number":33,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"61e04dcd-7d64-495b-9095-6a7122264511","block_type":"box","text":"Portfolio is subject to a number of risks, including investment, compliance, operational and valuation risks, among","page_number":33,"box":{"x":69,"y":717,"width":816,"height":12}},{"id":"74878cf4-8c2d-443a-8d95-a47aa7b8c507","block_type":"box","text":"others. While there are a number of risk management functions performed by the Manager and the sub-advisers or","page_number":33,"box":{"x":69,"y":732,"width":820,"height":12}},{"id":"6b27c363-d797-4c4e-a2c9-146c2196a137","block_type":"box","text":"other service providers, as applicable, it is not possible to eliminate all of the risks applicable to the Portfolio. Risk","page_number":33,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"2931ad04-9d3b-4119-8c66-2aadd93f2509","block_type":"box","text":"oversight forms part of the Board’s general oversight of the Portfolio and is addressed as part of various Board and","page_number":33,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"60edbca9-f146-47c6-b412-c33f88533a51","block_type":"box","text":"Committee activities. The Board, directly or through a Committee, also reviews reports from, among others,","page_number":33,"box":{"x":69,"y":778,"width":766,"height":11}},{"id":"ab98da91-0b00-43a8-a081-961a4eb1247a","block_type":"box","text":"management, the independent registered public accounting firm for the Portfolio, sub-advisers and internal auditors","page_number":33,"box":{"x":69,"y":793,"width":824,"height":11}},{"id":"d0d5c959-9ec3-446e-a414-78becabe5546","block_type":"box","text":"for the investment adviser or its affiliates, as appropriate, regarding risks faced by the Portfolio and management’s","page_number":33,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"25ff569e-f9f9-4348-8001-62bdf8e5efb9","block_type":"box","text":"or the service provider’s risk functions. The Committee system facilitates the timely and efficient consideration of","page_number":33,"box":{"x":69,"y":823,"width":812,"height":11}},{"id":"9243228a-17b8-4625-962b-af76b30f18a5","block_type":"box","text":"matters by the Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and","page_number":33,"box":{"x":69,"y":838,"width":830,"height":12}},{"id":"4a26c2ca-2ac9-4c94-bd4a-1ae46a026be4","block_type":"box","text":"of the Portfolio’s activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees","page_number":33,"box":{"x":69,"y":853,"width":831,"height":11}},{"id":"4b48ddf2-f61a-42ef-97d3-c262eec0e82b","block_type":"box","text":"the implementation and testing of the Trust’s compliance program and reports to the Board regarding compliance","page_number":33,"box":{"x":68,"y":869,"width":811,"height":11}},{"id":"2ed6e5c4-020d-4639-90ba-6bca500daa2c","block_type":"box","text":"matters for the Portfolio and its service providers. The Independent Trustees have engaged independent legal","page_number":33,"box":{"x":69,"y":884,"width":782,"height":11}},{"id":"b7f8382f-5bb4-48ad-bfeb-c72796eb5bb1","block_type":"box","text":"counsel to assist them in performing their oversight responsibilities.","page_number":33,"box":{"x":69,"y":899,"width":487,"height":11}},{"id":"49a49e0d-d215-4c3a-8cf1-c4e71188472a","block_type":"box","text":"I-8","page_number":33,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"862128c8-5fee-486b-9919-d87249a353b4","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4e58060-59e1-48ff-b315-ee8da7c9088b","block_type":"box","text":"Audit Committee.","page_number":34,"box":{"x":101,"y":45,"width":122,"height":9}},{"id":"6023428a-3d78-4c36-97e4-814f4d619eed","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":34,"box":{"x":229,"y":45,"width":673,"height":11}},{"id":"902e5409-8b71-4f7f-a175-ae9c12f67d58","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":34,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"70a7daf1-5523-4b1b-8c03-95cfc1a88d18","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":34,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"1724c9d0-2ed6-42ca-9165-ac6389a7ec5f","block_type":"box","text":"retention, termination and compensation of the Portfolio’s independent registered public accounting firm (the","page_number":34,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"fb6c072d-31a0-47e6-8f50-ba77178c239b","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":34,"box":{"x":70,"y":105,"width":797,"height":11}},{"id":"e8b06514-414a-49db-bd1f-509c15e8f9a2","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":34,"box":{"x":70,"y":120,"width":825,"height":11}},{"id":"39a82c3d-79e3-4b39-a87c-b0516ea6ae7d","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":34,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"f209abbb-72ce-456b-826f-8c4a9c994b04","block_type":"box","text":"fees for the Portfolio; (3) review the conduct and results of each independent audit of the Portfolio’s annual financial","page_number":34,"box":{"x":68,"y":150,"width":833,"height":11}},{"id":"8cd73157-9c8a-49b3-8e15-20e772a8836f","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Portfolio","page_number":34,"box":{"x":69,"y":166,"width":761,"height":11}},{"id":"439f8268-a0d8-46a1-ad34-4e2c35a59d51","block_type":"box","text":"management regarding the accounting or financial reporting policies and practices of the Portfolio and the internal","page_number":34,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"06588363-7988-4f38-aa6f-c0f99b33efc9","block_type":"box","text":"controls of the Portfolio and certain service providers; (5) oversee the performance of the Portfolio’s Independent","page_number":34,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"aff08feb-9a3e-4149-93b9-754239ac8597","block_type":"box","text":"Registered Public Accounting Firm; (6) review and discuss with management and the Portfolio’s Independent","page_number":34,"box":{"x":70,"y":211,"width":772,"height":11}},{"id":"36db6148-5ebc-4509-bf0a-d41095f45447","block_type":"box","text":"Registered Public Accounting Firm the performance and findings of the Portfolio’s internal auditors; (7) discuss with","page_number":34,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"7c87176e-6395-40a2-a8be-efefa4749654","block_type":"box","text":"Portfolio management its policies regarding risk assessment and risk management as such matters relate to the","page_number":34,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"a26916db-f3e5-4483-93a4-901adf2fb110","block_type":"box","text":"Portfolio’s financial reporting and controls; (8) resolve any disagreements between Portfolio management and the","page_number":34,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"fdb1ff25-710c-43ae-b021-3706c02f211e","block_type":"box","text":"Independent Registered Public Accounting Firm regarding financial reporting; and (9) undertake such other duties and","page_number":34,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"305f16bf-ae75-4d66-a6f3-542c195eec5c","block_type":"box","text":"responsibilities as may from time to time be delegated by the Board to the Audit Committee. The Board has adopted","page_number":34,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"301e0b50-2d43-4409-8040-5136000a580f","block_type":"box","text":"a written charter for the Audit Committee. During the fiscal year ended July 31, 2025, the Audit Committee met four","page_number":34,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"7e43819e-c384-4065-abfa-cb6720c3e5bf","block_type":"box","text":"times.","page_number":34,"box":{"x":68,"y":317,"width":43,"height":9}},{"id":"aee03139-b132-4980-9fb3-9d0f9461368d","block_type":"box","text":"Governance and Nominating Committee.","page_number":34,"box":{"x":102,"y":340,"width":286,"height":11}},{"id":"9ae617cc-bd9e-404a-b302-2634d9c30151","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":34,"box":{"x":394,"y":339,"width":464,"height":12}},{"id":"de6e3536-6620-4946-9493-208994a08bda","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":34,"box":{"x":70,"y":355,"width":833,"height":11}},{"id":"2c221dee-a4e0-41eb-988a-38b8dc9eb626","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":34,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"e36829be-e6f7-4861-8b4f-15be4f3744c3","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":34,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"5e0d55ca-b1a5-496b-af08-b72b99933078","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":34,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"54154a67-ab21-4bf6-847b-8f465ea527fc","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":34,"box":{"x":69,"y":415,"width":810,"height":11}},{"id":"ca27e060-9247-4200-89a9-2a84b46f1358","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":34,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"e2a34e65-2f3f-4759-a521-57b44379fef6","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":34,"box":{"x":69,"y":446,"width":793,"height":11}},{"id":"d6184775-7b1c-4176-b538-2f820e8fc08f","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":34,"box":{"x":69,"y":460,"width":815,"height":11}},{"id":"a1dba119-5d86-486d-96bc-5e7831bfab3d","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":34,"box":{"x":70,"y":475,"width":835,"height":12}},{"id":"e9cfc9f6-1cee-4337-9c90-31b187a0aea8","block_type":"box","text":"they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to","page_number":34,"box":{"x":68,"y":491,"width":815,"height":11}},{"id":"5b8b856f-f351-4616-8ac8-1390394a1a43","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":34,"box":{"x":68,"y":506,"width":841,"height":11}},{"id":"02168d02-62ee-4605-97a7-916544662bd5","block_type":"box","text":"for Trustees made by the Portfolio’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":34,"box":{"x":68,"y":521,"width":835,"height":11}},{"id":"8814b556-1cff-4761-bce2-0086221af38c","block_type":"box","text":"Bylaws, shareholders must follow certain procedures to nominate a person for election as a Trustee at a shareholder","page_number":34,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"c8c8a9ac-5329-4df5-a6cc-cd1388e96137","block_type":"box","text":"meeting at which Trustees are to be elected. Under these advance notice procedures, notice of the proposed","page_number":34,"box":{"x":69,"y":551,"width":777,"height":11}},{"id":"716a81c7-bd55-4a45-a517-bb10bb1b1508","block_type":"box","text":"nominee to the Secretary of the Trust must be delivered to or mailed and received at the principal executive offices","page_number":34,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"852def7f-c915-4cb4-8816-350998b8f1a8","block_type":"box","text":"of the Trust not later than the close of business on the fifth day following the day on which notice of the date of the","page_number":34,"box":{"x":69,"y":581,"width":821,"height":12}},{"id":"be0c64e7-dea6-4ba9-a7e6-9373c6d46672","block_type":"box","text":"meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs. The Trust’s","page_number":34,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"e2f1d395-2b62-4ebd-b834-1f72c2d59064","block_type":"box","text":"Bylaws provide that notice of a proposed nomination must include certain information about the shareholder and the","page_number":34,"box":{"x":70,"y":612,"width":831,"height":11}},{"id":"dc4c9674-dbc8-4428-b238-450c98ee3af0","block_type":"box","text":"nominee, as well as certain other information, including a written consent of the proposed nominee to serve if","page_number":34,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"a978233b-69b6-46d2-8e28-ad16d14fd468","block_type":"box","text":"elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a written charter for the","page_number":34,"box":{"x":69,"y":642,"width":818,"height":11}},{"id":"220c22b6-2908-4a5f-95e8-99f9462891a7","block_type":"box","text":"Governance Committee. During the fiscal year ended July 31, 2025, the Governance Committee met six times.","page_number":34,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"d30e6e08-787d-4b1b-bd82-de1be2aecd91","block_type":"box","text":"Compliance Committee.","page_number":34,"box":{"x":102,"y":680,"width":168,"height":11}},{"id":"5ed4b097-4b48-4301-b4a5-db4f9fceeb0d","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":34,"box":{"x":276,"y":680,"width":629,"height":11}},{"id":"4af3c85a-cbc3-4624-9673-f1f4cf62385f","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":34,"box":{"x":68,"y":695,"width":789,"height":11}},{"id":"5bfb516a-508b-4791-9d5e-c62514933d5a","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":34,"box":{"x":70,"y":710,"width":812,"height":11}},{"id":"f6262dee-ae9d-4a50-965c-6b4b64c11cbf","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":34,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"8db72ecb-48fd-4c42-8d45-aa06ec856934","block_type":"box","text":"any sub-adviser and the Trust’s third-party service providers. The Compliance Committee’s responsibilities include,","page_number":34,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"14920b14-eb3d-49ed-bead-15e8ff21afd3","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":34,"box":{"x":68,"y":755,"width":819,"height":11}},{"id":"6748f091-ac0b-4451-9b40-7d63ded4cabf","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":34,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"beba8225-8367-44f7-8e90-21e7f4acf6b0","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review reports from, oversee the","page_number":34,"box":{"x":69,"y":785,"width":798,"height":12}},{"id":"3a5d4f19-7fa0-45df-9492-81f2e6242cfc","block_type":"box","text":"annual performance review of, and make certain recommendations and determinations regarding the Trust’s Chief","page_number":34,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"a1b3193a-cc82-4cef-a6ed-fe755e6aa90b","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":34,"box":{"x":69,"y":816,"width":803,"height":11}},{"id":"f9bb7a7e-b48e-4847-95ab-e73722abf6d5","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such","page_number":34,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"90601ea7-aa95-4d64-b114-293959db57d9","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":34,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"dbfdc955-edb7-42fc-8751-4a48e692d026","block_type":"box","text":"The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":34,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"32b6dccf-4e33-49ee-930e-fb80761f29cf","block_type":"box","text":"the Compliance Committee met four times.","page_number":34,"box":{"x":68,"y":876,"width":307,"height":11}},{"id":"1b86d098-f246-4353-a13a-b4e005e0b053","block_type":"box","text":"I-9","page_number":34,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"9102e15d-8735-488d-a786-1cec1a128494","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08ad33c6-82e8-4b38-afe6-cb0fd42f2a5b","block_type":"box","text":"Per formance Oversight Committee.","page_number":35,"box":{"x":102,"y":45,"width":248,"height":11}},{"id":"7419c335-3c5c-45be-b97f-7481aa239caa","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":35,"box":{"x":356,"y":45,"width":531,"height":11}},{"id":"b717a7d9-5bf6-4a94-8010-e64ccf62217d","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":35,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"3511c196-4d93-4929-a888-06ebb7caac92","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is to assist the","page_number":35,"box":{"x":68,"y":75,"width":808,"height":11}},{"id":"d66bd1f9-ab01-46ad-93ec-0dfd9c4ce462","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Portfolio’s investment performance relative to its agreed-upon","page_number":35,"box":{"x":70,"y":90,"width":795,"height":11}},{"id":"2c162a36-2f50-4fdf-8974-6d529510c613","block_type":"box","text":"performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":35,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"e7865178-f6bd-4542-aa5e-fa9f4f62c1df","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":35,"box":{"x":69,"y":120,"width":782,"height":12}},{"id":"89769f06-48df-4648-a90b-b06029a57656","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Portfolio’s investment objective,","page_number":35,"box":{"x":70,"y":135,"width":795,"height":11}},{"id":"cf392e44-8be0-4ad0-b366-df02e25be430","block_type":"box","text":"policies and practices; (2) review information on the Portfolio’s investment performance; (3) review information on","page_number":35,"box":{"x":70,"y":150,"width":814,"height":11}},{"id":"7d29ef56-242b-4560-9a9a-7801deafaa15","block_type":"box","text":"appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review","page_number":35,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"c28976d2-98a3-4d1b-8eed-ce6381767599","block_type":"box","text":"personnel and other resources devoted to management of the Portfolio and evaluate the nature and quality of","page_number":35,"box":{"x":70,"y":181,"width":783,"height":11}},{"id":"eb2de3a3-541b-46b3-9da7-1e26fd6a7689","block_type":"box","text":"information furnished to the Performance Oversight Committee; (5) recommend any required action regarding","page_number":35,"box":{"x":70,"y":196,"width":779,"height":11}},{"id":"9b8172b7-82e4-467e-bf74-ab6c6712958f","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":35,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"9cafdb1e-10ca-40d4-a74a-5fec6f7741b3","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":35,"box":{"x":69,"y":226,"width":780,"height":11}},{"id":"2a43c66e-f186-4dc8-8144-9262347336c1","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":35,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"cce4af07-f2e6-4dbc-a4b5-4764f27d3148","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":35,"box":{"x":69,"y":256,"width":794,"height":12}},{"id":"9e4c5cab-6921-4bb9-898a-eca37e92e045","block_type":"box","text":"Performance Oversight Committee. The Board has adopted a written charter for the Performance Oversight","page_number":35,"box":{"x":69,"y":271,"width":763,"height":12}},{"id":"b597e494-6f11-4c2d-b0ef-c0b7e43458ed","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Performance Oversight Committee met five times.","page_number":35,"box":{"x":69,"y":286,"width":784,"height":12}},{"id":"cadd5049-e624-4120-8baa-ae3b13c268c5","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":35,"box":{"x":101,"y":309,"width":186,"height":11}},{"id":"50874750-11ed-4822-87dd-9f49b8929d0d","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":35,"box":{"x":293,"y":309,"width":598,"height":11}},{"id":"66c87781-0b2c-4be3-9b75-2bf1078f8875","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":35,"box":{"x":70,"y":324,"width":817,"height":11}},{"id":"d9d63358-f8fe-4340-acb3-5c80f2d303d5","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":35,"box":{"x":69,"y":339,"width":795,"height":11}},{"id":"15a30317-a1af-4ba0-ab6e-6d78140eaa2c","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":35,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"0a4fc2f0-9d57-4c7b-85cb-0a9d819b04ce","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":35,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"bfe2d418-e273-49fe-8d49-0d94823afff3","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":35,"box":{"x":68,"y":385,"width":816,"height":11}},{"id":"a682a6e4-aa02-4833-a652-288cd2e889b1","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":35,"box":{"x":68,"y":400,"width":572,"height":11}},{"id":"6155db1c-228b-4ce0-82a1-1ad7aa69f10f","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":35,"box":{"x":101,"y":423,"width":771,"height":11}},{"id":"e1364a7c-201e-40c8-9436-ad8674cfecf2","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":35,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"5a86d3f0-cbf5-489a-986a-a52d80417267","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":35,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"799dc9de-3c86-4063-b176-ecc361781b7d","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":35,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ebd4d76f-b614-4587-ae5c-1a9f1e37a94d","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":35,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"40a12707-8fc0-4a2c-a2ff-84bc257a4649","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":35,"box":{"x":70,"y":498,"width":787,"height":11}},{"id":"1dbebf5b-3925-4403-b4cb-49b2e2a62620","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":35,"box":{"x":69,"y":513,"width":805,"height":11}},{"id":"dbb9e141-30af-44e2-81cb-1a7f7613e2b0","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":35,"box":{"x":68,"y":528,"width":794,"height":12}},{"id":"d828504a-4802-4a38-816e-2914336dbdae","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":35,"box":{"x":68,"y":544,"width":829,"height":11}},{"id":"7ff296a5-aaa4-471d-9f35-9c561ad9182e","block_type":"box","text":"discuss information provided to them, to interact effectively with the Portfolio’s investment adviser, sub-advisers,","page_number":35,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"d3fb486c-1d0e-4e26-9434-ad87cee76cb4","block_type":"box","text":"other service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":35,"box":{"x":69,"y":574,"width":813,"height":11}},{"id":"b176e1dd-fa3d-4cb7-bb03-688c45c9b800","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":35,"box":{"x":69,"y":589,"width":473,"height":11}},{"id":"11084038-62de-40b4-9049-0161d1b7c605","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":35,"box":{"x":102,"y":612,"width":792,"height":11}},{"id":"3d127e69-7e9d-4915-b99b-97e33d7de7c9","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":35,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"3bc76e15-e48a-4d94-9a50-ff2a9c73aacf","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":35,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"e3a7a3e5-4be1-4de4-b473-098418087235","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":35,"box":{"x":70,"y":657,"width":759,"height":11}},{"id":"6e2df88e-1413-47ee-9a2c-f65c864776c7","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":35,"box":{"x":70,"y":672,"width":685,"height":11}},{"id":"dc014cb0-98e8-4ae3-9900-3b55fde9883c","block_type":"box","text":"ad hoc","page_number":35,"box":{"x":762,"y":672,"width":47,"height":9}},{"id":"55005d2c-92c6-45f5-98a6-b3997fb83893","block_type":"box","text":"committees","page_number":35,"box":{"x":814,"y":672,"width":82,"height":9}},{"id":"eb6c1c42-0560-444f-9a80-ca4a2514a400","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":35,"box":{"x":68,"y":687,"width":395,"height":11}},{"id":"97a9bfd8-8235-4c92-8e5d-db0cc849fd86","block_type":"box","text":"I-10","page_number":35,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"684978cc-24c6-4bd8-8b90-e69e213276e7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50d4b3b6-22c6-404d-a20a-5625ac9ed7eb","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":36,"box":{"x":101,"y":45,"width":751,"height":11}},{"id":"a520c93d-2003-409c-8b4c-7cb5d73ba2af","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":36,"box":{"x":69,"y":60,"width":492,"height":11}},{"id":"1fee105b-66df-46fe-91fa-0908092c9bb2","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":36,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"78a4c6f6-82f6-4071-8e81-bbdb414b8148","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"e3193edd-feeb-41e9-8fde-1671db3501c4","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":36,"box":{"x":69,"y":120,"width":781,"height":11}},{"id":"0d91c785-d84e-4e96-90a2-32ab7f93b043","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":36,"box":{"x":265,"y":135,"width":604,"height":11}},{"id":"facac244-7f42-41c7-a536-1de460e700d2","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":36,"box":{"x":265,"y":150,"width":623,"height":11}},{"id":"93d952a7-c84a-4a0a-97a4-0025042daeef","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":36,"box":{"x":265,"y":165,"width":637,"height":11}},{"id":"59e25f0c-b700-4247-9db5-40671ff9c108","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":36,"box":{"x":265,"y":180,"width":631,"height":11}},{"id":"521f5ff7-28aa-4328-8d91-3946b43568bd","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":36,"box":{"x":264,"y":195,"width":626,"height":11}},{"id":"dee63b82-437e-438a-820f-53dfcaf30ce5","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":36,"box":{"x":265,"y":210,"width":639,"height":11}},{"id":"60636450-57b0-4cf9-8f86-63cd14aecad8","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":36,"box":{"x":264,"y":226,"width":637,"height":11}},{"id":"2d75c836-d4fb-4bad-acf4-6e78c026091b","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":36,"box":{"x":265,"y":241,"width":586,"height":11}},{"id":"41081652-3e74-42a2-94b9-6cb1a17fa280","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":36,"box":{"x":265,"y":256,"width":640,"height":11}},{"id":"4095753c-131f-4e7f-96c2-7233b9ba77ac","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":36,"box":{"x":265,"y":271,"width":389,"height":11}},{"id":"e61edb2c-7e43-4417-a2d3-3d0d079e8a00","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":36,"box":{"x":69,"y":293,"width":806,"height":12}},{"id":"ec6874df-52b3-442f-9c53-17f9554e2df8","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":36,"box":{"x":265,"y":309,"width":604,"height":11}},{"id":"3b91f2a5-9481-43ee-96ed-677e0a573128","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":36,"box":{"x":265,"y":324,"width":632,"height":11}},{"id":"c7387775-4d94-4bff-8cbd-a102a364786d","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":36,"box":{"x":265,"y":339,"width":562,"height":9}},{"id":"13d4761d-f9fc-4f2e-b982-128a2deaf45a","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":36,"box":{"x":265,"y":354,"width":616,"height":10}},{"id":"3f130979-235a-45e6-a890-f475e92c28f0","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":36,"box":{"x":264,"y":369,"width":591,"height":11}},{"id":"6982986e-9bab-4f6a-9ea9-bc280f67f816","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":36,"box":{"x":265,"y":384,"width":641,"height":11}},{"id":"79bbb0bf-57e9-4fce-a0e7-d413ee1de3cf","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":36,"box":{"x":264,"y":399,"width":638,"height":12}},{"id":"48f3f7c7-4c0a-4002-b21d-eca75f7d0d82","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":36,"box":{"x":265,"y":414,"width":584,"height":12}},{"id":"354d1f89-6813-4be3-bca8-59edacb02a49","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":36,"box":{"x":265,"y":429,"width":630,"height":12}},{"id":"0e97c09c-aad0-4a77-808f-daee5400da24","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":36,"box":{"x":265,"y":445,"width":634,"height":11}},{"id":"8c730c75-d3b9-4f37-85cf-f916c44f23bc","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":36,"box":{"x":265,"y":460,"width":599,"height":11}},{"id":"a397df23-2355-474d-a79b-c969f59a6563","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":36,"box":{"x":265,"y":475,"width":407,"height":11}},{"id":"d19da79f-e032-48d5-8d70-7b5086e04910","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":36,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"3571e0a6-8d02-4996-a873-07e10b694e21","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":36,"box":{"x":265,"y":513,"width":638,"height":11}},{"id":"825ae18a-7a14-4e8c-931f-947237dac358","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":36,"box":{"x":265,"y":528,"width":642,"height":11}},{"id":"d8b1a256-a260-4925-ade8-51edd14c4f9c","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":36,"box":{"x":265,"y":542,"width":601,"height":12}},{"id":"8d97a5b7-8cbf-4bb7-9f2d-e46caf1d4909","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":36,"box":{"x":265,"y":558,"width":595,"height":11}},{"id":"f65a0e91-52d4-4b68-a622-974071b17a97","block_type":"box","text":"perspective on the markets and the economy.","page_number":36,"box":{"x":265,"y":573,"width":323,"height":11}},{"id":"1a570e62-0a35-4643-891f-2e7412038f2a","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":36,"box":{"x":70,"y":596,"width":798,"height":11}},{"id":"6fc15a37-d61a-4599-a311-5b86918cbd83","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":36,"box":{"x":265,"y":611,"width":631,"height":11}},{"id":"28c21e51-de51-4773-a357-f712e1cad259","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":36,"box":{"x":265,"y":626,"width":633,"height":11}},{"id":"63615fb3-160c-40c7-a7b7-33da7d5fb033","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":36,"box":{"x":265,"y":641,"width":628,"height":11}},{"id":"5d7bb084-426b-4f57-a919-b0ba9b754f63","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":36,"box":{"x":265,"y":656,"width":596,"height":12}},{"id":"0acba785-6fca-407b-9306-46795af12d6d","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":36,"box":{"x":265,"y":671,"width":616,"height":12}},{"id":"60d74f4b-1560-4474-9793-c1781a6ef14a","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":36,"box":{"x":264,"y":686,"width":368,"height":11}},{"id":"fe32d064-191d-4e5a-a498-48539693073f","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":36,"box":{"x":70,"y":709,"width":806,"height":11}},{"id":"08afd109-513d-4ca9-ba25-d85b66b96240","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":36,"box":{"x":264,"y":724,"width":584,"height":12}},{"id":"a3c9f5bc-11be-44b3-9b20-20a2064470ab","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":36,"box":{"x":265,"y":740,"width":622,"height":11}},{"id":"9685a171-12e7-4b46-83d5-72af602f9fee","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":36,"box":{"x":265,"y":755,"width":638,"height":11}},{"id":"86880a8a-6755-4dae-8f81-0656ee2f00ce","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":36,"box":{"x":265,"y":770,"width":570,"height":11}},{"id":"6fc90125-fa98-49e2-9c63-8d63f36e8a2a","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":36,"box":{"x":265,"y":785,"width":642,"height":11}},{"id":"0f9e08b5-79da-4bf1-9502-a3f5309c2ef4","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":36,"box":{"x":265,"y":800,"width":626,"height":11}},{"id":"444dabde-8e23-469e-b03e-257f4f5307e3","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":36,"box":{"x":265,"y":815,"width":630,"height":11}},{"id":"c4a04ea4-bb62-4c97-9570-9cdf048303a4","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":36,"box":{"x":265,"y":830,"width":602,"height":11}},{"id":"10cb5766-9969-4b50-98ee-3968ccba5b4b","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":36,"box":{"x":264,"y":845,"width":643,"height":12}},{"id":"4f8f6097-2164-44b7-bc0c-e149be845886","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":36,"box":{"x":264,"y":860,"width":639,"height":12}},{"id":"7009edbf-1449-4ea2-89b3-64a67e854997","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":36,"box":{"x":264,"y":875,"width":641,"height":11}},{"id":"0d79bad9-8022-4969-bc96-104e88a2234f","block_type":"box","text":"applicable Commission rules.","page_number":36,"box":{"x":265,"y":891,"width":208,"height":11}},{"id":"bad008d6-5c46-4950-8fa1-570f47cb1e36","block_type":"box","text":"I-11","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"852eac12-d6bc-4279-88fe-28f18ea09b5f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a80f5729-c6ee-4224-934b-6a48a6e04224","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":37,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"745083e8-0b6a-49d2-9d01-a3c442f51c48","block_type":"box","text":"Cynthia A. 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The Board benefits from Ms. Montgomery’s more than 20","page_number":37,"box":{"x":265,"y":111,"width":641,"height":11}},{"id":"80c993c8-a5e4-491d-8589-fc4bbca77871","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":37,"box":{"x":264,"y":126,"width":602,"height":11}},{"id":"50d48046-7fca-4330-bb70-95239078a98f","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":37,"box":{"x":264,"y":141,"width":617,"height":11}},{"id":"c1f232b2-433a-4fef-a635-f2a8711f86c0","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":37,"box":{"x":265,"y":156,"width":629,"height":11}},{"id":"c8c4036f-f744-4061-bb41-6ca193fdaa50","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":37,"box":{"x":264,"y":171,"width":628,"height":11}},{"id":"cfb280c6-02a0-40b0-8c3e-b057659a924f","block_type":"box","text":"articles and books on these topics.","page_number":37,"box":{"x":265,"y":187,"width":251,"height":10}},{"id":"8caa33fe-86d5-4730-baee-989c96892b74","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":37,"box":{"x":70,"y":209,"width":764,"height":11}},{"id":"66f4cf36-abf7-46de-acf2-202cb16657e7","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":37,"box":{"x":265,"y":224,"width":642,"height":11}},{"id":"4813101b-c8a7-4184-9f62-8a644bb0fadb","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":37,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"94c9fdd7-b96a-4400-8b62-a4142619942b","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":37,"box":{"x":265,"y":254,"width":603,"height":12}},{"id":"1d742b14-77e6-4b75-ab83-ee2ba01d68dd","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":37,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"9793c8d9-f9cf-409e-96b6-11ad124610ee","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":37,"box":{"x":70,"y":292,"width":804,"height":11}},{"id":"ca560bd1-6a49-454c-867c-9915f2346e3b","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":37,"box":{"x":265,"y":307,"width":552,"height":11}},{"id":"f497ecb8-a87a-4eca-bf65-e2cdf3c7fdea","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":37,"box":{"x":265,"y":322,"width":636,"height":12}},{"id":"803ec818-1c60-4d43-8874-cd5e95d4d347","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":37,"box":{"x":265,"y":338,"width":639,"height":11}},{"id":"d07cec71-56d7-4558-99bb-a26a8521f6a6","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":37,"box":{"x":265,"y":353,"width":576,"height":11}},{"id":"435b1ac3-a298-44ca-8f2d-85b0423a5d88","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":37,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"f14b926c-aa95-4b80-8ff1-2c094c5d086a","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":37,"box":{"x":264,"y":428,"width":608,"height":12}},{"id":"5193a2c4-1e7e-46d6-b31b-73de05fa8a67","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":37,"box":{"x":265,"y":443,"width":575,"height":12}},{"id":"6d664641-fd5b-4f5a-91c8-3c8c3cc3a188","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":37,"box":{"x":264,"y":459,"width":591,"height":11}},{"id":"37f681b3-e64b-42d6-a3f0-3b6ca06c1f30","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":37,"box":{"x":265,"y":474,"width":627,"height":11}},{"id":"41876cbb-a57c-4b44-9c52-3cb1174e6fba","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":37,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"8e0cf775-bf71-4098-9702-6b57f43e6af9","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":37,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"9b233b99-5aa0-4b7e-ace1-05d405447ee9","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":37,"box":{"x":265,"y":519,"width":615,"height":11}},{"id":"e53fa6da-cb55-43bf-89e9-d55819b79518","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":37,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"30a278b3-75ac-4934-a742-654b3c349b2d","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":37,"box":{"x":265,"y":549,"width":635,"height":11}},{"id":"300d5307-05b2-4130-8532-e52e4ca39a0a","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":37,"box":{"x":265,"y":564,"width":642,"height":12}},{"id":"c8fdafe8-6ff7-4d9d-ad1f-1178548321a2","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":37,"box":{"x":265,"y":580,"width":627,"height":11}},{"id":"a74a1ef1-28b6-48b4-a4fc-265d12823e47","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":37,"box":{"x":265,"y":595,"width":628,"height":11}},{"id":"6fdfe205-d52f-4653-89fb-1fffb572c04c","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":37,"box":{"x":265,"y":610,"width":460,"height":11}},{"id":"b4c09689-70b0-4741-b453-1108fc97b2c9","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":37,"box":{"x":70,"y":632,"width":818,"height":12}},{"id":"a35f7076-3b65-43c8-86c9-a89d0fad3db9","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":37,"box":{"x":264,"y":647,"width":603,"height":12}},{"id":"9000c195-237c-4d8c-882c-6bd9f3dc05f8","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":37,"box":{"x":265,"y":663,"width":606,"height":11}},{"id":"6e48adf5-0ab1-4584-8efe-1119490251a6","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":37,"box":{"x":265,"y":678,"width":608,"height":9}},{"id":"b35b44ef-86b0-47cc-b473-47c3ddd9e12e","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":37,"box":{"x":265,"y":693,"width":626,"height":11}},{"id":"60bd92f4-c3a5-4711-9783-a29c6996442d","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":37,"box":{"x":265,"y":708,"width":591,"height":11}},{"id":"88eaa59c-537a-498f-8056-9780d43126ee","block_type":"box","text":"various private and non-profit boards.","page_number":37,"box":{"x":264,"y":723,"width":265,"height":11}},{"id":"ebc22e89-3d47-4ded-bd84-cc6bc4a2764e","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":37,"box":{"x":70,"y":746,"width":807,"height":11}},{"id":"1510b95b-e86b-4917-8fd8-9229e45190f3","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":37,"box":{"x":264,"y":761,"width":641,"height":11}},{"id":"605c0fcd-e9f2-4fb1-bb91-50c8f3689efd","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":37,"box":{"x":265,"y":776,"width":618,"height":11}},{"id":"5c572e94-3d97-4809-acda-56b5d145cddc","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":37,"box":{"x":265,"y":791,"width":594,"height":11}},{"id":"1a96b483-0416-43c8-98f8-492b39a58f54","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":37,"box":{"x":265,"y":806,"width":639,"height":12}},{"id":"39aecbc5-f8f5-40c1-a6ed-489518799ed8","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":37,"box":{"x":265,"y":821,"width":575,"height":11}},{"id":"a24bcc8c-3c20-4655-9a52-ffbe4a2c7239","block_type":"box","text":"Commission rules.","page_number":37,"box":{"x":265,"y":837,"width":131,"height":8}},{"id":"d442eaa9-517b-4a84-83e0-3c0d22381147","block_type":"box","text":"I-12","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"48e1d3de-cf0b-4b44-a627-5224e19f84bb","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cecd5445-3dd6-49b8-8c46-ad266c1b2326","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":38,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"9372ce11-7e30-42d6-916f-1b985cea5c04","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":38,"box":{"x":69,"y":65,"width":808,"height":12}},{"id":"d47e96cc-8cc4-4006-8d91-8ddcf94e6903","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":38,"box":{"x":265,"y":81,"width":630,"height":11}},{"id":"4b432bf0-67b7-47f8-97d2-666909649fd9","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":38,"box":{"x":265,"y":96,"width":618,"height":11}},{"id":"766dcf9e-0fbb-4074-8bf7-2693938db26b","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":38,"box":{"x":265,"y":111,"width":643,"height":11}},{"id":"1cf71da9-92d9-4f8b-85d6-28da85bbc971","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":38,"box":{"x":265,"y":126,"width":624,"height":11}},{"id":"d50ec063-0bbd-41c5-896e-8c68ca29486c","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":38,"box":{"x":264,"y":141,"width":634,"height":11}},{"id":"6828951b-7778-41b8-aa95-adecd08064ad","block_type":"box","text":"perspective on the markets and the economy.","page_number":38,"box":{"x":265,"y":156,"width":323,"height":11}},{"id":"52150c10-b657-4c46-a273-033d5fdfa7d4","block_type":"box","text":"Interested Trustees","page_number":38,"box":{"x":70,"y":179,"width":138,"height":9}},{"id":"3be71099-2585-45ba-ab9e-f083b8755583","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":38,"box":{"x":70,"y":194,"width":823,"height":11}},{"id":"7d6a4436-78ca-4b76-a71e-cd4ef4c175a3","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":38,"box":{"x":264,"y":209,"width":593,"height":11}},{"id":"568c9f4c-bf1c-4bf2-bdf9-48aafb502eb3","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":38,"box":{"x":265,"y":224,"width":629,"height":11}},{"id":"fc81721f-6e0e-4e31-af1f-bd4a9bb9ef75","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":38,"box":{"x":265,"y":239,"width":639,"height":11}},{"id":"77eca86e-b901-4c6f-96a5-8562becc7bf3","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":38,"box":{"x":265,"y":254,"width":617,"height":12}},{"id":"60f3544a-c9d9-41f7-89a8-87ab3923f3ba","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":38,"box":{"x":264,"y":269,"width":634,"height":12}},{"id":"dacfbc6f-c2e6-4834-ba90-f0c02e4e4cc3","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":38,"box":{"x":265,"y":285,"width":624,"height":10}},{"id":"f2196495-2816-466a-a883-38a64ada4ce8","block_type":"box","text":"and iShares","page_number":38,"box":{"x":265,"y":300,"width":84,"height":9}},{"id":"6e1d46e1-c541-4112-b8aa-e95c46d08e9e","block_type":"box","text":"®","page_number":38,"box":{"x":350,"y":300,"width":6,"height":5}},{"id":"78ac813e-ffa1-44dd-8d11-2d9f49d83e6d","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":38,"box":{"x":362,"y":300,"width":478,"height":11}},{"id":"30ab82fd-891d-438e-afa5-b61c49ea8138","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":38,"box":{"x":265,"y":315,"width":585,"height":11}},{"id":"7a636fa0-f8e5-45c0-9381-9989ae2de4ad","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":38,"box":{"x":265,"y":330,"width":620,"height":11}},{"id":"3adc1aaf-f6dc-4e72-b0e4-f08aa667bf4e","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":38,"box":{"x":265,"y":345,"width":578,"height":11}},{"id":"cba7fa4e-052a-4615-b28b-da1a0b6fd3ce","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":38,"box":{"x":69,"y":368,"width":821,"height":11}},{"id":"7ea1f070-7c9e-4241-a053-ca89d8560310","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":38,"box":{"x":264,"y":383,"width":595,"height":11}},{"id":"a21983a8-99cb-490c-a5e4-a57c282e6bb2","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":38,"box":{"x":265,"y":398,"width":637,"height":11}},{"id":"68437a9d-f357-47b1-8a5b-85f122d8d8be","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":38,"box":{"x":265,"y":413,"width":636,"height":11}},{"id":"80f7c4c0-046e-4709-aa31-2f94fc9ed0de","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":38,"box":{"x":265,"y":428,"width":628,"height":12}},{"id":"46973930-30a7-42fe-ab88-28bf60790f69","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":38,"box":{"x":265,"y":443,"width":638,"height":12}},{"id":"23618de5-675b-4854-b9b4-879de8208290","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":38,"box":{"x":265,"y":458,"width":639,"height":12}},{"id":"f0c5368a-0269-4be0-b7a8-4a449a985499","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":38,"box":{"x":265,"y":474,"width":603,"height":9}},{"id":"072044cd-0ec1-437c-818a-112bcf6e248f","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":38,"box":{"x":265,"y":489,"width":582,"height":11}},{"id":"80cbab33-eb4c-4db5-963a-5d8674eb2a6f","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":38,"box":{"x":265,"y":504,"width":632,"height":11}},{"id":"e9e8fd9e-4e86-4033-8a19-3063afc865f3","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":38,"box":{"x":264,"y":519,"width":572,"height":11}},{"id":"1e32905f-f178-46d1-8c7e-acc021ed480c","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":38,"box":{"x":265,"y":534,"width":294,"height":9}},{"id":"755e0833-afb2-4cfd-a95b-7b62cd318f7d","block_type":"box","text":"Biographical Information","page_number":38,"box":{"x":69,"y":566,"width":178,"height":11}},{"id":"2a41c5a9-ee04-4f45-8bc0-25c46dee78e3","block_type":"box","text":"Certain biographical and other information relating to the Trustees of the Trust is set forth below, including their","page_number":38,"box":{"x":102,"y":588,"width":798,"height":12}},{"id":"6ea87896-48d7-4f70-b6dd-72a966f7f384","block_type":"box","text":"address and year of birth, principal occupations for at least the last five years, length of time served, total number 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The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":43,"box":{"x":69,"y":330,"width":769,"height":11}},{"id":"adc6eab8-8ec1-495e-a84a-26a85b118ed6","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":43,"box":{"x":69,"y":345,"width":778,"height":11}},{"id":"62f0f1e0-d593-454a-8d3e-763b6a1bc4c5","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":43,"box":{"x":69,"y":360,"width":689,"height":11}},{"id":"944b4f37-4640-4d8d-92b5-667adaff05d6","block_type":"box","text":"The following table sets forth the compensation the Trust paid to the Trustees, on behalf of the Portfolio, for the","page_number":43,"box":{"x":101,"y":383,"width":801,"height":11}},{"id":"76583c30-0961-48b2-b54c-17672efc2047","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds for the","page_number":43,"box":{"x":68,"y":398,"width":838,"height":11}},{"id":"28020af2-0071-4ac8-8261-d366134e0085","block_type":"box","text":"calendar year ended December 31, 2024.","page_number":43,"box":{"x":69,"y":413,"width":298,"height":11}},{"id":"7df7bd8a-b087-4d85-ac56-4af6d1c7f02d","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":492,"width":32,"height":7}},{"id":"dcc0590b-7b6a-448a-916f-1839b30b74a7","block_type":"box","text":"Compensation","page_number":43,"box":{"x":562,"y":472,"width":82,"height":8}},{"id":"a420f673-1a05-4d46-ad35-2b27382d4486","block_type":"box","text":"from the","page_number":43,"box":{"x":579,"y":482,"width":48,"height":7}},{"id":"e3e45761-8d0f-4d00-920f-ed3863a601c2","block_type":"box","text":"Portfolio","page_number":43,"box":{"x":579,"y":492,"width":49,"height":7}},{"id":"b5db7e9f-d328-4dac-8c8d-f5a367c8acfe","block_type":"box","text":"Estimated Annual","page_number":43,"box":{"x":675,"y":472,"width":101,"height":7}},{"id":"0d7ecd5f-0d09-40fe-a8fc-b81e8fc609a8","block_type":"box","text":"Benefits upon","page_number":43,"box":{"x":686,"y":482,"width":79,"height":9}},{"id":"fe1ef830-4caa-44ac-aedf-a0ebc33e9665","block_type":"box","text":"Retirement","page_number":43,"box":{"x":694,"y":492,"width":64,"height":7}},{"id":"8724eb8d-22d2-4f1b-af53-a25f885d7621","block_type":"box","text":"Aggregate","page_number":43,"box":{"x":828,"y":442,"width":60,"height":8}},{"id":"ee820882-3f52-4b85-89ee-40a4a368cbfc","block_type":"box","text":"Compensation","page_number":43,"box":{"x":817,"y":452,"width":82,"height":8}},{"id":"fbab20fc-e38b-4060-b45d-914066a0e12f","block_type":"box","text":"from the Portfolio","page_number":43,"box":{"x":807,"y":462,"width":102,"height":7}},{"id":"6e6764ef-9ff7-47ef-81b1-6e0f4ae5077b","block_type":"box","text":"and Other","page_number":43,"box":{"x":830,"y":472,"width":56,"height":7}},{"id":"51d911eb-3ced-4845-ade1-f9269d8a0eb2","block_type":"box","text":"BlackRock","page_number":43,"box":{"x":826,"y":482,"width":65,"height":7}},{"id":"c59ede1d-f7d4-40e7-9b14-90977c8f20a8","block_type":"box","text":"Advised Funds","page_number":43,"box":{"x":814,"y":492,"width":84,"height":7}},{"id":"8a587dd4-23a9-4e9b-9d74-6dee1088660c","block_type":"box","text":"1","page_number":43,"box":{"x":898,"y":492,"width":4,"height":3}},{"id":"a283a42a-e336-4f55-afa5-646503858ecb","block_type":"box","text":"Independent Trustees","page_number":43,"box":{"x":70,"y":510,"width":154,"height":10}},{"id":"bcfb71d7-366a-4f88-a440-5472eea8ec43","block_type":"box","text":"Christopher J. 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None","page_number":43,"box":{"x":227,"y":721,"width":394,"height":9}},{"id":"020ef8f7-b40d-4309-ae81-fc7b9be16697","block_type":"box","text":"None None","page_number":43,"box":{"x":708,"y":721,"width":168,"height":9}},{"id":"1f5b6906-598a-4703-8fcb-aa47363ddb43","block_type":"box","text":"John M. Perlowski . .","page_number":43,"box":{"x":78,"y":737,"width":143,"height":8}},{"id":"1e800b5e-42b0-4fd6-8872-91b8f735bc5a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":227,"y":737,"width":394,"height":8}},{"id":"003eea97-08ec-487e-ae4d-02f972b03b53","block_type":"box","text":"None None","page_number":43,"box":{"x":708,"y":737,"width":168,"height":8}},{"id":"28dfde81-2337-4f87-81af-4f04a883c4c0","block_type":"box","text":"1","page_number":43,"box":{"x":69,"y":761,"width":3,"height":3}},{"id":"ab1a8ece-bb0c-4c58-8f4f-e0cfb3c22800","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":43,"box":{"x":94,"y":761,"width":786,"height":9}},{"id":"febb0f42-840a-463a-b6f2-8bb8dc5b0a7b","block_type":"box","text":"page I-13.","page_number":43,"box":{"x":94,"y":771,"width":55,"height":9}},{"id":"68a97d6c-2e83-43b7-bdbd-283bf7778c7d","block_type":"box","text":"2","page_number":43,"box":{"x":69,"y":784,"width":3,"height":3}},{"id":"6a1dadb0-5c6f-4785-9c82-641c40090ba7","block_type":"box","text":"Mr. Ailman was appointed to serve as Trustee of the Trust effective September 1, 2024.","page_number":43,"box":{"x":94,"y":783,"width":504,"height":9}},{"id":"c3c348f5-dd72-4e13-b4d6-07342a699352","block_type":"box","text":"3","page_number":43,"box":{"x":69,"y":796,"width":3,"height":4}},{"id":"0d79eab2-1d42-46e4-98c6-62222631264e","block_type":"box","text":"Ms. Goldberg retired as Trustee of the Trust and Chair of the Compliance Committee effective December 31, 2024.","page_number":43,"box":{"x":94,"y":796,"width":658,"height":9}},{"id":"794c72e4-d568-40c8-bb5a-5e41cf651798","block_type":"box","text":"4","page_number":43,"box":{"x":68,"y":809,"width":4,"height":3}},{"id":"61907e8b-89b0-4e71-bb67-333ba9964838","block_type":"box","text":"Chair of the Audit Committee.","page_number":43,"box":{"x":93,"y":809,"width":168,"height":7}},{"id":"badf30b0-9830-487f-9564-7066541731e4","block_type":"box","text":"5","page_number":43,"box":{"x":69,"y":821,"width":3,"height":4}},{"id":"c1a9ad49-00ab-4db3-be9f-176dc3c8f0eb","block_type":"box","text":"Chair of the Governance Committee.","page_number":43,"box":{"x":93,"y":821,"width":206,"height":7}},{"id":"c670a52e-7c85-407f-8def-1780c75ebe79","block_type":"box","text":"6","page_number":43,"box":{"x":69,"y":834,"width":3,"height":3}},{"id":"280494fe-32b8-480c-a1b8-e26fb08ae263","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":43,"box":{"x":93,"y":834,"width":269,"height":9}},{"id":"8c51b9b3-1005-4f0f-9a99-b3714af1ef89","block_type":"box","text":"7","page_number":43,"box":{"x":69,"y":847,"width":3,"height":3}},{"id":"30aab3c2-1385-4df4-89b7-0440fa60df83","block_type":"box","text":"Ms. Richards was appointed to serve as Trustee of the Trust effective June 1, 2024.","page_number":43,"box":{"x":94,"y":846,"width":483,"height":9}},{"id":"42b54ff4-d895-40f4-bfea-3f2cad500ebc","block_type":"box","text":"8","page_number":43,"box":{"x":68,"y":859,"width":4,"height":4}},{"id":"9fc3f0c8-a089-47b2-9f36-d31fe9665fc5","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":43,"box":{"x":93,"y":859,"width":352,"height":9}},{"id":"f5c6aec8-dbf8-4698-9ef3-e10db3aa946d","block_type":"box","text":"9","page_number":43,"box":{"x":69,"y":872,"width":3,"height":3}},{"id":"4d934a47-409e-412d-a072-534a61c5fc30","block_type":"box","text":"Chair of the Compliance Committee.","page_number":43,"box":{"x":93,"y":872,"width":205,"height":8}},{"id":"2055af4b-2f53-4666-9cd3-ec8e6b0df81a","block_type":"box","text":"I-18","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"bce08bb8-f167-48d2-8f89-f30495ac72cc","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34232475-8496-4833-9444-7d8caf8388e6","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":44,"box":{"x":69,"y":45,"width":432,"height":11}},{"id":"af2d6aa0-9154-4a90-ba92-7d0f2787120c","block_type":"box","text":"Management Agreement","page_number":44,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"5eea7bff-5fc2-427b-b317-02b5a510ee56","block_type":"box","text":"The Trust, on behalf of the Portfolio, has entered into a management agreement with the Manager (the","page_number":44,"box":{"x":101,"y":98,"width":734,"height":11}},{"id":"be70cb6c-519a-4220-88b6-8d9dd9a2a497","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":44,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"9d68b74b-5180-41eb-b3a4-66bc9ee6e98c","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Portfolio’s","page_number":44,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"476e0d4a-53bb-42d7-b05b-b43e4a8dd37c","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income exchange-traded funds managed","page_number":44,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"66f46a69-f966-4da8-9a38-7b93a57852b8","block_type":"box","text":"by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock","page_number":44,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"83052960-dbfe-47ff-84e8-b594c389d5b3","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Portfolio pays","page_number":44,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"6e8570df-332f-4f55-8fe7-230e8adfd2a9","block_type":"box","text":"to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through","page_number":44,"box":{"x":68,"y":196,"width":836,"height":11}},{"id":"e97c9e45-44b4-4583-b19e-2091daa4426e","block_type":"box","text":"June 30, 2027. The contractual agreements may be terminated upon 90 days’ notice by a majority of the","page_number":44,"box":{"x":69,"y":211,"width":750,"height":11}},{"id":"7ab29bcd-7089-4c62-af41-05cfe1dce5c8","block_type":"box","text":"Independent Trustees or by a vote of a majority of the outstanding voting securities of the Portfolio.","page_number":44,"box":{"x":70,"y":226,"width":706,"height":11}},{"id":"2e3563a4-44da-4211-a77d-f8949f9c336d","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":44,"box":{"x":102,"y":249,"width":773,"height":11}},{"id":"2a8ad7f8-2138-4625-a2a2-84d599d63b9f","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":44,"box":{"x":68,"y":264,"width":787,"height":11}},{"id":"bfecf830-34bb-4f01-b09b-1f60d141441c","block_type":"box","text":"Expense/Stock Loan Fees, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as","page_number":44,"box":{"x":70,"y":279,"width":835,"height":11}},{"id":"45bb37b8-34b4-46dd-83e5-9db7a9e24b03","block_type":"box","text":"defined in the Fund’s Prospectuses)) to 0.80% for Investor A Shares, 1.55% for Investor C Shares, 0.55% for","page_number":44,"box":{"x":69,"y":294,"width":776,"height":11}},{"id":"23722ea5-6b77-4353-93f3-730c80789ec6","block_type":"box","text":"Institutional Shares and 0.50% for Class K Shares of average daily net assets through June 30, 2027. The","page_number":44,"box":{"x":70,"y":309,"width":761,"height":11}},{"id":"7692c465-a372-4e70-bf25-c80521e42056","block_type":"box","text":"contractual agreements may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":44,"box":{"x":69,"y":324,"width":816,"height":12}},{"id":"43e9dd97-d1a6-4cf7-803f-d44c8414d13b","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Portfolio.","page_number":44,"box":{"x":68,"y":339,"width":494,"height":12}},{"id":"d726836a-81e6-43d0-a7a2-9679df997ab3","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":44,"box":{"x":102,"y":362,"width":800,"height":11}},{"id":"357e1a6e-74e1-4cc6-b467-3acdb6eade4d","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":44,"box":{"x":70,"y":377,"width":834,"height":12}},{"id":"79a09b13-e729-4330-8eec-7f790f107736","block_type":"box","text":"to perform investment advisory services with respect to the Portfolio. In addition, the Manager may delegate certain","page_number":44,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"4339242f-2fcd-448a-bb6b-2711edcff23f","block_type":"box","text":"of its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":44,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"fe045636-19f7-417a-a500-b2032dadde5e","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":44,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"bd770621-1fff-4679-ae7c-191711c17aa2","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":44,"box":{"x":70,"y":438,"width":508,"height":11}},{"id":"2f4d637a-30f9-4cfe-8623-97ccb5610761","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with BlackRock International Limited (“BIL”), BlackRock","page_number":44,"box":{"x":102,"y":461,"width":778,"height":11}},{"id":"a3823ebc-394a-4b75-a8da-b9606ca5c89a","block_type":"box","text":"Asset Management North Asia Limited (“BNA”) and BlackRock (Singapore) Limited (“BRS”) (collectively, the “Sub","page_number":44,"box":{"x":68,"y":476,"width":810,"height":11}},{"id":"9d91cfa6-9e98-48ce-bf74-7486d4ca05a4","block_type":"box","text":"Advisers”), pursuant to which BlackRock pays each Sub-Adviser for services it provides for that portion of the","page_number":44,"box":{"x":68,"y":491,"width":779,"height":11}},{"id":"78eea346-5031-4c78-a117-866a4ee56f04","block_type":"box","text":"Portfolio for which it acts as sub-adviser a monthly fee at an annual rate equal to a percentage of the management","page_number":44,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"33005daa-edf5-49db-a4ed-5dab95daa197","block_type":"box","text":"fee paid to BlackRock under the Management Agreement.","page_number":44,"box":{"x":68,"y":521,"width":411,"height":11}},{"id":"8ac0f02d-d933-4c7f-9494-770e82bcccb0","block_type":"box","text":"The Management Agreement and the sub-advisory agreements between BlackRock and BIL, BlackRock and BNA,","page_number":44,"box":{"x":101,"y":544,"width":803,"height":11}},{"id":"654e812a-64ab-4322-8f17-55a1c014f906","block_type":"box","text":"and BlackRock and BRS are collectively referred to as the “Advisory Contracts.”","page_number":44,"box":{"x":69,"y":559,"width":567,"height":11}},{"id":"73317df9-ef34-4546-91ca-961973b7f885","block_type":"box","text":"Under the Advisory Contracts, BlackRock, BIL, BNA and BRS are not liable for any error of judgment or mistake of","page_number":44,"box":{"x":102,"y":581,"width":808,"height":12}},{"id":"056c1d76-61f6-45c6-9e3e-ea24e73a155b","block_type":"box","text":"law or for any loss suffered by the Trust or the Portfolio in connection with the performance of the Advisory","page_number":44,"box":{"x":70,"y":596,"width":763,"height":12}},{"id":"b27f95f7-f753-4a54-915c-4d452eee74bc","block_type":"box","text":"Contracts. Under the Advisory Contracts, BlackRock, BIL, BNA and BRS are liable for a loss resulting from a breach of","page_number":44,"box":{"x":69,"y":612,"width":840,"height":11}},{"id":"09197d4c-2ba9-47b6-95fd-7cff22229caa","block_type":"box","text":"fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance,","page_number":44,"box":{"x":68,"y":627,"width":816,"height":11}},{"id":"6e131bdd-62cc-4dad-8261-1eb84e9e6b3b","block_type":"box","text":"bad faith or gross negligence in the performance of their respective duties or from reckless disregard of their","page_number":44,"box":{"x":69,"y":642,"width":779,"height":11}},{"id":"82749fd3-848d-4ae2-ac05-6995cf8b7988","block_type":"box","text":"respective duties and obligations thereunder. Each Advisory Contract is terminable as to the Portfolio by vote of the","page_number":44,"box":{"x":69,"y":657,"width":824,"height":11}},{"id":"9f762770-79de-410e-923e-589200efbaeb","block_type":"box","text":"Trust’s Board of Trustees or by the holders of a majority of the outstanding voting securities of the Portfolio, at any","page_number":44,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"1b779cbe-f287-4232-9f81-9d3b0bcda94e","block_type":"box","text":"time without penalty, on 60 days’ written notice to BlackRock, BIL, BNA or BRS, as the case may be. BlackRock, BIL,","page_number":44,"box":{"x":68,"y":687,"width":832,"height":11}},{"id":"301c37f2-0bd0-4858-b6fb-14d4ff698f99","block_type":"box","text":"BNA and BRS may also terminate their advisory relationship with respect to the Portfolio on 60 days’ written notice","page_number":44,"box":{"x":70,"y":702,"width":821,"height":11}},{"id":"d063646b-e225-44bd-bc2c-a9ff26b35a3f","block_type":"box","text":"to the Trust. Each of the Advisory Contracts terminates automatically in the event of its assignment.","page_number":44,"box":{"x":68,"y":717,"width":714,"height":12}},{"id":"eaaece36-454d-4523-8e1e-43f85786e29b","block_type":"box","text":"In rendering investment advisory services to the Portfolio, BlackRock uses the portfolio management, research","page_number":44,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"a45030b5-5623-45b4-86bb-b8e802b1f4b4","block_type":"box","text":"and other resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a foreign","page_number":44,"box":{"x":69,"y":755,"width":798,"height":11}},{"id":"28b629ae-2066-4e2a-9b65-9cee2b5c7747","block_type":"box","text":"affiliate of BlackRock that is not registered under the Investment Advisers Act of 1940, as amended (the “Advisers","page_number":44,"box":{"x":69,"y":770,"width":819,"height":12}},{"id":"0cde0060-fbd0-485e-8bfb-83215776aa83","block_type":"box","text":"Act”). BlackRock Australia provides services to the Portfolio through a “participating affiliate” arrangement, as that","page_number":44,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"2c2b49b8-e709-4965-9654-cc43a6a17316","block_type":"box","text":"term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio","page_number":44,"box":{"x":68,"y":801,"width":810,"height":11}},{"id":"0aa7ad80-4b08-4e95-b166-8be9799c62ab","block_type":"box","text":"management or research resources of advisory affiliates subject to the regulatory supervision of the registered","page_number":44,"box":{"x":69,"y":816,"width":794,"height":11}},{"id":"c0a30221-cd7a-4a60-9855-e620293de86f","block_type":"box","text":"investment adviser. Under the participating affiliate arrangement, BlackRock Australia is considered a participating","page_number":44,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"e17d9123-2863-468d-ae2c-4238e8591574","block_type":"box","text":"affiliate of BlackRock, and BlackRock Australia and certain designated employees are considered “associated","page_number":44,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"7d2a15dd-96f8-43b3-8cee-4a7c4aaf6990","block_type":"box","text":"persons” of BlackRock (as that term is defined in the Advisers Act) and investment professionals from BlackRock","page_number":44,"box":{"x":70,"y":861,"width":807,"height":11}},{"id":"1d991760-757b-499f-a138-9e5a2306de97","block_type":"box","text":"Australia may render portfolio management, research and other services to the Portfolio, subject to the supervision","page_number":44,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"631cf0a4-e06c-4ee1-a1ce-8d889c9a0b52","block_type":"box","text":"of BlackRock. The Portfolio pays no additional fees and expenses as a result of such arrangement.","page_number":44,"box":{"x":69,"y":891,"width":705,"height":12}},{"id":"6745d6e0-d686-4c64-92a7-d1dbc8343f4f","block_type":"box","text":"I-19","page_number":44,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"41e8d131-1c3c-4e7d-927a-59cca3082b3c","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7eab6813-eae5-4933-b926-e11aa10bf60d","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Portfolio to the Manager","page_number":45,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"b0277fb9-d162-46d9-a723-2fecaa6c350b","block_type":"box","text":"(which includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or reimbursed by","page_number":45,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"3e8c3c4a-3cec-434e-8fe6-4f40d0285ff9","block_type":"box","text":"the Manager, for the past three fiscal years.","page_number":45,"box":{"x":68,"y":75,"width":313,"height":11}},{"id":"24b38ab0-299f-4ce8-8a87-1c71ddf612bc","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":582,"y":103,"width":56,"height":7}},{"id":"ce019c94-6958-44c6-9ae9-0ae50ea490db","block_type":"box","text":"to the Manager","page_number":45,"box":{"x":565,"y":113,"width":90,"height":9}},{"id":"09c11e69-e50d-4fe2-be12-df0746e3c370","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":698,"y":103,"width":72,"height":7}},{"id":"f14b4f1a-5f94-4c06-ab1b-0a096c67832d","block_type":"box","text":"by the Manager","page_number":45,"box":{"x":689,"y":113,"width":91,"height":9}},{"id":"c91929d8-cb97-4b24-b80e-49571d5988d3","block_type":"box","text":"Fees Reimbursed","page_number":45,"box":{"x":810,"y":103,"width":99,"height":7}},{"id":"d5a2984f-e7ae-43d5-ac5b-bc3ea016f7d9","block_type":"box","text":"by the Manager","page_number":45,"box":{"x":814,"y":113,"width":91,"height":9}},{"id":"c807b8e6-ede5-4da2-9b1f-95e382341f09","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . .","page_number":45,"box":{"x":70,"y":131,"width":273,"height":11}},{"id":"b3343846-1e84-49fd-bfda-8203c0db1431","block_type":"box","text":".......................","page_number":45,"box":{"x":349,"y":138,"width":181,"height":2}},{"id":"52b0a1ce-20b1-45b8-ab03-eab027012176","block_type":"box","text":"$54,737,731 $7,577,648 $1,469,206","page_number":45,"box":{"x":562,"y":130,"width":341,"height":11}},{"id":"c52ade8f-bf38-43d0-93d3-edf73fa9c442","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . .","page_number":45,"box":{"x":70,"y":146,"width":273,"height":11}},{"id":"01a345be-cbc1-4fe8-a2ce-39c7c4a94e1d","block_type":"box","text":".......................","page_number":45,"box":{"x":349,"y":154,"width":181,"height":1}},{"id":"a6d85a75-be11-4857-9343-772d47d34534","block_type":"box","text":"$57,918,331 $8,319,392 $1,570,709","page_number":45,"box":{"x":562,"y":145,"width":341,"height":12}},{"id":"183dab89-53b3-47b2-918e-960bee396b6e","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . .","page_number":45,"box":{"x":70,"y":161,"width":273,"height":11}},{"id":"68bff595-0a38-4683-b709-f0868391cc4c","block_type":"box","text":".......................","page_number":45,"box":{"x":349,"y":169,"width":181,"height":1}},{"id":"0d5fa0e3-2742-44de-b74f-fa7469ec96fe","block_type":"box","text":"$68,368,216 $9,527,444 $1,746,133","page_number":45,"box":{"x":562,"y":161,"width":341,"height":11}},{"id":"b41a3634-2efa-41ac-81d5-479e676b59e3","block_type":"box","text":"Administration Agreement","page_number":45,"box":{"x":68,"y":193,"width":191,"height":11}},{"id":"713e5bab-6ec0-476b-8c7d-e052823cbfaa","block_type":"box","text":"BlackRock serves as the Portfolio’s administrator pursuant to an administration agreement (the “Administration","page_number":45,"box":{"x":102,"y":215,"width":797,"height":12}},{"id":"b67e7cb0-5e0c-483d-ac26-d34e87392796","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Portfolio; furnish the Portfolio with clerical,","page_number":45,"box":{"x":68,"y":230,"width":813,"height":12}},{"id":"66226278-c5f3-4e75-8c78-7d7e9861ad74","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Portfolio’s net asset","page_number":45,"box":{"x":69,"y":246,"width":799,"height":11}},{"id":"4d9493b4-0009-4149-a1c1-4f116d4ab5c6","block_type":"box","text":"value; oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports","page_number":45,"box":{"x":68,"y":261,"width":793,"height":11}},{"id":"85945882-bcad-40ed-98d1-7f4a25584e2a","block_type":"box","text":"required by regulatory authorities; calculate various contractual expenses; determine the amount of dividends and","page_number":45,"box":{"x":69,"y":276,"width":812,"height":11}},{"id":"d28e3cc5-7382-41a2-ab62-3d170975f204","block_type":"box","text":"distributions available for payment by the Portfolio to its shareholders; prepare and arrange for the printing of","page_number":45,"box":{"x":69,"y":291,"width":781,"height":11}},{"id":"550b2736-a2fb-4258-81a1-caac79bed3af","block_type":"box","text":"dividend notices to shareholders; provide Portfolio service providers with such information as is required to effect the","page_number":45,"box":{"x":69,"y":306,"width":839,"height":11}},{"id":"7220fcc5-d411-40d7-9e3b-5c3bcb6ddf83","block_type":"box","text":"payment of dividends and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal","page_number":45,"box":{"x":70,"y":321,"width":836,"height":11}},{"id":"e4d3065c-3306-4fe3-abf3-33365e5accc3","block_type":"box","text":"counsel, custodian, accounting agent and transfer and dividend disbursing agent in establishing the accounting","page_number":45,"box":{"x":69,"y":336,"width":793,"height":12}},{"id":"cd8be7be-5360-4bb8-be8b-12a1f97f3e90","block_type":"box","text":"policies of the Portfolio and monitoring financial and shareholder accounting services. BlackRock may from time to","page_number":45,"box":{"x":70,"y":351,"width":817,"height":12}},{"id":"c0a49d61-e233-4ebf-ac25-40bf90e522f8","block_type":"box","text":"time voluntarily waive administration fees with respect to the Portfolio and may voluntarily reimburse the Portfolio for","page_number":45,"box":{"x":68,"y":366,"width":833,"height":12}},{"id":"aa953dd7-d58f-4717-bb07-2a6bc7f76f1e","block_type":"box","text":"expenses.","page_number":45,"box":{"x":69,"y":384,"width":71,"height":9}},{"id":"b5f365ba-f43d-422d-9a27-76f10c8f9c42","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Portfolio, pays to BlackRock a","page_number":45,"box":{"x":102,"y":404,"width":784,"height":12}},{"id":"37ce406b-2760-4aaf-8f29-043f6d3c2203","block_type":"box","text":"fee, computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":45,"box":{"x":68,"y":419,"width":825,"height":12}},{"id":"a5c49cd1-d99b-4e03-b357-ff76ed779596","block_type":"box","text":"Portfolio’s average daily net assets, 0.040% of the next $500 million of the Portfolio’s average daily net assets,","page_number":45,"box":{"x":69,"y":434,"width":800,"height":12}},{"id":"7aa4fd99-c34e-49be-bb34-d3b8aa9c6b89","block_type":"box","text":"0.0375% of the next $1 billion of the Portfolio’s average daily net assets, 0.035% of the next $2 billion of the","page_number":45,"box":{"x":69,"y":449,"width":784,"height":12}},{"id":"c0ef918c-5833-400a-9164-79e95fee0847","block_type":"box","text":"Portfolio’s average daily net assets, 0.0325% of the next $9 billion of the Portfolio’s average daily net assets and","page_number":45,"box":{"x":69,"y":464,"width":813,"height":12}},{"id":"e8834bac-8c02-4e88-bd61-04281e5e10fc","block_type":"box","text":"0.030% of the average daily net assets of the Portfolio in excess of $13 billion and (ii) 0.020% of average daily net","page_number":45,"box":{"x":69,"y":479,"width":821,"height":12}},{"id":"4e7ed832-cac4-4ded-8b30-b4f30bca792b","block_type":"box","text":"assets allocated to each class of shares of the Portfolio.","page_number":45,"box":{"x":69,"y":495,"width":405,"height":9}},{"id":"847cf7dd-da91-4c53-bde5-d2fd2130a9a9","block_type":"box","text":"The table below sets forth information about the administration fees paid by the Trust, on behalf of the Portfolio,","page_number":45,"box":{"x":101,"y":518,"width":804,"height":11}},{"id":"9bfd2259-fe39-42c1-83a7-1e2bd9038d28","block_type":"box","text":"to BlackRock, and the amounts waived, for the past three fiscal years.","page_number":45,"box":{"x":68,"y":533,"width":501,"height":11}},{"id":"8e4cfaec-5c50-4edd-91da-3f1a31ac9148","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":720,"y":561,"width":56,"height":7}},{"id":"5da25a4d-1d5c-45b3-b442-b27cf80e03c2","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":709,"y":571,"width":79,"height":7}},{"id":"50b63dfb-0ca1-4219-a8d0-3ae287fdd23b","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":830,"y":561,"width":72,"height":7}},{"id":"f7805a9c-515a-4660-997f-af8857569f19","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":826,"y":571,"width":80,"height":9}},{"id":"eb228be1-68d9-4f8e-ae34-05588d08cd2e","block_type":"box","text":"Fiscal Year Ended July 31, 2025 .","page_number":45,"box":{"x":70,"y":589,"width":237,"height":11}},{"id":"6aa4cba1-3089-438c-b285-d28f78eb8d1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,","page_number":45,"box":{"x":313,"y":588,"width":414,"height":11}},{"id":"5a76f0e2-8c0b-463f-9542-8bc29d98a5f9","block_type":"box","text":"751,210 $2,119,509","page_number":45,"box":{"x":730,"y":588,"width":179,"height":11}},{"id":"45ededf3-c3f2-49ec-a27a-d79480623d01","block_type":"box","text":"Fiscal Year Ended July 31, 2024 .","page_number":45,"box":{"x":70,"y":604,"width":237,"height":11}},{"id":"40735176-24ae-438d-a2b3-370740a0f1ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,","page_number":45,"box":{"x":313,"y":603,"width":414,"height":11}},{"id":"323d4859-f0b9-4e6d-9468-d51e8282ac2c","block_type":"box","text":"085,175 $2,246,502","page_number":45,"box":{"x":729,"y":603,"width":180,"height":11}},{"id":"8637b212-24bb-48f5-b54a-04066e05bc74","block_type":"box","text":"Fiscal Year Ended July 31, 2023 .","page_number":45,"box":{"x":70,"y":619,"width":237,"height":11}},{"id":"c36f7690-01b4-4a57-b6a8-1dd7d02170ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,","page_number":45,"box":{"x":313,"y":618,"width":414,"height":12}},{"id":"7f63e206-bbbd-41f1-b0c7-dc1b3df2f385","block_type":"box","text":"170,012 $2,638,943","page_number":45,"box":{"x":730,"y":618,"width":179,"height":12}},{"id":"12613284-9bc3-4caa-b2cb-9f60af6da618","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":45,"box":{"x":101,"y":643,"width":708,"height":11}},{"id":"c28250e1-95b0-4590-ae99-9af432433008","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":45,"box":{"x":69,"y":658,"width":838,"height":11}},{"id":"e8cedcb9-404d-4920-8832-b974f8e4af16","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":45,"box":{"x":68,"y":673,"width":800,"height":12}},{"id":"c9638d28-f601-4e45-94b5-2cf59a222989","block_type":"box","text":"shares of the Portfolio.","page_number":45,"box":{"x":69,"y":688,"width":163,"height":9}},{"id":"fe0d0581-8ca8-4b73-a7a9-a2bd8b258639","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain","page_number":45,"box":{"x":102,"y":711,"width":740,"height":11}},{"id":"8dbdf6d7-6483-4ec9-98e0-10d64abf39e2","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the","page_number":45,"box":{"x":69,"y":726,"width":781,"height":11}},{"id":"8fab266c-3e50-4bf4-a3e4-2baa44f485f1","block_type":"box","text":"Portfolio, reimburses BlackRock for its costs in maintaining the service center, which costs include, among other","page_number":45,"box":{"x":69,"y":741,"width":805,"height":12}},{"id":"7c001dfc-7963-43a1-8b08-e745098d8ce9","block_type":"box","text":"things, employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":45,"box":{"x":68,"y":756,"width":585,"height":12}},{"id":"170b9b0d-234e-401c-9ceb-261d1491b03b","block_type":"box","text":"For the past three fiscal years, the Trust, on behalf of the Portfolio, reimbursed to BlackRock fees for","page_number":45,"box":{"x":102,"y":779,"width":721,"height":11}},{"id":"765c907a-0986-4d0b-9ee7-7990820b0efa","block_type":"box","text":"shareholder liaison services pursuant to such agreement as follows:","page_number":45,"box":{"x":69,"y":794,"width":487,"height":12}},{"id":"0a6d0a48-28b0-4c29-a7a4-6543ac88303e","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":732,"y":823,"width":56,"height":7}},{"id":"5cf14dd6-0117-4132-a5bc-35dd286cb933","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":720,"y":833,"width":80,"height":7}},{"id":"930d769a-2c8d-4bb1-adb8-98c5a7e41e89","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":833,"y":823,"width":72,"height":7}},{"id":"e4dedcc6-b72f-4a12-82d9-3e904d0fee46","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":830,"y":833,"width":80,"height":8}},{"id":"e9195fb3-8e07-42fe-be4a-4d702c49db2a","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":850,"width":269,"height":11}},{"id":"8c8e0700-cbb0-4a25-9e0b-b6b9bde14e52","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":858,"width":345,"height":1}},{"id":"017809b9-2633-413d-9119-611b68c4fc3f","block_type":"box","text":"$54,815 $54,815","page_number":45,"box":{"x":729,"y":850,"width":171,"height":11}},{"id":"989abeb4-abfd-41ba-aad1-1842d0599fa0","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":866,"width":269,"height":11}},{"id":"9001dc20-8ffe-4c36-82b4-4cb601cfa8e2","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":873,"width":345,"height":1}},{"id":"0e56f3dd-bbb7-4353-9fd1-83f9e3767cbc","block_type":"box","text":"$64,047 $63,947","page_number":45,"box":{"x":729,"y":865,"width":171,"height":11}},{"id":"ba929aea-0060-4701-b4b0-17cf844a6a84","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":881,"width":269,"height":11}},{"id":"cd4eafe5-7d06-465c-8100-180180ddc5f3","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":888,"width":345,"height":1}},{"id":"b373368c-0cd7-4417-9ea9-45990a64e364","block_type":"box","text":"$77,612 $68,814","page_number":45,"box":{"x":729,"y":880,"width":172,"height":11}},{"id":"d4304ec0-c4c2-4499-acb1-1ef633856d65","block_type":"box","text":"I-20","page_number":45,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ab69cd4c-2c86-4252-ad5c-ebc5580abfaf","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21e255b1-00ea-4ba5-805e-bb711b6949b7","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":46,"box":{"x":69,"y":45,"width":335,"height":11}},{"id":"4eff8919-b4c9-4b4d-9ce2-8a6b416246d3","block_type":"box","text":"Justin Christofel, CFA and Alex Shingler, CFA are the portfolio managers and are jointly and primarily responsible","page_number":46,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"262c06f6-198b-466b-a0f6-659aa645d027","block_type":"box","text":"for the day-to-day management of the Portfolio.","page_number":46,"box":{"x":68,"y":82,"width":334,"height":12}},{"id":"1e8839a0-41ca-4fce-96ff-a8fa34d78219","block_type":"box","text":"Other Funds and Accounts Managed","page_number":46,"box":{"x":70,"y":113,"width":265,"height":11}},{"id":"92a30952-d808-4ef4-b75d-0ac5a6a31dee","block_type":"box","text":"The following table sets forth information about funds and accounts other than the Portfolio for which the","page_number":46,"box":{"x":101,"y":135,"width":752,"height":12}},{"id":"5b73c2b0-7a02-4892-b644-c3c123f7a9ad","block_type":"box","text":"portfolio managers are primarily responsible for the day-to-day portfolio management as of July 31, 2025.","page_number":46,"box":{"x":70,"y":150,"width":752,"height":12}},{"id":"3edaf2ab-0a22-4005-aa24-cd853dab6d99","block_type":"box","text":"Number of Other Accounts Managed","page_number":46,"box":{"x":373,"y":179,"width":212,"height":9}},{"id":"9ddf9874-3df5-4970-9d4f-86b2ebf9066b","block_type":"box","text":"and Assets by Account Type","page_number":46,"box":{"x":397,"y":189,"width":164,"height":9}},{"id":"23147bfb-aab8-448d-b468-b6f9cc459d62","block_type":"box","text":"Number of Other Accounts and Assets","page_number":46,"box":{"x":656,"y":179,"width":222,"height":7}},{"id":"23178346-2ac1-4452-b8ee-4c09d0267900","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":46,"box":{"x":634,"y":189,"width":265,"height":9}},{"id":"d54215fb-ad71-4e74-b593-cbc21aff9cc7","block_type":"box","text":"Name of Portfolio Manager","page_number":46,"box":{"x":74,"y":232,"width":157,"height":9}},{"id":"abfb3fdd-a155-476f-bdad-ed4a7a6a4ef5","block_type":"box","text":"Other","page_number":46,"box":{"x":365,"y":201,"width":31,"height":8}},{"id":"f18e8dfd-5a78-4df2-a5e1-5f6c7101a5dd","block_type":"box","text":"Registered","page_number":46,"box":{"x":349,"y":212,"width":62,"height":8}},{"id":"8b4e21ef-2985-47df-8b5a-fbf362df781e","block_type":"box","text":"Investment","page_number":46,"box":{"x":348,"y":222,"width":65,"height":7}},{"id":"d6b90531-ecba-43d8-a686-8ad46d485bd1","block_type":"box","text":"Companies","page_number":46,"box":{"x":349,"y":232,"width":63,"height":8}},{"id":"dd6ec15d-f658-41de-936f-0c0651fbaec1","block_type":"box","text":"Other 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$0","page_number":46,"box":{"x":344,"y":258,"width":530,"height":8}},{"id":"c5499516-ca7b-4f3b-a628-7bdc22e40468","block_type":"box","text":"Alex Shingler, CFA 3 10 0 0 0 0","page_number":46,"box":{"x":73,"y":271,"width":798,"height":9}},{"id":"25084b31-62e8-4470-9346-77e124bb7560","block_type":"box","text":"$2.07 Billion $7.39 Billion $0 $0 $0 $0","page_number":46,"box":{"x":344,"y":283,"width":530,"height":8}},{"id":"dd6f57d6-04fe-4aaf-b13a-16d6c3a59951","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":46,"box":{"x":69,"y":317,"width":304,"height":12}},{"id":"c0a113e6-05d4-4ddc-b117-32cb0e367ff9","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of July 31, 2025.","page_number":46,"box":{"x":101,"y":340,"width":653,"height":11}},{"id":"d2d61bb6-be85-4e63-ba03-c788ddf7a07f","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":46,"box":{"x":102,"y":363,"width":774,"height":11}},{"id":"edff108d-cddd-4e1b-b2a0-0c3d33f26a2c","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":46,"box":{"x":70,"y":378,"width":837,"height":11}},{"id":"ea7c01aa-986b-45de-a25f-5a09351052d2","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":46,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"a0c9f165-0212-4d0b-8689-ba86c4ef6730","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":46,"box":{"x":69,"y":408,"width":799,"height":11}},{"id":"f5f0eeb4-6e26-4840-8753-ed2573b46e79","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":46,"box":{"x":70,"y":423,"width":670,"height":12}},{"id":"bd39235c-e3a2-4dc6-82d0-6f3809521644","block_type":"box","text":"Base Compensation.","page_number":46,"box":{"x":102,"y":446,"width":148,"height":11}},{"id":"682cb83a-ce08-4a39-8b46-c95e3ded9d7b","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":46,"box":{"x":257,"y":446,"width":640,"height":11}},{"id":"002d5227-d04a-49a5-927b-3a7756200055","block_type":"box","text":"firm.","page_number":46,"box":{"x":68,"y":461,"width":32,"height":9}},{"id":"e4129f94-d5e5-40de-a60e-4bdec8f5a0ce","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":484,"width":281,"height":11}},{"id":"e8470886-53bb-4308-ac22-7fb18d636b4d","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":46,"box":{"x":391,"y":484,"width":432,"height":11}},{"id":"ef1c735c-e1ce-42db-b74c-dc4ed4073225","block_type":"box","text":"components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within","page_number":46,"box":{"x":69,"y":499,"width":759,"height":11}},{"id":"1318be8d-38a0-4388-8e48-80a89a2d3b4c","block_type":"box","text":"BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or","page_number":46,"box":{"x":70,"y":514,"width":821,"height":11}},{"id":"dccf7639-2944-40d9-aa40-836e6dbb842a","block_type":"box","text":"supervision by that portfolio manager, and the individual’s performance and contribution to the overall performance","page_number":46,"box":{"x":69,"y":529,"width":826,"height":11}},{"id":"9834d1eb-498c-4708-aca6-46135b95c56a","block_type":"box","text":"of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":46,"box":{"x":69,"y":544,"width":805,"height":11}},{"id":"847f7539-8478-44fd-90b1-02d8e50c0828","block_type":"box","text":"determination with respect to each portfolio manager’s compensation based on the performance of the Portfolio and","page_number":46,"box":{"x":69,"y":559,"width":835,"height":12}},{"id":"b7f80fc5-9eb6-4110-a402-f63acab93fef","block_type":"box","text":"other accounts managed by each portfolio manager. Performance of multi-asset class funds is generally measured","page_number":46,"box":{"x":69,"y":574,"width":818,"height":12}},{"id":"dfeda345-a78b-4fc4-9ebd-2c2b5ecf779f","block_type":"box","text":"on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of","page_number":46,"box":{"x":69,"y":589,"width":818,"height":12}},{"id":"6768cd5a-d0b7-4f0b-ab1f-6d961688acd7","block_type":"box","text":"Messrs. Christofel and Shingler is not measured against a specific benchmark.","page_number":46,"box":{"x":70,"y":605,"width":561,"height":11}},{"id":"615e6ea5-b9a9-4e13-ad3e-97a36768c698","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":627,"width":389,"height":11}},{"id":"78fee0c4-a9fc-4f79-94d9-a787385ca70c","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":46,"box":{"x":499,"y":628,"width":383,"height":10}},{"id":"77d40058-f86f-4aab-9ecd-24bd9aa59e4b","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":46,"box":{"x":70,"y":642,"width":815,"height":12}},{"id":"16eacd21-232e-4d23-a540-f11d75bc19ef","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":46,"box":{"x":68,"y":658,"width":522,"height":11}},{"id":"8a2b464d-ad8e-4817-97e2-a813269a6634","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":46,"box":{"x":102,"y":680,"width":760,"height":12}},{"id":"5d437029-9d23-41eb-bff0-274454e30931","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":46,"box":{"x":69,"y":695,"width":795,"height":12}},{"id":"f60d9eb2-7884-425b-bbe4-9fd8fe40260c","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":46,"box":{"x":69,"y":710,"width":805,"height":12}},{"id":"abc5a465-146c-4332-8687-509ccecabc64","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":46,"box":{"x":69,"y":726,"width":822,"height":11}},{"id":"adb5425b-224b-49cb-afea-d6eecfcc480d","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":46,"box":{"x":68,"y":741,"width":839,"height":11}},{"id":"22712a20-7da0-4943-9451-17d54938e5a4","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":46,"box":{"x":69,"y":756,"width":802,"height":11}},{"id":"419b6cc3-2ae0-4429-8fbc-009d30feca9f","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":46,"box":{"x":70,"y":771,"width":820,"height":11}},{"id":"418cc25e-29e6-4adb-b5dd-de8fd0d0d816","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":46,"box":{"x":70,"y":786,"width":801,"height":11}},{"id":"289e3931-87f7-461d-931a-bd58e7f178d1","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":46,"box":{"x":70,"y":801,"width":831,"height":11}},{"id":"4ea85b13-1d40-44ce-a71e-990c7d764147","block_type":"box","text":"managers of this Portfolio have deferred BlackRock, Inc. stock awards.","page_number":46,"box":{"x":69,"y":816,"width":505,"height":12}},{"id":"f87d31de-b424-4238-ae63-3f94abf0f2ed","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":46,"box":{"x":102,"y":839,"width":785,"height":11}},{"id":"1761182e-1997-428a-a199-4fb3e7ecccc2","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":46,"box":{"x":68,"y":854,"width":836,"height":11}},{"id":"dba3e3fe-0805-4aee-b604-70e98235293f","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":46,"box":{"x":68,"y":869,"width":821,"height":11}},{"id":"d1575405-1cea-465d-95ce-9da84bb23cbf","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":46,"box":{"x":69,"y":884,"width":829,"height":11}},{"id":"aaf096b7-f1d3-4283-8dd0-5798ba3bd985","block_type":"box","text":"I-21","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"788061f4-43ea-4c80-a8c3-05c71f568969","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2fa0f888-1a92-4ad5-a131-19cab7203eda","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":47,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"ac3a4fe7-c943-4374-8faf-aa1c7bb9e3f5","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":47,"box":{"x":69,"y":60,"width":414,"height":11}},{"id":"683fe62d-6880-411a-9e72-4c3db735a316","block_type":"box","text":"Other Compensation Benefits.","page_number":47,"box":{"x":101,"y":82,"width":218,"height":11}},{"id":"b0cf0a6d-b4ea-406d-beb5-7b863124ac1c","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":47,"box":{"x":327,"y":82,"width":552,"height":12}},{"id":"9cfc2bc9-9df9-445d-939c-f09f4b9cada7","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":47,"box":{"x":69,"y":98,"width":582,"height":11}},{"id":"f4679d6f-c353-440d-9974-b61ae46ec72d","block_type":"box","text":"Incentive Savings Plans","page_number":47,"box":{"x":102,"y":120,"width":167,"height":12}},{"id":"9c018cca-7113-416b-8345-90cea1808a36","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":47,"box":{"x":274,"y":120,"width":614,"height":12}},{"id":"9d49e4c4-c63e-4764-9178-1ed8b46d5ab7","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":47,"box":{"x":69,"y":135,"width":831,"height":12}},{"id":"9252164e-a7ac-4a5b-b074-f60a9b9af1ed","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":47,"box":{"x":70,"y":150,"width":785,"height":12}},{"id":"a677f404-327a-4310-9a76-c36d10722123","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":47,"box":{"x":69,"y":165,"width":830,"height":12}},{"id":"6e071d95-6d69-4683-acdc-f5bf9ac026a2","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":47,"box":{"x":69,"y":181,"width":799,"height":11}},{"id":"1d660df9-19b2-4a5c-bc5f-e05f93c5f47f","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":47,"box":{"x":69,"y":195,"width":831,"height":12}},{"id":"0e3c0533-f962-44ba-9bd9-547368a6f0db","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":47,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"add8d3f4-4090-45a2-a94c-be241d40d111","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":47,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"2f434771-7fa6-4046-a07a-16207c9c01a1","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":47,"box":{"x":68,"y":241,"width":793,"height":11}},{"id":"378826cf-a151-4253-85a5-d498f225684c","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":47,"box":{"x":70,"y":256,"width":832,"height":11}},{"id":"fc12ecac-c3c3-45c8-b9ae-9b289fdb27af","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":47,"box":{"x":68,"y":271,"width":805,"height":11}},{"id":"828596f8-5592-4d9c-a2d3-a160ce40b442","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":47,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"11c6b349-01a2-4ca5-bc6c-6fdab11d2f3f","block_type":"box","text":"participate in these plans.","page_number":47,"box":{"x":70,"y":302,"width":185,"height":11}},{"id":"55e9961c-0338-4b44-8376-a75c147197b3","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":47,"box":{"x":69,"y":332,"width":268,"height":11}},{"id":"c479f956-7eb7-4bc7-bd2b-a9118126945c","block_type":"box","text":"As of July 31, 2025, the Portfolio’s most recently completed fiscal year end, the dollar range of securities","page_number":47,"box":{"x":101,"y":355,"width":754,"height":11}},{"id":"82affdac-1fe7-4d00-8879-7208152fbd6c","block_type":"box","text":"beneficially owned by the portfolio managers in the Portfolio is shown below:","page_number":47,"box":{"x":69,"y":370,"width":545,"height":11}},{"id":"be64c294-a7d3-4e36-8bb8-065ec142d4f2","block_type":"box","text":"Portfolio Manager","page_number":47,"box":{"x":69,"y":408,"width":105,"height":9}},{"id":"9cf9540d-c220-4800-837d-23f6446794ff","block_type":"box","text":"Dollar Range of Equity","page_number":47,"box":{"x":757,"y":398,"width":129,"height":9}},{"id":"9dbac35d-a57a-4013-8bd8-3eca0c37edb2","block_type":"box","text":"Securities Beneficially Owned","page_number":47,"box":{"x":732,"y":408,"width":173,"height":9}},{"id":"4d7274b3-d2fa-4ec0-a5aa-80255103b3ab","block_type":"box","text":"1","page_number":47,"box":{"x":906,"y":408,"width":4,"height":4}},{"id":"91107c17-63d0-4aee-b7fd-446e6888c46f","block_type":"box","text":"Justin Christofel, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,","page_number":47,"box":{"x":69,"y":425,"width":719,"height":11}},{"id":"0fddf0df-37c1-4b7e-855f-33f21e098aaa","block_type":"box","text":"001- $50,000","page_number":47,"box":{"x":790,"y":425,"width":105,"height":11}},{"id":"bdfb343a-2ddc-4acf-ab02-7103cc3b6747","block_type":"box","text":"Alex Shingler, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":68,"y":441,"width":633,"height":11}},{"id":"579ef2a7-b744-4121-8da5-b8cb1967a9dd","block_type":"box","text":"$100,001-$500,000","page_number":47,"box":{"x":747,"y":440,"width":148,"height":11}},{"id":"12d6f1c4-ae74-44f0-92f9-119f23fd76c1","block_type":"box","text":"1","page_number":47,"box":{"x":69,"y":465,"width":3,"height":4}},{"id":"092e539e-2a81-49fd-8bf3-7e924fa3b65c","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement programs.","page_number":47,"box":{"x":94,"y":465,"width":746,"height":9}},{"id":"88d21861-9822-4b01-ac13-a924c925baab","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":47,"box":{"x":69,"y":494,"width":403,"height":11}},{"id":"edb05b55-5c62-4394-a063-e4cb84512704","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":47,"box":{"x":102,"y":516,"width":727,"height":12}},{"id":"93fbf2dc-76f0-4bc6-b582-78cb9686b7aa","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":47,"box":{"x":70,"y":532,"width":814,"height":11}},{"id":"19767ee3-cdba-4828-b8bc-fcf39844d9cb","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":47,"box":{"x":70,"y":547,"width":837,"height":11}},{"id":"4ef0bf7d-c147-46e1-91ec-d0b35b6e110b","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":47,"box":{"x":70,"y":562,"width":810,"height":11}},{"id":"c6239121-4afa-4249-ba0a-a08176b1ee42","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":47,"box":{"x":69,"y":577,"width":782,"height":11}},{"id":"daf3e22c-949d-44da-b211-7691b5bcad56","block_type":"box","text":"management and advisory services to numerous clients in addition to the Portfolio, and BlackRock may, consistent","page_number":47,"box":{"x":69,"y":592,"width":823,"height":11}},{"id":"28e0ec48-c7fa-4085-8689-00bae21afd2d","block_type":"box","text":"with applicable law, make investment recommendations to other clients or accounts (including accounts which are","page_number":47,"box":{"x":68,"y":607,"width":814,"height":11}},{"id":"f1b74869-e8be-434f-9a6b-54a406717446","block_type":"box","text":"hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal","page_number":47,"box":{"x":69,"y":622,"width":821,"height":12}},{"id":"25481550-ec55-472b-9a5a-68357f1f4c6c","block_type":"box","text":"interest in the receipt of such fees), which may be the same as or different from those made to the Portfolio. In","page_number":47,"box":{"x":70,"y":637,"width":796,"height":12}},{"id":"5e34d2db-8a5c-4575-872e-6e742ced9b06","block_type":"box","text":"addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may","page_number":47,"box":{"x":69,"y":652,"width":836,"height":12}},{"id":"83141d28-cc33-4105-bc14-7f20ec0043aa","block_type":"box","text":"or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Portfolio.","page_number":47,"box":{"x":69,"y":668,"width":794,"height":11}},{"id":"4ce40e64-0f34-421a-aa61-cde42e23a15c","block_type":"box","text":"BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any","page_number":47,"box":{"x":70,"y":683,"width":814,"height":11}},{"id":"79f8cfc0-33c6-46cf-8b85-9a3e44caf128","block_type":"box","text":"member of their families may take different actions than those recommended to the Portfolio by BlackRock with","page_number":47,"box":{"x":69,"y":698,"width":798,"height":11}},{"id":"5df2d066-265d-4635-a24c-514454ae4a71","block_type":"box","text":"respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning","page_number":47,"box":{"x":69,"y":713,"width":816,"height":11}},{"id":"944d3ae2-6fb4-4861-9b13-6d66f53d3fff","block_type":"box","text":"securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors","page_number":47,"box":{"x":69,"y":728,"width":827,"height":11}},{"id":"f710382c-d4ec-4d43-919c-cb28231f68fa","block_type":"box","text":"or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant","page_number":47,"box":{"x":69,"y":743,"width":792,"height":12}},{"id":"69b7fe54-da09-4870-80e6-3adcb3f718ed","block_type":"box","text":"shareholders or the officers, directors and employees of any of them has any substantial economic interest or","page_number":47,"box":{"x":69,"y":758,"width":787,"height":11}},{"id":"7abaa9fb-1918-4c66-84b0-f2e94e8bffc6","block_type":"box","text":"possesses material non-public information. Certain portfolio managers also may manage accounts whose investment","page_number":47,"box":{"x":70,"y":773,"width":838,"height":12}},{"id":"01781f25-5ad2-445f-aea0-ead9f4f42514","block_type":"box","text":"strategies may at times be opposed to the strategy utilized for the Portfolio. It should also be noted that a portfolio","page_number":47,"box":{"x":69,"y":789,"width":821,"height":11}},{"id":"a9068302-cdb4-4768-858c-37c4f444e8a3","block_type":"box","text":"manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund","page_number":47,"box":{"x":69,"y":804,"width":812,"height":11}},{"id":"38952e4c-c90b-489d-94e9-2520368fc5bb","block_type":"box","text":"and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a","page_number":47,"box":{"x":69,"y":819,"width":827,"height":11}},{"id":"fe082770-e9ff-42fd-8062-623542aee21b","block_type":"box","text":"portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this Portfolio are not","page_number":47,"box":{"x":70,"y":834,"width":802,"height":11}},{"id":"acf2d1fa-da79-4f56-9064-461cfe881c20","block_type":"box","text":"entitled to receive a portion of incentive fees of other accounts.","page_number":47,"box":{"x":69,"y":849,"width":453,"height":11}},{"id":"7fcf0f75-7367-4dd8-ac35-19f65c39e866","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":47,"box":{"x":101,"y":872,"width":788,"height":11}},{"id":"52199008-5531-4ab9-a624-4ea0e85609e9","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":47,"box":{"x":70,"y":887,"width":839,"height":11}},{"id":"64c63ac8-a3dc-4faa-a502-55606852d5e8","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":47,"box":{"x":68,"y":902,"width":823,"height":11}},{"id":"899e36b5-f51e-4004-9431-5513da28f4d2","block_type":"box","text":"I-22","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f039f4a6-cfc9-4681-90d3-587368cf02d0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa449cf0-6166-415a-bf6e-08039a588be9","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":48,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"ce91ab54-e272-43f8-802e-5d222fd0b217","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":48,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"8d8e430b-75e0-4bc1-bd2d-ee750da40c0a","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":48,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"0f16f39a-81be-4115-80f0-32eb30e12bf0","block_type":"box","text":"Accounting Services","page_number":48,"box":{"x":68,"y":105,"width":150,"height":11}},{"id":"42c6e047-4d9d-4451-8117-58364adc65b7","block_type":"box","text":"JPM serves as the accounting services provider for the Portfolio. Among other services, JPM maintains records","page_number":48,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"34d0bf1d-bc7c-4b95-87e4-de3ebc306a99","block_type":"box","text":"of purchases and sales of securities, receipts and disbursements of cash and other debits and credits; keeps","page_number":48,"box":{"x":69,"y":143,"width":785,"height":11}},{"id":"6e40c118-1d8f-485b-9c19-02aedd2bdbdd","block_type":"box","text":"accounting journals and ledgers; records capital share transactions; calculates expense caps, waivers and","page_number":48,"box":{"x":69,"y":158,"width":759,"height":11}},{"id":"134379df-6a63-4e2d-b12f-94fb8f664c1c","block_type":"box","text":"recoupments (if any); computes the Portfolio’s net income and capital gains and dividends payable; calculates and","page_number":48,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"f0b65a43-b838-4419-9cb5-51b2f67aee80","block_type":"box","text":"reports net asset value; works with independent pricing sources; reconciles securities and cash positions with the","page_number":48,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"a17f6f79-a1b3-4032-ada7-77515473e914","block_type":"box","text":"Portfolio’s custodian; prepares certain financial statements, notices and reports; and prepares certain tax reports.","page_number":48,"box":{"x":69,"y":203,"width":822,"height":11}},{"id":"7e85b46c-f6b9-4f74-8e94-7871ac2cc094","block_type":"box","text":"In connection with its accounting services, JPM also provides certain administrative services.","page_number":48,"box":{"x":70,"y":219,"width":664,"height":11}},{"id":"572be044-df15-4eba-ab41-6c9e2b5f9b33","block_type":"box","text":"The table below shows the amounts paid by the Portfolio to JPM for accounting services for the past three fiscal","page_number":48,"box":{"x":101,"y":241,"width":800,"height":11}},{"id":"a3e5f99c-d92e-4d4d-ba93-7dc4371005dd","block_type":"box","text":"years:","page_number":48,"box":{"x":68,"y":259,"width":42,"height":8}},{"id":"a5cc8119-e403-4f5e-8990-4dee032019a2","block_type":"box","text":"Fees Paid","page_number":48,"box":{"x":845,"y":285,"width":56,"height":7}},{"id":"bf687b74-26b7-4e42-9da4-89a7485e2268","block_type":"box","text":"to JPM","page_number":48,"box":{"x":853,"y":295,"width":39,"height":7}},{"id":"31469a51-fc6e-4beb-98a0-ee94654c1a47","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":312,"width":442,"height":12}},{"id":"045f8441-90da-40ac-9aa8-a20b7b2d660b","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":320,"width":287,"height":1}},{"id":"a4828c33-fb15-42da-ab7d-30fb5ce80ebb","block_type":"box","text":"$957,184","page_number":48,"box":{"x":837,"y":312,"width":72,"height":11}},{"id":"4a269592-3fc4-40ab-b800-7c6c3af15b39","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":328,"width":442,"height":11}},{"id":"55366ffe-f0b9-4a9e-b646-ed1a774dec4a","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":335,"width":287,"height":1}},{"id":"416abf47-3f26-4619-a6c9-85ee7061fb00","block_type":"box","text":"$883,881","page_number":48,"box":{"x":837,"y":327,"width":72,"height":11}},{"id":"0056d49b-c8da-4b3a-b350-9151d19e7007","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":343,"width":442,"height":11}},{"id":"611fe4c3-589a-4e42-9517-a7d986545ef8","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":350,"width":287,"height":1}},{"id":"c9e95c77-da37-44f4-bd15-96b6aa5f6e54","block_type":"box","text":"$968,778","page_number":48,"box":{"x":837,"y":342,"width":72,"height":11}},{"id":"e558951e-be36-492a-985a-16aea28d6c7e","block_type":"box","text":"Custodian","page_number":48,"box":{"x":69,"y":374,"width":72,"height":9}},{"id":"981757e6-e4a3-4d7e-9348-1ef080af5015","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”), which has its principal offices at 383 Madison Avenue, New York, New York","page_number":48,"box":{"x":101,"y":397,"width":804,"height":11}},{"id":"c685ee6c-69ce-4504-a811-b0889354971d","block_type":"box","text":"10179, serves as the custodian for the Portfolio. Among other responsibilities, JPM maintains a custody account or","page_number":48,"box":{"x":70,"y":412,"width":826,"height":11}},{"id":"2a1c0ffd-21a7-4de3-94bc-2ecc7d028676","block_type":"box","text":"accounts in the name of the Portfolio, receives and delivers all assets for the Portfolio upon purchase and upon sale","page_number":48,"box":{"x":69,"y":427,"width":833,"height":11}},{"id":"de554fdf-4b8d-4279-baad-df7ca642e9f6","block_type":"box","text":"or maturity, and collects and receives all income and other payments and distributions on account of the assets of","page_number":48,"box":{"x":69,"y":442,"width":817,"height":11}},{"id":"7798fd39-0526-45b7-b4d6-57f1ef957969","block_type":"box","text":"the Portfolio.","page_number":48,"box":{"x":68,"y":457,"width":92,"height":9}},{"id":"ac184be9-e9f7-41c0-b14c-79f25d9a3acc","block_type":"box","text":"Transfer Agent","page_number":48,"box":{"x":68,"y":488,"width":107,"height":11}},{"id":"b962ec44-504a-4c16-920a-0548194b9fe1","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) , which has its principal place of business at 301","page_number":48,"box":{"x":102,"y":510,"width":770,"height":11}},{"id":"7bed8a49-6073-4d02-9405-41242b3714b7","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the","page_number":48,"box":{"x":70,"y":525,"width":820,"height":12}},{"id":"01bec1b4-5843-49b9-ad01-e230fe725aca","block_type":"box","text":"Portfolio.","page_number":48,"box":{"x":69,"y":540,"width":63,"height":9}},{"id":"8225e493-ab1b-4460-b624-f44e6c3e2c20","block_type":"box","text":"Credit Agreement","page_number":48,"box":{"x":69,"y":571,"width":129,"height":11}},{"id":"de8f83b8-fe20-4e42-8e7f-673bf158da2d","block_type":"box","text":"The Trust, on behalf of the Portfolio, along with certain other funds managed by the Manager and its affiliates","page_number":48,"box":{"x":101,"y":593,"width":783,"height":12}},{"id":"24b45c1f-5292-4cc8-aa05-75de64da3871","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":48,"box":{"x":69,"y":608,"width":817,"height":12}},{"id":"5f126ba1-8488-4dd4-a96c-c34a68c813e5","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":48,"box":{"x":68,"y":624,"width":743,"height":11}},{"id":"a3ab92e3-8551-4361-a929-e933d6650e79","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Portfolio, can borrow","page_number":48,"box":{"x":69,"y":639,"width":828,"height":11}},{"id":"ae5f51a7-3675-4087-a5e5-9ceb5a68677e","block_type":"box","text":"up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":48,"box":{"x":69,"y":653,"width":840,"height":12}},{"id":"ef1097c2-cb4f-4c30-994e-5677512ff4d1","block_type":"box","text":"limitations as specified in the Credit Agreement. The Portfolio may borrow under the Credit Agreement to meet","page_number":48,"box":{"x":70,"y":669,"width":787,"height":11}},{"id":"e6b9556b-d9c9-4785-a934-3e19537221ea","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Portfolio may not borrow under the Credit","page_number":48,"box":{"x":69,"y":684,"width":794,"height":11}},{"id":"0e0d839e-5d97-44e9-be4f-b4fb852e883f","block_type":"box","text":"Agreement for leverage. The Portfolio may borrow up to the maximum amount allowable under the Portfolio’s current","page_number":48,"box":{"x":68,"y":699,"width":833,"height":11}},{"id":"2574edea-107b-4e4e-ab57-de04306e6a9f","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":48,"box":{"x":69,"y":714,"width":812,"height":12}},{"id":"34ac0c7f-486a-4727-9c2a-d29874165e83","block_type":"box","text":"expense and other fees and expenses for the Portfolio which may impact the Portfolio’s net expenses. The costs of","page_number":48,"box":{"x":69,"y":729,"width":826,"height":12}},{"id":"cc81f251-0d4d-4d4a-b260-dd7f2ebd0b52","block_type":"box","text":"borrowing may reduce the Portfolio’s return. The Portfolio is charged its pro rata share of upfront fees and","page_number":48,"box":{"x":69,"y":744,"width":758,"height":12}},{"id":"e27766a2-e493-4580-ad22-944c748cdd06","block_type":"box","text":"commitment fees on the aggregate commitment amount based on its net assets. If the Portfolio borrows pursuant to","page_number":48,"box":{"x":69,"y":760,"width":835,"height":11}},{"id":"217c1829-f810-41f6-83b5-a71157515f1d","block_type":"box","text":"the Credit Agreement, the Portfolio will be charged interest at a variable rate.","page_number":48,"box":{"x":68,"y":775,"width":550,"height":11}},{"id":"fcb4c58c-978d-47d6-9193-44bdbf5cd997","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":48,"box":{"x":68,"y":805,"width":491,"height":11}},{"id":"6ee8974f-0b62-4ffc-a025-68ed32693f06","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan","page_number":48,"box":{"x":102,"y":828,"width":416,"height":11}},{"id":"b8e4fadf-20f6-4ca1-8f7a-44c22f882ea4","block_type":"box","text":". The Trust has entered into a distribution agreement","page_number":48,"box":{"x":521,"y":828,"width":376,"height":11}},{"id":"a95e4a65-2181-426d-85ad-db9582a1b2a1","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL” or the “Distributor”) under which BRIL, as agent, offers shares of the","page_number":48,"box":{"x":68,"y":843,"width":790,"height":11}},{"id":"6c27b7a8-994e-4bc8-ab1d-546e4cc21325","block_type":"box","text":"Portfolio on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is not","page_number":48,"box":{"x":69,"y":858,"width":839,"height":11}},{"id":"ed4478c5-61cb-4d56-8607-98412403c7aa","block_type":"box","text":"obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":48,"box":{"x":69,"y":873,"width":822,"height":11}},{"id":"08f82d9f-d2c3-4cec-87b7-e971546f10ea","block_type":"box","text":"NY 10001. BRIL is an affiliate of BlackRock.","page_number":48,"box":{"x":70,"y":888,"width":314,"height":9}},{"id":"284ce30b-077c-48b9-9a7f-d9ea4b940433","block_type":"box","text":"I-23","page_number":48,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"797478cd-5d25-4448-9572-281ec3ec1d39","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb00b747-aac9-43d2-aecd-63c57e2e3a9a","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":49,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"bf5d8fb2-65d1-4bc1-9ea3-f8359a30d303","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":49,"box":{"x":68,"y":60,"width":808,"height":11}},{"id":"3626a4ce-f6d7-4276-9629-05708fba0e7a","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":49,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"6fbdcf0f-769c-434c-8536-2f4032a782d3","block_type":"box","text":"Organizations”) for certain support services rendered by Service Organizations to their customers who are the","page_number":49,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"fa73d8e9-908b-457b-92b7-6e0f3b45b77d","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Portfolio.","page_number":49,"box":{"x":69,"y":105,"width":496,"height":9}},{"id":"90a82bc8-a8da-4675-886a-779203afb2ae","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":49,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"e5755bd1-c458-4ba5-acc3-f3e2347c0ac9","block_type":"box","text":"received by the Portfolio, including the amounts paid to affiliates of BlackRock, for the periods indicated. BRIL, an","page_number":49,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"23158557-8d93-4528-9ba5-330fc4ab22c8","block_type":"box","text":"affiliate of BlackRock, acts as the Portfolio’s sole distributor.","page_number":49,"box":{"x":69,"y":158,"width":434,"height":11}},{"id":"6df83cb6-df8f-4ef4-b416-0cf352d106b5","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":628,"y":186,"width":102,"height":7}},{"id":"293cfba2-a6ea-41f1-90cb-de140b30ee3f","block_type":"box","text":"Gross Sales","page_number":49,"box":{"x":450,"y":202,"width":68,"height":7}},{"id":"b0fbf4e1-a7c6-494c-a7c2-84a789ff5d8f","block_type":"box","text":"Charges","page_number":49,"box":{"x":461,"y":212,"width":47,"height":9}},{"id":"ebf2db3a-6dea-437d-bd30-f2e688b6bfe2","block_type":"box","text":"Collected","page_number":49,"box":{"x":457,"y":222,"width":54,"height":7}},{"id":"57bca64e-0347-4798-93f3-b9a1e0f73fbe","block_type":"box","text":"Sales Charges","page_number":49,"box":{"x":550,"y":202,"width":84,"height":9}},{"id":"89996344-38cf-4a1c-b454-1f3b2f2f9812","block_type":"box","text":"Retained","page_number":49,"box":{"x":567,"y":212,"width":51,"height":7}},{"id":"c6ad4f91-f84f-4935-9d2c-697ee6a9a608","block_type":"box","text":"by BRIL","page_number":49,"box":{"x":571,"y":222,"width":44,"height":9}},{"id":"f4b351eb-c94e-47ff-ac85-56f31a8a91c2","block_type":"box","text":"Sales Charges","page_number":49,"box":{"x":664,"y":202,"width":83,"height":9}},{"id":"97c57081-065d-4ea5-96a8-841728270c75","block_type":"box","text":"Paid to","page_number":49,"box":{"x":686,"y":212,"width":40,"height":7}},{"id":"ad664f17-70c5-4e27-8c54-6c4e55660368","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":680,"y":222,"width":52,"height":7}},{"id":"de6a5f62-a88b-43ae-8689-a4c5f77fc91e","block_type":"box","text":"CDSCs Received","page_number":49,"box":{"x":795,"y":202,"width":96,"height":7}},{"id":"af3f89ec-ed2b-4e19-ac2a-f020acb37324","block_type":"box","text":"on Redemption","page_number":49,"box":{"x":800,"y":212,"width":87,"height":9}},{"id":"f9cf52d1-bf1e-4224-b595-08ca5f1af742","block_type":"box","text":"of Load Waived Shares","page_number":49,"box":{"x":777,"y":222,"width":132,"height":7}},{"id":"9e77aa84-0f8c-4ebd-b807-881d9340ce27","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . . . . . . . . . . . $637,668 $44,065 $44,065 $ 84,035","page_number":49,"box":{"x":70,"y":239,"width":809,"height":12}},{"id":"bb456579-7d9d-4474-a467-da96920afeab","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . . . . . . . . . . . $479,457 $32,772 $32,772 $ 84,699","page_number":49,"box":{"x":70,"y":254,"width":809,"height":12}},{"id":"8fdb8998-87ab-4d80-9c6c-3027dfe4ecfd","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . . . . . . . . . . . $631,263 $43,635 $43,635 $196,193","page_number":49,"box":{"x":70,"y":269,"width":809,"height":12}},{"id":"89187a58-326b-4fbb-871c-0aec530e64ea","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":780,"y":300,"width":103,"height":7}},{"id":"e588a690-c317-40e4-a86a-8f10b3f02f4d","block_type":"box","text":"CDSCs","page_number":49,"box":{"x":765,"y":315,"width":39,"height":8}},{"id":"57177b38-1ae7-4512-ba03-c2e1862a82bf","block_type":"box","text":"Received","page_number":49,"box":{"x":759,"y":326,"width":52,"height":7}},{"id":"79e5d7d0-fae5-43c9-8921-2fbec7793f08","block_type":"box","text":"BRIL","page_number":49,"box":{"x":772,"y":336,"width":27,"height":7}},{"id":"179ae505-d1b9-46cb-86ae-c0a9e43af2aa","block_type":"box","text":"CDSCs","page_number":49,"box":{"x":858,"y":315,"width":39,"height":8}},{"id":"5554a75b-85ac-4765-94f9-b7b6c56dae9a","block_type":"box","text":"Paid to","page_number":49,"box":{"x":858,"y":326,"width":40,"height":7}},{"id":"8bace0d4-33cb-4e9e-bed4-25404c3559c1","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":852,"y":336,"width":52,"height":7}},{"id":"60faa72f-ebfc-4f7a-920b-504ef6f4aa8b","block_type":"box","text":"Fiscal Year Ended July 31, 2025 .","page_number":49,"box":{"x":70,"y":353,"width":237,"height":11}},{"id":"a5c45920-83a8-4ef2-8069-3e6e7cf43d14","block_type":"box","text":"...................................................","page_number":49,"box":{"x":313,"y":361,"width":409,"height":1}},{"id":"234ec75c-b3d3-4cde-a165-2367b6735046","block_type":"box","text":"$10,792 $10,792","page_number":49,"box":{"x":754,"y":353,"width":155,"height":11}},{"id":"22055b42-6879-428e-b3ab-5d0e3d494c49","block_type":"box","text":"Fiscal Year Ended July 31, 2024 .","page_number":49,"box":{"x":70,"y":369,"width":237,"height":11}},{"id":"38368675-46b3-474f-906b-ef72db22f9e2","block_type":"box","text":"...................................................","page_number":49,"box":{"x":313,"y":376,"width":409,"height":1}},{"id":"e85dfbfa-4e36-4613-a988-a977d06443dd","block_type":"box","text":"$14,639 $14,639","page_number":49,"box":{"x":754,"y":368,"width":155,"height":11}},{"id":"92a03d25-8920-4c62-8827-95c80af943d1","block_type":"box","text":"Fiscal Year Ended July 31, 2023 .","page_number":49,"box":{"x":70,"y":384,"width":237,"height":11}},{"id":"1dbca9ae-460c-4b12-ab3f-53cc7706e551","block_type":"box","text":"...................................................","page_number":49,"box":{"x":313,"y":391,"width":409,"height":1}},{"id":"9bb81c24-9675-485d-81c3-c3da5df356ba","block_type":"box","text":"$26,640 $26,640","page_number":49,"box":{"x":754,"y":383,"width":155,"height":11}},{"id":"a3e6936d-9222-4fed-8898-1d3de63abd70","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Portfolio","page_number":49,"box":{"x":101,"y":407,"width":793,"height":12}},{"id":"cdc9b0c6-253c-46b3-9679-e63bd6104347","block_type":"box","text":"paid to BRIL under the Trust’s 12b-1 plans. A portion of the fees collected by BRIL were paid to affiliates for providing","page_number":49,"box":{"x":70,"y":423,"width":839,"height":11}},{"id":"4a4dd7ab-9a62-4416-b9a4-3408265a9243","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":49,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"c1593b30-7c03-4ff5-a610-d05f5b7c7054","block_type":"box","text":"activities and services for Investor C Shares.","page_number":49,"box":{"x":69,"y":453,"width":318,"height":9}},{"id":"34aaebca-57df-4e94-9227-e7e63381e808","block_type":"box","text":"Class Name","page_number":49,"box":{"x":69,"y":491,"width":68,"height":7}},{"id":"c35d39e8-d0dc-49ca-b1fe-8000b223d4c7","block_type":"box","text":"Fees Paid","page_number":49,"box":{"x":838,"y":481,"width":55,"height":7}},{"id":"466652ec-b6dd-4536-855d-f1e49a5694e4","block_type":"box","text":"to BRIL","page_number":49,"box":{"x":844,"y":491,"width":43,"height":7}},{"id":"90b8eb0b-f64b-4c1d-9c9f-c5d928b01ddc","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":70,"y":509,"width":124,"height":9}},{"id":"258da0cb-9331-4c04-8a06-dc561acd9ca2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,","page_number":49,"box":{"x":202,"y":508,"width":643,"height":11}},{"id":"dd73de7a-be77-4137-bb63-c3ee1a0d961e","block_type":"box","text":"146,093","page_number":49,"box":{"x":847,"y":509,"width":62,"height":10}},{"id":"932d037a-346e-4f52-81bf-96b2ed7b2dfe","block_type":"box","text":"Investor C Shares . .","page_number":49,"box":{"x":70,"y":524,"width":142,"height":9}},{"id":"29dad701-8f42-4384-9cb1-f1ce8e828729","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,","page_number":49,"box":{"x":218,"y":523,"width":627,"height":11}},{"id":"aaff7144-13c9-4905-89b1-48ed20e375c2","block_type":"box","text":"809,321","page_number":49,"box":{"x":847,"y":524,"width":62,"height":10}},{"id":"d04d2d5f-f724-47ae-9823-5599a9a161f6","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":49,"box":{"x":68,"y":556,"width":318,"height":11}},{"id":"5c0b3c17-7082-429e-a60d-f0eba93e6bc6","block_type":"box","text":"An illustration of the computation of the public offering price for the Investor A Shares of the Portfolio based on","page_number":49,"box":{"x":101,"y":578,"width":793,"height":11}},{"id":"22342914-08c3-42fd-8f3d-1631aabc4d34","block_type":"box","text":"the value of the Portfolio’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of","page_number":49,"box":{"x":68,"y":593,"width":776,"height":12}},{"id":"cf27bbed-96e4-4c33-8a98-00bb0fb345ff","block_type":"box","text":"July 31, 2025 is set forth below:","page_number":49,"box":{"x":69,"y":608,"width":232,"height":12}},{"id":"1bfe7c4f-8842-4e94-b4ee-3620c2ee5005","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":798,"y":637,"width":102,"height":7}},{"id":"23da85d6-192b-4abb-aaf1-b149906d76e1","block_type":"box","text":"Net Assets . . .","page_number":49,"box":{"x":70,"y":655,"width":100,"height":8}},{"id":"2936d539-b91c-4396-bf43-2657b1992248","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,577,","page_number":49,"box":{"x":176,"y":654,"width":669,"height":11}},{"id":"3d40ad71-0e3b-4803-9a0d-934bd91290cf","block_type":"box","text":"294,811","page_number":49,"box":{"x":847,"y":655,"width":62,"height":10}},{"id":"f11a5253-f041-4cc4-98bf-4c980840919c","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . .","page_number":49,"box":{"x":70,"y":669,"width":320,"height":12}},{"id":"4fb2f7db-8ada-4757-99ea-1a7e22353c6d","block_type":"box","text":".............................................","page_number":49,"box":{"x":396,"y":677,"width":361,"height":1}},{"id":"ac4a7a8e-baa6-4579-83cf-553a2846ba1f","block_type":"box","text":"$344,263,756","page_number":49,"box":{"x":803,"y":669,"width":106,"height":11}},{"id":"1ddfdfad-4958-49a4-8258-836c81f73fae","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":49,"box":{"x":70,"y":685,"width":571,"height":11}},{"id":"25352425-bc97-489d-b9d3-4403b65d36aa","block_type":"box","text":"..............","page_number":49,"box":{"x":649,"y":692,"width":108,"height":2}},{"id":"5ba7780b-0087-4571-8e82-e97fc02f3c4c","block_type":"box","text":"$10.39","page_number":49,"box":{"x":857,"y":684,"width":52,"height":10}},{"id":"58522ba3-f4a7-46af-a3b5-e4971a6a4d8a","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":49,"box":{"x":69,"y":700,"width":534,"height":11}},{"id":"e2bb353c-5627-463c-8610-fc32af6bfc33","block_type":"box","text":"1","page_number":49,"box":{"x":604,"y":700,"width":4,"height":5}},{"id":"f603f305-743b-4bf6-b04a-eaa004b73648","block_type":"box","text":". . . . . . . . . . . . . . . . . . $0.58","page_number":49,"box":{"x":616,"y":699,"width":293,"height":11}},{"id":"58f57a48-a1ba-4bf9-aa0c-f418a2060392","block_type":"box","text":"Offering Price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":49,"box":{"x":69,"y":719,"width":687,"height":12}},{"id":"1ba46b5d-0f12-4b5e-9984-ebd4e234097c","block_type":"box","text":"$10.97","page_number":49,"box":{"x":857,"y":719,"width":51,"height":10}},{"id":"6912214a-bc5f-4e66-a1d6-14a35c235908","block_type":"box","text":"1","page_number":49,"box":{"x":69,"y":751,"width":3,"height":4}},{"id":"f047371f-4a97-4e40-9aad-62b0e4b8ebaf","block_type":"box","text":"Assumes maximum sales charge applicable.","page_number":49,"box":{"x":93,"y":751,"width":253,"height":9}},{"id":"28aa9f8e-dffb-41b7-9f3c-ea3e3af893d8","block_type":"box","text":"The offering price for the Portfolio’s other share classes is equal to the share class’ net asset value computed","page_number":49,"box":{"x":101,"y":772,"width":791,"height":11}},{"id":"2746e6cc-7e9c-458f-aab2-b58ab7e24e4c","block_type":"box","text":"as set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject","page_number":49,"box":{"x":69,"y":787,"width":837,"height":12}},{"id":"6e267642-8926-4189-bbb5-1b187cdbfb6b","block_type":"box","text":"to a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":49,"box":{"x":68,"y":802,"width":833,"height":12}},{"id":"13b7fa83-a475-4f78-9fe7-c95370de7dd7","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":49,"box":{"x":69,"y":818,"width":377,"height":11}},{"id":"8268c40d-22ee-4d61-8bab-d52ef9c46e0c","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":49,"box":{"x":68,"y":848,"width":302,"height":11}},{"id":"bb55dad3-e17d-41b1-bbfc-96d25c087723","block_type":"box","text":"See Part II “Portfolio Transactions and Brokerage” of this SAI for more information.","page_number":49,"box":{"x":102,"y":870,"width":591,"height":12}},{"id":"be8a5af0-245f-4b7c-8e9a-45785bf277ba","block_type":"box","text":"I-24","page_number":49,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8c3dac10-3342-464d-95f8-ef0b2ba9c89e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e3dbbc8-f56f-41cd-a594-2d6b8b3bc95b","block_type":"box","text":"Information about the brokerage commissions paid by the Portfolio, including commissions paid to Affiliates, for","page_number":50,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"d4d67260-f3ae-4942-bc37-71c5b30e96f4","block_type":"box","text":"the last three fiscal years is set forth in the following table:","page_number":50,"box":{"x":68,"y":60,"width":422,"height":11}},{"id":"9f72a67c-4328-4d94-b897-ebb73c67e3bb","block_type":"box","text":"Aggregate Brokerage","page_number":50,"box":{"x":613,"y":88,"width":125,"height":9}},{"id":"24d7cbd7-19ab-44db-b828-181804aac020","block_type":"box","text":"Commissions Paid","page_number":50,"box":{"x":623,"y":98,"width":106,"height":7}},{"id":"79fecd11-4f8e-4c79-9865-777977923981","block_type":"box","text":"Brokerage Commissions","page_number":50,"box":{"x":769,"y":88,"width":140,"height":9}},{"id":"7bd25d7c-1bbf-475c-b4d6-2cc619875d89","block_type":"box","text":"Paid to Affiliates","page_number":50,"box":{"x":791,"y":98,"width":96,"height":7}},{"id":"fa7e0923-8b1b-458a-99f3-657f0e84e25e","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":50,"box":{"x":70,"y":116,"width":268,"height":11}},{"id":"6ce01cc7-5e22-46e5-8cee-28ac7b78b87b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":50,"box":{"x":344,"y":115,"width":311,"height":11}},{"id":"406498d8-c14d-41e1-84ea-1cabf12c406b","block_type":"box","text":"951,379 $0","page_number":50,"box":{"x":657,"y":115,"width":191,"height":11}},{"id":"6580e680-c3f8-4efa-a69d-8ff2e7900964","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":50,"box":{"x":70,"y":131,"width":268,"height":11}},{"id":"9923ab21-872f-4d70-9657-7ab94ed608f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,","page_number":50,"box":{"x":344,"y":130,"width":311,"height":11}},{"id":"8a150475-08eb-4381-be68-054fd5c05503","block_type":"box","text":"599,805 $0","page_number":50,"box":{"x":657,"y":130,"width":191,"height":11}},{"id":"5c95596b-453c-4d2c-a63e-b0bc45a7d2c1","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":50,"box":{"x":70,"y":146,"width":268,"height":11}},{"id":"db9da3df-eb4c-4b0b-8ad5-91b17c8cee89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,","page_number":50,"box":{"x":344,"y":145,"width":311,"height":12}},{"id":"f354e07d-5a7e-4569-9109-8bc6dd8d6e8b","block_type":"box","text":"090,762 $0","page_number":50,"box":{"x":657,"y":145,"width":191,"height":12}},{"id":"c1a7b0fa-1e14-47f2-91fb-83992945c7ec","block_type":"box","text":"For the fiscal year ended July 31, 2025, the brokerage commissions paid to affiliates by the Portfolio","page_number":50,"box":{"x":102,"y":170,"width":721,"height":11}},{"id":"24dac4cf-b6bd-449e-873d-d6357fd3b50a","block_type":"box","text":"represented 0% of the aggregate brokerage commissions paid and involved 0% of the dollar amount of transactions","page_number":50,"box":{"x":69,"y":185,"width":823,"height":11}},{"id":"071b0d51-00a9-469e-bdb9-f5b83186dd90","block_type":"box","text":"involving payment of commissions during the year.","page_number":50,"box":{"x":70,"y":200,"width":356,"height":12}},{"id":"9bd06728-51c4-44c3-9d14-05430cb9c4fa","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":50,"box":{"x":101,"y":223,"width":770,"height":11}},{"id":"e6a83abc-4a4d-4f69-ba28-77a091400f55","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":50,"box":{"x":69,"y":238,"width":814,"height":11}},{"id":"e81b01fe-837c-4ded-9197-48ea77c9b090","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":50,"box":{"x":68,"y":253,"width":826,"height":11}},{"id":"265e0d72-6a9b-4192-9041-0bc267e158f4","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":50,"box":{"x":69,"y":268,"width":822,"height":12}},{"id":"a558d23a-c7c5-484b-8ea3-d61c725766a9","block_type":"box","text":"with such brokers.","page_number":50,"box":{"x":68,"y":284,"width":130,"height":8}},{"id":"4b875274-eaeb-452d-ba92-511ca2d279a5","block_type":"box","text":"Amount of Commissions","page_number":50,"box":{"x":264,"y":312,"width":141,"height":7}},{"id":"6c29d7a9-4d0e-472c-a8f2-1c4637fb938a","block_type":"box","text":"Paid to Brokers for","page_number":50,"box":{"x":280,"y":322,"width":110,"height":7}},{"id":"e20217fe-d0e3-4b90-8fb2-597632f03ce6","block_type":"box","text":"Providing 28(e) Eligible","page_number":50,"box":{"x":267,"y":332,"width":136,"height":9}},{"id":"0ae14e82-bb1b-4857-b8d9-916142133a20","block_type":"box","text":"Research Services","page_number":50,"box":{"x":281,"y":342,"width":108,"height":7}},{"id":"2a566495-8e9c-430c-a11e-b9bc8e4a2806","block_type":"box","text":"Amount of Brokerage","page_number":50,"box":{"x":588,"y":332,"width":124,"height":9}},{"id":"78c0fc31-c3d6-4235-9b3e-eee432b6e03c","block_type":"box","text":"Transactions Involved","page_number":50,"box":{"x":587,"y":342,"width":126,"height":7}},{"id":"1054ffdf-df7b-4cc2-9fbf-87ca30f1ad9c","block_type":"box","text":"$502,138 $827,187,501","page_number":50,"box":{"x":299,"y":359,"width":405,"height":11}},{"id":"35d9a18a-6871-469c-b5b0-60562787da73","block_type":"box","text":"As of July 31, 2025, the value of the Portfolio’s holdings of the securities of its regular brokers or dealers (as","page_number":50,"box":{"x":101,"y":383,"width":782,"height":12}},{"id":"69931b02-6c4c-4582-97fa-2a2ec9e00fed","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act), if any portion of such holdings were purchased during the","page_number":50,"box":{"x":69,"y":399,"width":832,"height":11}},{"id":"f0465bdb-700b-42f4-9b08-140ced33d890","block_type":"box","text":"fiscal year ended July 31, 2025, is as follows:","page_number":50,"box":{"x":68,"y":414,"width":328,"height":11}},{"id":"2eba9080-ec4d-4f4d-8ada-314673f34d2e","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":50,"box":{"x":69,"y":442,"width":840,"height":9}},{"id":"c0e957f6-616b-487d-8d20-3efe473f6e96","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D","page_number":50,"box":{"x":70,"y":460,"width":598,"height":10}},{"id":"2f3e5de0-d1b6-40b1-a1c6-58e405483c3d","block_type":"box","text":"$101,673","page_number":50,"box":{"x":794,"y":459,"width":72,"height":11}},{"id":"2da25ef3-4338-476a-a6c1-474ab9d872b8","block_type":"box","text":"Barclays Capital, Inc.. . . . . . .","page_number":50,"box":{"x":70,"y":475,"width":203,"height":11}},{"id":"37c2d058-95e1-4040-a388-ee11d5332aff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 96,320","page_number":50,"box":{"x":280,"y":474,"width":586,"height":11}},{"id":"9e78d859-be7f-4530-b258-680ed15e5f5e","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":50,"box":{"x":69,"y":490,"width":204,"height":11}},{"id":"d3d6d75f-b31b-41bc-a954-12f85ea754cb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 71,606","page_number":50,"box":{"x":280,"y":489,"width":586,"height":11}},{"id":"2d087821-53d2-474a-8e5e-3e1202d87f5b","block_type":"box","text":"Goldman Sachs & Co. LLC .","page_number":50,"box":{"x":69,"y":505,"width":196,"height":9}},{"id":"bdf39a37-371b-422f-887b-92207d46f1ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 55,843","page_number":50,"box":{"x":271,"y":504,"width":595,"height":12}},{"id":"c58b425f-ba4f-434c-8052-aa71cf4a7396","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 48,371","page_number":50,"box":{"x":70,"y":520,"width":796,"height":12}},{"id":"5fc03db7-104a-4ec5-9c45-3401710fa2db","block_type":"box","text":"Citigroup Global Markets Inc. . . .","page_number":50,"box":{"x":69,"y":535,"width":229,"height":12}},{"id":"ede5a163-e568-4ada-b07f-5d22a3a294c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 45,977","page_number":50,"box":{"x":304,"y":535,"width":562,"height":11}},{"id":"008f9c49-ebb9-4cf0-9bd8-930a157e33c8","block_type":"box","text":"UBS Securities LLC","page_number":50,"box":{"x":70,"y":551,"width":135,"height":8}},{"id":"fea21727-3628-44ea-9c95-6a4721a71cf3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 27,369","page_number":50,"box":{"x":214,"y":550,"width":652,"height":11}},{"id":"380bd957-39b8-44fe-8ba7-c572c3186d1d","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":566,"width":456,"height":11}},{"id":"f988cdcf-0a47-482c-9509-e6212436f78e","block_type":"box","text":". . . . . . D $ 18,031","page_number":50,"box":{"x":532,"y":565,"width":334,"height":11}},{"id":"7337cfaf-e790-45f0-81a5-b68fa34c790e","block_type":"box","text":"Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 1,599","page_number":50,"box":{"x":69,"y":580,"width":797,"height":11}},{"id":"772cb9c8-4cd6-45ff-893f-962a4ded56b8","block_type":"box","text":"Citigroup Global Markets Inc. . . .","page_number":50,"box":{"x":69,"y":596,"width":229,"height":11}},{"id":"98df212f-5631-4586-aff2-e412d88c64c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 26,304","page_number":50,"box":{"x":304,"y":595,"width":562,"height":11}},{"id":"3f8a8d66-9b87-4eec-a02a-3ad949f4818e","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 11,447","page_number":50,"box":{"x":70,"y":610,"width":796,"height":11}},{"id":"10b486b3-ce90-4878-8119-eceb32cccbf6","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":626,"width":456,"height":11}},{"id":"d46941c3-1ef8-47a3-a79a-5bfae3424a61","block_type":"box","text":". . . . . . E $ 2,047","page_number":50,"box":{"x":532,"y":625,"width":334,"height":12}},{"id":"788c341f-3e0f-4ee4-b294-6a7a90bd6222","block_type":"box","text":"Securities Lending","page_number":50,"box":{"x":68,"y":658,"width":135,"height":11}},{"id":"2452e5e6-5148-406f-b858-1d54448c2639","block_type":"box","text":"To the extent that the Portfolio engages in securities lending, the Portfolio conducts its securities lending","page_number":50,"box":{"x":101,"y":680,"width":751,"height":12}},{"id":"6cfd23e4-31e7-49a8-a2b7-d87c461a0fe7","block_type":"box","text":"pursuant to an exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated","page_number":50,"box":{"x":70,"y":695,"width":825,"height":12}},{"id":"8f49737a-920f-426c-8aef-4218062cfc55","block_type":"box","text":"with the Portfolio and to retain an affiliate of the Portfolio as securities lending agent. To the extent that the Portfolio","page_number":50,"box":{"x":68,"y":710,"width":835,"height":12}},{"id":"3fe6abb6-d4f9-45f0-bdd7-7d3f031dc719","block_type":"box","text":"engages in securities lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for","page_number":50,"box":{"x":69,"y":726,"width":822,"height":11}},{"id":"bcccba15-0ba0-4a45-87e1-fa34d34db3aa","block_type":"box","text":"the Portfolio, subject to the overall supervision of the Manager pursuant to a written agreement (the “Securities","page_number":50,"box":{"x":68,"y":741,"width":798,"height":11}},{"id":"29eada74-d548-4fc9-880c-d8a434b378ab","block_type":"box","text":"Lending Agency Agreement”). BIM administers the lending program in accordance with guidelines approved by the","page_number":50,"box":{"x":70,"y":756,"width":808,"height":11}},{"id":"bc40427c-1234-401d-9b48-2a2ff8446aae","block_type":"box","text":"Board of Trustees.","page_number":50,"box":{"x":70,"y":771,"width":129,"height":9}},{"id":"1d87d5cb-33ad-4de3-83aa-50e59e32dea7","block_type":"box","text":"The Portfolio retains a portion of the securities lending income and remits the remaining portion to BIM as","page_number":50,"box":{"x":101,"y":794,"width":761,"height":11}},{"id":"14c7cd9f-ea68-4894-a3d1-a72623ff65db","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":50,"box":{"x":69,"y":809,"width":834,"height":11}},{"id":"873c4bef-1edc-46a2-84fb-f0f4151e291c","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":50,"box":{"x":70,"y":824,"width":822,"height":11}},{"id":"75021203-e8c0-4b24-8aba-b8af263fdebf","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":50,"box":{"x":69,"y":839,"width":787,"height":11}},{"id":"e16d1f3e-295d-4db4-8dc6-f5668e19640a","block_type":"box","text":"operational costs directly related to securities lending. The Portfolio is responsible for fees in connection with the","page_number":50,"box":{"x":69,"y":854,"width":809,"height":11}},{"id":"e8d49721-edef-4aca-896f-a09c845cd4ca","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":50,"box":{"x":70,"y":869,"width":800,"height":11}},{"id":"969d2607-68c0-461d-ad44-a1502e39a9ea","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":50,"box":{"x":70,"y":884,"width":813,"height":12}},{"id":"2945ee48-aff9-4508-a4a2-4701cd3a22b8","block_type":"box","text":"I-25","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ae512e93-b0de-40b2-b580-a5cb8a54ccd6","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec244781-7d3c-402b-93fd-2b580bff3e67","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment the Portfolio bears to an annual rate of","page_number":51,"box":{"x":70,"y":45,"width":840,"height":11}},{"id":"43f5b814-b0c7-4dcf-878c-80aa69afcb8f","block_type":"box","text":"0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":51,"box":{"x":69,"y":60,"width":755,"height":11}},{"id":"441ef5b5-ca50-44cf-9280-555b6072a26a","block_type":"box","text":"To the extent that the Portfolio invests cash collateral in a non-government money market fund, the Fund may be","page_number":51,"box":{"x":101,"y":82,"width":802,"height":12}},{"id":"d44aef99-199f-44e3-995a-2e0b6877cde8","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":51,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"b94cc574-24f8-49d8-bc8c-4408efaa7ff5","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":51,"box":{"x":68,"y":113,"width":812,"height":11}},{"id":"b87bf1ba-8cbe-41f7-ae4e-1cd2ceac6032","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":51,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"de97b007-2e3b-42bb-9281-678add403086","block_type":"box","text":"Additionally, the Portfolio will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions","page_number":51,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"bdae7c12-39c6-480b-ae35-7a787ab568b8","block_type":"box","text":"on a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e.,","page_number":51,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"1e9289bb-4b06-4539-8b6b-5bc429287a38","block_type":"box","text":"less than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":51,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"95214f61-f6f8-407e-b3ef-d82ff9f8f582","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":51,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"d797ae6f-2d6a-42d9-b8e8-b0aac9d9741c","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":51,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"a2eb7a25-9899-4fb3-bb08-e3242d1a0be7","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":51,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"8a499ee6-2325-4bbd-8e50-9a74745991c4","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":51,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"feeda95c-347f-4c33-b3c3-60a81ade9075","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":51,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"e39f6750-75c1-43c3-954c-4213df673b76","block_type":"box","text":"Fund’s returns on securities lending.","page_number":51,"box":{"x":70,"y":264,"width":258,"height":11}},{"id":"940017f4-3f8c-4bdb-bcae-9927a863dc3c","block_type":"box","text":"Under the securities lending program, the Portfolio is categorized into one of several specific asset classes. The","page_number":51,"box":{"x":102,"y":286,"width":800,"height":12}},{"id":"51bc6386-fbe5-44c1-95e5-07a604d5d1d7","block_type":"box","text":"determination of the Portfolio’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":51,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"8a12af0b-c4f1-46dc-a067-3172ec47e343","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":51,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"4ffa92da-b29c-4de7-b7ed-0ed988a43579","block_type":"box","text":"Trust and BIM.","page_number":51,"box":{"x":68,"y":332,"width":103,"height":9}},{"id":"3fb4ed1b-0fec-4607-b195-bfd916b8f7df","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Portfolio retains 82% of securities lending income","page_number":51,"box":{"x":102,"y":355,"width":787,"height":11}},{"id":"ea7643ac-b841-4cbf-98b7-9c7f59b4b2cb","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":51,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"c1906e3a-e73e-4332-8f71-b508986eb600","block_type":"box","text":"lending income plus collateral investment fees.","page_number":51,"box":{"x":70,"y":385,"width":334,"height":11}},{"id":"9dfd0354-7b97-4dc8-ae06-d49e09c0967a","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":51,"box":{"x":102,"y":407,"width":753,"height":12}},{"id":"9138cef2-cdac-47ce-81b1-ebc14d331124","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified thresholds, the Portfolio,","page_number":51,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"7d291ff6-fbe8-496c-8c60-b327f2df1a91","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":51,"box":{"x":70,"y":438,"width":817,"height":11}},{"id":"fade0e41-d80a-4662-8b31-9e8d5beb55f1","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":51,"box":{"x":70,"y":453,"width":794,"height":11}},{"id":"afdc38c8-926e-42a5-8f87-64a68bf7bfdf","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":51,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"47d47f2f-86ed-4a32-ade5-46273464dc2f","block_type":"box","text":"The services provided to the Portfolio by BIM, in the most recent fiscal year ended July 31, 2025, primarily","page_number":51,"box":{"x":101,"y":491,"width":762,"height":11}},{"id":"9c4308b5-fe12-4e8f-ba82-631ead83e011","block_type":"box","text":"included the following:","page_number":51,"box":{"x":70,"y":506,"width":156,"height":11}},{"id":"0c3b707f-923d-4c9e-ba3c-5c97196f16f5","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":51,"box":{"x":69,"y":526,"width":818,"height":11}},{"id":"6a7b1d39-1b2f-46ee-9581-4db4e51d6bd8","block_type":"box","text":"on behalf of the Portfolio with each such borrower;","page_number":51,"box":{"x":102,"y":541,"width":359,"height":11}},{"id":"b4e37f4d-3826-402a-8078-0862343b5c56","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":51,"box":{"x":69,"y":561,"width":538,"height":11}},{"id":"9d73c8b6-e946-47d8-8f43-0a88125481c9","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":51,"box":{"x":69,"y":581,"width":330,"height":12}},{"id":"93f9f797-4311-486c-a63e-13a1ce910011","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":51,"box":{"x":69,"y":601,"width":834,"height":12}},{"id":"750a8e76-d0d9-4fec-9f37-765e0ddf1b0c","block_type":"box","text":"of excess collateral, as necessary;","page_number":51,"box":{"x":102,"y":617,"width":246,"height":11}},{"id":"764933b9-167a-4327-a902-f7cc243879ce","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":51,"box":{"x":69,"y":637,"width":562,"height":11}},{"id":"c56def97-3cd4-4254-a1bd-b906316d1fa0","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":51,"box":{"x":69,"y":657,"width":665,"height":11}},{"id":"4b3d73e0-3cd5-4fad-8b10-17376793067c","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":51,"box":{"x":69,"y":677,"width":822,"height":11}},{"id":"1842fcc9-bebd-4e10-ad7b-0f97734d2153","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":51,"box":{"x":101,"y":692,"width":803,"height":11}},{"id":"c2891fe0-e1d8-4248-922e-8423b185c5e9","block_type":"box","text":"of the loaned securities; and","page_number":51,"box":{"x":102,"y":707,"width":203,"height":11}},{"id":"f1dd3f0f-7143-4230-885b-1a376ff86070","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Portfolio at loan termination.","page_number":51,"box":{"x":69,"y":727,"width":834,"height":12}},{"id":"63ea0c1f-bb42-4dc6-bfd3-16e5eecbf6e3","block_type":"box","text":"I-26","page_number":51,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"79346bdd-de05-4474-bbb5-f31f1567c9f5","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd8546ce-ef09-47ca-8011-903d027779a8","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":52,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"77db342e-d23b-4be4-959c-386ec437b145","block_type":"box","text":"activities of the Portfolio during its most recent fiscal year ended July 31, 2025.","page_number":52,"box":{"x":69,"y":60,"width":569,"height":11}},{"id":"fcbd3fc8-3eee-44cf-8e47-921e63d5c30a","block_type":"box","text":"Gross income from securities lending activities","page_number":52,"box":{"x":69,"y":88,"width":343,"height":11}},{"id":"bc12d834-f9a8-4ee3-8678-69f1c8803066","block_type":"box","text":"...............................................","page_number":52,"box":{"x":414,"y":95,"width":377,"height":1}},{"id":"8c047912-0730-4aca-93d6-71f4a5efbf2e","block_type":"box","text":"$12,760,525","page_number":52,"box":{"x":812,"y":87,"width":97,"height":11}},{"id":"480aae2f-1dc5-483c-8112-ecff71b7abb6","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":52,"box":{"x":70,"y":107,"width":565,"height":11}},{"id":"f460ccf0-2433-4b43-8cd5-5d3bfc129021","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":52,"box":{"x":79,"y":122,"width":565,"height":11}},{"id":"d1951474-11c0-4340-a8a8-5801b4c3603c","block_type":"box","text":"..................","page_number":52,"box":{"x":650,"y":130,"width":141,"height":1}},{"id":"246e2e3e-aa10-44d4-a938-f2ea83821a1a","block_type":"box","text":"461,077","page_number":52,"box":{"x":847,"y":122,"width":61,"height":11}},{"id":"0eea1e01-541c-410e-8696-07b91fd9f4d7","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":52,"box":{"x":79,"y":137,"width":679,"height":12}},{"id":"f42c0c95-33d7-4e29-bb52-7fa4196bf6f4","block_type":"box","text":"....","page_number":52,"box":{"x":765,"y":145,"width":26,"height":1}},{"id":"a51d4a9c-22d9-4e4c-8260-317080812813","block_type":"box","text":"106,374","page_number":52,"box":{"x":847,"y":137,"width":62,"height":11}},{"id":"8bf6d798-2206-4165-a502-c8639ea24b9e","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":52,"box":{"x":78,"y":152,"width":519,"height":12}},{"id":"1f430a39-6d35-43a5-a2cb-64a0713af7ba","block_type":"box","text":"........................ 0","page_number":52,"box":{"x":602,"y":152,"width":307,"height":9}},{"id":"0e7fcfb1-d0a1-4318-aa8b-87542adb5b0a","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":52,"box":{"x":79,"y":167,"width":526,"height":12}},{"id":"d12fb6b5-0f83-4c7e-970f-a603ab19773c","block_type":"box","text":"....................... 0","page_number":52,"box":{"x":610,"y":168,"width":299,"height":8}},{"id":"77d6f9ed-ab0a-4493-8305-79e3af024c2e","block_type":"box","text":"Rebates (paid to borrowers)","page_number":52,"box":{"x":79,"y":183,"width":197,"height":11}},{"id":"666c4b3b-60fd-4975-a201-bf3086d1ec84","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,","page_number":52,"box":{"x":284,"y":183,"width":561,"height":10}},{"id":"9f054f4c-08d8-4e90-8302-8eeb3a641349","block_type":"box","text":"050,726","page_number":52,"box":{"x":847,"y":183,"width":62,"height":10}},{"id":"ba6a8bab-ebb2-4e51-80b7-97d7f23e53d2","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":52,"box":{"x":79,"y":198,"width":532,"height":11}},{"id":"b2886b76-ca62-41f6-bd86-f09bd83d6cb3","block_type":"box","text":"...................... 0","page_number":52,"box":{"x":618,"y":198,"width":291,"height":9}},{"id":"2b9323a1-3d6f-47b9-be74-7ce80b8df08f","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":52,"box":{"x":68,"y":213,"width":455,"height":11}},{"id":"e83f7b10-2dc4-4d01-8a95-0dd9d53c55aa","block_type":"box","text":".................................","page_number":52,"box":{"x":528,"y":220,"width":263,"height":2}},{"id":"7e6ded10-65ca-42c8-b862-636c101b3b17","block_type":"box","text":"$10,618,177","page_number":52,"box":{"x":812,"y":212,"width":97,"height":12}},{"id":"e14b9f0d-2392-4f0f-bb14-b8b372b3ddcd","block_type":"box","text":"Net income from securities lending activities","page_number":52,"box":{"x":69,"y":232,"width":327,"height":11}},{"id":"77c22383-0d46-4283-9cb6-103fbcafbacf","block_type":"box","text":"................................................","page_number":52,"box":{"x":406,"y":240,"width":385,"height":1}},{"id":"5bfad5b3-dc50-4115-a3b7-ff64fbd6972a","block_type":"box","text":"$ 2,142,348","page_number":52,"box":{"x":812,"y":232,"width":97,"height":11}},{"id":"96f736cc-3cb5-4a33-8c31-6c13cd8ba748","block_type":"box","text":"VIII. Additional Information","page_number":52,"box":{"x":68,"y":268,"width":195,"height":9}},{"id":"6e037cb9-df85-486b-a7ae-a4c35484becf","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 26, 2007 and is registered under the 1940","page_number":52,"box":{"x":101,"y":291,"width":805,"height":11}},{"id":"94689fdf-06ac-4537-b924-32670acb6a73","block_type":"box","text":"Act as an open end, management investment company. Shares of each class of the Portfolio of the Trust bear their","page_number":52,"box":{"x":68,"y":306,"width":824,"height":11}},{"id":"af9ce8ed-c16d-48de-bcee-988dac6a20a3","block_type":"box","text":"pro rata portion of all operating expenses paid by the Portfolio, except transfer agency fees, certain administrative/","page_number":52,"box":{"x":70,"y":321,"width":823,"height":11}},{"id":"148ff828-4e65-46fd-b3b1-963b6a304282","block_type":"box","text":"servicing fees and amounts payable under the Trust’s Amended and Restated Distribution and Service Plan. Each","page_number":52,"box":{"x":69,"y":336,"width":811,"height":12}},{"id":"58e372ca-9830-46c5-baaa-7b5f3e1ab247","block_type":"box","text":"share of the Portfolio has a par value of $.001, represents an interest in the Portfolio and is entitled to the dividends","page_number":52,"box":{"x":69,"y":351,"width":838,"height":11}},{"id":"51e94b9a-bcae-4951-b7b4-9b3aa74ce4a1","block_type":"box","text":"and distributions earned on the Portfolio’s assets that are declared in the discretion of the Board of Trustees. The","page_number":52,"box":{"x":69,"y":366,"width":816,"height":10}},{"id":"1667544a-7e3e-4380-8062-5d39dfcd68d2","block_type":"box","text":"number of shares of each series, and class thereof, is unlimited. The Trust’s shareholders are entitled to one vote","page_number":52,"box":{"x":69,"y":382,"width":817,"height":10}},{"id":"553e8403-48e7-42e4-8972-20e343bb89c1","block_type":"box","text":"for each full share held and proportionate fractional votes for fractional shares held, and will vote in the aggregate","page_number":52,"box":{"x":68,"y":397,"width":815,"height":11}},{"id":"0ff0bd6c-4ced-4cae-8a19-011c79de0aa7","block_type":"box","text":"and not by class, except where otherwise required by law or as determined by the Board of Trustees. Effective","page_number":52,"box":{"x":69,"y":412,"width":787,"height":11}},{"id":"25837c61-f6fb-48c5-b8fe-3a53ba8d0c6f","block_type":"box","text":"November 28, 2011, the BlackRock Income Portfolio changed its name to the BlackRock Income Builder Portfolio","page_number":52,"box":{"x":70,"y":427,"width":809,"height":11}},{"id":"b832b220-fab8-433f-9360-f6fb4adf7197","block_type":"box","text":"and effective December 15, 2011, the BlackRock Income Builder Portfolio changed its name to the BlackRock Multi","page_number":52,"box":{"x":69,"y":442,"width":831,"height":11}},{"id":"8d243677-320b-4fbe-b21a-9a6022869faf","block_type":"box","text":"Asset Income Portfolio.","page_number":52,"box":{"x":68,"y":457,"width":166,"height":9}},{"id":"568fd3e5-82b7-428a-9122-fce0f243424f","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":52,"box":{"x":102,"y":480,"width":765,"height":11}},{"id":"6c87936a-0c93-4ea9-851c-c5dc98e79377","block_type":"box","text":"Trust’s outstanding shares (irrespective of class) may elect all of the Trustees. Shares have no preemptive rights and","page_number":52,"box":{"x":68,"y":495,"width":838,"height":11}},{"id":"1625902d-62e1-4b9d-add5-aaf90d6e639d","block_type":"box","text":"only such conversion and exchange rights as the Board may grant in its discretion. When issued for payment, shares","page_number":52,"box":{"x":69,"y":510,"width":832,"height":11}},{"id":"bf773d6a-2ca0-4a31-8b65-7f68592c5f0f","block_type":"box","text":"will be fully paid and non-assessable by the Trust.","page_number":52,"box":{"x":68,"y":525,"width":354,"height":11}},{"id":"f1e9680d-9159-4374-966a-ed190db7c0f7","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":52,"box":{"x":101,"y":548,"width":781,"height":11}},{"id":"f814bd47-0fef-442b-b03d-ccfa506e071c","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":52,"box":{"x":68,"y":563,"width":816,"height":11}},{"id":"30cc4875-194d-466f-b4a6-71a5f27a8996","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. 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For ease and clarity of presentation, shares of common","page_number":56,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"cc800583-b17d-4b2c-9aa9-29e4a370c263","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":56,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"dd3e758b-7327-4086-ba17-f3c96d2db59c","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":56,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"9cf0a139-2113-4882-ad15-045df534dc97","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":56,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"5cf003d2-758d-4090-803f-73f488c244a7","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":56,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"77192b71-75fe-4e6b-97df-378bf864f243","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":56,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"d6a749e3-248b-4a6c-86c9-f979e6e1e028","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":56,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"58183de3-2447-4fa0-9dff-afcc96150423","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":56,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"cb0ac72c-1492-44b0-83c3-2cf56f9053ac","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":56,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"25a7647f-9944-4d32-9f90-12b0bd036cbb","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":56,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"429bb999-3a13-4ca6-b201-28a6183d700b","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":56,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"ff6d7c11-79a4-40cf-96f9-ed23f8a2041c","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":56,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"14eb784d-694a-4ce5-a8a1-fe7b93d89d0b","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":56,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"7630f812-9782-4ad6-817f-ec39c56db12a","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":56,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"fe796d9d-e19a-45e5-8719-b7a795149fc9","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":56,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"39d1a1a3-88ba-4cf8-bb63-e71f57813620","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":56,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"b399a096-679d-4590-bd85-4ca2fb04b106","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":56,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"b98f0904-a06b-4edd-b924-6fc40982fa03","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":56,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"c04edb65-d5a5-4cbd-a3a3-85d98875fe1e","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":56,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"9f6f51f3-3791-498b-bef5-482aed59d6b1","block_type":"box","text":"particular Fund.","page_number":56,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"da16df82-cf67-4d3e-a56f-56c12745e2af","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":56,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"5d37a136-2fb5-4ed5-b2ff-b5f6e1db2cf4","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":56,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"6e6e41ff-ed60-48f0-9968-1a5ca05c6f59","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":56,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"7e9b5214-9cfb-49f0-be38-b86d290f84d8","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":56,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"0baeea58-4961-4d2b-9b78-48fd27a1186e","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":56,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"a39c1613-3384-4fef-9052-0d80f94964ec","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":56,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"ba42a314-a89d-49b1-a02f-a902b95b2bc7","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":56,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"92d97f8b-b50c-4853-978e-9a1ad2904ecc","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":56,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"6978364c-465d-4c38-a557-ed9125492a25","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":56,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"914ba04f-3d28-4e0e-b50b-861cf8e5d434","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":56,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"7737e6a6-6c62-4f9d-9a85-2f3745d3fa56","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":56,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"c860d8a1-ecd1-4abf-821c-e2037ad5b1b0","block_type":"box","text":"Asset-Backed Securities.","page_number":56,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"c0e7150a-aa9e-4400-b669-8ef658d376e9","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":56,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"f3ec6e49-4e95-435c-ac3e-884ca7459651","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":56,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"f4763025-f577-4368-9f79-aa7bf1371be3","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":56,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"74ee948b-537f-4d86-9a4e-97ead324fb0b","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":56,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"815362db-51bb-4c4e-bba7-00bcf9fea0a1","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":56,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"bd1e3bd6-53c2-41fd-bd07-5911fbc1feb7","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":56,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"6ada07a6-7692-468c-86e4-5745e73bd71c","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":56,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"b9056aac-d574-4006-883f-c1e899ed3708","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":56,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"84a0b8ca-9d38-4a37-a795-9a924b19fe73","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":56,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"45f60e43-e9e3-4ef2-a6c8-4c6dc4bb8381","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":56,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"2fabc0ad-3f51-4e18-a66d-93cf83b4d27b","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":56,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"3a514514-0d70-4f15-b3e0-c824018f6d1b","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":56,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"cd7e2e1d-192d-4b89-adf6-52ed46f928c4","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":56,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"08cc9228-173e-4207-9a11-9a8e6e2706b3","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":56,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"25ed0e6d-a0fe-43bb-b483-c1404ac219cd","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":56,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"8a95b383-32d2-4fdc-82be-58bd149bfd8c","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":56,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"e2ceb78b-da88-4e0e-b8d7-48ee548e8f08","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":56,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"d9103954-0722-41c5-bbda-93517da062f3","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":56,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"7f0d4997-e5e4-45ae-b4bb-70e7634d3e04","block_type":"box","text":"II-1","page_number":56,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"3d5a94c7-ffd7-4c42-b8bd-f5f1b4823ab8","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1966ba03-23b4-4c0d-b92f-69efbf1d8fca","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":57,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"021ffe9b-4936-4c3b-8062-da6d1109067c","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":57,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"bf127aea-1211-4954-b76b-1a78e14e15a9","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":57,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"61cd6472-b5e6-4230-b90d-ba44d6f3090a","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":57,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"aaaff8c8-45e8-4c91-bc02-0ca6f8e67728","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":57,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"2e4ccee1-31b6-4ed9-99f1-ab0087af9dc4","block_type":"box","text":"Asset-Based Securities.","page_number":57,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"afdb236f-9ff9-4989-89db-6fbe092f4264","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":57,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"b25b7354-9461-4758-96ae-f3f2d0353e3a","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":57,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"300ad2f0-a22d-481c-9c4b-9f80a028609f","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":57,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"18306cf5-f0cc-4751-92d0-93d88de0c026","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":57,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"2b5737c6-9f7f-40d9-8aa6-144b49ca08b9","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":57,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"4413819e-72e5-401a-a14f-d27e528ffbd2","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":57,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"1921d239-5a4a-45c6-ad68-e49d86a34a10","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":57,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"e16ef13a-f77e-4e98-8f55-05b3b65b0b15","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":57,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"c6a85589-973e-4552-9ba2-00aa78dfb827","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":57,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"ca7a402c-3925-4b57-a8c6-79486a0800e5","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":57,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"9b445a31-8631-48fd-9431-ba2947d8ae1e","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":57,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"25495ec0-b261-4f36-9c38-63bafed11d6b","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":57,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"ae39e143-e6c7-4278-8cdf-9430393dbf4c","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":57,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"300c67aa-9d5e-497f-9141-ee7620d00116","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":57,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"9bf93ff0-e1a2-404a-b23b-40ed1cb9ce1a","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":57,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"91022f7a-00f8-4b32-a229-088496728b55","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":57,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"901b2972-ccc6-4204-9295-e9c5eb5d6e52","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":57,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"9b7f55c5-dfe6-498f-a3b7-3b83f20697f1","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":57,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"35461c61-561c-48d8-99e7-a869ca534331","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":57,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"2b917535-9a6e-4660-9756-6afb2910e1fb","block_type":"box","text":"appreciation in the underlying asset.","page_number":57,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"4f089879-bddf-4f95-a5e8-cf9c019013d3","block_type":"box","text":"Precious Metal-Related Securities.","page_number":57,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"5cc0095f-17df-4a92-a041-27a7f6f5c465","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":57,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"046ee93e-8107-4f95-ab1c-fe980cd0aa2f","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":57,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"5f84de12-b6b9-4543-91a3-e3e32830b5fd","block_type":"box","text":"e.g.","page_number":57,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"f5bec70c-2040-4169-b3ca-b5153b5a1652","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":57,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"d99349dd-8ff4-416c-bf55-fc7ad070da0c","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":57,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"0b7d1b34-4463-46a9-b67d-243e6b0fbb53","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":57,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"4f88c733-6154-4d26-8b3a-d30c52f8bf85","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":57,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"c06ab8fe-514d-44ee-ab8d-270dafa81fd9","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":57,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"b3f28cdc-f9b5-460d-9020-50f78b98c288","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":57,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"c38ce03f-d1b6-40ee-834a-b4c524cd0ac3","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":57,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"012a8fc4-1107-4c80-8ca3-50da035b700a","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":57,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"ee0a3918-5366-4a3a-b503-1453127a0017","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":57,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"8e9d1fbd-f5eb-40e8-8505-f1904a16e1c3","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":57,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"09935f2b-dfb0-4c2b-896b-9ce0f71cdac1","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":57,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"63ecdf5b-dc62-41eb-bafd-7556d3ed6fa2","block_type":"box","text":"South African gold production.","page_number":57,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"826fb98c-b70e-46f0-a41a-147327d099a6","block_type":"box","text":"Borrowing and Leverage.","page_number":57,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"e27969cb-661c-4551-bb17-3c16eee067dc","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":57,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"04819a07-8285-4b50-8349-1b83e03cbe79","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":57,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"ebbd878a-dbca-45a2-8d6d-f459419d99bf","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":57,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"f390a204-065a-4eab-ac94-6ce28a3e0559","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":57,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"8fd9d7d4-3d5f-4100-9abf-d086c9156534","block_type":"box","text":"other securities transactions.","page_number":57,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"49a3453e-321d-4456-99db-af112e03b706","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":57,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a1c2617b-d237-4d37-8d43-fd32dae10fbc","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":57,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"71146fc1-a8bb-43ff-ad0d-ca725e3bbbd5","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":57,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"587f5837-ebd1-47d0-9fe0-888d42da135b","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":57,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"28920a42-b14c-4e2f-a2e3-aaf31f8d68d8","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":57,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"ff012cc3-4f79-41dd-a809-84c5120ed23c","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":57,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"8a00967a-cc7d-4c71-ae3d-15e89ac1e4c4","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":57,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"3e6465ca-2872-4c25-98d1-5aea431f934c","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":57,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"e87b8a0e-ae87-49da-acaa-4e5d63f93f14","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":57,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"ed812d42-c4c4-454f-83bd-3161181f3af4","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":57,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"1c5fa2c2-2f9a-4e72-8ed6-8a91bd9f2a22","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":57,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"478707a8-fb5f-4955-96bf-81d1e3b469c9","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":57,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"caa490bb-d266-4ffb-9d78-7461a691323a","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":57,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"59a6e964-e4bd-4643-a90a-35c83a6e2d3e","block_type":"box","text":"II-2","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1e554c39-58ed-49ea-a7c5-46c238583032","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b1d8c70-8a16-4169-8a1a-15bb5c2dcfe5","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":58,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"be920574-a093-4635-b9d7-b4282316445b","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":58,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"d85e1795-1ab4-48a6-a73c-f64f613bab97","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":58,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"7134eacb-1db7-4fd3-8293-67cb8e9f5309","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":58,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"5dd9c01f-a1df-4af8-b556-7baf5fe44c80","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":58,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"83853a56-151b-44e0-8def-e80900805505","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":58,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"7eb6d55e-433f-4c9e-8321-61651305be4a","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":58,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"c87c3b63-ee5c-4069-a7b6-73e31cc68dff","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":58,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"cfbd7aa6-62c1-4398-bdbd-f8e131e6547f","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":58,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"c9595d11-397d-429f-b5d0-4a6cae8fd17f","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":58,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"d004ffd8-7436-4bc1-b759-ab50cbe21ace","block_type":"box","text":"Cash Management.","page_number":58,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"470f10e3-e18a-46df-b66c-5242c8169587","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":58,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"12ea36f2-942f-4971-a309-32701de149e3","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":58,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"bc5aa0d7-4aa5-4e05-8145-e8a1e41f0e77","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":58,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"1c75e11b-1d5b-4bd7-bb2a-caec760364a5","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":58,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"e423ec09-5088-4bed-aeb2-87481099a283","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":58,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"b4ced4fb-93c8-47a7-b305-3ce9c5b06526","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":58,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"8bd6d378-ce76-4aae-a3f1-c718b90632d0","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":58,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5e6b8a3e-a1f8-4f6f-89a4-372c09a735f3","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":58,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"42c2e4c9-f37f-4302-a85b-3c053580827a","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":58,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"0fa0444f-5ca8-45ba-9fc9-b4681726d048","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":58,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"15b02faa-d8ac-4aad-bae4-0b70dc37195a","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":58,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"72b4d746-921d-4937-99bf-1fe2684a82be","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":58,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"1d1e5226-571a-40cc-ba17-c13e8acbb789","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":58,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"62e51d50-ddca-4cc2-8e4b-056860476589","block_type":"box","text":"Collateralized Debt Obligations.","page_number":58,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"65a97fc3-edb9-4d24-94c0-c7c35def5551","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":58,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"884e679c-5d64-4c27-9f38-b10774b46e59","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":58,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"5567734f-d1e8-484d-b5ef-926280b454f2","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":58,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"651e9eb0-26b5-4a7a-bf5a-89fd75a1d177","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":58,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"57b8f9e2-b61c-4c73-a8d5-3c13bc9678da","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":58,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"220553bd-5890-4c7f-94a6-38514d32d868","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":58,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"bdb6bf50-17aa-401a-a7a1-d603b211023a","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":58,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"2915f08c-663b-433a-beca-d34b3d4688ce","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":58,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"0cb98cfe-a409-4f00-9071-4d10b52780a1","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":58,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"1c62a1a8-7bb0-49ee-b1de-609a3526511e","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":58,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e51a2c58-eb6e-4a22-9cf3-223b1defc46c","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":58,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"6f5cacd2-38d7-4a1e-a7d6-35b67e72bd48","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":58,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"da77bf6c-bd6c-408a-aabb-12cce61c8007","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":58,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"d898939b-85ef-4efc-940a-a3165d444025","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":58,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"0599f42d-2a3e-4b95-9cc6-b7282e2fdc12","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":58,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"bc3cc7b4-a672-4305-9162-b2e28b797308","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":58,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"e87b6d84-36f1-48ff-988b-2af2a44e6ca9","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":58,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"9028a9ab-b569-4502-9f00-ab73a5a2ef3f","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":58,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"8a18b336-d969-4234-8f4e-c90de9b91ae9","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":58,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"5e75c981-1dba-4950-8c6c-0605411fe375","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":58,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"392e1ef9-4d12-49b7-9295-3d7408c69133","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":58,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"103aa84a-50f0-42b9-8663-b2a04eb53a0e","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":58,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"bcd220e7-fbe4-45e1-a5a1-77e487457695","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":58,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"b9545e45-9148-4513-975b-869408b17095","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":58,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"03eaea1f-2f22-4918-a0dc-a0ce24031b45","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":58,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"22b323c5-c3eb-4cb7-b692-b9c6ce2fff61","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":58,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"39bba82d-3256-4cda-b44e-7bfe7e30e591","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":58,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"3fc05a1a-c9ef-441e-a232-535a031edc61","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":58,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"e812a0d0-ae73-4df7-b678-35afabb48697","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":58,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"c8522c66-2952-4f3e-8d44-c1d9b0ff1d57","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":58,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"f3dd52bf-e12a-4840-93b9-9224aa0c8fdb","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":58,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"8f3e38af-50c1-4eac-9cbe-b59182af46f0","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":58,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"82a5befd-dcbb-4459-8f7f-f74f5b2f975b","block_type":"box","text":"II-3","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a08b0d48-ebd5-45e9-aa99-38f8936b3da1","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce1c618f-0321-46f0-92af-7ab739f97d61","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":59,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"afbe833e-a010-4683-8a77-533a4c66aa73","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":59,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"8f2ba35e-6d9d-4dda-861f-af182edf2c96","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":59,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"21900b35-09ff-4b2a-8c60-b3f50b7ccc08","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":59,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"4129b256-34db-449a-9d99-5d8eefbf6a62","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":59,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"cea6a469-a623-41ee-b13b-c6f450acc60d","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":59,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"5ae857fe-bfaf-4ba8-921e-3e09058d30e2","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":59,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"c6303b1d-67c6-4b8f-a1d2-f3547867be8e","block_type":"box","text":"Commercial Paper.","page_number":59,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"dd2b876e-95af-4dfc-8d2b-650413ec1d21","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":59,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"4e4aaabc-0c0a-47df-ada5-e5f2eaebcc45","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":59,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"a90c44ad-bd98-40de-a136-1804c4217948","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":59,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"2e9313bd-d30c-4adf-bf26-4357268bf576","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":59,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"55a49dcd-8cdf-4451-800d-c68c3e1aa500","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":59,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"40faab7b-bf61-468d-bc86-e3b50a007952","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":59,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"17c001db-245a-4595-a46b-86aceb05869a","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":59,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"c290971f-b0a2-4ef4-b264-a5caed0acbda","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":59,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"70a51163-9da9-4ac5-a0b2-9c4621b9fddb","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":59,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"08ca5928-99d4-450d-a400-930e57c1bcf9","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":59,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"96450bac-4b78-410e-9340-02dfecfffdb4","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":59,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"92f29def-c73f-4c9b-ac83-400c19937687","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":59,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"19b95304-1bc9-42fc-98d1-f21f00972f7b","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":59,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"040e144d-fb9a-44e0-877f-20529448d8f9","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":59,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"36020691-991d-4782-8a55-2f97e7028553","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":59,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"6f782da6-23c2-44d6-855d-b4c2f5e1cf83","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":59,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"47477811-1c17-4d03-ada9-3e16f9e78a98","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":59,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"9b51bc9f-7ef9-4db9-916b-974f6b87ce93","block_type":"box","text":"variable.","page_number":59,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"dc6c9f8f-f9f9-4536-a0b9-123de6d2e58c","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":59,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"3927af5c-a52e-47b1-b0fd-ab5dfb5d9ff0","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":59,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"c5f9ff26-1688-4d31-9e93-937eb93fd764","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":59,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"89806dcc-192c-4b4e-8449-09b7997261a2","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":59,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"45796725-81c6-4626-bc5b-d7ec78aef2a4","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":59,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"db85c303-05b1-40c3-ab23-d8a1b3a5c4a0","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":59,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"8ee2bbbb-f261-4281-89a9-ff76c6125830","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":59,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"a8b848c8-9fb4-429d-bfa7-902d0f3cb041","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":59,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"08b3ab9a-e5a1-4ea3-942f-957fb75952cc","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":59,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"b6f512e7-8584-4445-ba04-a28cfd35f24b","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":59,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"54cb1689-244d-4a8e-ab79-bb94f42ee625","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":59,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"3c5f2a44-b25c-44d1-a9ea-11ac8a42dd6e","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":59,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"b8637fb1-999c-4515-81db-8b8652bec8d3","block_type":"box","text":"correlation with stocks and bonds.","page_number":59,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"5755cbbf-f194-402f-8815-19895ea8b9a9","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":59,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"a08ee104-5c62-4c1e-a985-260cd4d1d773","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":59,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"2a543d4e-5913-4c27-bd91-63cfc09486de","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":59,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"61af6daa-bf43-426f-8cc1-fa37091bff42","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":59,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"c72d3899-adfb-43f5-9611-2c05f5671b16","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":59,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"e8da4b79-72c6-4892-a779-89e6ff3ab5f4","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":59,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"01f35808-90b7-4377-b403-358fb69daa69","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":59,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"e1129317-fe1f-4d08-af3c-0a33a0e717da","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":59,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"740ac372-aaed-4750-982c-e2291e41c0bb","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":59,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"9416c212-5830-4cd9-bae4-7695408efb26","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":59,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"05c28129-9eae-4d2e-8750-9a56621ea842","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":59,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"f5905095-60f2-4747-a432-249bd0f32e39","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":59,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"31344689-eea5-4867-bbf1-11b4b6815bfd","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":59,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"6911b839-e446-4b24-8b1f-b6c3b9043549","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":59,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"2d7798cf-3c27-46e8-bc4b-b8b990128429","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":59,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"33424019-a0db-4e1f-93ba-4c7176496c70","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":59,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"f458a9cb-241d-4bdb-a5c4-6a167ca95f5c","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":59,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"0cc19bf4-9030-4b96-b320-145c047f277c","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":59,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"f4a49bcd-0c23-48be-a0a7-0cf4373a3c7b","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":59,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"e186ca7a-219b-41f1-ba3f-557787bef07a","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":59,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"5907155d-8ba6-4b48-954d-754f000892f6","block_type":"box","text":"II-4","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2c38f090-a607-45d3-b7a2-6ef0e924d3f4","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15b4e560-db61-48fa-837f-e6287c1c2458","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":60,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"7523b5cf-4faf-415f-882d-727c5c8bcb94","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":60,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"59592040-1fd6-461e-a070-870809359a68","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":60,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"865d3ce8-5802-483d-8035-d0fcb43367e8","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":60,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"a025fd14-f0dc-42bc-bb49-73b38e49a262","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":60,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"9d2b9844-0dd3-4066-a07d-b682feb60454","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":60,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"54eef67a-f1d9-46e3-a5d3-82e52b6db672","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":60,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"c98516b0-5503-4f6c-af0c-583b929881c7","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":60,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"36cf358c-04f2-4af7-89ed-5cac57755e08","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":60,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"8d7b381a-3333-4483-9cd7-7922c98d0ca2","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":60,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"b195f4f1-4886-489c-a602-e7bf832a6e0a","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":60,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"3aa98e4a-209d-4dbc-b90e-3bae030111b7","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":60,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"09f8947f-822d-421e-ab9a-0f48aaea6ec2","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":60,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"87ed63e2-1ed2-4073-b4b6-f3c0baa5ef01","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":60,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"369af1d2-9071-495e-9435-916b91b87a0b","block_type":"box","text":"the Manager believes are relevant.","page_number":60,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"d0f0748b-e66a-4c6b-921c-5261154a6e72","block_type":"box","text":"Limitations on Leverage.","page_number":60,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"09fde64e-e79d-4dd6-b0fd-98482d2885d3","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":60,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"37c63b76-34bd-4c7b-9828-cda9c6496a5f","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":60,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"56fbe240-b842-463c-8258-d042ee348fe6","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":60,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"e4f19639-064f-4570-b012-e233b6bbc261","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":60,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"cc4d85c7-d42f-4e99-acd0-07d52416c4a3","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":60,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"1f14eafb-e3f4-430f-857b-5fbcabd461d0","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":60,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"8b963dd6-ff18-42d9-bf31-cc64b8045cba","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":60,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"a88484fd-4af2-4d68-8146-bb17106d7357","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":60,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"623946a3-f7df-4c59-baaa-71a5bcaaa750","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":60,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"00c059ed-fcf4-4920-9f46-932389d52b86","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":60,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"8fd66101-bd94-4cf5-bf54-1165f70fd2dc","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":60,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"37f3fc33-cea0-459d-a19d-4d43863eff34","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":60,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"15cd2263-6715-428f-af63-965897712b8f","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":60,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"9cf371c7-dc3a-4021-bba1-2c7b35486c68","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":60,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"33ce125e-4efc-4ec5-8d8f-97cafae567f0","block_type":"box","text":"Counterpar ty Risk.","page_number":60,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"48239bfb-2368-4c99-8088-da3e4f2f0802","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":60,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"04430fd0-d7e6-429e-bdde-144df153014c","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":60,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"1b448f37-eaf6-453a-ab8b-a58dcaa991f7","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":60,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"cc8f1d5c-e5a9-4e7d-adfc-76c711db5aa6","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":60,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"cba210bb-0cd9-45e1-a2b1-adcf73f2e2b2","block_type":"box","text":"e.g.","page_number":60,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"0889cbb5-d478-4631-853b-f5f87af3908e","block_type":"box","text":",","page_number":60,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"168bb9d0-4656-4d5c-9eeb-6522cc9d3176","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":60,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"a21d242a-6e52-4809-be73-0701b9555148","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":60,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"8c592851-5250-4c39-a54a-93851082eef9","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":60,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"73b4f724-70ad-4a9d-934c-78c6bfc252f4","block_type":"box","text":"obligations under the structured note.","page_number":60,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"ebcb05c1-7c08-466d-8979-f423589c8dcd","block_type":"box","text":"Convertible Securities.","page_number":60,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"70881343-34d7-4d2f-b355-cd500df6d6b1","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":60,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"533cc2be-afde-475b-a4e5-c898f0a63044","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":60,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"bd3425b1-827a-495e-87da-c63ba002e67d","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":60,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"05f410bc-2e9b-4ab9-a38a-b34176503f74","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":60,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"82f3c5b5-3483-43a8-8724-ecf068525c63","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":60,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"54920719-7168-4a53-854a-7e174a0cd634","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":60,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"7318c46a-881f-40a9-a74f-fcdab1a8840d","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":60,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"c3eec645-a06b-4fa6-b30f-533d2e6876b8","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":60,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"0d09cb92-3c97-4199-a046-781eef470fa9","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":60,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"34b9336b-bbde-4b64-ab9c-89fbfd18e25a","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":60,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"a85fd280-072d-4862-bf64-91c9515be158","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":60,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"be6f1644-62e9-4f29-a3a9-2da052160bc3","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":60,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"90a8c63b-4f88-4cde-8277-beccff1f03f7","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":60,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"5c2345eb-c3b2-49fa-b603-2d5611c80f83","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":60,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"a5e4ad15-6706-4136-beb5-5f1b8459cba1","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":60,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"0f217c69-742d-49a4-a052-6c42d2667623","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":60,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"9f14bc95-38bd-4dd1-b342-0eb656ffe730","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":60,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"0c540b89-2200-42cc-adde-be831600749f","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":60,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"f62c8df9-b6fe-4935-afa1-4d0106f477fe","block_type":"box","text":"II-5","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"265e9e75-659e-4684-971a-1b8b3e1a0cf6","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee585348-2fd3-413a-af97-570e571d5386","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":61,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"d10136f5-8f60-434b-b692-212517b696e6","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":61,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"717d74ac-7161-4021-9102-72cd79abf092","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":61,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"b4021f1d-757b-43d7-8020-41d0d749f21c","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":61,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"9a6ff077-eb8e-4430-b331-8c44b2f49f4a","block_type":"box","text":"things.","page_number":61,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"ed1a2ec1-7362-44c4-b8b7-703f05eac585","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":61,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"bb737d13-c8d4-44ee-be1d-d71ffdf6b788","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":61,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"4384ebf0-d806-4127-82f2-c36026bdf786","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":61,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"1affc846-9d38-46c8-928a-960bfa190e62","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":61,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"ca553de9-f740-4ffa-b58a-46fdabe6b1bc","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":61,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"2e5cae5e-6e40-414b-a2b4-2af1516b1565","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":61,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"da2580b5-e836-4777-b5a4-a5af63d2b976","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":61,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"9604ee68-6901-408b-9dd3-ed30f39f84ac","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":61,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"92c4cc86-e9a0-419a-89f7-febfa872ee0b","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":61,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"8b1807eb-a3a2-4192-a632-c0a4f25932c5","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":61,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"97fb1ddf-e4f8-467a-87b7-fa8cf875e061","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":61,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"af42d858-0274-4b11-9506-04077be122ac","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":61,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"379fde12-1fcb-432b-b52e-5be2c56b174a","block_type":"box","text":"i.e.","page_number":61,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"53f9c833-2ac0-4837-9fb1-90ed42c891ad","block_type":"box","text":", strictly on the basis of its yield) is","page_number":61,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"a26c10d4-83c1-46d3-9036-a29272ba26dc","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":61,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"cb87e06b-bcb7-4f27-803c-d0d997772be0","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":61,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"b2828178-0b1c-4012-b18c-44e9815806dc","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":61,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"370986c4-771a-4429-a93f-93425b443605","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":61,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"dfbd3c00-141d-4c26-9c5d-a8330fad5861","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":61,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"5cef9771-1786-47b1-a0fd-2b9c991c46dd","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":61,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"d8d3973d-6b53-4de8-9066-d97959aa3ba4","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":61,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"09cc2c94-050a-4fe7-b135-1b71f5f9dca7","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":61,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"753bdc18-5208-4176-a932-88cb5d90180c","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":61,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"3e1676fd-00e8-43f1-800b-781583d8a6b1","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":61,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"990ba60a-cd1f-4ed8-96b2-d1f70f52ea3b","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":61,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"56c43db9-4535-41fd-87b6-62f146d09219","block_type":"box","text":"than the securities’ investment value.","page_number":61,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"62dbaaad-c601-4382-823e-246b3d3247fd","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":61,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"2fc1ca45-610d-4d88-ae37-1c8ab8563858","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":61,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"4d0c4d2b-67b5-4518-8cd3-4f9f39003aae","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":61,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"58f948a8-466f-4274-b96e-aa3066ab25ae","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":61,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"eba063a9-8705-49d6-81b2-2969d519c765","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":61,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"4e9a9b20-1d9c-47af-87dd-240286c56e44","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":61,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"4b787fb6-d1aa-4d45-bcad-01ba3a2758fb","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":61,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"c8c80797-a73c-415c-b5c5-da1bee4ddc19","block_type":"box","text":"security under certain circumstances.","page_number":61,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"d8c7fca1-7ec0-4703-b997-831e85f9307f","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":61,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"7c695235-a19e-4c12-979d-681dd3f2ed96","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":61,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"dc3dea9a-c7d8-46d7-987d-fb02c98e8e7a","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":61,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"93428f16-01c6-4b12-8cad-5c65c4128070","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":61,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"0b661515-607c-471a-82fc-96e75e36ddbf","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":61,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"7871d340-ad50-464c-aeff-178941724229","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":61,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"4629f5e2-bfee-4bc7-a4fe-095f27b3329c","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":61,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"40b87147-4db3-4b4a-8236-8ad002abb72b","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":61,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"7bf41e5c-debc-434c-917f-f67b7a441d33","block_type":"box","text":"i.e.","page_number":61,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"8b1d62a6-d254-4966-859d-64b19323a16b","block_type":"box","text":", fixed-income (“fixed","page_number":61,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"9b30225c-c553-4731-9307-853f2f28474a","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":61,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"32a450d1-db39-459c-b632-ab2ede95dcf4","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":61,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"a6eb4d51-9a75-4257-a9c6-b1a8413291a2","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":61,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"f813bcc9-7c6b-4dcf-880f-cb9a53f66cb0","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":61,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"9e52228a-dbe4-43d5-9a96-6e4d47b25d96","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":61,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"55e62052-2d98-40ba-9a41-7f6418052103","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":61,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"8b76e3fa-810b-4e7c-8d67-35fbea2a1614","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":61,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"ab759a55-943f-4d64-8414-fd8d89c39193","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":61,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"f9dc4893-8244-4f95-909c-2f887cddcd3c","block_type":"box","text":"II-6","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"fdb51f5a-3639-4b0e-9268-414679fb243c","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d65e4dd-1f3d-4643-9c5f-1b45e00a43dd","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":62,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"90b19045-37c9-4087-9f97-c0e46592fa94","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":62,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"dc6cb3cd-0f72-4160-a3ba-2f397378ae41","block_type":"box","text":"component.","page_number":62,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"9a310070-65e9-4a00-86fa-ae74e3b4dea6","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":62,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"e241269d-1191-487a-8302-6e589037373d","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":62,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"8f54f1e1-cd01-4a85-874c-8b68f39770cc","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":62,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"671af35c-57d2-4235-b41a-e3f67b202d63","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":62,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"e311e102-1b71-4019-aa98-1b7de0085a6b","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":62,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"6e37a8fe-91fb-4eb1-aab3-7d0e04bdc434","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":62,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"1fb26bf1-beb1-4427-9d4e-0394df93d549","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":62,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"41e454e0-491c-4587-bd4f-e5533dbfb626","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":62,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"d48d4013-a80e-4ce6-b7bb-1076fc14fced","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":62,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"47052bb7-9dd8-4095-9401-43e60c4f313f","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":62,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"be3ed381-51aa-4c9b-99dd-23c1a535d3c8","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":62,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"5f502fe5-2312-420f-b601-d4330e0e908e","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":62,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"4affa11b-ee32-41ad-8053-c82c99ba0424","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":62,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"f743adc5-b2d3-41a7-914e-f4a6592fed86","block_type":"box","text":"favorable market conditions.","page_number":62,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"5921d027-9e57-4f38-914e-88552f5749b0","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":62,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"93c759ab-251e-45a9-928d-54162c2455bf","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":62,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"3f3ce8c9-d338-456f-9b23-1d55558de374","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":62,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"83d8978e-026c-4486-89be-66b65d5621f7","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":62,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"995daa2c-cf94-4022-aae6-e7f85a2fe593","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":62,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"a880e93a-58f0-4679-9d9a-dd2239a8a301","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":62,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"2a9799fa-eae8-4cd3-9074-cfeceeff9357","block_type":"box","text":"Corporate Loans.","page_number":62,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"b3ce9516-887b-49fa-b298-e459c9933212","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":62,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"7c9b4d62-ef47-4a5d-9160-bc7514a2eeeb","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":62,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"74baee3e-8573-45e8-b804-d1e79c3e3186","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":62,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"16997a06-f57f-4245-ad0d-364a9db3b4b9","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":62,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"76f1b45c-924d-4926-8b83-e5cd4f143310","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":62,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"0138a975-80e1-48c5-8ac3-310fef4483a6","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":62,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"570b543f-75cd-4358-afee-2a01bf11c8c7","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":62,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"157f4ecf-ec8a-4065-8754-96f99a88256c","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":62,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"70aac41e-b022-482e-92ad-ef92c2701523","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":62,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"f0effc24-f939-44a5-8317-5340ccab58dd","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":62,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"e84638b3-e347-47b3-b8f3-5c889b6aeb91","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":62,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"d175c07d-44b3-4d5b-839b-65fc7d61f5a1","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":62,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"247277c6-fe30-438d-a3d1-570189204061","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":62,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"09b62652-a39b-4103-bd0d-c3dd1c0eae8d","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":62,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"34d7b8f9-8329-4720-8af7-2a7ef1a48497","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":62,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"d3de083e-3f67-4125-8b80-fee7e38649ed","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":62,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"1fd26b62-a9c6-4c54-a3db-9543c4014a8f","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":62,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"40abdcbe-dfb1-4c27-9ce1-d3341ac98a84","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":62,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"6eab8582-2b21-42a1-943d-ef788e24bcdd","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":62,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"32359d6a-163e-470c-a1f7-205d93d26f56","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":62,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"0ee519e6-6ea7-44c5-b8a3-0c1a47a0ea57","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":62,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"70e7ff2a-6e74-4467-9414-e80fce7ed931","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":62,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"4a80891e-bd26-48ff-bd67-35bd15b659a7","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":62,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"7986ce7f-3077-4a1a-849a-632504bb9081","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":62,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"b62b72b1-c079-4d90-bdfe-918811356124","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":62,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"03b3adea-295a-430e-b120-4710f7bfaa11","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":62,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"26bab797-594f-4045-9e83-4082c3e4417f","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":62,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"6c3acac8-e464-4d9b-9d0a-50f813648a73","block_type":"box","text":"of the borrower.","page_number":62,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"d13904ee-8cb8-4902-a7f5-23b154260b38","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":62,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"51d6c42b-2807-46cc-a6dc-fc84e3020345","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":62,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"f0720d2e-7561-4877-acc4-cfa317c106ee","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":62,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"bb24d181-741f-40ad-97d8-863ba5277687","block_type":"box","text":"II-7","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"541e03a0-bbcc-4325-a953-687e4272fe8a","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06efb6c2-bf12-472c-befe-0ba0827dba22","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":63,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"a2310507-0c01-4d83-89bf-5b7909b3dae7","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":63,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"068ca821-ad70-4c80-b142-548a3b9a8cb1","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":63,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"80092e75-8e61-4764-8515-7d7beab2ea77","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":63,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"4803f9d2-dae6-45db-91ff-75b1cbc7b532","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":63,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"00ad9f54-6c24-4cc4-a54e-4344c05063d5","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":63,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"d953346f-06f9-4d76-b202-48731c6c6191","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":63,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"53ad87a7-62c6-424f-bcd3-10629e346d08","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":63,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"76e6d39f-2cab-4b1a-a905-31ab0e429efe","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":63,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"6b28ed4a-b4f3-40c6-8b6a-51808ee8aea1","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":63,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"9fe8971e-05e6-4f44-b941-b4cdc3933851","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":63,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"3d5be721-312b-4404-b49a-b32ad51f2b08","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":63,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"d463bb09-12bd-4491-8a62-a240e4db1788","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":63,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"2b1e1847-eb19-48f3-bb14-81c9be1b99e9","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":63,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"ae6d0c89-b61e-4c91-8d7f-f5f942dfbb95","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":63,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"d9accfda-fa70-460a-a45a-317bd397fdf4","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":63,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"0c178783-969a-49ee-9d3b-7ed122a97e16","block_type":"box","text":"state law.","page_number":63,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"69c10aa0-4530-4223-83f2-3bb7731948e7","block_type":"box","text":"Direct Lending.","page_number":63,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"9761a2ee-3878-49a5-85ad-53e5d2578cc8","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":63,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"5877906f-5368-484a-89d6-952ea2ccc4fa","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":63,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"5d993e38-fae2-4b45-93f9-52bebeebd1c5","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":63,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"42ebc918-0864-4420-8df2-653b773b5238","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":63,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"e1468401-6244-4fee-b94a-9790779fea3d","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":63,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"9f1973b9-31b1-463f-8521-ab9a97610f24","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":63,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"ed1d3e4a-aed4-4379-8f94-7ac8f73f3357","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":63,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"e694000f-d63b-4869-896f-02949fbf6a1a","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":63,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"ce75aedf-701b-401e-8fc9-15ed2cc09a4d","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":63,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"db7c00bb-2c43-4d3e-b75c-3114cb9d7db7","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":63,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"b08f1a5c-fa00-44dc-897a-70f3c707c3a4","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":63,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"6b44e299-fbc6-4f79-9b31-9b735760cb3a","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":63,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"7befeeca-94b7-4c57-bfde-861a3883dcf2","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":63,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"86bff617-32f5-4500-b54b-5e76892ebc36","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":63,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"62ef8de2-3204-4e05-8cda-c5850afc425e","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":63,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"f1bec073-2098-4e41-9ca5-df25b93d8fdc","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":63,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"4fd8d151-eba9-4ff6-81b3-8301e6039945","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":63,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"f7b7cf43-591f-4572-924c-a16e557b6771","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":63,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"25d09343-a0ae-4dce-8b2e-e7bddbafaf94","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":63,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"00e34f0e-63d8-413f-8ebd-d2ff917edb43","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":63,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"d149ab92-5e96-42d9-90ac-3b5cd8b28817","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":63,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"5cf760d0-0f87-4c41-8c99-b330ec4f2913","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":63,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"d2ee9925-ad42-4b70-a481-0a23c48dfa6a","block_type":"box","text":"Credit Linked Securities.","page_number":63,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"ac2587a3-72b4-495e-bffc-3694e0fd0ad2","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":63,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"1765752a-1b0b-44b7-9641-567e022286b9","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":63,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"a998ce73-569d-479f-9f82-d23c73d37920","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":63,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"d358e9ac-8569-48bf-ae32-484f6cc4aa02","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":63,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"f4acba79-0859-4cc4-b3ab-4a63e24c8844","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":63,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"1875fdb1-d251-4bd9-af9f-6efeb076660b","block_type":"box","text":"traditional income producing securities are not available.","page_number":63,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"f0518765-1531-4dc8-88ef-b12345d56d48","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":63,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"adf90f6f-4bea-4865-9744-92c4d455c9ff","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":63,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"2d8c5a32-3f45-49b5-abb1-eb4dafee7cf6","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":63,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"9e48dbd0-81e5-4396-9a6d-170f8d66182e","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":63,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"f2194108-d2d3-4ac1-9542-edfa98385520","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":63,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"f3afa873-e5df-4633-856d-cfd83c45f00f","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":63,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"d638e218-6462-43e6-9ff0-c3f150cdec3d","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":63,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"6fb81191-ad4a-4fc2-a58b-7abb10a7ab88","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":63,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"93ff4805-d861-4f93-9e31-ed1e0686faef","block_type":"box","text":"II-8","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"701dcc9a-b2a5-4274-a317-c186c25cd10e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30467c20-4fd9-4811-9e72-6cf2729b943f","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":64,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"9d50c8bc-3616-4e2b-afc9-f9e066b2f83c","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":64,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"58acf4a7-5814-4463-8b56-a80ed926e9d0","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":64,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"44b541f8-325b-406a-9ab9-90f3feebd9b1","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":64,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"81f6f7f8-4757-4826-b6e9-a131e673ac9b","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":64,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"a049c5e2-18e2-4ab5-96c9-7dbb20fdf393","block_type":"box","text":"investments.","page_number":64,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"f350cb70-a69d-420b-b41d-637e2d28d65d","block_type":"box","text":"Cyber Security Issues.","page_number":64,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"5a36aac6-9bb1-4576-991f-4fb54da239df","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":64,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"a0e3a9a7-ed88-48b8-9350-eb6535b65b68","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":64,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"d6aad0c4-3f7e-4714-a655-7882f2ff993f","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":64,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"f2960006-f10e-4bd2-81fb-9343b06d0a85","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":64,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"7cc82a67-23e6-4e28-a410-435d94cc1895","block_type":"box","text":"e.g.","page_number":64,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"3cf94ed4-de46-4588-bdb4-b65dc760f2b0","block_type":"box","text":", through","page_number":64,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"e65479cc-551d-4707-9bdc-06a7eda6de40","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":64,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"68dbf97d-a749-47b0-9fbd-acb053cd530b","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":64,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"bb58a187-ffc7-4b7e-86b9-f345ba11237c","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":64,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"b90030f2-5775-4edc-852c-204533c1a517","block_type":"box","text":"i.e.","page_number":64,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"59e7470d-5322-4d40-b9b2-18d2e7e28741","block_type":"box","text":", efforts to make network","page_number":64,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"6c75d567-1123-4f0f-8202-3e3db8975e1b","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":64,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"2ca88d60-55a5-4df2-bbb4-f4691f229105","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":64,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"31900fcf-5de6-419b-9623-c7341ed80140","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":64,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"f702cd88-26d6-4d64-b705-e6c150d3ec0c","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":64,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"0aba2b3e-0e5e-4e0f-b30b-39dae2280e1c","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":64,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"ab6cf17c-b71d-4884-b1f4-5f8814880222","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":64,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"c0304694-a59d-4f2c-89cc-e93d597b1dd3","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":64,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"8da68e49-a5de-4f3b-92c8-d90e0a338e51","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":64,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"f3ce4ab5-26fa-420f-b65a-ea36b3100ac5","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":64,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"0d7d2e62-2f90-44ab-975c-b6581117bfd1","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":64,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"05191b17-2b88-4db7-9cf8-b2049d3bea37","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":64,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"f3c53e56-4420-4c03-86e9-f8e2462f4655","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":64,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"e5fcff08-72f8-4c5a-8586-7cdc45f0881d","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":64,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"084ec3b6-cbaa-42b7-b1d4-d7c4fce5815e","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":64,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"d57cf175-05c0-4d0a-a430-f8ee5472bc6d","block_type":"box","text":"Debt Securities.","page_number":64,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"cffe3be0-0e42-42dc-bfae-821a1fe0f5fb","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":64,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"ed6e65e9-2e17-4e1b-aa94-2312e30908da","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":64,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"b9c7bc6b-09c7-4c45-ac42-f72223a299cc","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":64,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"181fbdfe-7f41-44b6-90bb-bff14f6e62cd","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":64,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"ac21d1ae-a9b1-4d9a-adfe-b6409a07adcf","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":64,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"9a0511c2-8c5c-4cc0-834e-2e5650b725c6","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":64,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"19b7e9d6-ec51-468e-8242-001a04985bbb","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":64,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"31692da1-a46d-45ce-bc6c-a900ecc9af94","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":64,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"5cceb4e6-f23f-44de-b51d-de7fd66838f6","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":64,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"f908082b-d50c-421e-b7b9-7b52fff04c18","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":64,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"0fa41940-4f2e-4031-8e91-bbba1a64926a","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":64,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"422eef13-5502-4525-8571-8de2345445ea","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":64,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"bf1165ff-7c98-43bd-8262-bc615b4379ad","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":64,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"c009e666-4ce8-4ab0-83e9-df8dfe19f15e","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":64,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"bcc2cbe1-6d19-4bef-ad5c-543576833709","block_type":"box","text":"lose value. This is known as extension risk.","page_number":64,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"6b3cb08d-9db1-4c4a-931b-908e4cc27fda","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":64,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"c7cdd4ba-4bc2-4a1d-96b8-74ecfef1ead8","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":64,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"33ea9b08-b165-4f2a-863f-8fdbed2fb5f3","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":64,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"ac44c95b-da2d-4126-a5af-be11b0b25015","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":64,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"0317d862-8955-4478-95e2-82a3ed234bff","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":64,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"360df982-8251-4fec-86be-7aee2f5725b2","block_type":"box","text":"Floating and Variable Rate Securities","page_number":64,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"3363c427-c714-4721-9632-c801666f80a8","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":64,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"a897d57b-f91f-44a5-ae2d-f4094ab2b67e","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":64,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"d8615c78-c5eb-4555-903c-153a8952050f","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":64,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"4e5caca7-73da-4e48-b991-4007540e72b0","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":64,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"1f2fc319-50b4-4c1b-ab31-bc2b8b1e4bf2","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":64,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"61b9378a-ac26-4cf8-a3fc-90e2306e622e","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":64,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"827f244b-cfd1-4b37-8906-b479bc4f30ea","block_type":"box","text":"market interest rates.","page_number":64,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"df0bb2b8-c16c-4ff8-a1d8-1e5e8f8dcdcf","block_type":"box","text":"II-9","page_number":64,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a4a006d8-32c1-4d9b-8c6a-64062df888ed","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4cbc736-c491-4853-9dbc-4f869cbe74df","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":65,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"a09f961a-b5ff-419f-980c-241598a6570d","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":65,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"16ced802-a278-4d61-95ba-123b954e582d","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":65,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"ae681595-f2cb-43cb-8063-cb3ea2196978","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":65,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"fb02b532-f3c4-4204-bf69-dd7b24f11d39","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":65,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"6c6460fc-9e7f-4b95-abbc-0038a8d3ea8b","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":65,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"b289ad9b-7e3b-41dc-8e5d-83a8cff0d4ad","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":65,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"c16d4359-e1b7-4198-81bf-66fc63a3fdae","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":65,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"b5a0b7f5-6f2a-43db-9511-7804e2077048","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":65,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"31ba2591-a4b4-4aa3-9fe9-eea37f66747f","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":65,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"1ac05967-89a1-4092-a501-80709032aaea","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":65,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"a0dbb6f2-c719-4ce1-b968-6400c5eedef7","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":65,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"f7f775fa-44a1-447c-8484-4a4cbb7ede9a","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":65,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"811a3a13-0749-4a97-a754-69fab98454fa","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":65,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"ba578697-d0f0-4f67-b758-b031247b5e5b","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":65,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"735c9491-3b0a-4552-a836-a576e9d3a74c","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":65,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"7f035130-4bf8-4f2f-b81b-b75e06d6efc8","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":65,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"a037847e-a6c2-42a1-8fda-fc92ff95ba84","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":65,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"5d40d84a-d8f9-4ae0-a0a2-0d6b7178f0aa","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":65,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"1cb38591-46be-48b1-852d-ce4f98edafc8","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":65,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"e66f8deb-61fa-4d4d-9beb-3cc9cfc5df1f","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":65,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"2b5d79af-7897-4f93-9a2b-b2bda4f1c437","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":65,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"3b947b7c-0ccf-46cd-861b-ffb0f96bf7b7","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":65,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"3334d600-99a8-48bc-a313-e82cf3579def","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":65,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"671ce56a-82e2-42eb-aa37-0dbe6ecafcc2","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":65,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"3318e67c-59cb-4d5c-85b4-3ad04cba3855","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":65,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"cc0c949b-b36d-4582-a574-b20516a594e3","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":65,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"ecbbb3c9-59ca-425e-a5bd-402dfcbda263","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":65,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"00dcc673-1fe5-4536-8d6c-ec0e13d97828","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":65,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"e4251756-4cff-46f7-a32d-b1cae7cdd8e6","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":65,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"486be471-3f58-438a-9499-814b5ecda4ae","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":65,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"d05b6676-edf4-4064-8ce1-47326335f0f4","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":65,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"0a67503b-8535-4a2a-9f91-c10668378d3d","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":65,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"64863b5c-e18f-4686-bc00-485613000f49","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":65,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"0102f2b9-eb5d-4f45-b15c-a03b4f4d89d5","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":65,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"7b8eb270-0c9c-41b9-9b90-effa5b5b28dd","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":65,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"36477d77-6601-4685-9a76-52b17ab8b07f","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":65,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"d6f0299d-dcd3-4e79-b85b-f0c3a039da0f","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":65,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"25040318-1551-4627-8adf-622d954cad53","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":65,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"9a8ffa70-7acb-48d9-9b82-165defe82f86","block_type":"box","text":"United States.","page_number":65,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"ecf4f6c2-6ed4-4d1e-b67f-4f37f3fb32f7","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":65,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"66a153dd-056e-4661-ba01-0a7290194091","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":65,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"61cc0617-e6f0-4bde-9455-6e90c99a8ffc","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":65,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"71347537-879c-4195-b5d2-fca17783df96","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":65,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"a927c39a-71ef-4f68-a9dc-ef040ec6f138","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":65,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"6604920a-4d15-47b8-953a-242c9d9d4150","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":65,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"167a0981-aca4-48cb-a5b7-962ddd3508b8","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":65,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"89475868-1adc-40dd-8064-35d8235a256b","block_type":"box","text":"i.e.","page_number":65,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"10c6b950-8b52-4685-979a-c7904efa0498","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":65,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"a69056ec-ffa8-4b62-bde3-2d540087fe8a","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":65,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"e1978436-c884-4107-a232-7cc4e12b739f","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":65,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"484eeb1a-6966-4716-9c9c-f8850107fe24","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":65,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"d15038a9-3a41-4a35-8ed1-5b7b7d0785b3","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":65,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"5537d8b1-7ae0-4428-bb82-230ddb9b5fc1","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":65,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"ed736304-e5dc-41a8-8b9f-f4d403b7305c","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":65,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"3dabcb6e-9dc1-4379-b565-01d9d79b02d7","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":65,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"549f0cd1-98b3-4367-afc8-0155aacd30a6","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":65,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"53567879-2578-4de1-bd5b-d6dcca8d1bc8","block_type":"box","text":"II-10","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e3c2314-e91b-401a-88ec-34fe3eddf7df","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3eea347-37a9-48f8-81de-5193b2d0aedd","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":66,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"240da9ea-966c-40c5-9c2e-470944821be2","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":66,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"a587396c-6317-4ae7-ad3a-11943ea2bbaa","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":66,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"965c74e7-903d-4c7b-ab79-1391e45e6f44","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":66,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"513a1f12-428e-4ec7-83c0-8a444507655f","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":66,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"e5958916-54df-4c79-bb05-61d878eb5794","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":66,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"b0303c45-fec8-468c-829f-615526b0f7d8","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":66,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"39aeadac-2010-4434-98c8-81d58ff8d926","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":66,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"eb790c0e-63b8-4e1e-bdc3-5e0e0f6def6e","block_type":"box","text":"risk than higher rated securities.","page_number":66,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"8372f9f5-7cbd-4b76-9d4d-1bd816ba74dc","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":66,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"cd6e2eba-2f1c-41f7-94a2-e7583f1e389e","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"2f5bac55-3ed7-4f44-8376-ba8427bc3ed8","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":66,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"6bda56e8-88aa-406d-b3b2-751792b226d6","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":66,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"3d984fd9-a228-4933-b90a-146521e3ffeb","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":66,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"3c88b9bc-ce53-45f9-8175-28a758528c4c","block_type":"box","text":"unavailability of additional financing.","page_number":66,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"804cf7b8-4f73-4901-8aae-2368127c2147","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"ac3dfd04-3d4c-48d8-9a9f-dcf8b14be9e4","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":66,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"278ffac7-2343-49c6-a2f9-c79ab393b6dd","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":66,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"cb087526-9bb7-4bd1-b847-d98cf299dee9","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":66,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"2297624f-a982-462b-9ee0-b6b2f870b028","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":66,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"a8756e22-7f0e-428b-a8d6-2c84e25133f0","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":66,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"a88f154e-249a-4013-912e-378537bc4fb0","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"342c04c3-74bf-426d-b6a5-855a7593aa79","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":66,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"d80588eb-354f-4de6-b060-cf7ee73afe12","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":66,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"bc5c14e2-d8c8-4fd6-b31d-1a321749bf44","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":66,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"9c68ad08-1278-41c1-b1f6-9e3d4244a02a","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":66,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"4333a1ed-4bd8-45b7-a3f0-f55ef127c55c","block_type":"box","text":"investors in higher rated securities.","page_number":66,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"41e195be-99b3-40c3-996f-5c2d405e3652","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"fd289340-a909-422a-a8f0-8f2d76b70e90","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":66,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"94738df2-bb33-48e4-b7c2-37c9ad80a4aa","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":66,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"a1d58274-f62d-4c10-8c79-a488bfdfa627","block_type":"box","text":"lower yields and may lose income.","page_number":66,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"10c4afe6-3048-49ec-9fe7-8759e10698a3","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"62d03a04-c8ce-4a7d-b1f5-9e8213325128","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":66,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"631fc9ab-2be1-46eb-b8af-11f52306ec4c","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":66,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"d0cadc52-fb1e-4e91-a3fc-671094d5a3f4","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"ecd5b2f9-56f3-49b0-888b-6726ba8b56d4","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":66,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"5c09a17c-7018-4121-9adc-1648ab1744b6","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":66,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"aca742b1-7121-4fd9-afba-a99c5fc3306a","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":66,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"43a01876-cdce-4b4c-bdcc-57496759d61a","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":66,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"d710bcf2-0881-45c9-98df-d8f988339e8c","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":66,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"40ad5116-2465-4ff0-8357-a96f24da993d","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":66,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"94020c07-4203-4ee2-92c7-2c35a1e72ad7","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":66,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"f75c7e5b-eb39-434f-bf6b-89b7955e7cd7","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"d882df3b-bd81-4c94-a167-2cf84d08237b","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":66,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"99a01ee6-7086-4056-8fae-bf8fbacd3979","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":66,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"d2eabec6-0c27-4296-a58d-edb8a156bb67","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":66,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"78bfd3cb-7e31-42f0-870c-d9cd9a3b6ad9","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":66,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"93a261be-446d-4738-ac95-34bab3a1503d","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":66,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"490d3758-b817-4d9c-b61c-89024d225d75","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":66,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"dd3861c4-21fc-4f2e-b5a5-c965cfe7400c","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":66,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"5fca8e3b-9ce9-4b4f-a135-94ab7f3919a4","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":66,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"084810fd-c585-47d2-a23d-9abbb971533e","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":66,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"9de89fad-c865-4db7-a538-1d56e299807c","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":66,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"eb51d553-cf7e-4310-83f6-02f886859e54","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":66,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"3ca5418f-479c-441e-b704-e375d64a7b56","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":66,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"daef6505-d6d1-4cb9-a6d7-d0cd85f60cac","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":66,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"7c0effa7-40c5-4464-ae8a-f21388d1816b","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":66,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"52a3f272-9807-429d-bd8a-011a42c0ba2c","block_type":"box","text":"role in determining such valuations.","page_number":66,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"08bfff60-b5db-47c9-bc99-de2d04e177cc","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"2698d1d0-3432-496a-82e2-c419bcd3e2a8","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":66,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"ec81f815-cb10-4ec2-821f-0dbeed504585","block_type":"box","text":"a defaulting issuer.","page_number":66,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"b4072ea4-9f1f-4662-bc2f-b4e0de8a6143","block_type":"box","text":"II-11","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07976102-6ad4-41a5-85b0-407886b119d0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45fbbfaa-c3a2-4d09-8647-84e3510b06f5","block_type":"box","text":"•","page_number":67,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"82cf0596-8055-487a-a574-8449698e1077","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":67,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"5de935d9-ae73-414d-a5f1-4b40e2e62d59","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":67,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"50a636b5-6e7d-4425-99bc-5322e916f331","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":67,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"5472c4e6-6fbe-45e1-915b-5b5ec9a9d8e8","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":67,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"25487931-b4aa-4def-91bd-ab2f970f3170","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":67,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"d9f8acb8-9f77-4670-8a2d-17bc10e30b2c","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":67,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"9675a785-086f-4c5b-85a7-0ed12c44c6dd","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":67,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"773d8361-aa63-4b10-8b7c-eb7ea388c6c7","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":67,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"f52a46d6-60b7-4460-b560-0eb45541ee59","block_type":"box","text":"•","page_number":67,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"a5bba798-2b00-4e34-a83c-7e5c2d2c4edc","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":67,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"2fa07085-72e2-4ae2-be33-02cf47be9e28","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":67,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"8d284661-1d9f-4c58-99d6-244d57d4e600","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":67,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"00ef6c2c-f803-44b6-b762-57b3fd43cbd7","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":67,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"29b0f5c6-678b-420a-991b-5e7119ff6010","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":67,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"8d20a70d-8dbc-46f1-b8cd-773529debb9a","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":67,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"55e5968d-67d9-4fc6-bec9-ee6d9c129b6e","block_type":"box","text":"higher-rated securities.","page_number":67,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"efbed519-89c3-4cf7-86fc-755a493d4a23","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":67,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"c6d0e40b-56d2-4f63-a9af-a231b23985c0","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":67,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"3748a44f-795c-48dd-a6f9-5b983d9b76ee","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":67,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"a20cfb9e-5179-48d9-ab41-593d978fc370","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":67,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"f67ada60-1386-4720-947e-726a0235ecd0","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":67,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"1a902e6d-2e89-4ba2-95db-f747ccd75b05","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":67,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"11e8bca0-1972-4b6b-9d0a-ebd9105c9dae","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":67,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"254e762b-2e86-4641-8d1f-876c74e5ef81","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":67,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"b1ad56ad-d4c6-4f9d-a15b-ec379dfe2730","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":67,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"b7c79ea9-e100-4602-9c74-2b09c9e5a5c7","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":67,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"594be688-9509-4cf1-85f5-6e50559c31be","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":67,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"72743570-cac4-43a3-8461-22216d7aef4e","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":67,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"2c696f7a-4ecc-40f7-ac76-6d2f4c44be9e","block_type":"box","text":"Mezzanine Investments.","page_number":67,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"916bf9f7-e101-4373-ace3-f7d555719210","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":67,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"1db8a0fc-c5ba-46de-a41e-7ff9ebd4c35b","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":67,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"65a2ea8e-5a99-46e1-a8bd-476cae624593","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":67,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"4151a17e-d89d-472f-8f9a-3175b249a85a","block_type":"box","text":"e.g.","page_number":67,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"66e9187f-abf0-4412-97c7-47cbce70a69c","block_type":"box","text":", with","page_number":67,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"cc58420b-abc2-4ea0-87ac-d9ee95897642","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":67,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"59309384-e600-40c6-a033-fcc971e7e7cb","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":67,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"48a42596-669d-4660-b00f-e7e670317b1e","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":67,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"a618b702-fbd6-4a37-94d7-20f79d4bc327","block_type":"box","text":"other obligations of the issuer.","page_number":67,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"6fa84a1d-ecd6-4dde-b699-78628ac8edb5","block_type":"box","text":"Pay-in-kind Bonds.","page_number":67,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"5256c3b0-7cf4-4c39-ad53-8c2749ff8138","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":67,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"4f1eac09-b0d9-4f78-a3c1-c8e60735c372","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":67,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"73d9c649-efcb-4ceb-91fe-96e4a7639dc8","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":67,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"ffa98771-1fab-475d-b655-fac7531ccbf4","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":67,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"eda951f5-17e9-4dca-84b8-11c2d07cdbe7","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":67,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"6f3f1026-f933-4d39-a793-91814b41c760","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":67,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"6e9ef403-45a8-4b24-88bd-99fa2a13193a","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":67,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"3da0dcfd-91f7-4f9b-ae6d-d80c57e46789","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":67,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"f2ca02d4-0d3a-4694-bafa-6e0802f96510","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":67,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"4f22b7a5-9244-429c-95be-f5ca1ccb38f3","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":67,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"af7da1ee-1998-4b6b-b794-f3b2c4b44278","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":67,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"ce541571-a9f4-4e3b-8467-198ee8d5e93c","block_type":"box","text":"Supranational Entities.","page_number":67,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"9f2d9b60-4a5f-4fb2-8e4c-32f94e4fe92c","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":67,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"b8aecb3f-0c27-405f-aa12-535586b016a3","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":67,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"2065c3a2-a59d-4df8-a851-5db817b2133f","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":67,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"98f221f8-056e-465b-a0da-08a7e580498c","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":67,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"1f0f86d2-f9df-4339-b860-0d818563a34d","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":67,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"354889ad-b12b-4d37-a4bc-9555bb075e15","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":67,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"df5a47de-e492-4d58-87b1-c561f973118c","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":67,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"8243ea2e-8bc5-49cc-b3b6-b78a3a77f20c","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":67,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"a9aa48ce-1a2b-4bf3-9bd6-f7d2896475db","block_type":"box","text":"II-12","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"da4d221a-28a2-4408-85aa-d383557dbe39","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"567af6a6-0351-4ac1-a1d4-8abbc0dea077","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":68,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"38ecf688-e09c-4672-ae9b-6455c55dab64","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":68,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"5cd34444-4789-4305-bf88-d9282cf172e3","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":68,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"33506cf4-251c-426e-82a5-d68d192e7763","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":68,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"73f2a6ba-7645-4b1d-82d3-6b7ee030bcd3","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":68,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"0422dd5c-9ba6-4019-8ea7-ed0c16c94349","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":68,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"0aea4196-3b5b-47ac-9bb9-7aa1db02d8ce","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":68,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"189261d2-dc9f-437a-b9e9-6f8a74cf8b03","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":68,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"90790258-5fd1-4ed0-89e1-471e9c1e1282","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":68,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"36aae805-2be0-4db3-9059-6e91b0ae0aec","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":68,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"7f3a6885-93c3-4b02-96ea-bc1276e4b06f","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":68,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"00e27ad5-73a5-46be-9a6e-cb16ae281af4","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":68,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"bf1631d3-602b-4b0a-b406-5314a20e2403","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":68,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"95340723-c885-465a-a69c-5bf90ad928cf","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":68,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"77674a4e-3577-45cb-8367-7ebd29d8650d","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":68,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"e6e3cb06-c710-4d0c-a6be-6cc17e654ebb","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":68,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"1d6937a4-0460-4110-89fe-ed5b2f3544e2","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":68,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"af0f4dff-5b44-49a7-a68e-1b53790e6814","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":68,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"287e4c41-23be-489f-8a9f-6985f70e8b86","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":68,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"490f04ff-b326-4a76-8347-8e4f053b4082","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":68,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"3d61355d-0acc-4335-9617-c72010617d7e","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":68,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"663d5968-7344-4f23-b76f-9f1bbb2848f9","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":68,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"5addc601-cdc8-4360-92f5-c90ccfa4ad99","block_type":"box","text":"Derivatives.","page_number":68,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"b5e7188d-1136-4024-a1b9-f2266c808af1","block_type":"box","text":"General.","page_number":68,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"dbd922f3-c099-4027-ad68-e12bd4922d68","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":68,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"659c7492-66c1-4282-83c6-c6bdfc985283","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":68,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"18da4a6a-e958-43e0-a07b-040151066c08","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":68,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"254c2f87-f4dc-4816-9ccb-ce580829a873","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":68,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"555a5c49-d837-444c-b1d5-d89b019e5412","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":68,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"65c5038a-4d6d-4650-8790-e818bca3712e","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":68,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"e42a1a14-76b6-4322-925c-6bd2df29664b","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":68,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"18f4d12a-e4cf-4430-b859-afa415075678","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":68,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"4cac3945-54c6-499d-8e5e-e0ae397bffb8","block_type":"box","text":"i.e.","page_number":68,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"1ef643ac-3f9b-4fd3-9167-dac1c5d19dd2","block_type":"box","text":", the payment obligations of","page_number":68,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"6f2a5c4d-4981-437f-82d0-a6a7ac62939c","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":68,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"7d517eaa-7b24-4791-97b3-f359d0728949","block_type":"box","text":"net amount of the two payment streams.","page_number":68,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"b1d4ed0c-9c9d-4152-948b-203f90716c61","block_type":"box","text":"Hedging.","page_number":68,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"82aaa32e-605b-4fa3-8eba-e5c6277a78ca","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":68,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"b0c44927-24cf-428d-a3e5-229bd5bab33f","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":68,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"deee7b59-2c1f-4b51-b802-cc8185efafda","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":68,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"af857293-4bb6-466b-8439-1fe57cd1110a","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":68,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"ed7e442c-2ec1-44d9-bb69-79549d772a8a","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":68,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"257e7229-d108-4142-a401-6c599bdcc52d","block_type":"box","text":"correlation risk,","page_number":68,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"4e66f538-a8ef-4f60-9148-22eab90611a3","block_type":"box","text":"i.e.","page_number":68,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"9784f8c8-a847-4e80-973a-14f2f9f7897e","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":68,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"eff0f600-5c7f-4e64-9e62-eaeb72413a3b","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":68,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"9ac732a4-bd34-4405-a7ca-de50bc4f656d","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":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"7d660393-d012-4d15-9fbf-1cd2b48168c7","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":68,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"520fbbc8-7b22-495d-a841-79b88ed7adc5","block_type":"box","text":"Speculation.","page_number":68,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"fe98a137-407d-4f31-ac94-6cad506bb6e4","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":68,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"3dff968b-a20d-4dc6-9ef5-376fbaa5a78d","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":68,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"0f4b3d06-43cc-42cb-b1b6-6ffaa360d657","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":68,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"ff6d5d10-2cf9-4dad-ba3a-0989b98bff09","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":68,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"ccb56137-06c6-48da-8976-b8156de77570","block_type":"box","text":"in certain cases may be unlimited.","page_number":68,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"1499d544-f0a1-4d5c-9703-5d37c3660ded","block_type":"box","text":"Regulation of Derivatives.","page_number":68,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"32c6e73a-b0f7-40b3-b6b2-638074a37621","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":68,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"d877eb79-017b-4a9e-a3df-f5521f05fe6e","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":68,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"5f507267-2be0-44b7-b53a-491153caaf90","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":68,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"ccf0f4cc-7dfa-48cd-875a-87de5103a148","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":68,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"229e0193-9792-4a5b-b5b6-d547b759456d","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":68,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"7b5c647b-2d93-44df-801e-c4613530acc7","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":68,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"698c842d-1fe7-493a-9b2d-5c1ae7d361b8","block_type":"box","text":"coverage”).","page_number":68,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"5413594b-c0b5-4c7d-81d3-763b1074f4c7","block_type":"box","text":"II-13","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d02950b3-3958-4c6a-b9f5-9bae83514077","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de9ac079-a013-4219-b58b-a5165e84916d","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":69,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"543c5aa2-4774-40b9-b622-61672c07e4fb","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":69,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"cf67692e-42ef-4a42-aff8-c2119cff4d75","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":69,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"81fba5b0-128a-41e2-adea-5d00b0ab4b10","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":69,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"14b15844-0f91-44d9-a6c9-0be3c0f0db8c","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":69,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"fb2b37e5-67dd-4e67-a9ce-44ef23be0ee3","block_type":"box","text":"financing transactions (","page_number":69,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"a731be86-16da-4d79-9d8a-869f7f1470ee","block_type":"box","text":"e.g.","page_number":69,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"470fbc5d-43be-4f53-a102-236d5920d206","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":69,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"92780f45-e194-4254-9874-f756d259ee1c","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":69,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"62cdb4d9-2794-4ee4-9f20-994ef0706c74","block_type":"box","text":"securities (","page_number":69,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"80299457-20d4-401f-bf98-3a10d79cf417","block_type":"box","text":"e.g.","page_number":69,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"cb446c7f-a48c-4d29-b6e3-16129231b9df","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":69,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"b0f305cb-9086-4526-b9cd-fb21956e4b52","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":69,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"9ed3b02e-3ebd-4cd5-ba4c-f1cc6f0940cc","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":69,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"ea46261b-e1cb-4a45-96ee-28d68f140436","block_type":"box","text":"Commitments”).","page_number":69,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"af57467e-8736-4d8d-8539-d6ee0b430b9f","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":69,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"f445465f-4cd8-4c87-a840-c3db2f88c970","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":69,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"944426c3-92f9-4cab-b493-25ea54dc59e3","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":69,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"17662de5-4ab5-469a-918a-5436963ef2d6","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":69,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"28c2f05e-35a3-4ba4-8e5a-e0390e0e84d5","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":69,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"26ef78fe-2446-4689-ad9c-909eb06d9ed0","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":69,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"80477838-afa4-4883-8082-90a16d16c73c","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":69,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"53c3381e-93c1-4bab-905f-1a3a11b9270d","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":69,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"cd546719-06cc-4348-9b89-03496a81f672","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":69,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"f8a710e3-daa6-47b9-8c93-9abe8f2c08b0","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":69,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"75e1b6f4-1c39-4533-8ad0-4e63128ac546","block_type":"box","text":"Dodd-Frank Regulations.","page_number":69,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"0f858767-ecd2-49ff-9ec1-16697cccb0f3","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":69,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"05e8de62-e1d8-420e-9466-05c1f201547b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":69,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"a4a6f5ac-7438-4b0d-920a-88f2d86550da","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":69,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"898f0969-3609-4eb2-8d60-33b4d3278c42","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":69,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"3c93c9a7-cabe-43d5-ae6b-5e87d9fb8440","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":69,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"b24b5bb3-651a-4546-915e-a7e76fee9188","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":69,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"fd1a87f1-4a08-4173-9915-de1bf40c9056","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":69,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"61f72499-6caa-48e5-afb6-75fa6bc39d50","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":69,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"5b73639f-fcfc-4363-955c-1ba9c4b5ba02","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":69,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"a5823865-5b56-4f5b-a6bb-0bb21eb27b33","block_type":"box","text":"requirements.","page_number":69,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"a92e0536-9fe6-4cfb-8e87-be0eb29a0599","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":69,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"61608564-08a3-41cb-b0e4-d611c7f20cdf","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":69,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"466d7ce1-9473-4717-9d71-6a31cee74e13","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":69,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"c5e8e53b-cf27-420c-b21e-7a8bf12b7eba","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":69,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"4ec55c6f-4b5a-4bbe-b26b-947760fcaef1","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":69,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"21890f10-9130-44fb-a85d-bfec38958957","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":69,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"0403816c-949b-4654-b0a4-4d2789c895c7","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":69,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"3d48b521-8531-4313-ab14-96341b509caa","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":69,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"aaa640cb-3608-421c-ab24-2ea781fe9977","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":69,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"b7da5751-b043-4ab0-b539-d3b432798c86","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":69,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"4bcef17e-fd53-42ea-9d6a-16fc9addc044","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":69,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"fc1a27fd-72cc-415c-985d-891ee2b9962a","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":69,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"699b013d-4760-4567-9add-61c21390f882","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":69,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"7da83aae-61ba-4d62-b8ee-36ba0ec53ae0","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":69,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"388bae83-6305-4b9d-b9e6-59adca290e82","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":69,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"9e066f1a-5ae3-443a-8ee4-15611af37efa","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":69,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"0c40978e-7861-4312-97ad-e1f7737e6ec5","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":69,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"8c915ced-a00c-4813-8b0f-2db166f3c6da","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":69,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"3497aaef-390f-48b6-8b03-bf9135bd39ad","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":69,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"b45cc567-6891-44ef-824b-0c60691fb28f","block_type":"box","text":"member.","page_number":69,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"7f1b792b-c775-49bd-b0c9-6896b9287ff1","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":69,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"c9de0b57-8b40-4672-a5c9-039dd312bd0c","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":69,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"1fd08d46-8c40-474b-9458-18b235f33244","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":69,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"f2bf8c1f-dd52-4438-a1f9-f76715dcd072","block_type":"box","text":"II-14","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05e7d5cc-701e-4b9f-9e63-2fdb27956c83","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1de5fe3e-74c4-4c6c-b1e1-4f03a00a1052","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":70,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"f6b8e464-ad90-4aa1-8e94-eeb9c92f80ce","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":70,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"cab65b11-1a86-4d86-a69c-95e583a58509","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":70,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"1c5737ff-daa4-45f2-938c-c9355ad5ef33","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":70,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"46485a63-d184-41e2-bdb6-60e5fd3c30b5","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":70,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"b4118d22-8e52-4b7d-9cde-ceab9b4b3949","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":70,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"3f8ccf2e-80b3-43e2-a81b-646b0a677ec7","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":70,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"7e2a96d6-10e7-471b-8274-4e4f6482777d","block_type":"box","text":"derivatives bilaterally.","page_number":70,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"0f7f7a3f-3a15-4114-9abf-3a7653627bd7","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":70,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"f5c072e4-17ae-4d63-b6be-4c29ff93d532","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":70,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"4742d0e1-8687-4b49-b1eb-210100b2ecd3","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":70,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"a4a24e8b-d740-4fe5-bb11-559ed08319a1","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":70,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"63e2406b-91db-4b47-9dcf-f7a6497594a1","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative","page_number":70,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"ffd2b143-d7c4-417d-8c8f-639a9f6e9c9a","block_type":"box","text":"positions that any person may hold or control in any particular futures or options contracts traded on U.S.","page_number":70,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"c15cc397-4d04-4d74-a6df-bdb65e93290c","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":70,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"841b91b6-9ed8-4f9f-809d-08d8ccc93235","block_type":"box","text":"agricultural commodities (","page_number":70,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"cdf607cf-7c71-412a-9b97-3ac934c7031c","block_type":"box","text":"e.g.","page_number":70,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"5c87b5e2-0f56-472e-bdbd-dcbb8f7be754","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":70,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"5e70e916-f759-4b9b-9413-feed96e6c911","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":70,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"70079e7e-a79f-4e7e-adb0-af72ab4ce84c","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":70,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"e788d3c9-83a2-4273-89d2-f8f490b6936e","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":70,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"a6c7be7b-703d-43ea-8d94-f53ea4597deb","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":70,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"580ad9f5-e6c6-4977-98a1-8ae496eb63ff","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":70,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"8f98b581-4523-4321-ba16-fd164c7a49b4","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":70,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"961ec7ee-b3e9-43eb-a03f-7212d0b21aa2","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":70,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"1dc3fa3d-c7d1-4fc9-9c09-9caabc000d57","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":70,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"d9e2ac31-160d-441f-b62d-407e7bb22a63","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":70,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"2ab71057-e6d8-4c3f-9ae5-4954c1f562a8","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":70,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"2d63c683-3c13-4308-959f-13bdf972aaf0","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":70,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"fd7164f4-96df-44e1-a6f1-7df3176d67e9","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":70,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"ede02b8c-2a71-4cce-adea-4efa3e3c72d2","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":70,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"8ba7410d-58d4-4aaf-b7df-a48007411d6e","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":70,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"96ffa17f-c615-421c-9aa3-44314aefe5c8","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":70,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"9b29c9e1-31c3-4e3b-80ae-373104f45488","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":70,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"e8bb1453-dc14-482f-9c34-a9e1d3f15fca","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":70,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"3d0b84c6-7a2f-47cd-b666-6ae21092ccfc","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":70,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"006b695a-640b-445d-b2f5-d44ec3b5cdb0","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":70,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"b5970a17-516b-4bbb-9562-70c5d43c73a7","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":70,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"1aadbc44-e4bd-45ab-acc4-7ef773c9f6e3","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":70,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"2aaa9ec8-208e-4f38-b856-69976699d96a","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":70,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"f2faffce-584d-4bd7-b2e4-c38d09a4f34b","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":70,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"eb2ba5a3-d74e-49e6-b87d-8c9fe32871fa","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":70,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"5e17ce0b-a38d-49da-9883-56f493afb5e6","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":70,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"9dcd881d-05ab-49b0-bee7-50138f89f4c7","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona","page_number":70,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"612f7968-94f6-469a-b6a0-5f53d584e525","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":70,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"ead4159d-99d6-41d2-bbe8-74d2e3c9c94e","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":70,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"375b5113-65ed-46cc-9498-d1af8e4442ac","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":70,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"3ff95b16-dca0-4fa5-b5be-0a8aaa327476","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":70,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"c57f44e1-7222-4401-b364-2452bdea49d0","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":70,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"4153ddef-f3ce-4d95-86c2-bb410e2461e6","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":70,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"e268f2e8-8fb7-45b8-a73c-75590bde91da","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":70,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"e4599d33-a0aa-4d6d-a3e4-fd6ce7c0d0b7","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":70,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"6516d726-512f-40c3-9fc0-ded8507aad4e","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":70,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"0238a199-037c-4601-bc69-046f5a6b2835","block_type":"box","text":"restrict the ability of many market participants to trade in the commodities markets to the same extent as they have","page_number":70,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"ebec1891-fde3-4897-9d85-ce875fda6a05","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":70,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"0a519d5f-8018-4a92-adcc-ba5bb6003c4e","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":70,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"c42d1985-9ac6-4a5c-b2a6-70538f666038","block_type":"box","text":"affect a Fund.","page_number":70,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"8a3103d6-169d-4039-b0c1-21fddfd363ef","block_type":"box","text":"II-15","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f776123f-bda1-4230-9ee5-6c96aeb1cc1e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e6378e7-3844-41a6-9064-95bf09ffbbf7","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":71,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"362ae023-d739-4286-b4d8-31f1ad490bd1","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":71,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"0e026ee7-effa-4e19-9ea9-d08197d1b034","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":71,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"c2a65650-b9bb-4211-83e0-2e53bc937c9b","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":71,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"c1d6c0ff-9b4c-4a67-ad03-30c467da5d46","block_type":"box","text":"affect a Fund’s returns.","page_number":71,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"c17e3bc3-76c7-4ac2-a6bb-b91429f04803","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":71,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"5c58c972-ae74-421a-bf62-a7d13ce0c7df","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":71,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"62f82397-d38e-4bad-a021-76a1ad7bf6f1","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":71,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"9432ac19-4c50-4d7e-8a30-f84b0f34669c","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":71,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"01af674c-738c-4901-8e5b-0f96ce9c5498","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":71,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"a1cb719c-d6a0-4ad3-8e96-43dca68ec809","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":71,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"667860a7-0afa-4e35-9468-cb2c05404792","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":71,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"22cc8123-c168-43eb-b903-9816c00b164f","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":71,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"1100d2cb-7a1a-4560-aa0d-33eb926e1ba1","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":71,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"a540c539-810a-4040-a41c-b0a7ae2406f9","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":71,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"b21f04e2-d2a2-4716-9710-63d5fc18e4d0","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":71,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"e672f3da-d328-44d0-82b6-fe77c639f97d","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":71,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"23ec507b-48ea-4b7f-acab-a6e6bdd486ad","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":71,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"a6d894f4-097d-468d-b003-6586db843823","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":71,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"049636b7-82cc-434d-9e9d-b1503edcdd0a","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":71,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"90ab9847-154e-462e-9940-291ba0909651","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":71,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"d2102558-6595-483e-9166-8d878d84b7ad","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":71,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"abf6b958-ba0b-4012-a4ae-e0c7bca05420","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":71,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"a8746748-e1b4-4dd7-ad13-45642091f74f","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":71,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0dc9e00d-e19c-4e0c-baff-2cb5992e085e","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":71,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"66b8504a-583f-47d1-99fb-3bff4fb0a6f9","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":71,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"8e20e02c-a009-4445-99a6-5348be09fa6d","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":71,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"eac83df6-5df6-499e-a526-975a19e543f3","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. It is possible that these new","page_number":71,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"859340f9-3e8f-4370-8c1a-0aaa2497e9b7","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":71,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"d88a60c0-671e-4a19-a68e-b02498366c24","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":71,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"fa6880c3-9835-4e7c-9874-267da800596d","block_type":"box","text":"received under such contracts.","page_number":71,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"a5d034a1-a8e6-4bae-bb0e-920a82b6dbf2","block_type":"box","text":"Risk Factors in Derivatives.","page_number":71,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"b4de6211-f157-490d-bbf7-9c90a34336b0","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":71,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"ba8ed7b7-0d99-4da7-a0d8-9dc67f079b7c","block_type":"box","text":"Correlation Risk","page_number":71,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"d54dc2f0-74f7-4878-9ffa-41adcd55400d","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":71,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"25b8f76b-8de9-49cf-ae26-a36ff1e4c776","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":71,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"a3fe575d-c021-489b-893b-182d87bb001e","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":71,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"a0fbb675-37eb-4a45-b256-804cc41442d5","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":71,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"2b88a136-aac7-47d9-8499-6853cfc13bcf","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":71,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"bc1a233e-f593-4156-903e-4f982ef9f107","block_type":"box","text":"Counterpar ty Risk","page_number":71,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"1d949314-3d58-474b-bff4-9135601606b2","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":71,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"00db5700-9c23-470a-ac16-7b6aa5d5e88d","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":71,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"5b26d7f3-415b-4dc9-a844-05973c5c3982","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":71,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"6189b175-1a68-4874-aec3-b6a24f563b56","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":71,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"2083e4f1-5a58-42c3-90d0-107c00eb68fd","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":71,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"cb96619c-6261-4b71-91d1-e81ad074e93f","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":71,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"f9060b82-9c1d-46ce-99f2-e0be61b3024a","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":71,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"98a48385-b779-4d48-9ea4-f29b075ad5da","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":71,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"fccd4d02-5af1-4fa9-8996-4e7a9e9ba183","block_type":"box","text":"Credit Risk","page_number":71,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"cdca5a3f-7b2e-4624-9db8-163b16fd6193","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":71,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"d3f17368-4e70-48bd-a864-0b48eb9f1a0b","block_type":"box","text":"honor its financial obligations.","page_number":71,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"f1495cbe-d84a-43e1-a08a-b1827eb0c79b","block_type":"box","text":"Currency Risk","page_number":71,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"9fcd9077-8df9-4789-aae6-2d3c6d9e7e33","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":71,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"6fd0beb0-52af-47ec-a776-a91d526a98a3","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":71,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"db7d41d5-ea1e-458c-ad14-14f67a665386","block_type":"box","text":"Illiquidity Risk","page_number":71,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"1079e114-5514-46f4-9267-f689ce2ed8ff","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":71,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"6e4b5514-5e0a-462f-ad6e-467ddb0c7e2e","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":71,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"99f262ee-f254-45dc-abe9-54e0d0c0e8d4","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":71,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"eceb2db3-fdd9-4481-bab2-5d24474962bc","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":71,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"c5559ee8-1f09-411c-bd03-5a2a57b8d360","block_type":"box","text":"II-16","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3823fb11-2f7a-484b-8124-9838efc464df","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b861045f-fbab-4c38-9efd-25f42a8b3b36","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":72,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"e34c1f0b-e0ce-429f-b354-cc0b26e9ab55","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such","page_number":72,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"722eac98-b52d-439a-8c91-ebdbbd962af3","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":72,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"0a2c42f6-cf30-41c0-9913-6e01c8bde41f","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":72,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"6e58a7a2-e192-4b3a-aa1c-4b34558244e2","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":72,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"e45bb9b1-d404-461c-9914-5dfda716a3f7","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":72,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"7c0a03e3-aeea-4550-9f4b-d82cdc363d2f","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":72,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"769453ce-32ac-4b09-ab2a-3431f3314d42","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":72,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"71f76771-1061-4038-b8e6-6f300b620897","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":72,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"6b24c5f8-741d-4bf1-b627-30d5c34bfdfb","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":72,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"0855a20f-5cd5-4a71-af50-8b62868893c6","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":72,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"baf804dc-75ef-4338-a8db-1e1770cbd921","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":72,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"108d45d2-eb74-417a-96fe-39b5b3ec845c","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":72,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"994f0842-0565-4f94-a1f2-b9da4e99cf11","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":72,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"e70f16a2-59b3-4213-a244-24c1b50563bc","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":72,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"4dadc0d7-1c44-4294-9ac9-f1b6b29b6784","block_type":"box","text":"Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a","page_number":72,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"0aebd8b1-a2f8-4c37-95d3-6aa6cb15cf1b","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":72,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"f7d882d7-102c-4039-beca-35a51678f0a8","block_type":"box","text":"Index Risk","page_number":72,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"224d999f-c636-47bb-918a-f79869592161","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":72,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"a1c3a7dc-2266-4d67-a416-3563be264e64","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":72,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"4bf552ed-7fd8-4538-b396-a4fee5839ed4","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":72,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"5c9b6fd3-a5ae-401e-8752-58c0e37e2c89","block_type":"box","text":"Legal Risk","page_number":72,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"d7a6a637-e4b1-479e-933d-88a68ce1975e","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":72,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"d30f564a-47a3-4ec3-87b8-dbbb7fbfb413","block_type":"box","text":"or enforceability of a contract.","page_number":72,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"3058330d-5e88-4462-a183-0100ade593e3","block_type":"box","text":"Leverage Risk","page_number":72,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"a659a0a4-8e41-46f7-af67-3cbfaaf46559","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":72,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"5b0b3825-bc70-446e-8285-5ebbeb347820","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":72,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"2e60f1cd-ea81-4dd3-8dd3-4fb40b27b39b","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":72,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"b9d4c5e9-0bd3-494c-9320-d77deb932079","block_type":"box","text":"Market Risk","page_number":72,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"172a87c4-2d8f-4485-9efa-5156f98e7d01","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":72,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"953f335d-e1c4-4cfd-b3bf-1be3ec10e543","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":72,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"7f62903e-a84e-4070-9643-74694243232a","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":72,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"336322a0-a405-4e1e-96bf-742398712683","block_type":"box","text":"affected.","page_number":72,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"a92cf246-c45e-4b08-9453-cde118b4ade9","block_type":"box","text":"Operational Risk","page_number":72,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"1e4bcb8b-f850-47b3-96fb-cd185c000c25","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":72,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"da0527f2-949a-4f42-bf80-c4fe50259263","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":72,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"ff0e4d9e-f75c-4f65-a3fd-c6247b9e879a","block_type":"box","text":"Valuation Risk","page_number":72,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"ba3bfb51-883e-43b5-8a93-08ec94d10923","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":72,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"d01e2489-1ec5-4eba-99ca-abcf44a81e5c","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":72,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"6c3d3fb4-32b6-4c82-914e-08a075076220","block_type":"box","text":"complex instruments or quote prices for them.","page_number":72,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"3a84ef6e-3952-426c-9912-e6a64971e4a0","block_type":"box","text":"Volatility Risk","page_number":72,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"9026a3ea-d066-4910-ae6c-57877590cadc","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":72,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"7a4e85d5-8357-48c4-a4bc-455b3fd7c4de","block_type":"box","text":"Types of Derivatives Transactions.","page_number":72,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"16a4bfc5-2ddb-475d-a0b7-c8549b2dd6e9","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":72,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"f00491e9-90cb-4faf-9a94-32ff6c67217a","block_type":"box","text":"including the following:","page_number":72,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"ad7b714e-53be-449e-a744-7f93a2542517","block_type":"box","text":"Futures.","page_number":72,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"d47c75e6-e5e0-41b8-bd66-5e87a393b78c","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":72,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"79a511e3-93bf-4f3e-8a55-d99f83da2be3","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":72,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"ff778a91-83af-45f4-b3b2-9862eaafe9b4","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":72,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"b75b9ac3-7b4e-4b8a-98c5-b8642151e1b4","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":72,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"1378ae20-5afb-4db1-b8aa-f262a7b98c74","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":72,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"c88c6f5d-82bc-4f29-9424-08c53fce6626","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":72,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"b7fc69c7-129a-458f-9bac-1bccba00e9f1","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":72,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"0998bf32-b1f5-455b-b6ae-25fa69d3eb9c","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":72,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"f1332bec-34f9-453d-9c5c-17e9bddbe567","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":72,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"e2fadce8-4359-4f42-ad22-bbf3c059a7f4","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":72,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"cebd9045-90e2-49b4-ae06-b69a20700cd7","block_type":"box","text":"of the futures contract.","page_number":72,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"8292bb1d-2c62-458c-a267-c1bdc663efb3","block_type":"box","text":"II-17","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ddccfa5-26ce-4247-9f6f-6e453a5b8cf5","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07120517-6a46-4ea2-8a5a-c8c1fc560c8d","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":73,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"25dca198-e8a3-417a-ba20-45f78bc4fc57","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":73,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"d0828550-8099-4635-960b-137da83fa866","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":73,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"afb58091-fbe5-460e-be09-bcb6be7ff016","block_type":"box","text":"relating to the futures position.","page_number":73,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"bba1a9c6-7da2-4c8d-af6b-c315b096e02c","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":73,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"7dba1f14-efe2-44a9-a23a-b7c4f2c20267","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":73,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"4acfd5cd-e24e-435a-a12d-00e5f82a318e","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":73,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"b16f9375-9571-4af1-8023-0495c292f3f6","block_type":"box","text":"Regulations” above.","page_number":73,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"68353d87-6aaf-4b96-bb8f-3a39cd2e1673","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":73,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"07060631-6103-4899-ba79-1fe1fad25ed2","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":73,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"121d5165-df8c-41eb-abc1-bf57bc804408","block_type":"box","text":"(","page_number":73,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"ab4a4b47-8508-414b-9c79-060b816fa125","block_type":"box","text":"i.e.","page_number":73,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"92988068-6167-41f1-b462-be452ba11da2","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":73,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"9d083822-3136-4834-82fa-02d792d8fdf5","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":73,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"75c4a346-dd02-461c-829e-640592ea4923","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":73,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"01e68d3a-979c-43f5-b85d-ccc52561ca83","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":73,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"465ef00c-fe2c-47c7-85d8-f7b8495c7e48","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":73,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"cc96ba17-b70c-43dd-ab2d-330bfbb278f1","block_type":"box","text":"Fund intends to purchase.","page_number":73,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"47d74cab-4f6d-4205-b13b-ffed31fe3fe0","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":73,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"ef98937c-eede-4db1-8886-4b38f99ec47c","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":73,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"d7a278c6-72bf-4743-9524-9043b820f207","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":73,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"90b35fd8-c3f4-4d31-a13a-80c8b3fce465","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":73,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"4af41304-1cd6-4dde-b95c-8edb6f2a9a43","block_type":"box","text":"illiquidity.","page_number":73,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"1c193549-3af3-463d-86fa-402502f44540","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":73,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"b9a82f0c-be5c-46fa-be9a-ae408dda3bd4","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":73,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"c0207d39-82cd-438b-9bfc-2df03420962f","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"467c21eb-cf69-40d8-bce3-65aed66f5633","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":73,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"ff867b16-ba81-48bc-8f95-a6e5fbd1b0ce","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":73,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"df636556-1cb6-442a-ada2-a9852cd8741a","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":73,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"4b242459-7600-49c3-8660-e5160028a241","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":73,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"edd46703-22a3-479f-8bc8-94b777fd136f","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":73,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"25f3e773-4caf-4af4-ad42-3858ce2f63b5","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":73,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"7e0400f8-020c-442d-9f3a-19850269ec22","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":73,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"4c6f5f66-7f67-4556-96ec-eb7af7e73514","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":73,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"5832270f-c56e-40d3-a97f-af5f06e975b2","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":73,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"29bddfc6-b8f3-498f-a506-bbe4b037c39f","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":73,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"6311036f-ee4d-4709-9445-7c1389bc5dca","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":73,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"478da4b4-4d84-410a-8937-b647aa1b6031","block_type":"box","text":"Swap Agreements.","page_number":73,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"1f7d7017-1597-4da9-85c9-d327f5f4b3dd","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":73,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"5a52e37f-625b-424a-ac04-ecfddce6dfd6","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":73,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"1ff4646b-098b-4d3d-9394-cbd7c516cc1f","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":73,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"30906e72-f293-483a-b617-4595aac0e315","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":73,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"4c3897eb-f6cc-4f16-890b-72066684e78c","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":73,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"90a17377-a110-451d-8b3b-e2650bfc0d8b","block_type":"box","text":"a “notional amount,”","page_number":73,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"0af7f422-deab-41fd-a7cc-311364d9197f","block_type":"box","text":"e.g.","page_number":73,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"c2b6188e-79f9-43b6-b2e7-6c13657bb474","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":73,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"3afc12c6-6e18-4061-94d6-3fe911b67f6e","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":73,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"ce7957dc-5eaf-442d-ab43-62e23ee9ab95","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":73,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"d61a64ba-d07c-4445-bc5c-dab86f970839","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":73,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"31911085-16c2-492e-9566-ff25f910df63","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":73,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"87e9b2ee-9227-46de-9235-6d0ad9dc9609","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":73,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"10b9fbdf-dba1-4b71-a20a-4b12909998da","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":73,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"a8fffe5f-f614-4530-a8ab-fbbb9a3cc0c2","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":73,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"f7795945-25d5-4901-8e02-452ce089caa3","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":73,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"bf8e9cc3-540b-47d4-b2e8-d4c8a081805e","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":73,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"c0e9aafc-a531-4850-8f0a-873054d97484","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":73,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"2dc4f6d4-e3ef-4a38-8506-30eb240ae00c","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":73,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"19d2f235-c368-4aa4-83f8-70b8efc5eb43","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":73,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"31e8a345-3f0a-4ffd-be8d-050fd7087797","block_type":"box","text":"II-18","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"09516f19-9288-41a9-b302-0b79d2c48a60","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb814c79-01da-4a58-a977-28f559d1bd43","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":74,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"ab3a8375-8037-442a-968e-1bf04dc33144","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":74,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"25a8ea0a-651b-4cd9-ac12-c94bf4b9f489","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":74,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"16a94ec2-5b84-4ca4-85d1-e35babb4bc52","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":74,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"fdce9d77-b5e8-4afe-800b-930ab443f1b7","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":74,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"fb31ed1e-4fa9-4c4b-9069-1c93722b65b5","block_type":"box","text":"index CDS.","page_number":74,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"c65f4ca5-8296-49cb-8564-f89bba5fb5fa","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":74,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"0d63ab6c-fb7b-4cc0-b748-749f0e090c07","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":74,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"cb007726-631c-4700-b29b-7490227f12cc","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":74,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"22a8baf7-82fb-4b03-942e-8a3a442e7aa8","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":74,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"c2d3c67b-3c27-42b7-a24b-c78b7d58b8a2","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":74,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"c35299b5-36a3-415c-804a-d4e7d51e3edb","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":74,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"448196c6-d9f0-4b2e-a502-6e0cf6fd7f78","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":74,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"9634649e-092f-4c57-bf63-372c7d535ba1","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":74,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"eee2b355-e12f-40ac-b403-36e6c60a9165","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":74,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"ac524acd-f02d-43b5-8b90-88c32ebd612a","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":74,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"15cc4c8e-a2c8-4c5f-acf8-a54e3cf749ce","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":74,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"a4385156-8f67-49e5-8c76-bf09cec497fa","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":74,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"bff6ef66-e112-419a-9820-193896fe85ff","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":74,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"58d2db18-19c7-43d3-b73e-6562e2573ea2","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":74,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"af4c806b-25c1-433b-a441-63115e1d2651","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":74,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"e8711c31-406f-442a-bf12-e8218f1db8bb","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":74,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"7c96f2b0-02b9-440a-ab37-a868a080caa4","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":74,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"988ce24a-11a6-4074-8306-ffa8d28ebd75","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":74,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"093fee07-376d-4d2b-aa65-5e2d389deade","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":74,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"a8f019d8-6cdb-40f4-a8d2-23c38421436b","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":74,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"403fe974-8484-4f9c-ad3d-b2a91ce5e0ae","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":74,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"850343b1-0fac-477f-80a6-73ae58849462","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":74,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"49b4a131-ebcb-4869-a40d-9c4770ba2a7c","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":74,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"6de5a844-1d67-4b0b-817f-916025e89a78","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":74,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"4b749e97-7ca8-438d-88e9-2d0670a351a6","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":74,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"9f3c8484-51a5-4ffe-8aff-98807f8d7c3d","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":74,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"a11a8902-9207-41f9-ba3f-80e39e844049","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":74,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"40a89653-53cd-4a0d-bffc-bf1d1242a1ba","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":74,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"f5b6dd5b-97d3-4593-87e8-d3913663c811","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":74,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"a9455f88-1086-457f-af26-48f8e175ca65","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":74,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"7d04b4ef-502d-4c74-a08e-604d2d760710","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":74,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"63f102ec-f113-43c5-8c7d-b5e94cd2f674","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":74,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"47165adf-7661-4932-b6fc-fe8de21dd3d6","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":74,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"5e7406e5-5ed9-4fff-9a0d-460145e2d934","block_type":"box","text":"conditions.","page_number":74,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"3c9e76c5-660d-482b-a220-db383d698dce","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":74,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"e6098c52-3cfe-45a2-9faa-ed088174062b","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":74,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"b46eeac6-e163-46a9-a8eb-3d0c6d303b30","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":74,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"b3b85fc6-889b-4bb5-814f-c3e52be081ee","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":74,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"c84fc05d-9c01-47e7-92f2-b1092a434416","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":74,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"9c5b100d-9f01-41c0-9142-6617845d4ab8","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":74,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"b0802b88-d510-4a56-9a41-74b29e2f31ef","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":74,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"9929212e-b62d-4746-87b1-79702c61ca4b","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":74,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"041f105b-9618-43ce-8c5d-3783c0790233","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":74,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"2dc38eb3-f8f3-4b8b-927f-200c501e4bee","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":74,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"123dff07-ce02-472c-b59b-95e7638b88a2","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":74,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"f94177fa-215e-439b-932a-87ff98055763","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":74,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"f3537b53-655b-47c1-a0db-6bacf09401ac","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":74,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"359a2f9e-fbb3-4426-99c9-36b79f1c9034","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":74,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f414aabd-4895-4372-8dca-135a35061158","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":74,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"faba7642-188d-4e69-8172-d521ae75aba6","block_type":"box","text":"II-19","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2124bff4-2788-4ef4-9d5d-51c032cabdfe","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d36b3b8-250b-4dd7-8365-3f43bbc26937","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":75,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"e3473323-6123-4c2a-b6da-415a2fc3b6c6","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":75,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"d6185435-fbcf-46c5-9a91-0c8e483d47a1","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":75,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"d1393718-c647-4e2c-8c68-d2366be65258","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":75,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"07d2909e-c138-40d9-8d8c-8956a8f51698","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":75,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"84cf05e9-4c46-4309-9d27-f1bf8462eae8","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":75,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"17b67253-d873-442d-84f3-841e516795e0","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":75,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"f9edfb37-ed84-4801-a554-b8cd1f1406f3","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":75,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"0bc89e39-464d-44d0-9bbd-616cfed89d87","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":75,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"3b815e93-863a-40fb-8173-ada32106f7ae","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":75,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"54e4b7de-c31a-40cd-be28-cb656d79b371","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":75,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"b0596351-a247-4cf6-8ffe-72a1efba7add","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":75,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"98d55988-4efc-4d7c-89b1-39f391d5f373","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":75,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"b025d057-3333-406e-b652-52c2420b7c58","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":75,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"caa52e68-63aa-4609-ad27-c9a49db47efa","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":75,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"c4a60eb3-6ae0-411f-941b-8e87e99745c6","block_type":"box","text":"cleared interest rate swaps.","page_number":75,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"93020528-9370-4bf8-a064-83e8604ed26d","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":75,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"b8285f4a-e42e-4750-bd8b-3ca48a09d897","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":75,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"b8f19a50-4fe0-47b4-8d83-c48ebd0ce131","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":75,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"72e90d24-a8bd-448b-a343-78d93077e305","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":75,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"2f3e6bb6-1166-4bcb-9536-9a3fd7e1fd8a","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":75,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"40370a29-6ac4-427b-889f-72267dc3ada1","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":75,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"a15593e7-37ca-472f-82d0-56ee4cf61b67","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":75,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"14d02b2a-765c-41df-a35a-023415c08201","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":75,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"5e252b40-44c8-49ff-b2a1-37369cd322e1","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":75,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"438b9a0e-5680-4591-99ff-7db1ea16f1b6","block_type":"box","text":"or variable interest rate, index or asset.","page_number":75,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"b1b87b2f-8b9d-4794-b821-9c14d0da5836","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":75,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"8b400ba9-9ba5-479a-b922-8e8c5b66560a","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":75,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"eb4b4d10-395f-424b-b152-81f92be61ab3","block_type":"box","text":"such interest rate floor.","page_number":75,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"31f5baba-e893-4864-8cf1-8e8de74fb6b3","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":75,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"a57a38e7-8c74-4697-bb0b-7fdf9ddd48e8","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":75,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"b06f7816-1a6c-4289-bc6d-5cd8ae58fb2a","block_type":"box","text":"such interest rate cap.","page_number":75,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"217a91d3-1060-4bd3-b8ae-56ea1c4afd04","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":75,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"4a2ac492-a3b9-4976-9389-39ea716dc7c3","block_type":"box","text":"commitments to pay or receive interest,","page_number":75,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"3a59baf8-14ad-40a3-aba4-439d64c85035","block_type":"box","text":"e.g.","page_number":75,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"7b38b737-b6c6-4f45-96ed-be55520c3ae9","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":75,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"cb5d7a91-ef14-4343-b076-5550c28523bf","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":75,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"2629835f-3328-4dcd-98e2-0309db80d6cf","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":75,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"c0c2a95c-6af6-43c3-ade1-7f56961e84c6","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":75,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"89ac11c7-64fc-4cc7-a6a5-6f4cf02b7021","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":75,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"b849dc11-5cc2-4e9f-9cc4-ae6d4aec2618","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":75,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"ea6637ce-6e47-43fb-a878-0ddb9e61437a","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":75,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"1ee518b5-9c5f-48be-b01b-8c6663a0a504","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":75,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"8b2469fb-5b1b-4577-968d-3f5d6ec354b1","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":75,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"0bdfcaa9-2219-4d40-82ad-932cf6632595","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":75,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"bb50ce2a-062f-4917-802a-d7b654b2fd9b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":75,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"7202dd19-aa7c-45f0-a7f3-9777357c4158","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":75,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"8f3a3336-7e8f-4be1-a3f4-ab4a456a21d9","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":75,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"dfd85ebb-fefe-4993-be55-6e93a316d189","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":75,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"8c732164-a614-40d8-a75b-db7a174bf62d","block_type":"box","text":"Total Return Swaps.","page_number":75,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"11f18175-7805-4b10-a48d-5cf62c78f340","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":75,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"e9e6bf61-c532-42ae-8332-7367752abe02","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":75,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"a531cbaa-6ff0-4d68-8f4b-1a670a4f8283","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":75,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"a3ebd295-333a-4f11-9818-02a87713f0b4","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":75,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"f110d2a7-3adf-4bf9-bd04-4235f6a8e7ad","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":75,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"c6d8f81e-172b-4941-b383-284daece1cd7","block_type":"box","text":"II-20","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b58a8bc5-deae-4b2c-b7a2-a9c1d258d1a8","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b138403-e206-4aae-9372-b0082c4aee64","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":76,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"a41b579e-4cdd-4b9a-88ad-aeae75b6f9db","block_type":"box","text":"“contracts for difference.”","page_number":76,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"2c290ff6-c4f9-484c-89ba-215bb2affa69","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":76,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"e3ccd19b-83e1-4ff0-97df-060e3f3cd34c","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":76,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"6d4cfe62-749a-4cd0-a3ba-07f297c8dc57","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":76,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"65bbaf54-23c9-42c6-b821-c4085ddcca7b","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":76,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"74304116-c448-4c4b-81c5-e3330ce94dc6","block_type":"box","text":"the notional amount of the swap.","page_number":76,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"d50ff103-6c2e-40d0-ae27-d946c2aea2e1","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":76,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"5c0bb2e6-27de-49ab-8d0f-926226e384ac","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":76,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"bb3fd2ec-ee7a-445e-a93f-70bf24107a47","block_type":"box","text":"Options.","page_number":76,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"3535e106-573d-42cb-8a9f-a2bcb11cf6b9","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":76,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"b0812a03-4ed3-4a64-be2c-a02b3e7de5e8","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":76,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"c337a1f6-07dd-4343-8cfa-3eee01293726","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":76,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"1b5e27f3-b5d1-4516-a8f9-0e57d6347794","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":76,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"5cd8d611-d4d0-4a32-a707-0358e76e48a4","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":76,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"52c26846-8d4a-492c-9f15-c6bceaeac7c9","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":76,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"0f6f25e9-89f4-4a22-9b85-b32590ff549f","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":76,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"e2eddbfe-e5d8-4847-a9cd-6d965a6ccec2","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":76,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"fbc6f359-983f-475a-8654-d617bc7573c0","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":76,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"0dbdda6f-e1bb-42eb-81c9-5e2ce46b3481","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":76,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"99dd4ad3-080a-4b1e-bfe5-a617f142df5a","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":76,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"7cf1ad4b-b3ef-456d-89b6-d7e3637f3d27","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":76,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a8d01234-f0c2-4f20-a939-e3e0cae485f3","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":76,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"0f2c76e3-8f6a-4716-89bd-302beccebaab","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":76,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"4eacbfd8-1e7e-459a-9544-991e28aad53f","block_type":"box","text":"OTC markets.","page_number":76,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"547e8636-b90b-4fb2-a625-05c5a32c5d6e","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":76,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"da22f7ae-a129-4148-b7dd-ff7b881a2eda","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":76,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"d6044b36-604b-4eb7-afc0-032c978bdb7e","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":76,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"ed9f6293-9d54-4b74-ba84-aa1d5e384619","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":76,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"995b1505-a3ec-4fe4-b099-521d46d86925","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":76,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"0c361c0a-cea9-471a-a8c5-17c2fb271346","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":76,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"32e92f00-8061-4b51-833b-ac676ba14253","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":76,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"627f589a-f958-4b01-8c36-2c5302fbc3f1","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":76,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"818eaa55-3f2f-4a4c-b7b8-9737bc3535d4","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":76,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"605792b0-c492-4def-8f0c-a94fcf96f5e8","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":76,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"5d19e461-b398-4301-a331-85d048635405","block_type":"box","text":"the trading of options (or a particular class or series of options), in which event the secondary market on that","page_number":76,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"3377e3ea-0c5f-4aa1-9a45-f85ad556f8f8","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":76,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"de11ea1e-4cef-4249-9f2a-e0aefcf6fc1e","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":76,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"42612046-d6e5-455d-a77c-c509fd0e3916","block_type":"box","text":"accordance with their terms.","page_number":76,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"794306fa-86b6-42ba-985f-bd44c83c7a7d","block_type":"box","text":"Call Options.","page_number":76,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"a1e94db5-cbad-4670-8ddf-5fdd4b7691af","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":76,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"602ec826-3ae4-40ee-a2a0-13dda7384741","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":76,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"3150cf3c-a2ca-4fb7-b8b0-0de7c86858bf","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":76,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"1673cedd-40cf-4038-bec2-3b7fd4841097","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":76,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"ea29de96-1ab8-4d89-98eb-78eef17142a0","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":76,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"bb19b68a-436c-4396-9882-624cfc9ecbe7","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":76,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"0560e925-5ab5-4e93-af61-2a8abc1db91b","block_type":"box","text":"of the option.","page_number":76,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"a8898d3e-e067-4229-b1a1-1ffb2bd00fe5","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":76,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"a020bc3e-9ab8-486b-af1b-c5e74198282e","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":76,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"823f7ade-e025-4010-a20a-e22cc2d37bfb","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":76,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"8b67a6c5-2788-4d4e-a7cd-be2a591173ce","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":76,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"9b5115ed-a45f-4080-991d-240a19b3923d","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":76,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"0515cb00-be8d-489c-b2d8-a66b9198afa1","block_type":"box","text":"A Fund may write (","page_number":76,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"c5a7ee37-084e-4600-a468-78f0caf92d4c","block_type":"box","text":"i.e.","page_number":76,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"4c6f397e-e08c-4bab-bbfb-00b8a951d17f","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":76,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"e26a46fe-21d5-4269-a072-1ab4a1282029","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":76,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"0f3e3cb9-79e8-4a5f-8a6d-def2639f8388","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":76,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"71b2388b-cfa2-45b8-af18-19a35109248a","block_type":"box","text":"II-21","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"baae6a31-027f-4f8c-a17f-8ebd50027216","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c8d008f-c3f3-4ab9-a100-f170da1ea08a","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":77,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"c2171660-cf72-42e3-b380-51329ed56b33","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":77,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"fb927691-114c-44f8-b84c-6f205717f146","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":77,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"fe2bfeb4-5865-4a9f-be4a-25c4becbcc3b","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":77,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"b8d781bc-f65d-4bf8-aa9a-ae6698cabc28","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":77,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"8226dc1a-50fb-4362-a707-fc35a34260f4","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":77,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"5d2b387c-78b7-4ced-97b8-835b1f66fc65","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":77,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"e5b110a9-e330-4a25-88e1-7b6eb51b0dfe","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":77,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"6b9c0125-2328-48e7-bbb3-580722fcedf8","block_type":"box","text":"A Fund may write","page_number":77,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"58b8bbf1-783f-4b60-bf26-48b9f2ff0c4f","block_type":"box","text":"(i.e.","page_number":77,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"85e2c442-ce2d-4fc1-9c29-c1a060651f48","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":77,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"fe005b37-1f39-472e-a15d-30a2042b1099","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":77,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"de92bd42-8aa2-4793-912a-69fbb7ac8909","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":77,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"3ebd9d5e-6a5c-4761-a32f-9d9783406341","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":77,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"b684c10c-e13a-4739-b737-913c35a23ab9","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":77,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"38340f94-9c44-45dc-a8fe-f33231fb7401","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":77,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"6569d092-3b53-4694-949f-22a2ce877f7b","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":77,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"d4e0af8c-e24f-4eb1-a24e-c26a4b686ce9","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":77,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"19e126cb-de38-400a-bb31-ef987130a804","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":77,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"4fac7cff-17ba-4157-91f3-bd8304f95c4d","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":77,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"daee94eb-3f0d-44ca-8618-b2620f37d905","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":77,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"d0936cbd-4742-4977-a770-3e4c571edb46","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":77,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"e7e09a4a-1e71-4e98-8384-61dc070c4c7c","block_type":"box","text":"Put Options.","page_number":77,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"11c3af98-74da-4f48-ae69-d0f42559a0a9","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":77,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"54f35878-2878-49d6-a36f-6408192fb1f5","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":77,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"64fcd03d-e6c6-4491-819f-8bb20e77b8d2","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":77,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"01a9bc29-9981-4b6f-abfc-bd621ae43f15","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":77,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"5ebaa0cd-0f7f-4ebb-9d92-4e87c48d227f","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":77,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"c116ae4d-c371-4133-b834-457ec4cb9356","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":77,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"2db58ec6-cc32-4feb-aee7-b29797558232","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":77,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"366321a1-5f61-4f13-adca-5e1c949001e1","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":77,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"519afd41-f587-45ce-b6f6-7b5633b9a852","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":77,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"e686e3a4-337a-44e4-b0c7-a0b51e84aec5","block_type":"box","text":"purchase uncovered put options.","page_number":77,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"f6e07810-e2ef-4fc8-a444-29160cda9188","block_type":"box","text":"A Fund also may write (","page_number":77,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"5a5d5384-bd9b-4abf-bd20-40a820c0224a","block_type":"box","text":"i.e.","page_number":77,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"84b4b941-f9cb-483e-8708-18c4a4401a64","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":77,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"50888ec3-4614-4c66-85bc-8287c5ec7004","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":77,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"b984b003-9f5a-407b-9a27-944c0f4dabbf","block_type":"box","text":"A Fund also may write (","page_number":77,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"8d0edd7b-ee4b-40c6-a7cb-fe11b4400ed8","block_type":"box","text":"i.e.","page_number":77,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"ab2acc58-2666-4434-a542-d846df684de6","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":77,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"9e094603-2cad-422f-98e5-c4b915d9bc71","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":77,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"6130d4c5-4dec-468f-805a-fb0030fec3f6","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":77,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"0df0ed0f-69c7-456b-be6c-2149556d24dd","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":77,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"a24a326a-9235-40d5-a34b-ea55b1768948","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":77,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"574dbf15-84e3-4e33-b352-4837ce6b9ad6","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":77,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"a001ba8a-cad6-4b55-8ada-7120c5931c0c","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":77,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"e1627895-7d58-4b77-8aab-56049355a668","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":77,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"4b5cb62f-62d1-4dd2-a56b-0c25d611bd2b","block_type":"box","text":"the exercise price.","page_number":77,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"618e4b0c-6a75-4f09-9604-6dd3f716fc8c","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":77,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"cd82c43c-7f6b-42e8-a592-88b6a97a2d78","block_type":"box","text":"The following information relates","page_number":77,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"de5db75e-931e-43c3-b53b-c4449c60a75f","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":77,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"fefafa96-5323-443b-ae77-ea6120dc8cc3","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":77,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"b53579fb-13ba-48dd-aa9a-1cdc0dd3d937","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":77,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"36ba7656-d02e-40f6-8f46-7f9183717347","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":77,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"f64c9f13-523e-4f16-9795-af02864569b9","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":77,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"c953cb1f-411b-46d6-af67-4b9657317a1b","block_type":"box","text":"market in order to maintain its “cover.”","page_number":77,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"23b715d4-6a44-47a9-b994-98a977110d06","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":77,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"88e25e9b-1cd0-4919-a187-bc56b189ad5b","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":77,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"f86e8421-7bcd-42bb-8ad2-27ee66ba33a0","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":77,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"33469de8-21bf-4389-939c-c7e5f8f9bcb6","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":77,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"708b3222-538d-4b39-b291-ca578530520f","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":77,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"abc2941a-4e71-46ec-9733-f40eb1bd0297","block_type":"box","text":"and incur transaction costs.","page_number":77,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"324d1e7c-d58c-4c87-ae83-25c852a05771","block_type":"box","text":"II-22","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e30182c9-e521-4719-ba39-d8ea8162fc1d","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e3188e6-fc32-40e7-a927-43d39826a5dc","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":78,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"396ac9c8-76cc-44ed-b030-baa17000a43a","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":78,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"3b2815e1-4f20-41eb-a2a1-9fb0c9800a22","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":78,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"54b41d70-079f-4f82-a459-2795875daa0b","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":78,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"ac538ee9-80fc-470e-923c-ccade21024b1","block_type":"box","text":"i.e.","page_number":78,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"eabd8a93-6488-4864-aa75-415b59d4d929","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":78,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"09f46ece-21fc-49aa-8258-0738089b3328","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":78,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"45844bfc-c8ed-4a14-a59d-46b19a455f00","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":78,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"04a30241-3e58-455f-8691-abd1eb793229","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":78,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"cefefca2-2c91-4931-a1ed-701c46ba45d0","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":78,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"3e5760fb-1808-4a40-88a2-4ff9454545a7","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":78,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"74e5822d-3445-4653-8cc4-be1c1c9a7b3e","block_type":"box","text":"required, to be cleared.","page_number":78,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"efbd6ca8-ee70-4f47-9b2f-c0296eb307dd","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":78,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"a8fc97a5-ccf5-4ddd-90b7-d18f92e53f18","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":78,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"a09aeb41-1ef5-4e4b-9f6c-7ac3f0fd8527","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":78,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"019d82a4-aacf-4184-be04-6c26801185db","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":78,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"cd749dd9-7872-4757-b89a-9922bb4ca7ec","block_type":"box","text":"Derivatives” above.","page_number":78,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"2972e15b-d837-48fe-9106-c6e73d1b3d17","block_type":"box","text":"FLEX Options.","page_number":78,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"dddc1c55-49f7-4d51-a208-2bf09750e707","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":78,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"57359e97-6ded-41e8-8d1a-408b9ad6079f","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":78,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"29b7c19c-d87e-49d6-a67f-37810f9f6d29","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":78,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"9347fc58-c0ce-4ace-a464-fa77e2dea34a","block_type":"box","text":"exercise prices, exercise styles (","page_number":78,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"c0a9c6c0-d722-480c-8a93-0d14ef4530e9","block_type":"box","text":"i.e.","page_number":78,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"e09be57a-62ec-4631-9776-0772f04fa37a","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":78,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"074c4d2c-48a2-4207-99f3-a99d44b2d648","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":78,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"7e25aaa0-d2cb-48fa-8ad7-ee470955d320","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":78,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"db0e256b-070e-4bf4-9491-50bbb463db14","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":78,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"4bb3e801-a29c-4921-a37d-7ec9f2cdfcdf","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":78,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"f39c7f73-e2de-470f-9d43-a8ca9e74874d","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":78,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"25bd17c1-cb18-4f3a-b838-adbff929def1","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":78,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"08f9c2b5-469e-4595-bf89-231103fc5a9b","block_type":"box","text":"FLEX Option’s expiration date.","page_number":78,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"b3e7ec5c-ea8e-45d7-97e7-03ad853c675c","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":78,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"02f7da71-4166-4160-bf55-b3493e7e8285","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":78,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"8c634aed-ac38-43b3-8ff3-a10d8866e4b5","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":78,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"17f705ce-484d-4629-ab38-c44804eea39f","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":78,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"7d90167c-244c-495a-82f9-6c051ea90d8f","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":78,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"b68ad2be-021b-454f-b463-adb57fae41c4","block_type":"box","text":"FLEX Options contracts.","page_number":78,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"3aad26ce-34e6-4eb6-8fec-fd7f67d1f7b6","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":78,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"799ead2a-3966-4564-b899-ea40d1d5accc","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":78,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"d717cc1a-00ba-481a-b94e-ad91200caa73","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":78,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"e88c4de8-6b6b-407d-aceb-d94d9741b095","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":78,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"21176e90-7948-4490-875f-7337cf66d0a7","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":78,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"9f501557-126e-427b-be9d-216069bef989","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":78,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"17bf52bc-f9fe-4120-a6f3-ec2a447434f7","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":78,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"350c540b-9e23-435e-b812-814b619685d0","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":78,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"926ccd46-78be-404e-859d-b93543e14e82","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":78,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"f1765f94-a3c8-4cc3-a82f-d13a2c4c9eab","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":78,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"21a07525-21c7-4623-bdc8-f6e1911517ab","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":78,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"0ac4b7c7-50f6-4bc2-9130-d2e663bf010a","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":78,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"bafaedd8-c321-42b8-9efa-03db69842f05","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":78,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"fbee47d0-106b-472c-b4be-b0779c464491","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":78,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"fdf8d3f1-1eb3-4dcf-9988-4058f86d311b","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":78,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"4bc258e5-67fb-44ac-8f9d-d7ba217a8e4c","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":78,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"b68ad071-1763-4d09-ac5d-218cdc96947f","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":78,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"b9420599-9276-4e2d-aab7-6caf90678855","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":78,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"e4ac00d4-f621-4db0-b17e-02eaca9954ec","block_type":"box","text":"expire unexercised have no value.","page_number":78,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"98f99f06-b137-4638-b31c-71c1cad9c178","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":78,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"daa800ed-6ed2-43ff-ae2a-ba60d00334b8","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concert","page_number":78,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"e5d4d1a2-0da0-402a-b93b-d8ca9b99966e","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":78,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"a2472700-47c7-41ca-bb12-fa5874bd535f","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":78,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"8e366d8f-55eb-49d7-85e5-018d041f431b","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":78,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"a099248c-6057-4426-bcd1-f68e20e49e51","block_type":"box","text":"II-23","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"882cb7b5-a59a-4e24-adbc-1684615a4c9c","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aeb2fd33-c10e-471b-b92f-f950f33c997e","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":79,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"fa787e5a-b619-4bb9-ad98-6df3580c490a","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":79,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"083a4a85-c711-4e34-8370-798cb0b0c544","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":79,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"8d79f10c-0d96-4b4d-b942-35454d1d1231","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":79,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"baa42dcb-59d1-40e3-bb42-ec74a7bb2ac8","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":79,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"cd5f0142-8260-432d-87d7-f723b30f1db5","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":79,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"3c3aa55d-8597-4a89-9e13-88e20179b970","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":79,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"39aabbb5-207f-4b2c-ad2e-1bb584fddac7","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":79,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"0074c685-de1c-490b-b36d-c2db80f1aee6","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":79,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"75c5a551-406e-46af-9068-e3891f32cd06","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":79,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"b019e3cb-caa5-4b36-8441-c68e46390194","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":79,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"fa4b264a-c077-43c8-9710-3280c9124cdf","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":79,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"f5258d51-e909-4435-923b-88568fe1af01","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":79,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"43f280bd-c273-4f30-8ecb-75860aa0b966","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":79,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"14fa5988-524d-4246-927c-75e6fd62e846","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":79,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"1353d7da-711a-47c6-ab68-0b7633744af0","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":79,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"11242303-65bf-43f0-87bf-042ecc062837","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":79,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"b0145d63-d69c-4e63-929c-d0326c236aee","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":79,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"6f189d76-86d0-4ebf-804b-792b2ddfd5b3","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":79,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"c105da4f-a4d6-43de-8256-4101b35b630f","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":79,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"0996b48a-4349-4d25-a921-51f52afc7de5","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":79,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"1deae890-86c0-4fe0-b8e5-7c2fbb639d1c","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":79,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"8e52388e-9744-41c1-abde-95bcce8c8459","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":79,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"90394f36-85f1-4c41-9157-f68048557193","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":79,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"8b86a4c2-ebe0-4c51-96b5-2f1db3f3c45b","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":79,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"9f722a67-71ea-4127-8792-7b8ae3d51e12","block_type":"box","text":"Foreign Exchange Transactions.","page_number":79,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"9939ad7e-2f74-4501-814c-b0658071529c","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":79,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"98979f08-a67e-4e5b-8641-465d8c4c9e49","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":79,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"abae3005-60cc-4d51-a61d-e628687b33e9","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":79,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"5c1c4239-4ea6-4dae-bf66-bc1526483453","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":79,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"51b6cd72-3791-4578-b308-1882a470bb56","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":79,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"b6cd6827-f229-4b49-a184-8499f470f939","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":79,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"149d95b6-138a-4761-adc2-1f55c46835de","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":79,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"6a4ef3ee-b5c8-4571-b024-a7d3628b8de6","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":79,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"92d6a670-abc6-4a42-88f8-0c6c2da6e7bf","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":79,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"a6e22fb9-4350-4568-b2ca-d5770171da84","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":79,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"db74c378-aaf4-4a00-9733-1ce46318c3cc","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":79,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"07bd2780-6794-4ad3-accb-d38062c0821a","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":79,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"72db04fe-6343-42ca-8e81-d656c96011c5","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":79,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"5ccdded1-152b-4af2-abf3-1bba8ee57649","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":79,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"4b0195ea-ac84-41bc-b5a6-dff1ea9a9a59","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":79,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"9de004b7-356f-4a46-bbf8-9a99aa36909e","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":79,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"e3327069-a5a9-4d7a-ab76-8fa4f6a9ece8","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":79,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"6b9be549-f418-430c-b9ff-01d02e4b122a","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":79,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"d1b1b5d6-f774-4f3a-b4ba-aa23c8d38b24","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":79,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"e0265f12-bafc-43a2-9c49-e11ce52b9a7c","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":79,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"0e70d1b8-e9b6-4cfc-a774-8726dd5d7c42","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":79,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"d60a1493-3a39-4ef3-b04a-e99da3c9058f","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":79,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"ab9b4369-ae71-46f7-9722-6c1e58cfedbc","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":79,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"e8c5333f-d029-4f17-9e47-1d241dfafe14","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":79,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"4f651647-26dd-4b5a-86ad-0798cead46fb","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":79,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"c84e37d7-3483-4910-a6d4-f072c7705cf4","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":79,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"4b508224-a490-4c3e-a178-9c2c16755047","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":79,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"18bf4535-7243-4ab0-88fe-6eac616ac5ba","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":79,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"59875bdd-b674-4739-865a-c36a834f8afe","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":79,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"f6ae364c-1db4-471d-bff4-fadc21761207","block_type":"box","text":"II-24","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b89580e-b15f-4bd3-b168-c4f26d5a0fa2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5dd91f2b-9d06-4509-ac45-ad1f8f17c3f3","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":80,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"6cce9c9e-c4b8-4019-b1b0-4db1873fb160","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":80,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"91317718-1c4d-42ad-be34-32fb23706d75","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":80,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"95e147fa-d286-43de-b59b-ce88cf2a5b93","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":80,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"6cc9e6cc-f523-4839-ad71-fe252ea03d84","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":80,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"9413bf9b-51c7-40cb-9008-1da423be2ec3","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":80,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"130244e6-bf00-4ba0-b290-ed9db29610de","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":80,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"fc884be5-c600-4331-b9a2-ee184e555f5e","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":80,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"cc1b9443-d878-43ee-aac5-891d86bb77df","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":80,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"9e6a5dbc-349f-43ee-8d85-64f8fba621b7","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":80,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"dea65193-cc35-45a4-a482-63e6db1009e0","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":80,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"6abf28d2-842f-4f10-bdbf-c3b1de86ff6b","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":80,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"a6b77718-ceba-404d-98bc-a39fb845bac3","block_type":"box","text":"involved.","page_number":80,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"da2281c3-0085-47bb-98ea-9f59b8f43ae6","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":80,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"563d7f4f-6759-450b-9c65-12d53ca0989f","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":80,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"02ff490b-d453-4dc5-9916-4c67de317e0b","block_type":"box","text":"denominated in such currency.","page_number":80,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"95840995-ba2b-4c42-a971-5f8e569504b2","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":80,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"9511316c-6744-49e8-b868-478af4fdd071","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":80,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"efb4c5f7-c9a9-4318-a65b-ddac5dff4ccd","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":80,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"73ab0f6c-2d4b-475e-ab7d-ff59ae9a0fe6","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":80,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"14cad6e6-8b50-4460-afc8-0b9c410f04a5","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":80,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"eb0baa6c-f504-493b-a20d-0fb75219d694","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":80,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"18e3a199-12fd-4a1a-9eb5-2919a9ba4f1c","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":80,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"ba152fe8-bc27-49bd-b000-9e839d1685f1","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":80,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"c45a3cda-8da9-4869-b9de-df2d1044fb37","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":80,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"fedec5d6-9153-49d6-9d2c-ea541d89e32f","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":80,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"79a61f8c-58ad-40f7-b458-079e800bac3f","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":80,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"7b7f7898-5795-42af-a51a-28689b6e4a13","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":80,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"f7edacec-683a-496a-a082-24cc865f8d25","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":80,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"8a14aafc-9dc8-45cb-a1c9-6baa542d5e05","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":80,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"33103dbe-164b-45ea-a2ad-e150714dd7b1","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":80,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"e6f4a509-15c1-489c-8f73-606bbff620ce","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":80,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"a4cbb4c3-bea6-4cc9-8b5c-56204167843f","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":80,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"37f3a0da-b55a-45fa-bf9a-c24fa36ef777","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":80,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"0400692b-c60f-44fa-a3ca-caef25257f83","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":80,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"98894dbc-6025-41fc-a345-b7ace0dbe8ec","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":80,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"d6be7a50-0c5d-404b-be7a-1f46d2d68147","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":80,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"e86faeb9-acbc-4848-926c-ae1169af2805","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":80,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"e7f4da0c-e96f-4ea7-80a2-e42ec42ab96c","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":80,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"8f3baa43-b814-4811-bea6-2e7e3184deee","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":80,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"262c3132-df06-43dd-8b9f-92f25c8b127c","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":80,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"1c867db4-28cb-4d7b-9916-098691b6c72b","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":80,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"645edf3a-3fea-4e87-bc40-274dca533d25","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":80,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"2d7b73f8-7026-4387-a19d-ff9cbbba3a29","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":80,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"c03dcfed-13d0-4667-960d-9ce25013c71b","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":80,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"dfd10099-ce06-4e7b-a4f6-c53fdd0e6f0d","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":80,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"7e8d82bb-00f5-4744-9f08-019428049acb","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":80,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"f332b609-7de3-4a0e-89d6-cd2abf36cdc6","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":80,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"18c26a47-9fc3-4a2d-a36d-2a8e33a99022","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":80,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"20d1a34d-daab-4a03-8a9a-be91a89e9042","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":80,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"42b17ada-15a2-4ffc-8b5c-6398f744bf62","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":80,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"16cbe462-c2e4-41c1-b8d1-de4b6f956610","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":80,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"33641091-ea0c-4089-8a2b-e9a4f0bc73c8","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":80,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"2a627833-5aae-45ff-841a-f57c54b7509c","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":80,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"906f4495-e332-40f0-a96b-edea6a29deb9","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":80,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"c2aadf4c-c4b9-4fe4-84f0-7ce31e3806a7","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":80,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"06bfb839-81d9-470b-8f8c-34b97ac4769e","block_type":"box","text":"II-25","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4b358e4-f0b3-426c-8bb1-f0c4612d08d5","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ae82049-f41b-4f37-8c7f-b6470cf76a84","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":81,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"c0e8274f-30af-4a1f-ba35-80cb4b2cfa3c","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":81,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"2ac6d14f-9203-4d38-bd20-87d12e127af2","block_type":"box","text":"traded.","page_number":81,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"b21f4295-e7c1-4e14-b2ce-8b19dcfbc685","block_type":"box","text":"Currency Futures.","page_number":81,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"44aeed6b-d204-442f-af39-271058112f56","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":81,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"8716ff2a-91f7-4a56-bc8d-98228e919cb9","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":81,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"7a7be2c7-3ff6-4bc3-833b-1b51f18b2da5","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":81,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"570317d5-3926-4d4a-911d-215b93d8f665","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":81,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"abad2173-326b-4331-b1a7-a8767bc3bb00","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":81,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"df18f1a8-9d4b-4bf8-85f4-cc0ca1a52b05","block_type":"box","text":"Currency Options.","page_number":81,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"de0c4c4c-6c0a-46f5-9363-ff859f74b1b8","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":81,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"98ac7537-5176-4f7d-a8dd-24fa7b2a224f","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":81,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"e26f2cd3-7a26-4043-b6e3-c0cc4cbd82fd","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":81,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"5ed0c0dc-3ba6-4f45-94c0-a446a3f68181","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":81,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"bbba31ba-fcea-45ce-a1b0-ac4ad2d6482b","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":81,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"130d836a-820c-4036-b476-0edab9841754","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":81,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"ba3220f4-30cb-4d59-af6d-239fe17925aa","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":81,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"1230233c-777a-4945-9e52-bb85eb06e9df","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":81,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"4751a225-839c-46ce-9df1-fb1923241fab","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":81,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"e7074b18-490c-472d-9271-60ab8acfa5a5","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":81,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"2dc55fb1-c084-4e51-a21d-86549173a6d7","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":81,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"e33b33a7-b0a6-4ec9-9fc6-ed8e17a02a16","block_type":"box","text":"Currency Swaps.","page_number":81,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"af70fc31-3664-46ca-92c2-50bbfca3c6e5","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":81,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"879a7db8-9bcd-4f83-b7ab-60bb9adf6cde","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":81,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"19dbb051-2ff3-427b-b2c0-66f9b2c18299","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":81,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"8e8d8b0b-c63e-40a0-a4a5-f4befd34c637","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":81,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"6ecf58c6-1837-4fcc-aae0-62a9c66d3f67","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":81,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"3542cb03-421e-4d9b-9ae2-6cc05333ece8","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":81,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"499e2811-734e-4199-9314-f760152df307","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":81,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"b6c77cd8-0ea1-451f-a14a-29b0df34edc7","block_type":"box","text":"Distressed Securities.","page_number":81,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"4aed3db1-bc29-4910-946d-680e6e6692e1","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":81,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"4aaf7ab4-a9c3-4aef-b667-0f968a5c1f52","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":81,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"c8c857d7-5cfa-4734-b7c1-f3d11b1ee975","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":81,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"f74bbec1-da98-4b07-b1e4-7c570716cc67","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":81,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"20dd7018-6ae5-4bf1-927c-d930b8a5dd09","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":81,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"367299ea-3f97-4b39-af0b-4b94ae17e8f1","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":81,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"ef5d9af3-2006-40fd-8c15-844690aef98c","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":81,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"2fc038d6-f8f2-40d4-b15d-b935da790bc4","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":81,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"04bf23c2-7654-4015-94ec-afc903c63ec9","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":81,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"27e60e5e-0f7a-4358-83c2-212cd618bfb2","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":81,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"d6020080-8d27-4f2c-8ef2-62f65ff7db3d","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":81,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"e7aae409-412b-46e1-90b6-f436d150d6d5","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":81,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"554a36be-6358-4cbd-95db-5e2b9fce0d56","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":81,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"a52553d2-0252-4239-9cec-14499816762f","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":81,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"18989f90-ff70-4908-aac8-625d26d6e3bc","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":81,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"68f54928-8a0b-4663-b17c-2b7e309efec8","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":81,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"333dadb3-66fd-4a95-b8a0-e396809795d2","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":81,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"cebabb7b-fdcf-4e78-86c0-6d666c4e8a2d","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":81,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"993b2489-604e-40b2-bb1d-daefef69c64a","block_type":"box","text":"satisfied (","page_number":81,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"1de7fa5f-e6d5-4285-874a-7392649c6c6b","block_type":"box","text":"e.g.","page_number":81,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"a53dec64-55be-4534-ae1f-670ff011a5b9","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":81,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"11765b59-1953-4207-aa0f-657b2abb4f09","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":81,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"9fe0feff-7471-4ea7-bfad-13c98f79a586","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":81,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"9b61d7b2-c033-442d-ab5a-ff6591393536","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":81,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"e6a9503e-5801-4d07-b207-0eeaf5a55498","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":81,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"b9f77bc6-e4b2-49dd-b9c7-16a342dba785","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":81,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"d0f24dec-d35e-47f2-bfc8-cf7047467628","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":81,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"7b85e3ba-b6e5-4abc-bc18-820f79be0801","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":81,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"7aa65bc3-4908-4250-b9d3-56189f455397","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":81,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"75ff469b-360c-4cf1-ba6f-60f8237f99e7","block_type":"box","text":"II-26","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de7860f5-2e58-4e00-b4ce-18a12dd4109b","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b81ec2b8-fbc3-4e41-be21-4f962996bd45","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":82,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"025355fd-fc28-4f36-8223-45a2ed5dce8f","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":82,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"5edf168c-9c2e-470f-8d82-de39a2ffc151","block_type":"box","text":"affairs.","page_number":82,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"a197fd15-2761-4a72-a920-75081144d5e3","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":82,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"7f936f88-bb79-4de7-8c33-842d1ce5af31","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":82,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"54a5ae2b-48e5-4639-a4f7-b87a9b1ceeb9","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":82,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"bb0f8997-355a-44d6-80ed-cbd38fb848e6","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":82,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"8dc91498-2a14-40d7-90e9-52f9f369b51e","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":82,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"352f1fcc-823f-474b-8a13-80b791b8c718","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":82,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"cfbef67c-1b71-4659-9010-45b6a6742e98","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":82,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"223f0830-353a-432c-bc51-799a70ab7eae","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":82,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"db06e155-572f-4629-a069-89727e6b6ca2","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":82,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"4090296f-fd15-4e50-9311-309d04fdedb1","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":82,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"f8c77120-2474-44fd-92ab-a2242d0d08f3","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":82,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"bf8a90ec-0f34-4466-92a3-1f98c24fbcdf","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":82,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"3cdedc26-5ae9-49f4-9a1f-3bd6683cfdb0","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":82,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"4c466a26-8218-4d62-89bc-416322730081","block_type":"box","text":"Equity Securities.","page_number":82,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"8ed109a5-dad4-462d-aee1-9e33acd747bf","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":82,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"347e126d-2b60-4f85-9160-f0b264e4ecf9","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":82,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"8349fecd-6cdc-442b-8492-af8c5da3639b","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":82,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"1a2aa70f-a7a8-46aa-842d-f3349f802ee6","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":82,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"ac1692cb-7cdd-480d-98a9-9ede5cc11084","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":82,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"17360bd1-2d09-4577-a0ba-b411d508d8dc","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":82,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"a9343b82-6ab3-4f76-8025-4e2c881ffaa1","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":82,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"de9c03e6-fdef-412a-a096-3ee87419ced3","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":82,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"8655a6b1-e27b-4c15-8baa-7bdd8efaec25","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":82,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"029a4bb4-2881-4b94-a9b7-b05ca4b69882","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":82,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"bd0ea248-071f-4fcd-ba63-e9f04c83af7c","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":82,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"f368575f-6193-4ac3-a30e-f850b5c840f4","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":82,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"8fc7bde3-1224-4a83-be3c-362cf3cdfe05","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":82,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"14cf4e45-0411-4b68-94fa-2540403526ae","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":82,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"06f3e228-27c9-4a2a-bfab-7bbdf60ee744","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":82,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"4e37fbc6-4cb6-40b6-927d-d856bf7de1b0","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":82,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"bfb92b7c-c074-430d-994f-e2719c032339","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":82,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"a94b6d3a-0909-48fe-a478-1ef04ede2ac5","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":82,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"c137ab9a-9283-4b95-b06f-764f53665fa5","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":82,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"322ba376-7b73-46ae-8472-0b881f45b624","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":82,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"97b5f41f-acf8-4421-ac5c-5967bf0ea741","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":82,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"fa3e9591-0c94-41a1-9453-b73c96042ac6","block_type":"box","text":"initial public offering.","page_number":82,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"efa6fc35-9593-4130-b29b-9dfd1fd1b7c7","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":82,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"fb216a36-ea75-4856-83f8-036c73fb00b4","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":82,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"585ce9cc-10f3-453c-b689-de145687743d","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":82,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"de07b8b6-1ae5-4999-9cc8-a17e25811d2a","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":82,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"ce0a72fe-9b20-46fd-886c-dfd7d985d76c","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":82,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"abf14977-fb99-4556-a353-f22d7996c424","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":82,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"b10158cd-1073-486e-b427-9e7941fbb823","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":82,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"30a8d8a6-8d2c-4941-b54a-0cd7bd2337dd","block_type":"box","text":"more established companies.","page_number":82,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"d9577dd6-3d3d-4770-88b5-e16c97223b49","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":82,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"a4a796a1-0f35-446e-b13b-d6e53d1a18c5","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":82,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"77404dc8-19ee-46e5-bec6-54ee4f5e5863","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":82,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"f12d8049-6302-4874-b51b-3bc2de18c287","block_type":"box","text":"below.","page_number":82,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"18371051-e440-4846-8366-f6f820bd96cb","block_type":"box","text":"Real Estate-Related Securities.","page_number":82,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"763e1a1c-dc49-4735-bc69-abaf21e40c83","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":82,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"3ca9288a-211f-4a47-a366-f7ecceb85148","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":82,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"e0bb3840-7c4d-4e6d-8600-82a1d7f50244","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":82,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"5f965648-5314-4e1e-b702-41f428c28cef","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":82,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"f4e0f17b-75bc-4396-9c9e-84011cef6f15","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":82,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"9c1bba16-8f17-4bbe-9701-33dbeaec4568","block_type":"box","text":"II-27","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77e56051-1be1-432a-86af-aba2ab4a4e2e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9f5432e-9d56-4397-9c0c-2c209dbed9bc","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":83,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"816b0fde-5eef-4fb2-9da7-db67faed25fc","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":83,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"50ab7d35-c719-4016-9578-030a1dd6dc4a","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":83,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"34eec5a7-170d-4166-9b36-29ef98e9bc65","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":83,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"2ffa7f6e-2a36-4aae-ba08-072cfe155886","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":83,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"8d338440-79be-4c7e-b124-61f4b00afff9","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":83,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"87ba02e7-216a-4186-ae0a-ba4c73769386","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":83,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"0199de35-9d50-4261-bb43-fd8ad8eeee38","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":83,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"1602d9d1-d75d-4e40-b12c-a229a6e1cc56","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":83,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"82c57098-475c-43f8-91b8-27b708974882","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":83,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"81a22480-90c8-456d-bd5b-9c99ff88ea99","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":83,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"63761543-3a5b-42e1-9a07-3395cd955b1e","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":83,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"eae604ea-6b65-4d8a-a4c3-ccf7294754e3","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":83,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"dacf38f7-7bb4-4209-8040-fb12016985f2","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":83,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"7b383f9c-f19e-4487-b3dc-b1b091b623c8","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":83,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"ecd2d7d7-906c-47e8-a09c-ff4f6081a4ca","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":83,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"1e9e1404-1746-4a0b-9f2a-2b5d2da32f82","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":83,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"50d10448-e25a-4142-9134-a33f852e451a","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":83,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"152040e5-ad67-4af5-a0f5-d38797de3dde","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"58e44ae9-f709-486d-9004-66da7170ee8f","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":83,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"697b5993-7cb1-4dc9-9b41-0d1990855f0a","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":83,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"95d8b404-3f8b-4bd5-8106-f2f9dc87cc51","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":83,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"1f0f8ec7-b7c0-4f30-9d65-ca9ef819a4ff","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":83,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"465100db-8a31-4580-bf94-eb7df9bfb482","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":83,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"67b29d66-50e1-4e6e-bfa3-c079991edeac","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":83,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"edb2f1e6-9b99-43b4-bb1b-15517510c1cf","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":83,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"0a8c32de-6f70-49e7-9575-c1fd57976720","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":83,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"4a16c6ea-d4b8-408d-ba99-275b13335c42","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":83,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"d3d1d9b8-d9ad-4be7-bf6e-741e7de81655","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":83,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"c62d6090-6fac-4a5d-bdcd-7a58084dfba3","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":83,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"0b8257bf-6bbf-448e-87a7-949075c29936","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":83,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"dde76e88-4ba0-411f-a1f4-698439b7a937","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":83,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"a030f5a4-430c-4e43-8c41-826195d72ee2","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is particularly important in this area as many","page_number":83,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"49401671-fab2-420e-8955-2f499d11e67b","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":83,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"62db0e2a-2364-428f-96e0-d19f01f5e7e7","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":83,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"075e04d7-bb8c-40d1-95b3-e3d254fb5db8","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":83,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"10f4bdac-bccc-4d5a-9bc8-97354b8447f0","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":83,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"dc677367-f0c9-44ef-85d3-79471848008c","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":83,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"1ed848db-a37a-4c4f-b899-f7fa61cb49d9","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":83,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"1a52919a-727c-416d-8ebb-53b0d6426bfe","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":83,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"e8b4f108-ee13-4bfb-a364-171eae86daca","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":83,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"90131086-f684-41b1-9456-c39d8e1c467d","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":83,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"cabcc50e-c48b-44a0-9f45-e965ecfa52b2","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":83,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"09226367-cc43-4b67-9440-d4ec9655ba65","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":83,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"2dc44e74-54b8-47e4-b549-385b5402e729","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":83,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"11671087-4dec-4046-a9fd-35d4c80c1c3c","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":83,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"8029e777-0c7f-4908-9d96-5997a898a7ff","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":83,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"7d7cac07-e77d-4c68-bede-0cfa2c910630","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":83,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"518cc21a-345e-4bb2-8c54-2cb55c9c49de","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":83,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"9d62caad-e309-439e-8aee-d0cf60c8f607","block_type":"box","text":"Tracking Stocks","page_number":83,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"52887f30-f220-40a9-a861-cb2c76e8d1e6","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":83,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"9ca820e2-41a6-465d-aa1d-43a1ce6e0e09","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":83,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"bd47bf28-8ac4-4420-88b2-6a38fb486d9c","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":83,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"9de19af3-1859-42b6-80a9-72fcac14196e","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":83,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"ba5875de-7994-459a-9763-577a8e6a2321","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":83,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"9284b935-a6b8-4639-887b-a7cbe00e332d","block_type":"box","text":"II-28","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d168f3e-ff87-466c-b3e5-620da391a777","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d6604ad-6f85-41b3-af0e-d93628d034f9","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":84,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"9cc371f8-fe8c-4031-9f84-4ca8daa8814b","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":84,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"c83b28cd-6cdf-4ed2-a0e8-a96836f1910d","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":84,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"8e53e91a-2238-4db9-8445-d1cb64baeb23","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":84,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"c53eaa5c-ab15-4bc0-8241-f60d063e18bc","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":84,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"a454a3d1-dfa8-4b9d-a0f8-ae7e10b7ef16","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":84,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"6f3fcd84-52dd-4836-9e9e-262169d110c0","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":84,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"8067168c-007f-4976-8d28-bb3e613c4089","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":84,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"18eef954-e175-433e-9b17-24176b5e390d","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":84,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"04db1560-de34-4393-95e0-b9d428d9a9b7","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":84,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"710c6827-6573-413c-9f22-c256ea981e02","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":84,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"0281050d-1e18-44ee-bbb4-01b1194e4e00","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":84,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"f1758f1a-c1ec-45ba-bea8-2b7c6028b40a","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":84,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"f66f3ce7-9c93-41a4-828a-bb2c318f94eb","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":84,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"6ff3bc1e-1024-4a2e-b543-c283b7000af8","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":84,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"a9504c74-a078-476d-9630-3e29fbf4e185","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":84,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"e5c70259-51d2-4615-9f5d-a2eb0599914a","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":84,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"83488a17-177a-451b-a73c-01516d845fde","block_type":"box","text":"loan still needs to be repaid.","page_number":84,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"29580038-92d3-4c8a-9690-928a10dd6eb4","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":84,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"1202e710-b24a-49da-807e-717b8ec0273f","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":84,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"cba231fb-12c1-4c64-85d2-6516aee61f4d","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":84,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"49604db9-3b15-4840-b2b4-40f5d763368b","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":84,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"70c21d23-7ac8-4420-b4f3-e2bdbe668843","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":84,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"0b4404b4-58bd-40c7-84a3-a87d6b4d147f","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":84,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"d79b2f06-136b-4a66-9863-b6acd3ad6b24","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":84,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"1c389ffc-9d32-4958-9f21-49bb5404341b","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":84,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"7cdc22cd-f025-4126-ac02-236601114247","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":84,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"9c0a91ed-ee5a-40c8-8633-2e6ac75cda7e","block_type":"box","text":"Foreign Investments.","page_number":84,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"b8f28f7b-36e5-4056-aaf7-639ff94de00d","block_type":"box","text":"Foreign Investment Risks.","page_number":84,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"1f0d186a-e531-4b87-a6fc-75f14a39e2d2","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":84,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"f2dd1aa2-a9e7-4fd2-9f38-ce064f89f220","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":84,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"f7073829-848b-4a57-9e09-d3d47f71c1cd","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":84,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"549173ce-7918-4002-ac8e-d53f0ffa65fa","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":84,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"37eae67a-de9b-457d-b48d-b94a94b7b2e8","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":84,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"3ff8e773-b3c5-4f12-8f0f-98f92b7a548a","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":84,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"898da1ab-f08f-4bf9-81c6-9f2de40621c9","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":84,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"26fcad33-358c-4946-beeb-bbdaccb52db2","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":84,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"55122681-65f0-4607-9e79-0301c937dc28","block_type":"box","text":"benchmark index.","page_number":84,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"4ef8d1d1-34a9-49b6-a231-e39df30c82d2","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":84,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"8e1c1543-5530-4bf6-b3b9-d60e3936a734","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":84,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"39c352b8-6c30-4389-8758-6e4ec50bfc5c","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":84,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"f1131c45-f2f6-4ceb-9c3c-5bd1d84cbb9e","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":84,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"d8d61b32-a736-471e-8cef-781439d3462b","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":84,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"4d2014b1-eae1-49f9-b5c3-45db6a7a6192","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":84,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"3d324e94-8411-42c0-b600-a940f1deb27c","block_type":"box","text":"securities and zero-coupon securities.","page_number":84,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"1c5c5a77-07fd-4cd5-8f25-ff89588ba417","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":84,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"3816ecde-ef3e-4929-90bf-7a47e4a06da3","block_type":"box","text":"taxes.","page_number":84,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"ecd47809-48b7-4939-983f-e8ed243f03c7","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":84,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"be9c1358-8996-4b0f-a853-2b1934bc4372","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":84,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"6f5e0408-f039-46d8-b59f-0d898b59ba9c","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":84,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"16c86b73-7968-494f-9a79-99260dd9ee56","block_type":"box","text":"underlying security (","page_number":84,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"4b17a8f9-22b4-4baa-a472-e2133fb698a0","block_type":"box","text":"i.e.","page_number":84,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"670d783b-c2ef-4f02-b563-2aeb0b62fef3","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":84,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"bed02643-e0bc-497c-93cd-8b800b586a3d","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":84,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"d0be36b6-464a-414c-b38c-9132bcf28024","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":84,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"e3eee76c-d7c9-4f7b-8ecf-276673e891fc","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":84,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"b48b130e-437d-4538-a324-6f356f66d01b","block_type":"box","text":"II-29","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5346dc2-1ec6-4af9-91b9-b3bbcd02a6de","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b63cecfe-de75-4303-bd99-39b053034909","block_type":"box","text":"Foreign Market Risk.","page_number":85,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"d8cac307-8f4f-47d1-9157-a1c8857588bf","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":85,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"6a106039-3d84-43d2-9ee8-ee29ad9fdf4f","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":85,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"84e6de96-0861-4bc5-b614-f35bc297420f","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":85,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"97b92a10-b80a-4fff-a902-452ac8945212","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":85,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"eacb8ce6-58ad-42de-9c9e-ccfd76b8910c","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":85,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"7af89e37-7cff-4e11-8cc4-e2abb0f5ec01","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":85,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"76d95329-fa8b-422b-aeed-9913bcaad699","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":85,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"7d0d7656-7204-43f1-9648-c37159c25b2c","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":85,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"a59fdd2a-fd27-493b-8115-6483d71f262b","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":85,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"c1ab656e-a0d6-45f7-88aa-f10df04313dd","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S.","page_number":85,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"2b662c9f-6f71-4abb-b793-d172653dc05c","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":85,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"154afe2a-fdfc-4111-bd76-be6bf979583e","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":85,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"b58bb3e6-7ea0-4d2b-aa63-656d13d6694d","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":85,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"73b50074-bcb6-4067-aa6a-64c89013d181","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":85,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"2cef69c3-fd56-4a3c-914a-558c19654af7","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":85,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"ca65d3aa-1361-41bb-a756-19808dec81c6","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":85,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"5617f54b-bdf0-4e3c-8184-745ede51c36b","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":85,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"e69ff8cf-7b95-431e-903c-87a4fafd1151","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":85,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"ec693462-d409-4a0c-8b5c-2fd85a057783","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":85,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"5c653d54-3758-40ae-8907-5ac6c117fbbe","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":85,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"2998cfb5-d2da-4394-b9ef-e894a67a3d2f","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":85,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"fa5866a9-b695-4988-aba7-cf521bd3365f","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":85,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"b45fb486-ce36-46cd-9b53-123c46997fe5","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":85,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"9cbeb360-1585-4255-ac31-209a92f46e8e","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":85,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"956edcfa-7f85-44d0-aac5-4625ee01b565","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":85,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"bea024e4-014d-4fe0-8b13-e7dba3eeb5d6","block_type":"box","text":"operations.","page_number":85,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"266c96d7-461c-42d6-9022-090d64d409c2","block_type":"box","text":"Foreign Economy Risk.","page_number":85,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"efcd357e-3221-492a-b278-8ae42a1411e7","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":85,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"3f29abb6-127f-4926-a595-c076696a534f","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":85,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"616a141b-ba3b-4b9b-8ac5-ee0bb4c1f566","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":85,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"c3eeae85-7cd1-489e-9085-f04441cb7b3f","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":85,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"1b90bbb0-6057-4eed-8320-2b9a64a21303","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":85,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"a27c2907-e4dc-455c-a454-1269272cdc35","block_type":"box","text":"measures.","page_number":85,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"880fc210-b816-400a-83c5-cb2bc48facfa","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":85,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"3f6ca345-bf33-4a03-8884-e7b82f6fcbdb","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":85,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"e587c707-22c3-4a19-95cb-45aa54d636cb","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":85,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"1f4a98a5-449d-4c2c-82fd-2ebb861b9570","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":85,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"6e13ce38-3786-410b-b50d-7abec3afc0cc","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":85,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"234e9dfc-79c9-49d5-9d79-e378504f25b3","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":85,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"a83cc434-5558-46c2-8144-47e4fae8c400","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":85,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"8fa4abe4-eb80-422b-97c5-2a480a1910e2","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":85,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"bd3a73dd-ecd8-4388-9bf8-3cac34be3c18","block_type":"box","text":"those returns.","page_number":85,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"467e96da-5765-4428-9fda-69cb41ef2cd7","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":85,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"7fd69ff6-0792-4b2d-8d9f-31cc3587c805","block_type":"box","text":"Many foreign governments supervise and","page_number":85,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"d2d7016a-b098-4714-9686-1bdcbd6334ab","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":85,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"e37f82ba-34d4-4704-a08a-cf7611c7ebc4","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":85,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"d4929ddf-9d12-45bb-b6a5-c772a6d23eb5","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":85,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"3b1312d9-0504-41f6-8069-71abdf06bc1d","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":85,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"efb96b39-9bd8-4855-bfa0-35335d52d8b3","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":85,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"233eb344-de94-4d64-a592-ccec956a5abc","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":85,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"130e28e1-4e0c-422d-b097-8935d76b25e2","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":85,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"7096e42a-147e-4409-9e92-7c1f87d54ea0","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":85,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"a38a01cb-a1d4-4acc-aca9-ec180389565b","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":85,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"df48d7aa-1eaf-47e4-b8a2-2f6d176679d7","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":85,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"ce80ba65-2c3c-4e13-a27b-579c45a1953c","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":85,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"66136cdd-a45f-464e-92ab-8fc2a41ca21a","block_type":"box","text":"investments.","page_number":85,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"fd3d4f84-dd2f-4afd-97b4-8bc5ec9606d0","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":85,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"a3788ae3-7727-4b3f-aced-7f715da29375","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":85,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"1db10a0f-efcb-43b0-bafc-2cb552931a90","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":85,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"e99aefa0-5bf3-4662-9e18-3af86ebb2233","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":85,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"f15d7d75-92ac-4514-9838-f82fd3029a2c","block_type":"box","text":"II-30","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ed797d9-b01d-4f49-b361-001a423c43f3","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"537ffd60-51c3-4734-842b-d3ece65e06b7","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":86,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"039ded48-5932-4535-a2c4-94798ab223b1","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":86,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"298b16ba-c5f9-47a2-9032-fcbfeacf185d","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":86,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"c3fe6c6a-b1f5-4580-b9df-5e06b3495f97","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":86,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"753aece9-d03e-4d3b-be6c-0b2e6b51fb1d","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":86,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"14d811fa-b9e5-482e-a7ae-e689eef4c6fd","block_type":"box","text":"States.","page_number":86,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"071675a2-872a-4478-adc7-4b765f6c85c3","block_type":"box","text":"Publicly Available Information.","page_number":86,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"c520cd30-5c49-46d1-915c-af82c3f0a3e8","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":86,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"1ad90a51-e289-4867-b873-0a099c3a6d20","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":86,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"a66c8ec8-4677-462c-af22-dfa91ff2d607","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":86,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"7d5cc917-8d72-4b72-a88e-f1964b2b4385","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":86,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"fad4a33c-47c4-4b5a-b061-1cbda5076d8d","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":86,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"3497f750-3926-40db-98c3-0c6b97f9af40","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":86,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"e0f87c8e-b743-4a46-8f23-d7147f09d3de","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":86,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"a7cabdee-be94-4a96-b0fd-c4e3fd85308d","block_type":"box","text":"United States.","page_number":86,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"f789743a-1e04-443f-aebf-b3f2d3ffd9f0","block_type":"box","text":"Settlement Risk.","page_number":86,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"77443e4e-0437-46a0-82ed-830a2eb2aa82","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":86,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"a0751428-1ab7-4889-ba5f-c82b910f9b6d","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":86,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"50a1a93d-65e7-4d90-8454-b19110700fbb","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":86,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"e48daa3f-a8e2-4bec-ab61-555442d60948","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":86,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"7d2f158d-a48c-4133-a4a7-309f0c19c73d","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":86,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"e0ad0ac0-fe9d-45da-a414-b6d44212daf1","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":86,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"d8a93df1-c128-4a06-8d0b-482a514eabee","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":86,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"5fb085d2-43ce-43a6-8461-e4814990ed0f","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":86,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"fbe4fa73-a3de-468c-8d20-988289a89829","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":86,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"53898542-4785-46de-87fe-0f170acfee47","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":86,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"0da61d70-f1b1-4a51-abe8-dc5a269260e7","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":86,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"11429b92-b495-46d1-b81e-0c04b0677869","block_type":"box","text":"Sovereign Debt.","page_number":86,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"82721d66-247c-4232-a0da-f2192c55ad8a","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":86,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"e07930ee-49d5-4a34-bfb3-24df5701290b","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":86,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"03a7e6b5-49f6-4c5d-a875-a291bad5418c","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":86,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"76d510af-293d-4c9b-9c65-fc8a1382fcde","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":86,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"71d6b841-8042-4bad-9b8e-63aaca20057a","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":86,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"ea2e4a7e-8368-4b56-9555-c673db6e0a47","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":86,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"5904774a-5992-411d-a720-f10dc91f49c0","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":86,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"d5254702-7df6-4da6-a9a5-07321a87755a","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":86,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"bd0c533e-11b9-498c-865b-5156dacb1779","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":86,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"ea1861b9-60e1-4abf-8909-8fe8d5b67e12","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":86,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"5b988813-c596-4289-ae1f-c94c942b8039","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":86,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"97fe00d0-bb6a-4203-82a8-4a85cccace99","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":86,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"cde2f922-db64-43cd-aae9-6ca4334b6784","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":86,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"b48b5cdd-daa7-4dd8-a7fd-962bb71c4633","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":86,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"3e25555b-e381-414d-b236-5a35cf801b39","block_type":"box","text":"debt.","page_number":86,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"92a1a151-b9c9-4c42-b595-2179f7f4efa3","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":86,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"6128a434-6b3d-46e4-a7a0-4837be5ee4ca","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":86,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"aff6ed6c-a888-4084-b32c-e0cb79b82152","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":86,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"24229ee1-28a4-4831-9a3f-9a919ede00b3","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":86,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"baf49fd4-0716-4399-85f2-a83b17d0c13e","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":86,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"2385a282-29bb-43a3-bade-ee142454d3a4","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":86,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"83d9ca3e-2d30-490b-8330-58cc3e4d2d51","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":86,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"a7432af3-1263-4c95-9465-f40f7c5140fe","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":86,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"628617ae-5a7c-4630-a66c-803e37ffbfe9","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":86,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"61787ed7-9ca7-4d90-b12b-ad5940d03e47","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":86,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"57a97992-4865-4751-abd8-ebb738faee0b","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":86,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"6630b58b-5c95-48b5-8677-ed561dd6d9b2","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":86,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"5ed3c154-ae79-4dcb-a560-50dccb7a1afa","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":86,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"90b2cf09-7f20-4e23-8454-7d2d92034191","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":86,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"a849657c-7287-40e5-bb1c-99d20323a645","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":86,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"da4af444-4c95-43fb-861a-4b806630faf9","block_type":"box","text":"II-31","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd3b15fd-43ef-4d64-b969-74c95222aa86","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c4bf30b-4b06-4bbb-9272-f54a32c0e899","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":87,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"d56bdcfc-6e1d-4ea7-bdff-c860c017062a","block_type":"box","text":"in the Fund’s net asset value.","page_number":87,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"b454ae0a-8a01-426b-9dbc-0a4925f8e031","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":87,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"11d95166-80c3-4bf3-8dfa-cad8dd2b4273","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":87,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"936afeeb-eeeb-4873-9ccc-a59417e79fc5","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":87,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"4e9391c1-bdcb-478b-97cb-b2d701e7309b","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":87,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"46107b38-f09c-47fe-98e4-929bacb9eb0f","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":87,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"b3075208-2980-4af2-bc6b-9b56508a753f","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":87,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"36098d8b-8510-49c2-80b1-c9c8b504a09a","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":87,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"4cf5cab9-98ea-441f-a42d-173d7310949f","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":87,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"7b4dd4ae-b12f-4b5a-9527-73855a2d60eb","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":87,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"0048a057-7852-4ae2-bc6b-343934bae533","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":87,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"1f6eac27-4d1a-4ce1-9175-b901e3628215","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":87,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"0686217e-5dd5-4bf0-8d35-3cdbd2b20bfe","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":87,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"b95b8e3e-5743-44a8-aeea-19e49f43daaa","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":87,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"8af2df7b-dbb2-45d4-bf67-8e62517b5631","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":87,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"f09d3378-b8cb-4655-b968-cf14a7e6b05b","block_type":"box","text":"Fund may invest.","page_number":87,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"ced14088-0ed3-4abb-84e8-5b22d6646c69","block_type":"box","text":"Funding Agreements.","page_number":87,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"6573f53c-8242-4ae8-999c-0084daffcb15","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":87,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"13f83d21-99f3-4d53-9d44-c2907de14ed0","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":87,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"acc65cad-c202-4531-a529-00e1601a3f2b","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":87,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"1d73d2f6-e5bf-4a11-bb5b-1906af950def","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":87,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"8e77838b-fb24-4d00-baf9-b69b12deb9ff","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":87,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"5d47f71d-4850-4880-bd30-8c84d5b2aba8","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the contract is paid","page_number":87,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"445f4daf-eb56-468d-8cf5-09c8ad821266","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":87,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"cbcfcdf6-e320-4067-a998-7fc447e4dcf7","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":87,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"8f235c07-8cb6-47c9-8838-9070c8e9b7ff","block_type":"box","text":"agreements does not currently exist.","page_number":87,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"8f07fbfe-8105-4390-a71a-2bddabeb1059","block_type":"box","text":"Guarantees.","page_number":87,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"28206a44-6a90-4c39-807a-28d3970d39f8","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":87,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"cfcb8c71-56c2-437d-aa4e-753903931a94","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":87,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"bfea539d-dd83-4668-aff2-d0076a466399","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":87,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"878f71d1-605b-4769-96d5-1814a79a90ef","block_type":"box","text":"Illiquid Investments.","page_number":87,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"b41d5514-4493-4720-993e-19cbd1781991","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":87,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"d04f2e74-06b1-4f85-93b4-fc79bb95fddd","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":87,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"0fdc3d16-32cd-4c9c-b2ef-032f3da2cdd9","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":87,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"cae29a1c-9994-47ed-a4d7-bc07e1b33048","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":87,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"4d4c0631-9d75-4484-9809-25235ef25d91","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. 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The Manager believes that indexed and inverse floating obligations represent flexible","page_number":90,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"039f0bfa-1d6e-4f74-86c6-32ddc89276ec","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":90,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"75a1ce85-cb2f-4b84-b580-825affa80c53","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":90,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"206351b8-78fa-4972-9f96-feccf04c433d","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":90,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"35d861dd-106c-4e63-9098-d51c3a6e8633","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":90,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"3e034775-a202-4819-8267-51632d0957b9","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":90,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"ff0c72eb-f326-443e-b59b-7b2c35125e75","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":90,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"db99110a-9849-4cee-81cd-dfd6f23ed04b","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":90,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"c8f082cf-8674-434f-89f2-c6f428a46fbb","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":90,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"1dccc37b-b8de-412e-8d23-791dd49415b5","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":90,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"304159c6-764d-4a2b-a1c5-0c1330ba1f2f","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":90,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"1ca96429-8d9d-41fd-809a-1998ec6e9fc9","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":90,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"aad681a9-3402-435b-8c43-c0bb18ef4049","block_type":"box","text":"Inflation Risk.","page_number":90,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"cc5ab298-e11f-45ee-8e08-d75e7c0869a9","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":90,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"2a0b8985-1f70-4944-948f-9a4808ea61e1","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":90,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"db0d509d-28b3-449e-9f08-a6a544a42078","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":90,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"a332cbc1-6517-475a-8b44-712d558d0e27","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":90,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"e0e3d07a-3bd8-4e9e-9789-760b13517abd","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":90,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"0f97a6bd-d352-41e4-a5d1-75429cbcd05f","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":90,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"81fac5bd-368d-4871-8279-1e4f0d177dc1","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":90,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"44762a71-8cf8-4d28-9d96-ddfc2f5e7571","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":90,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"a1085eba-3fa9-49ab-90d1-6ac6c632531f","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":90,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"a0c35cdb-3677-4037-8931-7d9833b959fc","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":90,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"64e2a23a-5ec3-4e5b-8975-6b015fba2909","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":90,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"98737956-dc45-421e-8454-2a3161987b1f","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":90,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"e23fbc52-fbaa-4e79-9e26-26acf35adcdd","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":90,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"1ee9c009-d59e-4b3d-9f17-23a1aa749606","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":90,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"8353d241-f6d5-4fa6-9601-1616acd5d041","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":90,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"d3d50227-82c1-4816-8f4e-cd10f0549719","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":90,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"5ee22675-7019-4d8f-85ed-334f4dd6cea7","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":90,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"6648f103-e9e6-4be8-ae32-e6a2e8fb9b7b","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":90,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"5698a2da-57e4-481b-824b-cdbea4d90ea1","block_type":"box","text":"be available for very limited periods.","page_number":90,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"6ef55588-705e-4323-afb0-7d04b553a2ad","block_type":"box","text":"Investment in Emerging Markets.","page_number":90,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"8821fb2d-dd73-41d1-b1fe-2b682479a675","block_type":"box","text":"General.","page_number":90,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"147e0ba3-ba44-402f-9eb4-86a8c249a04d","block_type":"box","text":"II-35","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6413fa04-f667-4d86-b86d-ee8727ade0f9","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19236f19-a247-44be-80b8-2e692518a0e4","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":91,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"bf522a14-124b-4020-af75-7c229bec82fe","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":91,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"8d79082f-e320-4dcc-a647-955d9a3d0a56","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":91,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"81597467-2e4b-408e-ba68-752ba84a7a17","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":91,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"641c8da3-4dec-4558-b87a-e4785653143b","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":91,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"d8fff7f2-1cd4-4220-8b56-595a36a1685d","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":91,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"7a3f71f5-faab-4a29-bf6b-52943a55ce31","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":91,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"2ac088da-ec22-43f0-9447-0061bddcd620","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":91,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"117e4c4f-772a-4b7f-b48b-7904d82beb66","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":91,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"e6c7c59e-c8b0-4724-9d44-62d66f90fd74","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":91,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"b21ea85d-0c5a-4f2f-a169-37d9ffbb4bd6","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":91,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"3bb47d01-314d-455c-a157-02edeacf2255","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":91,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"2ac46314-50ca-4f61-aeca-4e040dfb7c3f","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":91,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"261d2cbc-9a8f-477c-b525-dad3d3e81f28","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":91,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"97bb150e-904f-41b0-bf6b-e2efa36d751c","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":91,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"5ca391dd-4842-4d01-9357-b138a6d863ec","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":91,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"4c92d204-c26a-4b05-afa6-843d9aa810e6","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":91,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"239338d4-8a85-46f6-bc46-9ed2e0b81821","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":91,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"91eed4c7-3c2f-4536-b146-d61581bf4eb4","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":91,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"9dc863db-2dfb-4bd7-8900-3d8172aeec6e","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":91,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"2ff64c69-a96c-4241-bdae-1e55398de029","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":91,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"9c32270f-dd97-41df-93f3-a23ab9440a93","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":91,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"cb621e71-13a8-411a-9f7e-f250daaecadf","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":91,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"444217a7-698f-4b28-9e7b-ed66dec0319a","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":91,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"9a8fda97-cb60-4cd1-a259-e92230f17151","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":91,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"eadd659a-ece2-4bcd-ba4e-902f8c0bf560","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":91,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"d30af3f5-bfb7-46be-b5d8-d8a335ab442e","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":91,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"e62edfb9-161f-46af-992a-32331d7d1b71","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":91,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"0e274588-dad9-421d-8334-3ebab698d565","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":91,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"b3a4ff1d-a840-4bd6-8cdc-b77a883aaac6","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":91,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"9e29bf83-ff32-4877-8893-3266687ca506","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":91,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"ed0a5907-9645-4912-8b59-34a3c6e79552","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":91,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"ac811026-0d00-47d1-aa21-7d8ad7f1a610","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":91,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"0f7d4291-9456-4d67-abfd-066870fb0940","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":91,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"067d8322-6921-4395-b224-5ab8ca0a845f","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":91,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"0b598008-5a5a-447e-a185-34932368afc4","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":91,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"fb6e22da-3230-439f-bdcc-e5acdae730ce","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":91,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"d467c52c-a4b2-4fce-a337-67459694fa2b","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":91,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"4b7dfde4-b8c2-4edb-8700-3fcc02b75c76","block_type":"box","text":"acquisition or disposal of securities.","page_number":91,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"4e952e18-c96f-4459-9f22-86d56095790a","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":91,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"502916ea-4f93-4734-9bad-eff86c015cd5","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":91,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"9f66056b-8dd0-4480-99ab-0b6a3f189e8a","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":91,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"3f0b1203-46c5-495b-b0c8-742c15427915","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":91,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"f1926e90-3d9f-49b3-a8ab-b060dfe56462","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":91,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"78d65199-115a-4144-8e8b-044c381387d3","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":91,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"a8214c24-7477-44b1-b599-c66b5d10a094","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":91,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"0b94a381-aeb0-404b-b919-9425915332d5","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":91,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"0d57bdd5-3e1f-4a23-9751-13a9e91278b2","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":91,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"837ad5de-e469-413a-aa63-c36271ea70f6","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":91,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"5428d56b-4def-4a2a-96d1-f3711f4f88e6","block_type":"box","text":"generally less available or transparent in these markets.","page_number":91,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"9c89ec0d-5d3f-4b65-9cc9-17f54e1c84cd","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":91,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"3b331551-03dd-44e9-bea0-a1b08ddcd983","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":91,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"e8d8b823-d08b-4564-aa98-948873d2f67c","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":91,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"379ef4a9-e5f6-4af5-b0c4-35fc9610f715","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":91,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"ad6cba50-1f08-4b77-b690-b07f6fd9b6a6","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":91,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"7e78abaa-91c9-46ff-b67f-57d9b39ae00a","block_type":"box","text":"II-36","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"49f847db-054d-47a3-b461-eaeb157bdf68","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12e62880-4463-47a0-b0b5-221f04b903a4","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":92,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"6e604bec-edfc-49ec-95e5-307720bd18e0","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":92,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"90d6b33e-263c-49a3-bb36-5dd5c92e937a","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":92,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"0ea2b92e-9dda-418f-aebe-0c5630f9fd99","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":92,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"65832f8c-d7fa-4b91-8b9b-d558774ba837","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":92,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"9ed3fc16-4ac4-42e4-9b4a-73392d7c88d0","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":92,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"7a84125b-b5a2-4e38-aba6-35400b79ee6b","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":92,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"beaa2529-17f3-4946-956d-a07a089d2f00","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":92,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"0c0ce4e2-6b8c-42e0-b9b5-d252acef0225","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":92,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"10f3b707-8973-4501-8087-0e8ca2ebd0d9","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":92,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"ea297ad9-f86d-4dc8-b8b5-43eb3b481f30","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":92,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"0d0e1ba8-3c47-4ce8-9ee2-5b61f754ec80","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":92,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"26f8e1c8-f1db-4960-a4df-1d5daf2b4d5d","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":92,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"cb7d5d5b-fc6c-4704-ae95-3e8bb78b62d6","block_type":"box","text":"performance of the Fund.","page_number":92,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"a80a8e61-abef-47b9-9699-b37e42f3d761","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":92,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"aa196228-e30b-439e-9e9e-4fff3142204b","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":92,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"5dfc37e1-cb50-4f65-ad80-10427f36497a","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":92,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"d0ac49ec-5fc1-4668-9ab6-935420181be8","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":92,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"14a4c0e7-2d7c-4e2c-8c70-03e064e55096","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":92,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"74658968-0b83-4460-ad43-a58818db1707","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":92,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"34b176ae-5a9c-4687-8de7-a1a8838ec195","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":92,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"f76a664e-ec0d-43c8-bd76-890c1850c2c0","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":92,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"aa260c12-f8bb-4e65-8514-2488aa5b93f0","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":92,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"a9609987-b1e5-463a-b2fd-92e71b5ddb70","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":92,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"7471b005-9bf1-4b99-a45c-07907a27208e","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":92,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"c2490626-a6d7-4ab9-9f22-c61f608b4d83","block_type":"box","text":"affected by a variety of factors.","page_number":92,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"fcae242b-c75f-45d5-b8d7-314fcb5891f2","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":92,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"eb979f2f-4849-4202-a711-0016aa0d7e06","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":92,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"2b39a96d-c3a4-48fa-a7d2-7cdd594d0429","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":92,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"a5eaa2ed-c165-4840-8c86-2abe2939ec6e","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":92,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"e003018d-5f11-4563-89d4-7e70e5bf2501","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":92,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"fae5b362-04ab-4239-a3db-631269d807bf","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":92,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"1cf9714e-af12-4921-a2df-a3c43f4040bc","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":92,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"082f4b92-bcae-4e4f-90fc-8b6f1f2b98ec","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":92,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"dd7795ce-15f6-415e-ab18-c7444ca3c353","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":92,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"64f7d8e2-acea-48d2-bbf0-a5fb5a9a19f1","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":92,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"b48be89c-fc04-40ce-8f75-df14dd247394","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":92,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"e9faff1f-c556-4d8d-9473-424134bd602f","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":92,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"1c7cf394-8ef8-4af7-87a9-ea87a8c128bd","block_type":"box","text":"nations.","page_number":92,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"77dca28c-0643-4eb4-b72e-51854451a880","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":92,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"aee5bc5f-0dbd-4777-bcaa-a67f86b49a91","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":92,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"d0cc20d2-5308-497c-9f3b-c74f9b7adf3e","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":92,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"8b1afb88-7f2c-4b72-b64e-63a2f618c404","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":92,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"50084832-a67f-40a7-a080-8435eccefc39","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":92,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"7214a5d6-c07f-4c4d-8e43-8d4a7967c57b","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":92,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"11b2ff5f-8752-41ca-85bf-fe51724f572d","block_type":"box","text":"market Asia-Pacific companies.","page_number":92,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"30301b5c-71dc-4fac-ac99-068e1a4d0506","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":92,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"6d9a5adc-1d4a-4bb9-bd35-8fce31fc4f85","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":92,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"e73a9a4e-7996-4e42-ac5e-15acf7bc9a88","block_type":"box","text":"services for such securities outside such countries.","page_number":92,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"13373a90-8ca7-476b-8493-47f82b91e08e","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":92,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"08653727-ffa5-440a-a5dd-9fedb518c20d","block_type":"box","text":"to commercial banks and foreign governments.","page_number":92,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"b2d93509-de35-4c00-a740-145c3148f9a5","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":92,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"b9960843-45cd-4981-9861-5ead8d81c88a","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":92,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"38e6b30c-fbd0-44b2-9ae8-053fbea5bb9e","block_type":"box","text":"II-37","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"efcb9511-2d79-470f-918d-1ccf8619af07","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10d3b0ab-732d-4f1b-aee1-8a3d44967d39","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment portfolio and, in the longer term,","page_number":93,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"663070ca-ffd0-40ef-af1b-cd8a1bf57ca4","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":93,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"ca7e92b2-8d0e-4281-bada-294d43f76ba8","block_type":"box","text":"conducted.","page_number":93,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"adfd0851-47a6-4a86-a03f-26e1643abc85","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":93,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"d7c5d069-78ce-4a14-943e-6670f5e6fb5c","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":93,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"5e22cf20-45d8-4340-bcff-c3ebf39ae896","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":93,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"3c670a06-0c2a-4610-a9d6-cb7002bbaa73","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":93,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"817f3260-5192-4be2-ba3c-52906b750f32","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":93,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"b609f52f-9971-4132-ac9d-a09041f925d7","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":93,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"798aefd4-95fb-457c-8360-1c525e5175ed","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":93,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"90857286-d123-4949-af8c-031328195165","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":93,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"a00f6c33-efc6-4eec-86ab-a5b2f988f074","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":93,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"b2aa0659-9253-4a62-a1e6-bd965d80edc4","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":93,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"841e24c4-67f6-4672-ac98-c7129da9bccd","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":93,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"b930709d-0fca-4d11-867c-7a4bc113d256","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":93,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"8dbf227e-6538-433f-861c-01d85c8e492f","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":93,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"8cc0ed60-9df1-4c71-a616-f090f8b75492","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":93,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"b1139fe7-de88-4e30-9a15-1f97f8642196","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":93,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"54b55b37-2595-40aa-8ff8-162121117514","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":93,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"350549fd-3e5f-4f02-a23b-3221183a81b6","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":93,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"a4350338-8712-4d26-bd1b-b2215fe33835","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":93,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"bed62383-51df-4e09-b193-f4ea1197e4fc","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":93,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"5b68089b-37b7-4bd2-bd77-60a2588ea390","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":93,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"6d0cb4d2-c77e-4e8f-894b-34563395024a","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":93,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"458cd23d-7e42-4762-8965-ea150683c125","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":93,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"410e1865-6e1c-4099-bc67-15dac3f49938","block_type":"box","text":"investment at that time.","page_number":93,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"f119beee-4f41-4a70-8573-6f6292bf94bc","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":93,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"9ea53aa3-c5b7-4a4c-8b69-99a72315a035","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":93,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"f7a3ac86-45a8-4be2-a7b1-3bad741dc358","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":93,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"c20311a8-c162-49f8-87ba-e70ad4bc9c2e","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":93,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"3eff3acf-3bd0-42e7-896e-5fe00bd65933","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":93,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"c2b93a17-226b-41cf-8522-4242b0b7b6ea","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":93,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"2dfa85c1-86e6-4fd0-ac13-ddd67774ba90","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":93,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"b62e8202-0c01-4703-b32d-b1d72f10cf21","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":93,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"8ae645a6-e764-4b51-b2e4-e05ca011bd9f","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":93,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"8472a7bf-a390-4be3-9354-cde5fc433fc7","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":93,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"dfcc4d1d-1238-478b-bb33-f7766f547162","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":93,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"398810da-aad4-4f8c-b4bf-04018edbb399","block_type":"box","text":"government).","page_number":93,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"9e408b95-d72f-4c52-a3d4-28d01317a003","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":93,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"2642291c-3521-4cb8-ba20-cd71b308a922","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":93,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"da7385c1-ef12-4a4d-8a9f-686ce851ce7c","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":93,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"4d396b82-e89e-47e4-8842-257d09350d52","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":93,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"f53182b0-9ef6-42c2-bc08-1f4e98fdd641","block_type":"box","text":"foreign banks and other financial institutions.","page_number":93,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"58233936-3375-4447-a74d-e327c6f99bde","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":93,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"04b96df0-ad2d-4d4b-b320-1b87aa99e263","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":93,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"b1711589-8986-429f-aba9-5eb83c6f6249","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":93,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"3ccbb2ea-0f88-46ab-92c6-9dbdae29a996","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":93,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"3de64711-c6a0-48c4-b2fa-748c901ec3ad","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":93,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"2f54bac6-c35f-4904-8278-50e1ebfb98fa","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":93,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"b1c2d8a6-0a09-4629-af53-bf9018ba7195","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":93,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"758d4384-5f09-4e4b-8182-cb5f70aefcb0","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":93,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"22f20b1c-cca1-431d-9393-825e6b9d28dd","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":93,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"42c8f956-e22d-4f5d-b70c-2449c1ce8f84","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":93,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"b1bf222b-cd7d-4a7a-9c05-def94a9cdc45","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":93,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"663dfe29-d882-4df6-96fa-14c3a9db075c","block_type":"box","text":"II-38","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11492cb2-1fd4-46ee-94fc-acba6299da34","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"451ff229-8d72-40e9-9851-276c8c6a85ff","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":94,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"9746e99a-85fe-4559-8dd3-4149ab6e08f3","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":94,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"64da7706-f249-4ef2-af2a-615ebd14dc28","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":94,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"345fe598-dfbd-4783-a30e-a3f9865649e5","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":94,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"0dba7fbd-b3a6-4e87-8d0e-28df0cad994c","block_type":"box","text":"foreign securities.","page_number":94,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"142d9184-3e6e-4dfb-a6b5-1f83dec73d59","block_type":"box","text":"Risks of Investments in Russia.","page_number":94,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"52841621-fd3f-4267-8436-be83e061880a","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":94,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"97b28c2e-b7e0-4af9-8409-1af2707f83c8","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":94,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"1939a003-c69c-4432-960b-ba44442369d4","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":94,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"5cf43ab6-b763-4497-a9e0-2dbe75c4a693","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":94,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"ae27c135-639d-447c-8fbc-324f11cb54f1","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":94,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"60c8430b-1a7e-426f-a5a5-d0e197ebf9d8","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":94,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"f6f0dc37-c4b7-4da4-8661-c92927e8eb0a","block_type":"box","text":"markets.","page_number":94,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"3714223d-1ed8-4537-b305-7131200defca","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":94,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"40bdbac0-bf10-4cfe-904c-ac1ed4d91f20","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":94,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"e5a3db76-44e1-4ae5-96ed-8565ebd25710","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":94,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"d87ae14f-e589-4377-ba99-6618d17f541b","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":94,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"73d2d924-ae84-4a36-9120-4b17710a0993","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":94,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"87e6ab44-1746-4e75-a31b-a4f157a9659b","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":94,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"8314a7eb-d342-44f9-9252-6e45aea512cc","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":94,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"32951277-90cb-46c9-a1c2-22964613e910","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":94,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"5b71474b-ee31-483a-a0e5-1b18daa05b51","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":94,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"6aea3a6c-3d5b-4d02-aa4b-8a376e6ee4fc","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":94,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"4ba37083-5e5a-41de-982b-8b49b70153d3","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":94,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"6af625e0-20d4-417e-9891-f1c01b98fbb8","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":94,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"8b0bd0a7-3345-4804-b372-5a775e4352a6","block_type":"box","text":"or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":94,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"b58b8c87-5778-4688-9166-02f49d4441ab","block_type":"box","text":"otherwise remedy the loss.","page_number":94,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"e7fc7b92-1b43-445a-b427-d26261d5cd27","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":94,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"2332c2fc-4fcc-4606-9636-6679c4f8ccea","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":94,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"93d270b2-63cd-4f50-b456-6da7eaf8c20c","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":94,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"eecd3173-0d5c-4c70-a79e-a0f09a86baa7","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":94,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"4c1ec015-fb02-45de-bcb2-4d84cfa99b48","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":94,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"1a6fcc0c-77c3-4501-8536-98656d30b4f8","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":94,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"0599a061-b06b-4d62-808b-85ed325d7d2e","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":94,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"651271ef-8d41-4de9-8b1b-506559675cf1","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":94,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"5b548690-a291-4f86-838a-b7b99c8ca033","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":94,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"536f0c0d-ba82-490c-a122-0f385e3ab0fb","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":94,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"fba0fbb9-00eb-41a3-9c6d-882d29baba76","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":94,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"ae37826a-8316-473a-9f5c-36bf5635e846","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":94,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"cfc2e862-af0b-4cf3-a8a7-b0d38fa856c8","block_type":"box","text":"markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":94,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"6ef37ac3-c32b-4f91-a3d6-5752e58baec0","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":94,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"0075cd9f-400b-477d-aef0-a26b3d0e9136","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":94,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"b8f3786d-f293-415f-8721-bc7d9c44f7ee","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":94,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"9486df14-3d2f-4875-bc11-cbaa9037e8d6","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":94,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"3c40c2b5-06f5-42c8-aa24-f307798ca0e1","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":94,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"12257497-e46f-4ac5-85f6-56ace257825f","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":94,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"955fa1a7-0176-438c-bfe1-d0921994a65e","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":94,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"633bb839-6ded-4c8e-8516-5899ec18f076","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":94,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"f9c9edea-cb45-40a1-8d63-d68b4ae2ccd7","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":94,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"b0d63970-a2aa-46ef-a153-3f9245730a75","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":94,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"4be59b7e-4fdf-4c76-b6a3-f50dde9a9310","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":94,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"766edebb-fcc7-4ba0-ae67-8390d534d766","block_type":"box","text":"of Russian securities.","page_number":94,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"6bd0ec79-d800-4c5d-85fa-6a09932c6b0f","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":94,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"982945af-6f6d-493f-bff6-bb743bfe1425","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":94,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"fe3c6037-f218-48f5-8118-2c0f450356c6","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":94,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"52ac633a-f283-402b-8d54-5ef5bc90d873","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":94,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"33910e29-0158-43ba-80a3-bef81859d69a","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":94,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"92f81696-f8a8-4278-b576-6d992e6ed387","block_type":"box","text":"II-39","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79205791-e041-4552-8d52-98020db16e37","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bb98b74-d26b-45bf-a09b-4c0074d030fd","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":95,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"0a1966b2-b825-456d-a102-7d0f5210c2c2","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":95,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"a659bda7-f2d3-4f07-acac-d7ec3f91496a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":95,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"f265b8e3-4c2d-45f5-9876-2342ffbd5da1","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":95,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"ebc06a17-7b3e-4bdc-bda3-a6e21d0ee089","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":95,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"d5fd6e40-0074-468c-8aa2-b23c9e737292","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":95,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"5adac438-6e34-4f58-8447-6a26744a438c","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":95,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"ffe61deb-fa4d-4e59-9565-b3003ca340cd","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":95,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"e439f056-f46d-4ca6-ace8-c9790874d3cd","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":95,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"02d72df2-1f81-482c-a76b-548833fca9c2","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":95,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"2e37e7f8-651c-4005-9e1d-9e99f8565af6","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":95,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"13c909e2-954c-4fba-9cb7-63b676d9bbdd","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":95,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"bc53655a-a28f-44a5-b17c-7195ce1cf508","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":95,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"15face28-2129-45f7-8e84-2cf6a4a8cb83","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":95,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"b406169d-7203-4f22-8d4f-8988ca810b2c","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":95,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"f387df37-9c53-40fa-b74e-fddb6b017495","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":95,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"5fd6b228-30de-45dc-865d-7a411d3a344d","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":95,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"b1d42ca1-8adf-4c59-9487-496cfe0787af","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":95,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"b2963af6-7f49-4ff1-a97f-1d83eb77f454","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":95,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"2d026f90-0972-4623-bcff-73cf841b31b4","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":95,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"4cb78593-16f7-4558-a894-be4bcdde2298","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":95,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"80a68c45-69fa-474c-9c10-50fbf76e06db","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":95,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"8a4a7f6c-f6e1-4c26-8db4-3934c36b55d6","block_type":"box","text":"impacted.","page_number":95,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"5155cdfe-86fc-4d30-9aa5-0af19190aee6","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":95,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"d85173fc-73d8-4a80-a63c-3d6ab9e61682","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":95,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"e3ca7c25-69d4-4a66-a8c6-d88ba4a2bb68","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":95,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"bafb890b-2d9f-4ef1-ac50-bfbabfdd76b5","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":95,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"06f39dc2-2014-4d07-ad83-f66fd235a130","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":95,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"12903440-5d2d-460d-ade2-728ed0bed9e4","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":95,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"bbed1328-cd96-47b2-8b73-8225ab9bc85a","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":95,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"5e438eba-42a1-4524-81dc-0d1282b6d0ea","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":95,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"237d2afe-ede8-4742-b870-1438420b8765","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":95,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"3c00a748-de5c-4721-b733-bb9b08c57a09","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":95,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"a4367a0d-7912-44b9-b2a3-54d0b77db760","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":95,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"9ce7d5d8-df74-4e2c-a48c-d17f0ea00ff9","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":95,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"c81620f9-4b4b-4fcf-a909-89526a21708a","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":95,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"19bc7ea6-cc3a-4d4c-ba02-7bc139c8dcfb","block_type":"box","text":"economy.","page_number":95,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"83f6b995-3da5-466c-a14a-a4f2ad610794","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":95,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"ea23436b-1f71-4197-a87f-28f9e374ef8e","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":95,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"3f4a7c59-4671-4500-98e0-c88911ab830b","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":95,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"5be8ff61-6a95-4345-acb6-c262de283733","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":95,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"cb84f944-ae9c-4364-b698-e7abd2d7b5ab","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":95,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"da01997d-52ad-4959-bc3f-dd75aa3ca8d6","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":95,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"46c9ea07-86b8-4c37-9e64-9932d2b42684","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":95,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"03805415-3947-4e11-b003-2bf6bc1f427f","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":95,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"806c1099-1616-497d-bd02-c4a248a4e47a","block_type":"box","text":"typically the case for investment managers.","page_number":95,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"68bec8d5-293d-4f18-b74a-a2e38cb34337","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":95,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"3ffaea66-b66c-4239-8a32-9208f09f421f","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":95,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"aa6f880d-5569-4471-bb77-26ae4c955233","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":95,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"2d2d80ad-ee82-41e3-b533-3d85ad31f54b","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":95,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"28a25774-5414-4f7a-8070-0c65ea9322c8","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":95,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"300b67ec-3bbc-4f3d-8391-a258905bdf64","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":95,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"2192108a-33e2-41f5-857a-a41364080233","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":95,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"cd6de350-ffd3-45c0-a44d-29b4a92368c4","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":95,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"c531b448-74fc-45ea-92a2-f596a6c61cc4","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":95,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"9a905b83-79ee-44b4-a207-5313908cf445","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":95,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"35522a2f-ab72-4170-8249-91ca7357a70b","block_type":"box","text":"II-40","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"23971647-db78-48d2-82a1-81770eae98eb","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1302dea7-7822-48bf-8bd4-14a2cb1c040c","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":96,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"ecd91015-6717-4824-8c78-dcd07bdc6a9a","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":96,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"5e813e3d-ea1c-460f-ba36-e8c5464bcbae","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":96,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"6d383069-d82a-4c41-a5e3-a85a388d1e3f","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":96,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"a3f380e0-d385-4843-aeae-09d958dffd57","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":96,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"d8d330e4-e2a3-4daf-81fb-138024576880","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":96,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a96be8cc-a515-4875-a073-daad6d859a25","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":96,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"33d161e8-58fc-45b3-a87a-8253f0ed4667","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":96,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"ce26d3eb-9e80-412c-a45c-33e7e5958758","block_type":"box","text":"will be indirectly subject to those risks.","page_number":96,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"6f95d6d4-012c-4049-b3d7-6d51a91b14a5","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":96,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"552b3db0-ec43-456b-ae9a-7957015566fb","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":96,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"22ac60d2-c7c8-4c64-9854-5677ac634c3b","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":96,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"f004a141-b287-406d-b477-5571480b068c","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":96,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"f7e24b78-a399-4acb-ba8e-717be7487b7f","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":96,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"5cdca232-830c-4a58-8bdc-fa9ed3863fbb","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":96,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"f4b2c925-3b5d-4674-9f59-f87f1f7999c3","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":96,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"99dcdf3a-5704-4590-b254-6fd627c2e3f3","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will","page_number":96,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"ef47005e-7c5a-4d58-bee0-04c8683d0b4c","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":96,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"0f70f69e-d8d2-43f3-9629-7a5ba38620a7","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":96,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"c641e90f-1d90-4e8c-a7cc-3ba0f348e292","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":96,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"1bf1441e-b7f6-465e-b5a4-c185991e93c0","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":96,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"1cb82efe-4e5e-40a8-8844-705dec6b99d2","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":96,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"1cd8b22d-2d93-4259-875a-5ed5b4b1221c","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":96,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"24f9321d-8040-496b-a02e-429144110b3f","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":96,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"526b4bd8-4a5c-4fe2-9a9a-9cac3669b717","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":96,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"f308e315-dffb-4c2c-b8fa-dd5d86905611","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":96,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"1f206a3b-e19b-4204-b1ff-1c4281399614","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":96,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"68f1e193-13f8-487d-8667-a922994a0d37","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":96,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"b9f19af6-051e-4595-84cd-b75109877ad7","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":96,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"f46fddca-fc20-4bf1-8997-2981160c3e93","block_type":"box","text":"Brady Bonds.","page_number":96,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"5e440c46-5101-496b-bbf1-a875d7c15423","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":96,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"f0efb42b-0ef0-4340-a77d-53e8ddbd7aff","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":96,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"e94a37f2-a0d2-4edb-8465-2d9ec0ab0d1e","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":96,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"3f5ef879-df21-4a15-a113-3d6a578fa2db","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":96,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"01a93521-4c0f-4b9c-b61a-3c9b7959fdb7","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":96,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"59564fde-5a85-4a6c-8c80-ffda9cef4581","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":96,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"291d636e-b823-4202-863e-8ad4103b2be9","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":96,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"eb1d0cd2-c9e3-4d95-bd34-fc6805728744","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":96,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"ab7b4261-6a19-413f-ac63-7e01d4671f62","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":96,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"4383dcf4-9cf8-4cf7-b112-d8cee5fbb10d","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":96,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"fedfca85-5475-4977-be73-6e3417f7ecb1","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":96,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"b470aa9e-88fc-4526-95ae-821b4967fdea","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":96,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"71f0c70f-4e6a-4870-be14-c3185f2b7fd4","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":96,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"e978e8c2-bc41-42e9-bd31-c0d08c1d0f30","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":96,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"9b4396bd-454f-4825-8d52-a158829a0db1","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":96,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"c5502b76-fcdb-4c66-99ed-2b00fd644774","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":96,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"d965b129-2107-4fe9-bbd5-aba2d9e389e5","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":96,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"7871a484-df7a-46f2-a59c-615c4ef77c2a","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":96,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"546aa6c3-ba79-408e-96e2-13262f19b893","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":96,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"9486fcaf-3269-4cdf-be14-c0065978e8ac","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":96,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"d6998384-8f59-485d-bf35-4fec2ebf7fef","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":96,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"d926cca3-234a-4a66-a505-4ccfaf082967","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":96,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"91532558-3fcb-436a-ac76-e1f5f51c9773","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":96,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"80e42547-ea08-488d-9b4f-3c9da356f3b1","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":96,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"8887a188-efd7-4b40-8ca0-181c7816039e","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":96,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"3a8a92ba-4c9a-4bc2-af68-98b63eeafec0","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":96,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"5031576d-51f9-40af-bb47-4b054f9b7c83","block_type":"box","text":"II-41","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6756a13-3c48-4e1a-859a-6852e3788e61","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e557b294-6f05-413e-b7b0-30519aced0c3","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":97,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"7f3f1b70-a163-4872-9957-2bf9b54a410c","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":97,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"d608f37b-e6a2-41c3-b1de-5a0d484fcc2b","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":97,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"a18a911c-f1c0-468c-bd5d-e605b8d845b5","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":97,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"f114b253-17a0-45c6-9ac1-0cef0b0850c1","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":97,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"90ed8c4c-ecf5-4a5a-a251-d53a97732d4a","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":97,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"28426b72-5d9c-4841-bc58-f24e5d268e7a","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":97,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"220a5595-fa94-4433-af15-8c563453fbae","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":97,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"cde87433-ac8d-4474-8ff6-af1d0eefd8c3","block_type":"box","text":"China Investments Risk.","page_number":97,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"0a9bb1cd-561d-4c84-adfc-872f4209b9d3","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":97,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"3a60a6a3-96ff-4aa7-8c78-28639adfe5d2","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":97,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"0a2fac9b-d455-4252-b57b-ec0c5482eb26","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":97,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"2550790b-53b2-4781-8996-e90cbbb2dfa4","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":97,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"5366f3aa-0828-49b2-958d-dac8dc3af877","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":97,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"5b12041f-0998-4fab-b3b3-47d375d59482","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":97,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"26816b00-9f78-4e80-9938-c4e230c6b824","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":97,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"3f568eab-59e5-448e-a35f-1ea8ec542a1c","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":97,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"2cf209e2-a30a-426f-81e2-e3d851683c71","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":97,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"1625d9ab-cf26-4311-9891-1168b36996d8","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":97,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"7e77bbf9-3de9-4c22-bb01-336aa4fd7a04","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":97,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"2504c3fd-90ec-4a28-a4b6-d49e0ebb744a","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":97,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"8848bb0d-9ce3-460a-9e23-6f4ceed5ff73","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":97,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"4a7f352a-2b79-4c01-8211-45d4b98cef4c","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":97,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"5ca20d5d-06a5-42c1-acfa-6286c542f95c","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":97,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"7935bf2c-2190-42fb-a252-4c4f4969812d","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":97,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"8590c3db-f001-473f-8631-54625571cb04","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":97,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"ffe9ad6a-f1c8-42ff-a335-4ddb60647f3a","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":97,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"fc03dbdf-4bde-4e36-ae72-eb544caf4344","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":97,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"fa2600f9-433f-44e1-9d02-4cca92737099","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":97,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"d0a3a6fa-36b6-4e4f-97e2-89a4ff0fc5f3","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":97,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"bf4c1392-5ecf-473d-8e1d-9f58ee6a3d09","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":97,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"64f3d6df-ebd2-47e7-a09b-16ab7f1cce9d","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":97,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"7d478c3a-3c1a-42d0-bae5-90293b4474ec","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":97,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"4c2fe57e-6bd9-4642-9bc7-1f4c5889ffba","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":97,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"ae792fc3-e090-4332-b2ca-847b0867e69a","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":97,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"b40552b1-1df0-49c5-bbfd-3e1505910a1c","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":97,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"78a78c7b-20c2-46b3-9992-e8d1b05bffe5","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":97,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"49a70a44-8129-4e8e-9034-67df43699afa","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":97,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"c9ce2e43-02d5-4e1e-8047-29c279e529b7","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":97,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"a675c308-23cc-472f-a182-a7a750c9ed87","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":97,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"e99a52fa-9fa8-4e63-8ba6-7e38bbff3f3b","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":97,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"73d8bb53-4949-4bb7-9b3f-035df80cfc96","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":97,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"40c38b17-833d-490f-a470-ff94575258a5","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":97,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"c239df37-9c8a-4a8e-8d68-3c17342858a7","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":97,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"c23b140e-c021-46e9-8f52-c5e0095d96e1","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":97,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"9d174ab8-e5c7-4936-b43f-3f5647772f44","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":97,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"2c703b74-0ff9-4524-9c62-a193a4562662","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":97,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"bee30be3-a384-487f-aa03-a1c8a67918ec","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":97,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"fc2e03b4-bbca-479f-80bd-9908151fc856","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":97,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"37b880d5-540e-4423-8996-c210e427778f","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":97,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"b4588431-8ae6-4473-80c6-e93179ad10ae","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":97,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"8d4b300a-837e-4a99-b403-9b93587c9e29","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":97,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"3733008b-88a0-4fd3-a268-fd374c63490e","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":97,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"9f89dc25-b4a9-4505-8172-ab21b1602902","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":97,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"be790994-7f25-4797-920c-e37198078f1e","block_type":"box","text":"II-42","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b742959-ebd6-4743-bb7d-3308ed31f923","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c083d75-8a45-4023-ad87-dfd4ea76c82b","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":98,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"88779d1a-af76-4c43-b462-3a178d564647","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":98,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"287fc3c6-3741-4095-9099-7a3d98871627","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":98,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"91fdbfa7-231b-476d-88e8-7ba50e48e1d9","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":98,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"9bc313d7-e67e-4105-8c9a-18edb675494d","block_type":"box","text":"sub-custodian.","page_number":98,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"351255a7-56ca-4737-8096-227cf1cacb55","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":98,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"b7300271-0a2b-40f8-817b-4b4bd32af97b","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":98,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"8a34932a-08b6-47d2-858f-54a69f1e23f0","block_type":"box","text":"on investor protection considerations.","page_number":98,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"d841bdf6-9170-46c0-8ef6-b21aea0d8fae","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":98,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"b2378b0a-060f-4ffb-90db-b6d45e751958","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":98,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"62086107-4325-4301-8686-c03b82a2cf29","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":98,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"1c53e0f1-52c3-47ce-99a8-86583b435b49","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":98,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"7f39acfb-71ed-4744-b256-65e88d03f108","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":98,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"4017c20f-03af-4c2a-918b-91fb6396fa7b","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":98,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"2dd25788-0343-4550-bc91-45fe3b7e6f22","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":98,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"8f7fdcf2-e717-408a-8ee5-b696294aa79d","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":98,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"81dc09ce-accd-4594-9df7-c52cae8daa14","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":98,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"83249880-888f-44c0-b546-d97f560d9a9a","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":98,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"2e771b8b-656d-452d-8f41-fd0f3899939b","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":98,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"2792d6c1-af63-4b03-b5d8-eaef1f1b5c03","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":98,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"94291312-6746-41ff-abaa-762809ad331b","block_type":"box","text":"accounting firm.","page_number":98,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"5c1c45e0-4be8-4f15-9bb2-4a4053122e0f","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":98,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"21f8d57a-de19-4a10-80f0-8704624cfef4","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":98,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"bfdf38ea-5f9d-41ba-9845-953c32644873","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":98,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"b25108fd-c5ab-4d41-9812-79913697722f","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":98,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"7f7fa3ed-8169-496a-ac06-3b8ede6d0f92","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":98,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"9814a5d7-9a47-49a4-bc72-d69933cbc277","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":98,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"c15d87fe-ac05-425f-a241-37716164eff2","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":98,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"e329c026-d1c1-44c7-a9b2-1bd0613dfb20","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":98,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"58a8eeeb-1834-4a74-8559-f4ab290beecf","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":98,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"58c1b8dc-a89e-43ef-9333-6b4c4c737331","block_type":"box","text":"RMB (“CNH”).","page_number":98,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"fb13c010-a470-4db3-bbbc-35469ccb527b","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":98,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"87b6499d-2bc7-4960-82be-61f5cff69667","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":98,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"cb13345e-26eb-4381-8210-533e2975b9ea","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":98,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"d31ffc3b-3528-4332-b8b0-820a56c0acd6","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":98,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"44b584ab-9591-412a-9ada-686ea4867b84","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":98,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"4a454034-fe19-4fdd-9416-4e3a78740b99","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":98,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"5d0c1753-9bbf-4fed-8f71-2ee372ae6702","block_type":"box","text":"represent equity ownership in the operating company.","page_number":98,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"9b1e0555-1020-45d5-80ce-884c51c13339","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":98,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"54a51ec7-b183-4545-8515-2768625d10ea","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":98,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"de78e978-680e-4a94-bd82-53ba826b0cdf","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":98,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"6b6f1a8a-1358-4910-a5f4-537a1ea47c84","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":98,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"3f69c94c-e2ef-4570-89c9-2debf6dd4ff2","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":98,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"f53801a2-2598-4e32-9c82-c82e5ecbe88d","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":98,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"467f718a-dd85-4529-b4a9-9c7bd3819fde","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":98,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"f36f9c32-d63b-4302-b7be-cf15dccf6d8f","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":98,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"5199503f-f046-4550-8d12-12914e722aa9","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":98,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"d7cb862d-d3de-45e2-9c0c-6afc95d2397c","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":98,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"8bdb2071-5112-47cd-96f2-5495e21ec633","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":98,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"160c03d6-f5cc-4abf-bed4-3b224e6b428b","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":98,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"78d7cb03-b3c5-4fcf-bd84-abaf2dd1a004","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":98,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"044db15f-750d-4318-9905-b2e382ba0a03","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":98,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"342d66a4-22e0-49b7-b1cb-03ad17ab9c20","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":98,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"06196e04-7df7-4dc8-aca0-9cbd318bd4ed","block_type":"box","text":"II-43","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bf2627ce-b6d1-43a0-82dd-5bb8f7b687af","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d414bc0-1fd7-49e7-96ba-49157c9f2538","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":99,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"e1079f4b-5b21-468f-9da2-bb7800de14bb","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":99,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"4aa1da2b-c8bc-452e-9c70-6131626626d5","block_type":"box","text":"losses to a Fund.","page_number":99,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"4aa18123-e4ef-44a9-bf09-2bdd98aedd57","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":99,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"a41842ad-caf0-49d5-9504-8f2cb2bc1c7b","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":99,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"30dc9a1c-b525-491c-8501-3f5b4d8e8d9b","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":99,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"41cc79dd-cde8-4afd-9dc9-a9ad5ec3dca4","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":99,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"f9bdb4e3-c7f8-4b33-90b9-9ca97b16d369","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":99,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"a3ff2e99-b310-44bd-8fe7-c19c65dc8ceb","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":99,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"47bd8bb0-cfb4-4335-8c05-2e2b2b71a671","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":99,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"fd71be29-59da-4a58-ae8f-78cdc63ffe35","block_type":"box","text":"key trading partners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":99,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"6dcd285a-d86a-4bac-856a-f415a313e602","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":99,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"5f01f8c2-36e4-458e-85cb-d1113ade608c","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":99,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"511fba7e-c338-48ad-9c29-3f76295c966f","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":99,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"e5e98c51-d728-4fd8-8252-6b723b508853","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods","page_number":99,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"5ca6969b-f3f9-46d2-b593-fb49ad157caf","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":99,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"dff5e574-1379-435b-8ea3-4f292d843cfd","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":99,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"cf663def-47db-4275-94e8-2e0523605fa2","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":99,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"e2d88e40-3695-4c85-8541-671fd24fd4a6","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":99,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"fd21e5c9-e0fe-4277-982b-c385b8b79a3e","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":99,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"1ee74233-fb75-4630-bc53-187e128d1279","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":99,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"e2131957-6ba2-4f47-a693-bb9d209623de","block_type":"box","text":"such companies.","page_number":99,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"efbac256-e7d5-428f-ad1e-25e89e3c34aa","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":99,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"6022588a-9804-46b5-985f-f2bb143961d0","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":99,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"db35539d-2af7-49f8-bced-71f2c26d8f5d","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":99,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"b5ca592f-35fc-4a87-9d4e-2cb20f47b18c","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":99,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"d353822d-b5c3-4073-b50e-aa1e054ac04e","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":99,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"39863449-f99b-4935-92b5-8bab3d4631e2","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":99,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"66e3d071-2f29-4635-a0a0-4cac3db8b5a7","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":99,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"1f3b5262-850d-4100-968b-bf5c6d707d04","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":99,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"688d3a0b-46a3-49cf-906b-924344eb4419","block_type":"box","text":"standards.","page_number":99,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"256b6970-ab67-462d-90e3-555c7999e6a6","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":99,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"322fedea-f9fc-45fc-aa63-959789ee7a01","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":99,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"1f6e9e65-2eb9-4556-a348-8b88a4c4b809","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":99,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"2d3ce9a0-eefc-4609-9b38-de16e03cf253","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":99,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"5cbb5557-9859-4c73-a505-029519ef9c5f","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":99,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"bb772b30-3af5-4656-8a8b-b88f64aad18f","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":99,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"3377a161-8d57-4c31-84ce-d508b5b18b9f","block_type":"box","text":"General","page_number":99,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"ddb79317-80a0-4d5d-9055-6d842cf4756a","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":99,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"c9453f43-faba-4be1-aec0-2749f6010f0b","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":99,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"d03b4a6f-f41d-4648-8cf7-63591a0f655a","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":99,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"869dae76-23af-483c-bdba-7f1644093a19","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":99,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"bc178f69-acdc-4cb9-9ca4-47b33b4870e0","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":99,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"31197464-57c3-47e9-8938-8eaf6383fb1a","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":99,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"e8d6e6b2-eb41-468d-84a9-a88caee602b4","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":99,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"075ec7e4-9927-4d3c-bd71-eeba6b9f66d1","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":99,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"e1b2c6f5-28dd-4189-8033-709a905d9b5e","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":99,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"9687399a-e4ef-45e2-932b-8a3cdc619a5f","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":99,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"55601d05-a77f-4d3c-858a-ce902f72d81a","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":99,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"ae4c76e4-e36f-413c-9f63-c65c27d8ef31","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":99,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"847a45f7-b1fa-4fd8-86b9-b48f972931dc","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":99,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"778dcff7-6a9d-40a6-96f1-d3e5759461a4","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":99,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"b7fc3b05-0743-4028-a42d-95b07519fbba","block_type":"box","text":"company established by SEHK.","page_number":99,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"5b68e6c5-5cd8-4319-831d-c85743b5326f","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":99,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"6a91755a-71a2-4c18-82c9-ef858c5b880e","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":99,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"20a6acf2-c048-45b8-8374-77f8e8486854","block_type":"box","text":"II-44","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"989c1b7f-c194-4857-aea6-70571e922615","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1467322a-24c7-431e-ae6b-12fe533ab42d","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":100,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"dd9ce7f2-1454-4f47-8f03-5f10a6d8823c","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":100,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"dceac8cd-700a-472d-9882-9ff607c2a00c","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":100,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"79e87e45-df9e-4bbb-8a2a-db8e2eed70d3","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":100,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"696dafc5-0f4c-40a3-a169-8bad09599a6d","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":100,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"69af70b9-e8ed-4703-8381-f6ee44fb8f98","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":100,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"133d86b6-e407-4a66-bf7e-c1b934e522bb","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":100,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"477d1de5-e459-4b2d-ab92-764d8984f535","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":100,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"7bac4d52-5440-4424-a931-29711a906e37","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":100,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"1986a5dd-8d22-42d8-bba5-9dc80cb4aff2","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":100,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"51ac29dc-1ccb-44dc-b605-47d61efb10cd","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":100,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"95f1ac89-fb49-4f5d-bfca-aa35a8c1914d","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":100,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"89f6c47e-4710-44e4-a942-95e404e58598","block_type":"box","text":"i.e.","page_number":100,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"52655e24-7645-4709-8f09-23f9d1d61c7d","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":100,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"f63bba4a-f9b0-4f0d-8b8b-b06ea73f5814","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":100,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"b0b31283-7318-44fc-9b3c-286dca03947b","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":100,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"d6bc0d97-21ad-4d8f-bc49-6dcb9a2719fa","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":100,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"23c9cd28-2470-4061-8306-68fd8c1f3f1a","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":100,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"7a5d1f37-90e4-4658-9746-cd0ab2aa6cdc","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":100,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"ef8846ab-eaa0-472f-b052-d03c0f0d6de0","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":100,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"b5e5dab3-9cf7-442e-af0e-abaec9ab020d","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":100,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"681d8967-5bf5-4bf6-b85b-489968154beb","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":100,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"6190017a-753e-4437-b947-ad4966ac9184","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":100,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"7d91e735-6072-4b02-847c-9b3a360a155e","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":100,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"13ba25c6-45d8-4ee8-bc35-f87badfd1146","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":100,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"e5192a8c-828e-441d-a0cf-ec7dad408941","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":100,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"a38b9978-9437-4fc8-ba6f-db49a87c993b","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":100,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"7f08b297-82c8-4424-92d8-0b92f2bdb5e6","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":100,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"8bc78ced-4269-4e1f-8e7f-72fb8c234da9","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":100,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"52184734-be14-49a1-b4cc-e425ca3c8f18","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":100,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"9c9f1df3-646e-4f4b-9ceb-b57bf623e8ce","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":100,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"188f7421-2da1-4d60-8ca7-71182100b52b","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":100,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"63852965-1f87-4c54-b5dd-8be6f2de115e","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":100,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"8a9db152-7dfd-4737-a18a-68ff02a8d9c3","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":100,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"e3871a66-b80b-495d-92c3-0a041b65e1d6","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":100,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"267bde50-7497-4b86-8e21-dbb5c4ee9240","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":100,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"5a6b0eed-ec00-413c-9652-692a3757bf98","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":100,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"840cc27c-c685-49d8-9cd9-26961f8fa299","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":100,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"d990bfc8-6831-4d20-8b41-bc2cb32b6c37","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":100,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"c3afbe3b-3614-4b2a-aea6-1c1b74a03b0c","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":100,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"51ae7528-ada4-4d9e-b59d-e3b0d510f4a4","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":100,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"e8bc9cc3-5445-4ddb-b25f-a989be8ad6f1","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":100,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"ee08de2b-f8e0-48f4-86f7-6dfac523cacf","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":100,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"e56abbe7-2cfc-459d-925e-c059c9cbec60","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":100,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"55d54a66-4cc8-4a3e-9c7f-3d36b8f8d0a6","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":100,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"ba37c1b2-cba7-43e9-9b24-fc465d523d01","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":100,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"642ce365-82ea-433a-b545-5cef00af1b09","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":100,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"34325a19-4880-48ad-92da-9cea136404bb","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":100,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"a6b3cf1a-e7cf-4f74-9900-0e0b1f33acac","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":100,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"d290c606-164d-4846-89ec-a1ffe694ce55","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":100,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"81fcaf39-b6f3-452a-8ba1-8268d6ce6b87","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":100,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"c8e0fc10-7f32-4c22-97d5-077bb5f9200b","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":100,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"b30a21b9-80ab-468b-a81a-fc7d7eb2c026","block_type":"box","text":"PRC.","page_number":100,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"37a749b3-619d-4d8e-b101-01b3c5db8aa2","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":100,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"8e8b8492-df7a-4f09-9046-6f3b63d952c2","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":100,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"abae8cf4-730f-4225-9403-39e1d5534098","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":100,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"253176a6-d135-4b0a-8874-f834341a7c20","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":100,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"e0cdfffc-0c4c-4ed5-848c-214e67718633","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":100,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"b6a1876c-6a2c-4230-841f-cb3656a41f87","block_type":"box","text":"II-45","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"06a81752-86e7-42fe-80cb-d2e7451478fe","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9a7ed0a-46ef-4979-9fb5-e5859f3f94f6","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":101,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"dc1a78bb-efdb-4cef-a266-5c6499d18889","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":101,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"ae029223-c94b-4d20-94f8-c7742ab180e6","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":101,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"6e11c71f-0f5d-4bd3-8da0-714293d955d2","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":101,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"27713490-f97d-400d-a932-6e0fc7ea59c0","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":101,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"794e5bfb-82a0-480e-b151-980de0c0f6ff","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":101,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"5980e61f-993a-467f-94d1-7ad1b8aa135f","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":101,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"1575a77b-27e9-4281-aa6e-f8b43ce5fe1f","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":101,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"13a2265b-2ffb-44cb-b979-6977d4209b54","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":101,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"15ad5259-d1cb-4017-a2c5-c9af4f0673fc","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":101,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"ad98e809-2453-4607-b00c-511706082356","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":101,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"9ef8995c-5f87-4137-90f2-d7418c784b2c","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":101,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"6f35c509-5718-4e3f-b41e-98b51fe3de3e","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":101,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"f87c5444-3f5f-4f1d-b16a-69349f852f50","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":101,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"e7afa380-609d-45c7-baf7-5a930bc677fb","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":101,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"39510337-b651-4605-80eb-8ea13f82748e","block_type":"box","text":"Suspension Risk.","page_number":101,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"042091a3-b3df-4a29-a52f-90ff52a302fc","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":101,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"26d2a136-a4ec-4c7b-9ec1-2f39005a65d8","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":101,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"256f458e-d7cb-41be-b782-cf4fd0ca3df9","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":101,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"fc9bfd73-498c-4f66-a193-6dca4ea38191","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":101,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"5f1ae53b-6b9f-4fa6-816b-836cac279393","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":101,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"47d28b54-70dd-4593-9945-269525e1b1a3","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":101,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"4f54b04a-7c50-451d-b0b3-9b7b62bef19a","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":101,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"8de74482-7cac-480a-9131-0733cac9ba60","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":101,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"854177f8-c03e-4fbd-b45c-018a4bd78c94","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":101,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"4d4ab583-6897-41f0-940b-0a3f5eeea513","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":101,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"2e8d2887-f6f9-4138-9c1e-5ceeeea68232","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":101,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"6a1cfefc-90ad-48a3-9416-9fb8bfe19ca9","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":101,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"8dcf9916-07ca-4a5e-9a25-8bb020da839b","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":101,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"4e182669-0d64-4bdc-ba3d-4b9d0d2a8142","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":101,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"7c376fb4-eb13-4a67-bbba-78d427e23c55","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":101,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"40a4462e-f765-44ac-80e6-b107ca9de26c","block_type":"box","text":"A Fund may invest directly in the","page_number":101,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"4dd012de-d889-42f9-9ac2-7b2aa92afc37","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":101,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"c2e4061c-391a-435d-adb4-497d277e14ed","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":101,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"8db9e2e6-982b-44e9-9ecc-04e68654b4e6","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":101,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"ed202242-4e03-4bd1-b538-83cfe5ce6fe8","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":101,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"a92610bb-c2ae-409b-878b-3fe3ac73cdc8","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":101,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"a112bb16-e76b-4acc-b81b-8541db6f62e9","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":101,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"04830f61-302c-4a2d-a104-40067c374306","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":101,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"1752a42b-ebde-4af0-95bb-a10f8e9473e2","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":101,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"fa97e48a-9b5e-48f8-8241-ae3a19368e94","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":101,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"aca1b7c5-2ca9-4964-bfc7-28a9cf4e8f5b","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":101,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"67548710-5526-4278-90ae-d30201cb0c4d","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":101,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"84f331c3-37d8-4fc6-83fe-fceff8e6439f","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":101,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"e3a2814b-a054-4599-8205-f5fceb73df72","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":101,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"1177ed9d-2f57-4a7e-b998-8c2c320b0a4d","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":101,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"0bdb9d71-325a-4247-8126-1356505648c2","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":101,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"782139b6-d75b-4abe-8618-9ede38ff470a","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":101,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"13f55aaf-154c-4dd5-a41c-cd12d1bff7ac","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":101,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"5971b68d-d90e-4ecf-ba03-3ad744d42621","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":101,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"64a994a5-9859-4e13-911b-935f8c25f761","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":101,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"ee72088e-c0ca-480c-8eb4-68c7398d80a5","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":101,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"72e14ac3-731e-4f25-8be1-237c1426d59b","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":101,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"40509af4-9c26-40bc-a53b-7dbd307a2610","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":101,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"d9ee8113-bbd0-4d39-8b30-a3d1c62ed8b5","block_type":"box","text":"i.e.","page_number":101,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"278033f7-2357-4d46-bef4-32dd96f053f3","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":101,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"f3a6d663-db4a-44f4-aac5-7d73bffd5653","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":101,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"da3bf99b-040d-4622-8f9b-1e16f3238c10","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":101,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"5cbb59ef-3f27-4906-9da1-6b53ee441aa3","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":101,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"79e95141-e382-41a9-be24-a32d2d5be68b","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":101,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"493d9beb-763b-467c-b39b-3895d0ff9a6c","block_type":"box","text":"II-46","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"73d46b17-6c69-4c17-9d96-aa51bbf10bb2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d31559e-0761-445f-b2d3-a27677b8ec72","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":102,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"d9b87920-8cd4-4092-8dd0-fec8f2c238bd","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":102,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"f7687883-3081-41a2-815c-8b1951dfb22a","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":102,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"5372b6cc-c136-4472-b83c-9f3fc705bd14","block_type":"box","text":"parties.","page_number":102,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"a0cb0bb1-aac2-4110-a0e6-62a97f356c0b","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":102,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"eab5fb36-1c7f-45c2-ab31-17c904e672bf","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":102,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"4bd2d2fd-0faf-46b5-bb78-c7575b8ba115","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":102,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"f26477c4-bf00-4cf7-a093-ba30916d0f95","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":102,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"26c57541-7361-47dc-a379-e741a7ef4dec","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":102,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"a790fcbf-6954-4fe0-90fa-cf020ca4dac6","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":102,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"a681c0ef-e137-42c0-865b-3d7487878f3a","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":102,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"b5da89dc-399b-479e-bb26-e47c67d85c11","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":102,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"d81b0ebd-2264-4069-aa21-7d57a3e2b34e","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":102,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"4fa71fd5-eefa-4fd8-8242-d6c87798aeea","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":102,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"6495b41e-8025-485e-a65b-a0e2d95ad286","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":102,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"81f1e675-bf16-4b04-abad-c18de1679fec","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":102,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"e1693cea-ad26-4494-b156-cfaabc00ea9e","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":102,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"7ba79790-4bae-43d6-a8a3-2a6c16683c47","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":102,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"0d6ce6cc-b4c0-4323-b3eb-43e4e0fbc92b","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":102,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"34f9837f-3c49-4c2a-9634-5c3f2225442a","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":102,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"c7a2d147-9b21-4c3e-a57f-664dc2beab80","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":102,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"3d058690-a0cc-4e54-b68e-71852d5f660b","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":102,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"ced325f1-3e12-4a70-9297-06c82d2b7c9e","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":102,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"31aabd9d-0b3e-4f4a-90f5-a115d982d6b9","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":102,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"a9342879-0de8-4734-ad99-80bb7bd9d3e9","block_type":"box","text":"performance.","page_number":102,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"cd7c6821-a2a9-430d-99bb-7d25266b1f4d","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":102,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"a3baa562-7d0a-4749-bf68-a2ac910d2a9e","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":102,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"c8134083-55ec-4b13-b431-dfb455550bb6","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":102,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"aeee7a1b-de0e-4ed5-8464-2ce8d977e2fd","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":102,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"34751e75-c470-4448-84a0-d6aebdea61b4","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":102,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"8a6b785e-6af1-44f0-bbca-c6af57745ff9","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":102,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"4904b476-718d-41d3-9ad0-96425ba2678d","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":102,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"b780a08a-94c0-406a-89ef-e685623effd1","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":102,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"d1052668-74f1-4ca6-abe8-8d68aaee2618","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":102,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"6d279c7c-7596-4a57-858d-6f1ce428403a","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":102,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"5b2067d7-1d25-44d1-802b-aa6750367609","block_type":"box","text":".","page_number":102,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"e396b64f-bdf2-4cbb-a765-8734fa51f36b","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":102,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"3965c5c0-6953-4e6e-b889-39918685e37e","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":102,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"f19e4d06-7074-492e-872e-da4509882339","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":102,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"1ac819c6-db35-4f9c-b419-d3963218ea03","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":102,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"16107e25-0ec8-4d9c-a086-486a6da51b85","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":102,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"21dfdc1a-2826-46f3-bbbf-f58199ea14dd","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":102,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"3ec42521-dfb3-4d21-a76f-4b9ba3308830","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":102,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"556567e0-d1aa-44e4-b62e-4d5885fb4df5","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":102,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"7efe428d-4491-4d25-9c06-4cf49ddaebbe","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":102,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"e4563663-f932-4712-8cef-d828d47ccd2d","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":102,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"2174ff1e-c412-4d23-aada-4f729298d3a8","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":102,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"5c326521-0c99-40a1-aa45-fd194c7df341","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":102,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"b6e947bf-3a4c-4bef-a745-a01ad7cfedb7","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":102,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"5a734d3c-2530-44af-abeb-3f4a4f01e7a8","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":102,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"d2b0cad2-51df-4a44-a3e2-53644951261a","block_type":"box","text":"without notice.","page_number":102,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"bcfeadee-be85-4d9e-9fcb-1f402c9c6977","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":102,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"a74223d3-96a5-482c-b392-7f0cc2e75f5e","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":102,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"514e7345-dc53-417b-b6f7-82d266faf78b","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":102,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"b6556377-9d61-4686-94f5-ba7e0c375d00","block_type":"box","text":"II-47","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d56932c-12ea-455d-8dc7-0386bedbafd8","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8eca031-a8ad-4b5f-9bf5-bc7fe3d6c330","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":103,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"b68df2d1-53b0-4b1d-aedf-991deeb6303f","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":103,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"670ec469-e10d-470f-9243-9cac7d32d284","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":103,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"a19a4387-eb21-4ac2-9092-c0bd8147e633","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":103,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"7c95a3a0-8a76-4036-94a5-1d78ca86d455","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":103,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"66e5b0b8-a79b-4e2d-be52-7eddbdd91d3e","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":103,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"11a48a5d-cc80-47b6-a039-76a483a89314","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":103,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"e831a7d8-3b3b-4455-ad61-ac772f815e47","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":103,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"011a782e-51bb-4ee1-8849-15f8b812d25d","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":103,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"c6b9c69a-5b05-41f4-8774-fb9bf6b49d47","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":103,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"08daefdc-e48b-44c5-9790-ef2e3f3f04eb","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":103,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"87fac394-414b-447a-af8c-cc8dc18ed9e2","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":103,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"3abc0c42-c602-4928-a298-8f2b1232195f","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":103,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"bee7f85f-f3b7-4f13-97d4-673f3e404667","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":103,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"81ab9cc4-7678-40dc-86eb-520dfd34ed64","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":103,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"d968897d-1439-45bb-a13e-5e00736c659e","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":103,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"3bdfea9b-5872-4e46-ab3e-2794f06e6563","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":103,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"f3643781-ac24-4bf3-b01e-c005d61c2985","block_type":"box","text":"issued before August 8, 2025.","page_number":103,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"20f9a9bf-421c-473d-98eb-743b528156f0","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":103,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"286d5e2e-04f8-40a3-a345-7d22a0929e30","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":103,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"61d2e222-b373-4685-9c41-5cb21b7c8cdb","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":103,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"7c248a5d-9876-4be4-9ab1-2968af38ac30","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":103,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"66d6b4d4-d978-4f78-89c5-07692ff192be","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":103,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"aa49db3f-8ce8-41de-8f42-de01cbe400e0","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":103,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"ab46c38b-e8fa-4579-ac6f-dc22e90a50de","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":103,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"2146fdd1-183e-4e7d-86e1-b7343417a2c5","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":103,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"8d6a6bb3-b057-44d5-8c57-0d2967162c3e","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":103,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"bacafe68-329b-4e1f-8937-b344a981ecda","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":103,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"47ea2c2d-ecc2-4c08-9f68-417c8378fb95","block_type":"box","text":"the PRC in notifications.","page_number":103,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"1aa13c89-aacb-4369-806b-b8cabff9ef7a","block_type":"box","text":"Investment in Other Investment Companies.","page_number":103,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"e71e1f23-05e4-42eb-819c-82f4271d067d","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":103,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"4e17bc11-70d6-40de-9ab4-37abe1a24613","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":103,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"11356173-c619-4226-a014-d3e11d96a8d1","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":103,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"02871fa4-b69c-40b1-9a5a-be7bd1381b30","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":103,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"bc375c45-933c-4b85-ab72-46df4cb6ff48","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":103,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"2f292184-d65e-4427-9a56-8ebf033cd05d","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":103,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"621f92a8-e806-4afa-99ce-2c7a792d69ab","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":103,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"b4326f56-0917-406b-ba3f-13342c1b7083","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":103,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"ccb1e4d9-2c14-4ca6-bd59-1c1db55718bc","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":103,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"153dbb97-ed61-4b37-bed8-90aa14147bbc","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":103,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"1cafe561-d8cf-4d32-bed3-c8c24a79ca6e","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":103,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"0f67b361-98ba-48b3-921c-3c66d0ac0856","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":103,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"482caef3-9b9d-45aa-b384-eaf69e4081a2","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":103,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"51145c7b-468c-4686-8a32-b654c191b715","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":103,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"25db06dc-c412-4552-bcde-4c9bbdb13bde","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":103,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"a7ef90bf-debc-4cee-948e-a2fb9b2b79ed","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":103,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"7607f7e5-971d-4708-8545-48696dab4779","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":103,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"9c04b589-60b0-461a-9b46-53b85614df6d","block_type":"box","text":"subject to certain conditions.","page_number":103,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"ba45e005-4c11-4bc0-a135-616e027386c9","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":103,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"7d00bd10-38ca-420d-b4b3-bdfa2da107f6","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":103,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"873c5c89-49dc-4e43-a628-51bc44dd90ec","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":103,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"6016a7a6-c8c0-4f9a-ac55-b508e9011956","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":103,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"e7d52943-fc67-4d9f-ba47-64aa54505751","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":103,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"82e63f62-a265-48f3-8450-186cab18f1ae","block_type":"box","text":"II-48","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b2182b7-f30a-4c5e-bdff-3ad2f8b5496d","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba917417-3ff9-4658-b255-200d8be27915","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":104,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"a4c47703-aaf7-4cfd-9564-a9c07538c167","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":104,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"f75743d5-254d-4907-8bb6-58b2397ad93c","block_type":"box","text":"loss.","page_number":104,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"5d023f4b-b4ba-4b4a-9d3b-b71465e3c792","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":104,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"8a3985e1-fc4c-470e-8da4-13ca7d00b484","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":104,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"edde629a-8d8d-4019-bfc1-00065b1a89f3","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":104,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"0a450613-b253-48c3-99fe-0ee932ae6fa9","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":104,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"816fabfc-ec9d-45f1-94df-c41c3895aa68","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":104,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"1d6bf615-4ddb-4fec-8c6b-b63d14d9d758","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":104,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"5b3dd21d-8ad5-4766-ba22-52730eb18e52","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":104,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"88079b78-dff6-473d-9625-c893848104dc","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":104,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"5b3c2059-8813-4fde-a553-41b412295d7c","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":104,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"550b6f65-548d-4d3a-bd43-4ea2f302375a","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":104,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"ef7e8057-7d55-4f29-9e44-e9a7039d88e9","block_type":"box","text":"assets.","page_number":104,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"05737196-4edf-4639-908b-4609c0b8ddbe","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":104,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"dba3fb99-c64e-463b-84c3-6109f32485fe","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":104,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"7343092a-9519-478f-9b0f-a2de115dc5f7","block_type":"box","text":"e.g.","page_number":104,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"f0463de7-c469-46c2-8e29-584800dcef81","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":104,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"9c42131e-2c96-4fae-a375-2e093107b4d9","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":104,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"263ecd1a-c5f0-4499-a9dd-14173c4c19d8","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":104,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"82af3952-cc0a-400b-875c-a052679d88f7","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":104,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"b6454bf2-92ab-4830-baf5-3215e14ba63c","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":104,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"56fb67ba-3839-4aee-8953-b5eb843cc720","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":104,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"62ea0fb9-9f03-4706-be12-99048143a256","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":104,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"f2b2383b-026b-429c-add2-0e3c1a22056a","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":104,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"84d87054-d03b-4e4b-adea-eb14354e9877","block_type":"box","text":"countries.","page_number":104,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"25718b3b-6513-46ae-8ebd-0b7a821a0e32","block_type":"box","text":"Issuer Insolvency Risk.","page_number":104,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"ac7f261b-04a4-4562-b647-173e65b0dd4f","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":104,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"a785880b-c4f1-453a-a752-f95a8b5ff914","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":104,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"ab847dcb-b5f8-4ae7-a6ff-1ef1109a3931","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":104,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"8f2e6eff-7f30-41a3-a785-3fc579b52504","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":104,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"e79910a1-be64-4b2e-a068-c1096e8b1e65","block_type":"box","text":"issuer uncertain.","page_number":104,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"8e5b1b43-fad1-465f-8fe3-ecc2b48a7689","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":104,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"c11db367-0eb2-4aaa-9b10-05127baec100","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":104,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"121fa33e-e683-4a77-a170-061d102748e5","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":104,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"8ee2aed7-5952-4dec-b9c6-63e63184e250","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":104,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"3091d3cc-6dfe-4b37-ae5f-e7326a58ea4f","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":104,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"99b95263-b4ad-46dc-9163-30f94e8ce41f","block_type":"box","text":"eventually be satisfied.","page_number":104,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"d749b28a-d09f-44f2-a9d8-e41319673cd9","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":104,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"b1504a52-fa51-45fe-b8e9-e60bf027a56d","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":104,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"d387a634-ae3b-4448-a79b-52f300d4ddff","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":104,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"162e2272-4d71-4a95-bca3-4271d7654be9","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":104,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"7ebcd5a7-3d34-4549-b03d-a40292f84765","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":104,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"b747029f-a80c-47f3-8743-3983429639b9","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":104,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"70c5b2c7-a36c-4291-9637-943583dd5709","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":104,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"68a97d94-8e60-4811-9f0c-b6432801b548","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":104,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"74d6e305-eb7f-46a1-9cbe-b1a8a031beaa","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":104,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"32f01cae-f467-42ed-963e-3ec2d7453e0b","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":104,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"6a0bc4fd-a7ba-49ac-bfdd-75f8db4ddd6c","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":104,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"e4ce3547-363b-43f4-9bc5-deec20c99d5c","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":104,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"31d843f9-bc4f-4902-b234-97a08ae8aaec","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":104,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"90af5ea4-0a73-4809-ab6b-ab3cba387c35","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":104,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"95817d7d-520e-48e5-8e80-daf8f2726751","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":104,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"3a653d88-16bb-48df-a975-a9bc02dd6570","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":104,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"d1a42dbf-16bd-45e7-bd6d-2af32d5050de","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":104,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"584ebb74-6aa2-4513-9b11-802a81c34698","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":104,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"0153d62b-2893-48f1-9a66-820c15a0105d","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":104,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"53664294-2878-4e8e-9dd0-0ac0c1a1d384","block_type":"box","text":"II-49","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f540d3ba-a057-4007-8ec6-83e026fe37a7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ded22f7-080f-4176-8190-b005c68c9088","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":105,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"a239e85b-015d-42a7-8a51-03c40ff22087","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":105,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"a0a1c2f0-3505-47d5-af44-138417330e39","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":105,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"243c7703-6797-41c4-9d2a-93eb8bb32708","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":105,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"fc586d8c-a62f-42ec-90b6-6f1a104d0bb0","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":105,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"5d8eb3c3-aba6-4eed-8be8-c9f1ffd550e5","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":105,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"daee227a-b84e-490d-aa10-f2d24fc85bb9","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":105,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"cace1a94-da6c-4cf9-911e-f749c4d0be83","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":105,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"4aeba0df-04df-4d14-a3cb-be9e82e09dd7","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":105,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"5edfae11-ff7c-49d0-a685-ed141cdbcae5","block_type":"box","text":"that assumed generally by an investor.","page_number":105,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"ba7b1c39-a8c8-4301-9c02-1da9e7056409","block_type":"box","text":"Lease Obligations.","page_number":105,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"c936a37c-568e-4302-9b9e-88d9f0bd233d","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":105,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"5e62bb75-9813-492c-8997-74acce5d4d86","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":105,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"66bf8032-ab50-4b79-83f6-315c77a7ad66","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":105,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"aba86958-6e67-46de-8146-a3d8fd1d6ea3","block_type":"box","text":"Life Settlement Investments.","page_number":105,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"66d299f8-e2c3-4dee-83e9-cf3a418b1843","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":105,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"6d2dd236-7f3b-4d57-b4e8-184f2f5a3436","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":105,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"6504307b-ecc7-46f2-b232-006fd5df30f8","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":105,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"e1273ea2-0a7c-4647-a21c-fad9b1674b56","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":105,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"8a83a934-8283-4386-927a-6f751b9c973d","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":105,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"726d953a-3834-4934-9622-c37e4fe3536e","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":105,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"be042334-341a-482b-8d23-026e0d8a2463","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":105,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"eddcb717-ee14-4013-870a-924f2c348587","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":105,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"89190f95-63e5-40fc-b34c-b9f3b7c071a4","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":105,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"cacd7684-0f8c-4b09-9341-211764525d8e","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":105,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"eb1bef8f-adb5-4557-ade6-4452839ced46","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":105,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"971d0688-8986-4176-a73e-c41e6fa7aa36","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":105,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"b1fa565c-80db-4fc3-8bf1-65df31216056","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":105,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"349a0846-7d7c-41e3-9506-4de1504f5c55","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":105,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"735cdc48-bd6c-498f-9b5a-ce762e4f7607","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":105,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"e4c2669c-1c4e-47dc-b4d4-8464db8b5a51","block_type":"box","text":"regulated investment company.","page_number":105,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"5067154c-a507-461a-b4ce-b8261e827d88","block_type":"box","text":"Liquidity Risk Management.","page_number":105,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"d78a66e4-475f-4aab-b3f3-89997b200f68","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":105,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"335d11e6-5eac-4a61-8439-0ceee9be95f9","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":105,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"52565371-058c-47b9-ac49-96015f934485","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":105,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"d40e87b9-ef36-417d-98f3-788e72b56023","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":105,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"c19c9b53-66d8-48e4-b874-fe2f3eb411c5","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":105,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"c273731b-7ad9-44a7-af50-d7a8b99e1b7c","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":105,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"c00701d4-864e-42ed-abe4-907007538a44","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":105,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"47f1bf1e-9a6b-4a30-881c-7b6b8bc08d48","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":105,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"284110ff-422e-4378-8af4-cef61634efc9","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":105,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"29a54e4f-d875-4cb0-b6ab-c546d7ded15f","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":105,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"3c967734-1551-45e6-8d32-7140b18c3f37","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":105,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"c7b2c756-56eb-4ca7-9442-50a07a67a347","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":105,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"211ff254-1811-49ce-97b4-3731a03d190d","block_type":"box","text":"Master Limited Partnerships.","page_number":105,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"f2edc625-6a6e-413a-9a79-3688d53f547e","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":105,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"f0dce70f-d89e-481b-a89a-e7248c3d6a24","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":105,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"a775e6e7-8195-493b-a7a8-0b0c4c2e3d30","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":105,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"112c45fb-14f6-4b2e-a588-cf41d3a71ef4","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":105,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"d7e5d414-c954-4804-8225-78e57a47d68c","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":105,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"483767e9-4672-4858-a5a4-e62b7daa6712","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":105,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"4fbefced-82dd-43cb-87a9-094138e67d43","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":105,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"d3caa523-dc98-4f59-a15b-4a3b502ab115","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":105,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"68b71dd4-d644-4f77-bee7-ea7fa5d35d31","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":105,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"ba2d0715-99ef-425e-a844-3f97b4130242","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":105,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"1b77e806-6c3c-4889-a9b5-74654e8e6171","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":105,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"b222190f-52d5-4ce8-89b9-9b9c0f9f9f4b","block_type":"box","text":"in the partnership’s operations and management.","page_number":105,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"1a982dbd-1101-43c1-bcfc-6ae1a5410b0e","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":105,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"7d3c10f8-120a-496f-ad88-e014e2a34fdc","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":105,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"d2deec8a-3bbf-44ee-82c8-3ebcbdc4f905","block_type":"box","text":"II-50","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f315b6f-f9c9-4ebf-bf2b-6c06639715a0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a5c7485-8cef-4c3c-b085-cb89b9e32389","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":106,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"20534e4b-0f90-426a-87fb-faa26342a75a","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":106,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"3a827609-9d77-40ae-8469-577b6151c279","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":106,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"686a8afb-0b73-46ec-ab99-c1c00e88a5fc","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":106,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"1ed8e62b-9927-4c5d-8990-ac29b7e3af92","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":106,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"a3fa66f6-2985-4475-836c-57f587192477","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":106,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"4f9a1c3f-dbe7-43e8-9d4d-ce6059eb8a9c","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":106,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"4ddcc276-597e-4998-8ea0-6e481996e071","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":106,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"1bc37fcd-7d45-40ec-a263-3218ca172b59","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":106,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"f1a2c4af-e1d6-4928-84de-ed65cc8d38cc","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":106,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"e49bc364-a5cb-4a49-8194-d38431202e0a","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":106,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"4a8d4cea-3efe-47d1-8fe3-bc7d424b0cfa","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":106,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"e698d80a-d54c-4831-ba5e-9bad3496fd3b","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":106,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"7e13bb36-cff5-42f3-b4a0-f2067b5c5a6e","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":106,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"94ecb466-29ea-4197-aaed-a5dfdddb5137","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":106,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"67de252e-9077-4811-a867-5d2fa919723c","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":106,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"f410d0e4-b829-4cfb-ba39-0eb3c591122e","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":106,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"dacdf9f3-a8ca-4bdf-8217-0ea68ac2db27","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":106,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"681a9b8e-3f17-430d-9fb6-625a8aab8828","block_type":"box","text":"Merger Transaction Risk.","page_number":106,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"cd6111c3-b204-407b-87b8-d981fa07bb86","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":106,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"cb222766-a332-4768-ad87-b612056d7019","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":106,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"368d0fc7-5f59-43e0-878f-3b46c8bdaca8","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":106,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"8923be61-4ef8-4672-b27f-39ab5af19d30","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":106,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"2a1a8237-86a4-48a7-9c8e-847fde5784a7","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":106,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"166e41da-6b12-4cde-9edf-bb42d9bdba58","block_type":"box","text":"the Fund and may lose significant value.","page_number":106,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"e993f700-c2cc-4b6c-b6f6-feffc660aa1f","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":106,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"b3c848a9-725a-4f97-812e-6d6dc4ce6657","block_type":"box","text":"Certain","page_number":106,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"7f8ebcc2-70fd-4821-bef1-efe138ce3325","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":106,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"05c2ee7d-3f3a-4a14-ad49-2b665ab2f46b","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":106,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"a1b8e696-77e3-472c-acd3-4ed2673803a9","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":106,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"1d4c60fb-7697-4361-9e6f-c3b37c150893","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":106,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"829dfef4-95c8-4173-b4f6-175fd3122d25","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":106,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"e8459fa5-7b9c-47f1-825b-3d059d5650df","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":106,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"cf841806-d0b7-41b3-9058-8e72e2528308","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":106,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"6bb75c3b-cb1a-452f-bf0d-9e9c83f3abc2","block_type":"box","text":"branches of domestic banks.","page_number":106,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"4508b6b3-44b7-4dd4-af83-49a1e58a656b","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":106,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"8b81f192-a7b5-4a6a-9acc-51165c688038","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":106,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"2ba7da80-99cc-463e-940e-4bb7f80b0417","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":106,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"d7b0dd59-0061-4934-bd40-3127650dd6f8","block_type":"box","text":"paper of a foreign issuer.","page_number":106,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"39128b81-d0d7-4502-b6f3-afb4140e53a4","block_type":"box","text":"Money Market Securities.","page_number":106,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"1cc8eafc-02c1-4734-b243-fcc4fa364d99","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":106,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"8ff833ff-9df9-4df2-a5dd-7787b2bdb975","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":106,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"9a3432bf-23c4-4e5d-82e3-bc651062f89d","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":106,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"4c171834-d42f-4c19-babf-06e22892c637","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":106,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"0d649e50-2879-4efe-8ee7-a9c566db5f13","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":106,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"2630f118-ae32-45d7-b7d2-750b4eff3696","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":106,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"6e43d77c-a808-4410-8297-9fac83570a8a","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":106,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"14e93d7b-ae15-4b66-8a54-c2f3b2f1c3be","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":106,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"6dadd274-f63a-4acc-8e3f-70e0be3fab79","block_type":"box","text":"agencies;","page_number":106,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"6faf8fc9-855f-4728-ae59-f50828157911","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":106,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"de3748c4-9fff-4bdf-ab55-f9ce054291da","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":106,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"ee014af4-4fad-4ff9-8a97-bbc4c1b3255d","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":106,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"6bd779e3-77af-4455-aba8-b1f2d5f61609","block_type":"box","text":"obligations and credit card receivables);","page_number":106,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"9b39545c-0590-4596-92f9-133b310e61fc","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":106,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"7f3ab6be-add5-4ac1-b6da-17774576e809","block_type":"box","text":"authorities and related custodial receipts;","page_number":106,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"cf5a7ac0-23ff-4eb0-b482-9b4b09e42c0b","block_type":"box","text":"II-51","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0e27076-9c03-48c6-9c9f-b7f7f3b9069e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d22c1dc2-628b-4947-aaa5-e5e8af3e25d0","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":107,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"a03ccdca-0994-40d0-8203-c780a8244df6","block_type":"box","text":"agencies or authorities;","page_number":107,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"ec63ef65-6709-4052-a733-b812aa80f655","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":107,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"057673bd-834c-4778-97e9-b8267448812a","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":107,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"1942e68a-5745-4716-8527-aa1e24cb1fc4","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":107,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"d6c690e6-85c3-4abd-91ef-6767a0b21f5a","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":107,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"1ee74840-a4ef-4044-9000-b594f4d484e4","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":107,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"5960dca3-58af-4978-92a3-417adfd86495","block_type":"box","text":"States;","page_number":107,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"30f655b1-1ddc-4a72-b0ec-ebcec1245cd9","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":107,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"13aaa44b-6335-41c0-b4a0-62f14940da6d","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":107,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"3d4e4ba1-4e3c-4890-83c3-774cd88a5e90","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":107,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"464677b1-b8ba-4357-a179-597d9a3787e7","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":107,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"b09783d6-e50f-4156-90e1-f973b030473b","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":107,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"fe3c2def-a71d-4556-a7bd-80f2b987d76b","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":107,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"83c495fe-2268-4837-ac66-3adab563ba16","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":107,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"35fe95ec-e9b6-4aff-b454-6cf9e77aab13","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":107,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"066abb0b-25f5-4df8-a8da-6afa95dbf955","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":107,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"e11cf17d-4644-4f51-9c3d-90db0e3c0489","block_type":"box","text":"States.","page_number":107,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"987520d3-048e-4d0e-b45f-7e7fe1259b06","block_type":"box","text":"Mortgage-Related Securities.","page_number":107,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"fee206cb-0cb3-4b6d-9ce4-a37417327bc4","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":107,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"6030a113-fc8e-4148-9c51-2d90030c6652","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":107,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"15ce86a1-c2d5-4b26-a715-e51b3f1d6da4","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":107,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"0e395691-74ad-4eaf-834f-beea8236af20","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":107,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"72b0627b-e416-4d2c-be31-ad0ee23a375e","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":107,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"2fa71eb3-5da7-4131-9018-ac7958d5b0b0","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":107,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"f5791a3e-7644-4962-8623-bd4cea6a053e","block_type":"box","text":"maturity or specified call dates.","page_number":107,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"8a9c5d51-0ea6-45d1-8b8b-a7c9468bfa93","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":107,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"60d3e72c-0ff4-4634-985f-6327db731bec","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":107,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"58625166-4b9c-4aec-bbcd-825cf6e7067c","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":107,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"1695a914-59dc-41db-8c7c-cc40dbde95e6","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":107,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"42f09c02-1299-41a5-9235-077db6715ff4","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":107,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"43613d30-bfda-4573-9d28-ba2dbabf535c","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":107,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"296eda9b-a34c-48e5-9d31-c307574ec0ba","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":107,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"97d24541-542b-4ff7-8496-0faa1dfa4313","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":107,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"e3ccaef9-f7ae-4ca3-875e-c98cb68df29c","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":107,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"3f903e7e-1a21-4087-b3dc-cfad076fc850","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":107,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"d1667af9-22f5-499e-a0bc-887eac03e912","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":107,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"c56dc18b-5386-4258-9e8f-2db61d888fb3","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":107,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"4bfa3385-7193-4280-a595-e17aac6a53f8","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":107,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"65e35219-0581-451f-8dcd-2661da2c1405","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":107,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"b5ce5097-ad13-4439-a2d4-f3b9ea87a11b","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":107,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"6f4e064d-efcb-4522-8070-4eed24662a36","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":107,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"1f8364af-7798-4d4d-b460-a978c885a3ea","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":107,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"c3a5802a-d1a9-46ac-a21e-c40c24941f16","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":107,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"b710bbec-65c6-4b96-886a-3fbac95381c6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":107,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"fc17db79-b6d8-4a83-8be7-dabd410aab80","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":107,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"3f1157e0-6c27-4d72-b0b0-69f090c7fa23","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":107,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"ed871abc-0ae0-45a4-86a4-1f477c11be92","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":107,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"53da7881-74f6-4ef6-a8d1-a7043993a38e","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":107,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"4531431f-66c2-4a30-a1e0-01593bc02280","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":107,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"bb8d7b29-96a6-4cd7-857f-95ad65d26a16","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":107,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"db36cc96-2271-42d7-a8f4-932c118a971b","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":107,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"b8db627f-7dcd-4bf9-b92e-aa257054c869","block_type":"box","text":"II-52","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6cfaaccb-7d06-42b6-9e97-a93eeeb22783","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc97016e-2cf6-4d66-997e-3305a158ab0f","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":108,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"91fca105-7a07-49b1-aa26-5b7c61004c58","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":108,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"4785ebe4-e8f1-404b-bbeb-6e9f80291308","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":108,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"da71a9d2-a8bd-40dd-bc27-dac50919036a","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":108,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"f069e392-2969-4e14-9733-80d1dbe2316f","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":108,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"cc5c09b9-ac90-49df-a1a7-be4b12b3586c","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":108,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"f0631b9b-fef7-4958-98ef-e2090c513bca","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":108,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"39d2ea7d-913e-4165-b9fe-fcff5bc86ac8","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":108,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"c31dc635-ae86-4ae6-a67d-1e9a4f8c6999","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":108,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"74fe2c7e-8f99-42d6-9f6a-d4c8d6f8f01e","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":108,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"692a233c-50ff-4acf-a222-83f22ec0ebaf","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":108,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"12cd75bd-7692-46fe-b2ea-4cc54316a221","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":108,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"d4ab3c7f-6a09-48e5-96f5-d7e215ed3ca5","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":108,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"36e8aaa9-4ccd-48f9-a439-459f2cc0b6d7","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":108,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"666d70aa-a055-4f80-b7ca-2fe098e0c3c4","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":108,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"2bd3150d-17ae-4cdc-8e8e-46dc36a1727f","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":108,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"a9c07671-3173-4a4b-a935-ec7b95aca93c","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":108,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"152fe3c7-262a-40f0-b087-8e859fcfa66e","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":108,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"8dc55abf-e789-4c2c-86e7-b6d0bad81512","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":108,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"b13064b8-5671-4261-b4dd-d17c3e202f98","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":108,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"3fb921a1-6b58-4fff-9817-ae4fff5d2dee","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":108,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"72252753-34aa-4ef5-99a2-b393925cd6fb","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":108,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"037bdd72-85af-46c1-bdd1-2cce89e872e9","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":108,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"964ddc71-32c6-4134-918e-96ef5eec9486","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":108,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"de446ee7-5676-4bfa-ba0a-e58779bec96f","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":108,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"7c3b0c8e-e3e6-4682-ab35-43438cd90484","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":108,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"80897534-15cc-4aa4-814f-31652514012d","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":108,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"9477edaa-f2d9-4617-829a-b1156b968887","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":108,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"fa34c5ca-1d0f-4ba4-86aa-1dff8dfd300e","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":108,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"86416775-bf9f-4731-9ee8-a53cddaedaa3","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":108,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"f85e2cd3-dd4e-40a7-94ba-14b3580b3857","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhart of the","page_number":108,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"a5d976ad-64d9-4e39-b71c-5d250bbe3afc","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":108,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"b7ba7e99-d72b-4423-8309-5075ac20afc0","block_type":"box","text":"addition the U.S. Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":108,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"2dbc3874-68a5-4345-9014-a3485660678e","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mortgage markets.","page_number":108,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"41a183f6-91ca-402f-b9cc-581c8822a902","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":108,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"e1bf77b6-7bb4-4d95-9cd9-2084a964d9fb","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":108,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"ed0db246-4157-421c-830f-4706484009f9","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":108,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"7adf3f16-445e-401e-b691-1c43d30d80d6","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":108,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"4afdce37-3119-4d84-a60c-3f0c3aa526cd","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":108,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"78a9868e-7acd-4721-b855-055a071e480c","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":108,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"b3220e0d-6e36-47a3-8160-0f39d4e94929","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":108,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"d12241b5-4723-4de4-a5de-972592a7eaa6","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":108,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"4fe49e85-c330-4d44-aa09-1253a8248652","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":108,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"5cb0a9ff-4fc9-499d-9155-7b79c7edd50a","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":108,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"9f7f2963-a61a-4420-a7e5-c1725becf732","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":108,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"3f515b72-eb04-47ee-bb02-ef9081476f9a","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":108,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"9dac9705-fbe3-4746-a2d4-09e487827cfa","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":108,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"9c1a8b1f-a001-4231-94bd-7fb382c2dc13","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":108,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"81015ba6-53d4-44c6-901a-611539e86bdb","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":108,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"3fb0b337-436d-451b-b2db-70d0421d280f","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":108,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"d4acc364-bd74-4ebb-9711-e5f1e88886c7","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":108,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"46252a01-2827-486d-9559-0f1b80b17d93","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":108,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"4e91bfb2-4e7a-47bf-aff6-486af9de353b","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":108,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"7a7f97a5-e965-4fd2-b868-9ea58128f87a","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":108,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"77d28e4b-b8d1-4287-8fad-8b1f123c8821","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":108,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"b659477e-1868-41b0-9169-3274b9f836ac","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":108,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"766e60d6-1adc-4746-b455-92b68d0a0cf4","block_type":"box","text":"II-53","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32faa7e5-1cf0-4830-9a10-3070bbcdba67","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2b43a17-04ae-42a7-a6d2-8c1bb3fa3b49","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":109,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"5a54908c-7f7f-4817-8ab2-15db639ec48b","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":109,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"556c6f0a-b612-4e31-9712-25508901b0d9","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":109,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"b649e2af-86ba-4f83-96ad-4c41e56ddef2","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":109,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"20c993a7-fed7-4d46-8f34-8403c156f3bf","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":109,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"3f963189-df9b-461c-9549-7414623f4a53","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":109,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"ba4eddeb-b11a-4745-8964-5b77be4c8a02","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":109,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"6b6dac97-1dd8-4b70-87db-09adc9f0299d","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":109,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"eaed24f3-902b-4c9b-a331-c7df2500f610","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":109,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"62c2a4c8-caf3-445e-8831-5c1fef041ca8","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":109,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"addb1758-74a7-4fcf-ac20-c85948a9d107","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":109,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"3a66805c-c8eb-409d-a65c-124952559fe7","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":109,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"e82701d3-e75c-4a37-b57a-a130ac755e69","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":109,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"8155f0eb-8823-4d7a-a763-5951f524dc0b","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":109,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"a04fdc41-7a35-4cd8-aa5e-4a959f345d89","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":109,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"14ad10b7-ccd3-444d-b022-effaac357519","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":109,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"1b170ac0-bc58-44f9-9958-4107f354656a","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":109,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"ef7cb7f3-215a-4013-a791-771d06df5594","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":109,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"436ca936-6456-4ebf-bf17-d85eee01113f","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":109,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"ca44d648-a730-4933-b97f-d6bba1ed35de","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":109,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"adba09e3-99f0-47d8-9746-b440d3fe98fc","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":109,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"5dc5cf5b-5aae-46e0-8c75-f28e5d2104b2","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":109,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"43a92570-26c8-4ed8-885d-f20430e13e79","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":109,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"4168d790-21f8-4bb3-bbf9-6e1cf06982e9","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":109,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"73a7681e-0ada-48cb-b104-d7dbace5adf7","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":109,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"e5ba5e3d-0c45-468f-8026-608f3c62d596","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":109,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"c75c6613-5cfc-4d49-ac06-81b49f8e46c9","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":109,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"5b121612-ac54-412e-81fb-32fdb8f1f56b","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":109,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"2c8f4806-9462-4b4b-b95f-5f98b756e383","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":109,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"980adebb-cc3f-4dad-bac7-54d028ed7368","block_type":"box","text":"of principal because of the sequential payments.","page_number":109,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"76b628f7-d3c7-47f1-8053-0ee920023446","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":109,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"a88fce60-c37d-4f1d-be5c-9f94405f967a","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":109,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"efeae538-212f-4433-bf27-569032e7cc86","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":109,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"72df0c2c-810d-4fc0-afbf-6870b9842224","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":109,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"c1d3a992-d582-4ae7-a041-4ce32f82c9b2","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":109,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"7210d47d-a64b-4cf7-a2e6-6184fe3ef7ac","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":109,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"b2cb8f03-1676-4259-b907-8998a655fbb6","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":109,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"92430efe-4da7-4c41-ab40-22d6827bb136","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":109,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"8b8c1a43-8f83-4137-9af2-0d527f47768d","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":109,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"cad5cf6f-d00d-40c3-bd59-214fe7433850","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":109,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"061e6d7d-326f-4a12-a657-2d84156e5a02","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":109,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"1ba82ef8-33e6-4475-b5d6-6d2570574930","block_type":"box","text":"securities of any single such entity.","page_number":109,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"acb364d6-131a-4af0-8f30-0c4cc75d736d","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":109,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"658ac06a-5e8d-4284-b2b5-95cdebf9e3e6","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":109,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"6d391f5e-4c85-40af-ae28-2b1d40542f00","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":109,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"704f19ad-37cd-49f5-8a3d-f66b63777ea6","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":109,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"a2b9e787-92a8-4d44-a3cc-02e5ddf6f179","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":109,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"f8863458-51d2-4502-93f9-a5c77d51853f","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":109,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"9d903bdb-7e64-4092-963f-32b7f7812a7e","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":109,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"dda3a461-37ca-43a1-8e68-19330678aa4f","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":109,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"580bd9f6-f219-49c5-a22c-b4b5a70509f1","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":109,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"d10aba19-efed-455d-b5bf-d9bed7b13190","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":109,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"e6463a05-e67f-4d67-8e38-0bd2c0d32fe1","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":109,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"42adb089-a8e8-424b-83e8-3762db9a6d8e","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":109,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"6b5164bc-c253-48f5-acd6-59c3b6f43350","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":109,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"6817b1d5-504b-42df-9158-52e2bc72cfe7","block_type":"box","text":"II-54","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"88b47ada-c01b-4619-8c03-9490464d6743","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f16b21f0-f97b-44a7-9eac-8b8404ec671a","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":110,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"8fda13ce-9105-4df5-bf7c-83e485179f49","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":110,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"4961e5fa-f173-4df9-bf9e-9d945f17e643","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":110,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"3d23514a-c907-4bd1-af75-0c26a968041d","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":110,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"656d1c45-cf61-420d-b767-1fafcc29eb85","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":110,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"50d8b646-22d4-42eb-86bb-a6fae1716852","block_type":"box","text":"classes.","page_number":110,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"563a6964-6dbb-4e79-8948-43e517004242","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":110,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"52686879-8929-457f-bba9-5566ecd59f44","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":110,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"76a5e0d2-f22b-4d1e-8585-f68909d7f595","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":110,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"96decfca-38cb-457d-b328-196b61157051","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":110,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"02246a7e-1ef0-4c47-a621-f0276966d188","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":110,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"f3557edd-38b9-4045-843b-b583a0a33ca9","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":110,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"312cbfb3-8904-4b1e-814f-0e434b70b5c3","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":110,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"075b8bc2-72d7-40b6-a494-3e85e8360a78","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":110,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"84291f73-8af4-4635-8ddf-8b49fa760d36","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":110,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"eb707d91-f90d-48e6-b39e-9be30cf061d1","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":110,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"b0e5f35a-38a0-4575-8e3f-b5942f31e003","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":110,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"5248fc5b-8ca4-42f6-8af3-03afac6c4994","block_type":"box","text":"to a designated benchmark index.","page_number":110,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"a7d9e57a-7b09-4983-925e-63724ca388d5","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":110,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"1ca4c825-f504-4232-9dde-07011689e3bb","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":110,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"056296e8-769c-476a-a78a-0ac3020074dd","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":110,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"97455f76-bd54-40bc-8d99-14503cf2b7f9","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":110,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"6008f41d-c61f-4922-9519-352068132db5","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":110,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"e3d9726c-7c92-47bc-a8c2-99a26e48d950","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":110,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"cf2dad7f-083e-4d4e-b456-f83a7c1f5fe7","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":110,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"f53aaf5f-3c39-468f-9749-de5f79f27458","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":110,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"90d9ebab-d32e-4dd1-849d-c6dc933c51e1","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":110,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"490a51b9-f58f-4a77-a302-ddd9bd2cc0c4","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":110,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"3700014d-3fff-4e07-b516-7e8b68b38519","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":110,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"a0805756-b81e-4ff8-879d-ee067bd2ae3e","block_type":"box","text":"CMO Residuals.","page_number":110,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"40dffd9d-95ea-4904-91dc-cbf26e3d318c","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":110,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"d35b15e2-fe27-498f-ba95-b3b2a7352011","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":110,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"27b77bcf-b847-4e9b-b9c8-7652c300574e","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":110,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"fec5e81e-69da-44f1-81ff-eec827390b4e","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":110,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"2a700c75-d196-4629-a9ad-d8ff1f9f6343","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":110,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"0fc16606-cc2b-4f7d-b056-3b2d562868f9","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":110,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"66cd55fd-efcb-4120-abad-2ab22410f358","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"207e53bf-4879-437f-abbd-3954ed20a2b1","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":110,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"d4e1de2d-fdc6-4e5c-9f40-cfad661c13da","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":110,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"abaf7458-b140-46af-99d3-7ea7e801e208","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":110,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"1896d499-623f-4afa-8b8e-c1c6abe3055e","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":110,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"0d6f1555-3038-4c60-a3e2-2b346ece9c37","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":110,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"f56d21f4-3c0a-407e-8b3f-abd038f46437","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":110,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"2579495c-f391-4865-b6ec-fe28081eec62","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":110,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"8f5cd4ec-76d7-4588-a877-eb71b2a14dc4","block_type":"box","text":"adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":110,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"5cb64a74-a340-4465-ab13-aca94f1db748","block_type":"box","text":"residual.","page_number":110,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"f1656446-70d5-4e58-9053-c79a9f1492e0","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":110,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"cd0663b0-3597-4431-8b9f-7561860d2727","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":110,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"65af7d80-ddd9-4ab5-a1ff-3d1c6d8a7ee7","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":110,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"f7570ef1-5eed-42cd-bd3c-245df7041e0b","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":110,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"f3b3b939-72ca-47d1-8621-267d652fc909","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":110,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"f1a4a5f3-be33-4741-8bd2-197b03abe82c","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":110,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"764c93bc-bbc8-4879-b859-b89014aad8bd","block_type":"box","text":"and REMIC interests.","page_number":110,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"920bdad3-d55d-45ff-93bd-a5090e63c83d","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":110,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"9e4602b8-e477-4ddd-809b-8f791d95d21f","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":110,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"c63bc709-0238-4575-b5b9-948d6d9e86b0","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":110,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"50e59afa-3c1b-4bf5-ad3a-221b6909a5da","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":110,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"46ae1333-8d84-41a8-83d1-2d84f0685f42","block_type":"box","text":"II-55","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6ce6ad9-09fa-4c2d-8e91-ed472b3d01e9","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09e71d8f-1d4a-49bb-923d-ddfa5a63e89e","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":111,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"db3f489c-01db-443c-a0de-cecf1de78133","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":111,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"57820b7d-da6b-4eac-83f1-6155e62d73d5","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":111,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"095f2291-b268-4a40-8266-da8fd329f47b","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":111,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"6ae7d359-6bce-410d-859e-1be9f6327aa8","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":111,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"28fc0290-e247-4873-a3df-300fa032d836","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":111,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"53c3dd0e-53e4-4beb-ae55-8b6a6cee9848","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":111,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"f52aa29a-caf5-4ef6-bda1-4331bffc6905","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets experience","page_number":111,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"265bed4b-d723-4c11-9869-e7052bcc2c7c","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":111,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"64e2b1eb-c199-40bf-a0ac-4d36c8365c29","block_type":"box","text":"there are certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":111,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"b61cac25-b53b-4350-8248-41fac5a8f61f","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":111,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"516770ce-4a3a-4063-9208-43144c3dfb36","block_type":"box","text":"the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund generally will","page_number":111,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"04974e66-4e67-421d-a5a4-7a3a827a8286","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":111,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"6a8c8a17-f921-4450-965a-d763165d245d","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":111,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"355a8e0a-9814-4f54-8084-5501bf5fe3f4","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":111,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"b3fc91f7-f0b5-445e-acb5-368298edf267","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":111,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"db31e62f-f023-4a96-a2d5-8416df12d540","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":111,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"152573b7-2a9c-49bd-b083-09d3b5ef7be7","block_type":"box","text":"Tiered Index Bonds.","page_number":111,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"d4077ed6-cc49-4b06-a7c6-f738fb53fc0a","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":111,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"c7abae1f-b5a3-4e98-a475-450bfed14a13","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":111,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"a64905f1-65d7-4586-8a2a-0b2b2e905837","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":111,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"4aa687b0-1b9c-4fa3-b7df-0abd9420128b","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":111,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"444735be-c67d-420b-bab2-655df4a69b53","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":111,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"939ca3b3-3fe5-4879-92cf-610420e11c0f","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":111,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"63da9c04-909f-429d-8f9e-46061ef6c064","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":111,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"eeccf3cb-850b-41b2-afc8-826c0dd1ab36","block_type":"box","text":"TBA Commitments.","page_number":111,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"a05463e7-dadd-442d-8f1c-a906e72dd0b0","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":111,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"72edf1ad-f072-4240-b109-6b72b73e78f8","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":111,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"76eb6762-2fdd-4567-8b8a-473ce33d3864","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":111,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"3f67915f-9f2c-433a-a750-9bef49306365","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":111,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"85d0ebfc-ca1e-4ec1-83c8-12bd343ede19","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":111,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"437f9edc-e642-45f7-a797-67ca8bf98d14","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":111,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"dd30299d-04a2-4ed0-9f53-2b24632c7259","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":111,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"d81dd20d-b566-487d-86ee-9b98196e7a52","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":111,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"4e48de77-9cee-4acc-9886-df55012fc4d5","block_type":"box","text":"below.","page_number":111,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"69998679-14c0-4ee4-8938-eeb26903fef5","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":111,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"9d5747c7-f2bc-4bac-9da3-56fa8610693d","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":111,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"30ec9cae-ff91-4465-bb72-e1b59f99371e","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":111,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"f585e120-2f9e-4312-9c87-02dc6745f3f3","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":111,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"5b290116-3d96-43c7-8e92-cd606edd9130","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":111,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"f5bc86d9-3c75-414a-85f2-ec958d33ae02","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":111,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"d6c9fd8b-eadc-45df-a463-fe81722e58c9","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":111,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"95fe7dd0-1784-4aed-be2e-6e2cd01e98c1","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":111,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"0e9e1f54-9c85-4286-8c9a-dfb39c1ff5df","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":111,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"77d8f80d-dbc6-4fc6-b076-1a74b9940cbe","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":111,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"bc42cf38-f34a-4604-9290-546b5d1577dd","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":111,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"1c8b2730-0e71-4f1c-9430-01da6566c6c9","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":111,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"8a9d979e-d462-4433-928b-a93acf829146","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":111,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"b2e4276d-18a4-4b02-b125-b5a02268fdda","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":111,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"60778223-a84d-4a94-baae-2514cf368047","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":111,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"dd17ff6c-ab19-4da3-b289-88f683b2c483","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":111,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"33f7de94-9bcc-4f53-9a66-ee49c911ed58","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":111,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"5366a27e-2618-4342-be7b-b18e483e804a","block_type":"box","text":"securities in the forward transaction.","page_number":111,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"a70f92e5-4dd8-4612-bd40-0d078c2fee92","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":111,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"d6acad0c-2881-46d9-b43f-92ddf3726d44","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":111,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"1be5b887-cf1c-4a66-83b8-f7936426feab","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":111,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"bb0bfb90-ac69-406d-aba0-ee6443c2e485","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":111,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"6cb599e2-0cac-42a0-80c2-ef375cb16c8d","block_type":"box","text":"II-56","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d922c04-379b-47f7-a064-f9a8fc3a14c3","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea0239cc-eb5e-4a73-b83e-5be262a7d646","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":112,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"3fa22c60-fe96-4d21-891f-db69a59ad818","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":112,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"aef75c6e-e12f-4b37-981f-79b59d2a0081","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":112,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"8c9ff1d3-fc2b-41f8-85af-48955e3cd329","block_type":"box","text":"securities (","page_number":112,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"c8e48079-8948-4a26-92ec-c31f303c24e1","block_type":"box","text":"e.g.","page_number":112,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"46cd9deb-afb9-440d-bf2b-b2e2ab248b3b","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":112,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"870e84fa-2706-4ca2-b6e2-4805137f2e02","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":112,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"b9245c1f-5591-45de-9273-6fa8385e1db4","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":112,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"cae1e39b-eaae-4148-ae96-630bb0f0e860","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":112,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"53b63542-751d-4240-9d04-e44d0e9b12c8","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":112,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"0d03f826-e6f3-46e6-be1d-c18dfd0cb9df","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":112,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"ee3a5481-4f3e-41a1-aa95-31f4ca83a9c2","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":112,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"72a6512c-c6b0-48ad-a0d4-e69c1191f7cf","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":112,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"c9356b96-1b5d-4dec-945c-0e796bd07ba2","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":112,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"81708753-1835-4963-89ca-2f5a919c3186","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":112,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"40c622e7-9b13-4122-b523-b64f135508b6","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":112,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"fb70b222-0992-4f53-9b5a-4e66f6785013","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":112,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"d09b0020-4716-48ca-8e62-f43c6107835b","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":112,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"bbd0798f-e0ff-4501-91b4-b4439621822f","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":112,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"d2beac98-8efb-4b1c-8db4-e567b5c607d4","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":112,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"b50f7418-60a1-4b9a-ba50-1e0d600f848e","block_type":"box","text":"Municipal Investments.","page_number":112,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"5269d132-8d3e-4002-8d1f-cfb6a6b8175f","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":112,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"4803dd44-3daf-4653-9af5-34d8c31f6b1e","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":112,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"ece14283-fc4b-423b-bcff-eedffabb5b36","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":112,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"e9ab766d-b581-45bd-9f08-bd0760ce05cf","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":112,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"1a49efe1-a5f7-4b0b-82af-dc8797b0069a","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":112,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"e6859215-2d78-4c4e-b83e-4c074d3544d4","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":112,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"9a616ef2-f16c-49f9-ae38-89fd3869ed21","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":112,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"b345a00b-630a-4b84-8977-30b2e063c2bf","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":112,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"48003ad3-20cc-4dd9-849f-19aba0b85df4","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":112,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"ec4038f0-ea84-4978-b5bc-b25f2225884d","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":112,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"5e960498-5210-432c-bfb7-f99ddc3e9c43","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":112,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"bb2c77d9-340f-4f07-ba34-205078bc14c7","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":112,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"526ec73b-6781-4e9d-a2e4-70649864781b","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":112,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"acb65ea2-3391-42fd-8e87-9ad2eab7efe4","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":112,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"dd894402-c0b5-4f37-ba99-964e7bda4da7","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":112,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"edde8359-0872-4ea5-b009-5516da127641","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":112,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"7f1c91a6-bf74-4c86-aeb1-8dfaf2ba705a","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":112,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"112ab853-d694-477f-a0fe-461125e32e58","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":112,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"8760e71e-b3ab-4dd8-be4b-ab39325b9267","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":112,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"0e39f4a3-0766-4661-9a8a-4bc172492374","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":112,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"ac0fe374-1ccf-480b-9044-b4714daf4c43","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":112,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"e24f6f4d-96bc-436e-8c9d-9785dd3f6442","block_type":"box","text":"The risks and special considerations","page_number":112,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"158a47ef-068a-4b24-8a72-a1f588c590dc","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":112,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"55d0dd5a-dd55-46f2-bf59-dce4cb0a916f","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":112,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"baa4380d-a2e8-4bfc-af42-be8e25462bc5","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":112,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"1a4255b6-6f8a-4502-8e19-375e68cb0ed8","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":112,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"e391c41b-d317-4603-9e17-016ff2577470","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":112,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"0dc0bdff-4d71-4107-a1b2-7c28a41bccea","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":112,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"b174f088-4b6c-432c-914d-27194461e20e","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":112,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"2ea15cb1-91ef-45e0-b19e-197b5487fa9a","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":112,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"3ed3d8f7-00c1-4798-b3cf-435c68e9a46e","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":112,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"0e1b05a4-e03e-4b52-bfbd-1ab26b4639eb","block_type":"box","text":"II-57","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ae3a34a-7e90-4ef1-8746-3e35dc9bb7a6","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8349c82-2ccf-4a6b-bb2b-705a5dead877","block_type":"box","text":"Description of Municipal Bonds.","page_number":113,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"b67cfdfe-674d-48f0-9faf-297ae3d7bea8","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":113,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"9c3828a6-d834-4ece-9b7b-d9b2214b67cb","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":113,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"e4bb03fa-c128-4bc6-a904-d937a7511f89","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":113,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"88e22684-75f1-42aa-a954-227429096e83","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":113,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"2c6946ab-fe6d-4201-b4dd-0167f613b96d","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":113,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"a4565359-e9f4-4d62-80e0-9dbce4954a4e","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":113,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8e08db28-c137-4ed4-9bce-b4501db51eb9","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":113,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"338cb21b-95b5-409c-832e-6f7acbb281f1","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":113,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"03388eeb-1e31-494c-a86b-658849e9c831","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":113,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"5e03563d-f089-4d2f-875f-125bcd408d27","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":113,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"d3428de1-999f-43c7-8147-5bf1e6216fda","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":113,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"a894b41c-9090-480e-b6a4-cb42a8fefd2d","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":113,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"480ec857-f31a-45fe-9d55-e7da212335be","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":113,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"628efab5-8391-4ebb-922b-4bca82b6f635","block_type":"box","text":"General Obligation Bonds.","page_number":113,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"02b3557c-37ff-4437-bb98-bf18db2b6d97","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":113,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"9aa0a580-5fe5-4d25-933b-6af6a1640e3d","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":113,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"fdbe26fd-3b54-44ab-b6c5-c512c2c2ae7f","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":113,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"51cec795-6657-4f1e-b4a6-9984f1343aef","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":113,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"2758051b-c744-4b9f-8034-c1b683a00b2b","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":113,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"f157363b-4ffb-42d6-815e-af58bd4b7c5e","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":113,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"5f11490b-198f-4c9f-93b0-0079785c6c9d","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":113,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"520a1d29-a584-457a-8bca-5551ae644808","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":113,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"a35a91e2-9357-4997-a0eb-83d82fcd5e9f","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":113,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"3c55e666-38ff-442b-a1e8-04871bdf0ea1","block_type":"box","text":"Revenue Bonds.","page_number":113,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"7bd01be7-63fc-452a-aaf7-77d8ae5a53d5","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":113,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"177e70d2-9f52-41ad-99cd-51ef71910109","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":113,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"129d22d4-fe23-4277-a2bd-82e623d99f17","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":113,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"aeb7c354-472d-42c3-b38c-40d04091441b","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":113,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"0131273e-0885-4624-a3f8-22285a4d21ad","block_type":"box","text":"viability of such facility or such revenue source.","page_number":113,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"6557b49d-4b7e-4f7f-b3d3-ff4ec1200b25","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":113,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"fca6b2c4-8c85-46aa-8621-4f62d20ba0c4","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":113,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"5a8321f5-f748-42c4-baa2-8e8bcdf13b45","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":113,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"c9b4fc0a-8bf7-43f4-928a-44d44f0f4be8","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":113,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a730c454-54e2-4a2d-92aa-d136de2ee0a6","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":113,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"84be9f78-a0e5-460c-8faf-9bc35c29b377","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":113,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"9786e103-7cc4-4b7f-8cd7-143584452627","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":113,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"cb2535e6-4d7a-4608-a0c8-7f8387d3302d","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":113,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"b5580038-a39c-421d-b67b-7eaa5dc63008","block_type":"box","text":"PABs.","page_number":113,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"ce28efc3-b107-4850-b65c-3e9150d8a31d","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":113,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"422f1ae4-f559-4a09-b435-e93a683efb48","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":113,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"1131fa07-bd3d-4862-9639-19835cc56c9b","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":113,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"25366ada-5403-46a8-b5db-07ba089b817a","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":113,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"df96874f-9fcd-4d24-aa63-7775cce53493","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":113,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"e9c658f5-8d2a-4ab8-8f02-aebb3e11ce00","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":113,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"e464a6ae-d50d-4d70-bc97-8e19771a024f","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":113,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"e4544b06-6fcf-42d0-9f40-c6b6f72a53da","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":113,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"160fb29a-d031-44ff-8ad9-2000070f9fd1","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":113,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"12ebbdc9-7a47-48d9-985f-f5e92312a009","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":113,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"854332d6-937c-477b-83a7-d3f3f013b22c","block_type":"box","text":"the particular facility being financed.","page_number":113,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"009d63cf-8de3-4c39-8cc7-fb8e3ccdeba5","block_type":"box","text":"Moral Obligation Bonds.","page_number":113,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"f51a0cda-6e46-4cb6-8a01-24308e0c70a0","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":113,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"868ce149-b015-4cbc-97c4-dd14758247e5","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":113,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"e4c11552-a7ce-4051-a42b-801856407d7f","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":113,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"3ba7504e-a3fb-4dab-aaf9-7f6404a3b05d","block_type":"box","text":"that issued the bonds.","page_number":113,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"0aa501ff-55bf-42cc-9c89-5e8b39b95fd6","block_type":"box","text":"Municipal Notes.","page_number":113,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"547c13c7-2353-41ef-baaa-03489101a72b","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":113,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"ed1edaf4-05d9-4c3e-be8a-ea75dd0a7a86","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":113,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"4d461aa9-c147-4289-ab6a-d6200bf48d51","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":113,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"de08893b-c017-4cb6-b8ee-95776560f71c","block_type":"box","text":"II-58","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac9be37d-25c3-48ae-8aa2-adf7133668fd","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02c11edd-7fc2-4f32-ba9e-9310d55da3a7","block_type":"box","text":"Municipal Commercial Paper.","page_number":114,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"b44a8551-72aa-4dcb-bf39-e7a8bfd79415","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":114,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"2bae6185-ddf5-421e-ac45-8d887f611ade","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":114,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"1ba3ec28-9d6d-4684-9dde-7f9955730c88","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":114,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"b8a13dc6-8a09-4296-b92c-fa1d1d510ca8","block_type":"box","text":"Municipal Lease Obligations.","page_number":114,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"fa9297af-6579-444f-ba51-5ceb91dc703b","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":114,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"20e4d7c6-3ae2-4972-baa9-0805df13710a","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":114,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"c9689214-dc97-43e1-a18c-f1932cb66e4a","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":114,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"8359625a-6707-4d0b-b8c4-b7dea8c9fcf4","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":114,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b4d150fc-51ba-451b-b6ff-072b1cc8dbf7","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":114,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"351efc50-5a8c-4e69-928a-c0afe3517b1b","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":114,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"42dc8485-a5bb-4d38-a072-099dcd58dabe","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":114,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"3ab75a0b-907d-4c2a-991f-01608dd8e4de","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":114,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"039e985a-0ec9-4143-bc0f-20aaf5835f7c","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":114,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"f2864a5e-12b3-4021-85ac-e05343a7a85b","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":114,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"248fb29e-6ab2-47d7-93cb-35053608fbf8","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":114,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"36e9c81f-4638-4e9e-83e5-97f3768885ae","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":114,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"79f06e09-7aef-4d61-a127-f07d6519ba40","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":114,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"6b5172cd-d5d2-45ad-ac16-7a4e5c356e22","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":114,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"b2e5891c-2c01-4546-b382-e94c3e694f38","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":114,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"4c215707-2d81-45eb-a917-7b49a845bd32","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund, and could result in","page_number":114,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"9b4bdbd9-b930-4d57-adae-3b8c0f86453f","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":114,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"2374032f-279f-4785-8dec-e03e6aa7b325","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":114,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"1ec14398-2f29-48ac-a43f-40a2b58745ec","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":114,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"08e830d9-3fb7-4291-9122-adaa4311d1c8","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":114,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"d28b7734-0778-4db8-87c6-57613163f8ae","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":114,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"a3cc6128-3088-4d79-8f16-3bef6a4dba96","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":114,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"2476f223-d744-471f-b444-cec7f26f91c6","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":114,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"caeb6de4-260a-478c-822b-f9c7a838b9e9","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":114,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"3b11379f-0f22-455d-804b-c5e9f915e2e4","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":114,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"2f56e60f-6591-49c0-ba03-51824a7c74fa","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":114,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"5692ca70-d36a-4003-be92-df3d5d3aeffd","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":114,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"89717f3a-f5d4-43a7-a315-17fcad75d9c0","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":114,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"e2c9e9ef-41f7-48ad-918f-e723f904524e","block_type":"box","text":"Tender Option Bonds.","page_number":114,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"11c2cd6a-5470-40b2-bf47-5c25f8f91cd6","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":114,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"e6bf052c-5465-45db-8aaf-c3d741476813","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":114,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"07840ef2-7387-4de2-aabf-f0528f956b3f","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":114,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"d4fbb840-a163-46d1-9db5-e098a40a3e74","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":114,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"1d4ad2ec-4ade-47ca-81d6-71c4c212d044","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":114,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6da79906-0de8-486d-98ff-a1da162f6c06","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":114,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"5c320373-85c6-48ea-a36d-8cf918571d29","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":114,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"b046050d-0c40-4bc0-bb1e-a20ede9eef0b","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":114,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"fca60748-4c2c-4427-9a65-7b5b5711558c","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":114,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"8cdb3da5-2002-44f7-aa8f-64b3f661e4ff","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":114,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"3200d130-593c-4b24-8093-05fd63134f5d","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":114,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"b6a09115-cac1-4e92-927b-8820ff40f922","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":114,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"c590c21a-0572-4bd1-8e1f-661590af2da3","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":114,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"dc036422-b1b7-47dd-b66d-3787e1ea82de","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":114,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"d76009e3-1f27-4811-bb15-ce7479947939","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":114,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"9f4a7c29-65c4-4714-818d-daf8c43412d8","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":114,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"1b78c1e2-2675-4b39-aadd-7970e76b0162","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":114,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"e3487d9c-65de-465b-8389-67ce23166798","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":114,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"6b1ce7ea-2c6f-41ec-84eb-c88a50adbc33","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":114,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"dabd022c-4d72-4adb-b83c-9731107e909f","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":114,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"62bcb087-4cf3-48e3-a22a-7fe7931d07aa","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":114,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"d099363e-fd12-4d30-923a-52147b1365c5","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":114,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"e3fde8af-bbd0-4e32-89e7-dceb8aa1f6d2","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":114,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"e4b05d78-0d89-4b32-83c5-4bf6638ead19","block_type":"box","text":"participation in the TOB Trust.","page_number":114,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"7988f7f1-5b28-47ba-b39c-a8f876e4553a","block_type":"box","text":"II-59","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e4a37db-5750-4eb7-9116-b7beab023c08","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fcb24215-97ef-4e6b-8769-b4a1da475d08","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":115,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"dfe8bb4c-cb9f-4944-b878-81ed038c68f7","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":115,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"393065a1-b851-4095-9624-2ef14e9b2214","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":115,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"218029d1-5c10-4a9e-a8a5-a392dc18e0cc","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":115,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c96ccba6-af55-4287-b806-23635c9e8a3d","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":115,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"70a34e1c-7625-410a-af3f-5a48edd44761","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":115,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"828c862d-0f39-406e-a47f-8e73e7c5c3db","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":115,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"b7bb0fbe-8a4a-40fc-8693-3c2b5e21679f","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":115,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"ebf6619e-d0f6-4b04-961c-50a8961c5dcc","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":115,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"5de38ef7-8f46-4b9c-9086-7dae9a656e71","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":115,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"a6f68163-b261-4350-aeb9-a3f76e1199ca","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":115,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"1f80d03e-d595-49eb-8364-6174ebcd1c2c","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":115,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"ab5400c5-de89-4d97-8ea1-39d412f51eda","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":115,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"19f19a0b-a278-430b-9721-d947a3c0c38a","block_type":"box","text":"issues.","page_number":115,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"4c0d5ead-c5ca-4f46-bfb4-a74c85ca2835","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":115,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"a8758812-ee37-4bbd-94ec-2c61d9930cc2","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":115,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"51c20bb7-37f7-4e6c-8ac4-5c438d41f38e","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":115,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"4d16094a-11bd-4fcd-a8d4-33f21d1dd338","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":115,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"cf27967a-cc65-4a23-bb6d-d838f2e4f174","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":115,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b3a94903-6ba9-47d7-aa11-e2165f250f33","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":115,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"b7fe0faf-05c2-49d7-9375-0f151b113909","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":115,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"53024d0b-93be-46d1-be7b-a65d2442436a","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":115,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"b82f99d2-7e27-4ffd-953b-020926706e4f","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":115,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"019e2071-1f53-4f2b-9145-fa3072b52178","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":115,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"66578802-13dd-4292-b299-7d9088cf86bf","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":115,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"90409e7e-d5d5-4709-81e3-0fa621986a82","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":115,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"a56f6719-284d-4911-b204-a327bd594a83","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":115,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"3001db15-f7bd-4770-abef-90b6083f9be2","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":115,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"ef92a43c-6caf-4b76-a372-5e10a8ea7051","block_type":"box","text":"i.e.","page_number":115,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"0f991a12-544d-4fa2-9ab4-3358025f549b","block_type":"box","text":", the Fund). In contrast, in the","page_number":115,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"7a14dcb4-19fa-44ad-8fe8-882908946e39","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":115,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"d2836292-fb70-49d0-b4d8-b890a171cebf","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":115,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"8813f096-a7dc-4ac7-a299-06b6ee1c113b","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":115,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"1af1af52-b611-4f71-b3c0-50359bad4163","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":115,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"c4969ccf-fb81-4e38-8356-c3e8f67aec4e","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":115,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"9575f73d-df51-4401-97cc-a0475a02372b","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":115,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"49ce32a5-23a2-409c-9181-03b90c97edcf","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":115,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"40c851a3-94d0-429c-9750-53f992419487","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":115,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"72dd09e0-f4e8-482f-b9ae-eed081331da5","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":115,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"f0ca1d94-cd33-47bc-8561-0b9923891659","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":115,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"059a6123-c833-48be-948b-3db761b264a3","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":115,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"3f52b0d2-9448-4003-bba8-7107c4239ebd","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":115,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"c72825a8-0266-40b1-b327-23a84763c749","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":115,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"951c58de-7262-48b7-af02-8264ae79a029","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":115,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"a0d4ec48-ae15-4d44-a8d8-a9f686f6527c","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":115,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"d2facce8-0b88-4c52-9314-40a2c5d53d6d","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":115,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"8d3e8d83-b550-4df1-8a77-8f934c92871d","block_type":"box","text":"Trust.","page_number":115,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"6567f248-ced6-423e-a70c-f96c4c0c5110","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":115,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"85317dc3-985a-4d6c-b19d-64c71c7f0ef8","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":115,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"f584af73-4850-4a41-80a9-ade729d77f0a","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":115,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"c1fe0399-d299-422c-b847-f46977b43442","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":115,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"9c76b8c4-49bf-4be2-be17-f827f1adaaad","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":115,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"5c4cdbe4-6934-4810-b318-d55d72d62bbd","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":115,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"6ec0e526-d5f8-4025-bd44-20898d8168bd","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":115,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"2e9e0095-8602-4d6b-a5c2-65c8067eb46b","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":115,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"94edd7ad-c0dd-4554-85f2-5f538d18b7be","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":115,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"263ee2c4-5c3b-4786-a0ab-5a3162c45454","block_type":"box","text":"II-60","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c5e6b57-08b0-4c0c-8dd2-cc601de8ac27","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4f9914a-330d-4018-9a96-d5563118c3a0","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":116,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"d6f79a5f-ca56-43fc-9896-2b7565ee5680","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":116,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"bc0b851f-aa1a-4eb8-a770-45c14ae8f4ef","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":116,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"dd6f033f-fe54-4869-8799-115dddc2ab0c","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":116,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"be1bdc53-8934-45d5-9995-c408f488f83e","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":116,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"70308aec-79a7-4c0f-b528-c9cab3f0575c","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":116,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"8aa82ed5-1dbc-407d-bf58-9df870829e55","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":116,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"57389c47-fae5-46f3-b0b5-ec099b6a1009","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":116,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"d0379f19-ce68-4a40-aa8f-a3d4106aac37","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":116,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"62754122-33df-4994-8662-cb72f7a4fd8e","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":116,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"6c3807d7-cf39-4659-a1cc-1f942747ee44","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":116,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"c4f169e7-d446-47e4-a60a-1d15853f6149","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":116,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"860bb191-c72f-434b-896b-0294e8a9f73f","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":116,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"76794476-4acf-40de-a570-1191856b75d9","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":116,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"7210befb-dbb2-4bf4-ab29-1fe491ae4b9c","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":116,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"44df74f8-5b2e-442f-875f-caf3b7a5b40c","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":116,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"f61f2fbf-adbe-47ae-99ef-abb0603bb8a9","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":116,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"169fb6d3-916c-407e-ab63-c7c7f4a75ef6","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":116,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"5b4845e9-f89a-49ca-8db7-51067f98ee8e","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":116,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"5fbafa8b-ca99-4026-a871-b4cdc6c1c87a","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":116,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"90c71603-4b2c-4f19-a0db-80232a6e5be9","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":116,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"bb3c2c18-423b-43b8-ada8-93e7945937a6","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":116,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"70dc5523-c014-4e7d-a127-608f27bca3b3","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":116,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"065549cb-c203-473a-a356-10848f05c97d","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":116,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"8954418d-ead6-415e-a66b-02d152fb6ca5","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":116,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"efebe751-da50-4f07-879f-28569bbb5ce1","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":116,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"25847e82-0788-4f6e-8b82-31069eae037f","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":116,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"ac27c459-8496-4dd6-bc54-413a811e0e57","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":116,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"a41c2a23-a057-449f-b3bd-67a32b995524","block_type":"box","text":"i.e.","page_number":116,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"8dad4829-a8b2-4bcf-abe9-aba7a1251a64","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":116,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"327d933e-0ea8-4c18-899b-35cc327f045d","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":116,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"0f6258cd-f4f5-4303-84d0-46d7b13d4dcf","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":116,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"e077a09e-2e5e-44ea-bca5-e82385f8a1f3","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":116,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"86d7d5df-5864-4408-8942-63eaab4db42c","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":116,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"42b23f3f-cad6-4ebf-9ce0-39d2e51d8c63","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":116,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"15bef6c3-1145-40ce-bc8d-b2074c9d0343","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":116,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"2ef7d4fa-2d78-4c3f-9daa-d5e642a3f9d9","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":116,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"1a992662-b899-484e-b299-2ebfb5163746","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":116,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"5406375e-4849-42e8-a0a0-179f8c1cab8b","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":116,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"9d1e1894-8ad7-4c5d-810d-8d88b246be5e","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":116,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"ef15ed6a-269e-40f9-b5ca-b1df9e657e9a","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":116,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"1016421d-e119-408c-ae57-6d3e2ea9bc88","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":116,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"da33d0e1-5aca-4fc9-84f6-66ec03c187bb","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":116,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"a8cc4d98-3599-46a2-84a4-7728d56907b8","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":116,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"023d7f3b-8a9d-4ea3-8fbb-578893f58798","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":116,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"ae461eae-516e-4922-8135-1287e1c6ef8a","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":116,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"56ff447e-4482-429b-a3d0-fb5da6e28373","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":116,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"1a7f4d15-b783-4b4d-b7fd-7769ce5543e0","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":116,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"20fc8fea-1f8d-445c-8cf7-33d84932016c","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":116,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"eaf08b8e-f883-494c-b165-b504e58a477c","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":116,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"228787a2-4896-4724-b515-c07346e819b2","block_type":"box","text":"market is not yet certain.","page_number":116,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"6e1d3439-7131-40d7-9a1e-e921ddf41c44","block_type":"box","text":"Yields.","page_number":116,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"6d960e32-c12f-4f2e-903b-6bf73f46e12d","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":116,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"14cc82b1-8179-4f3b-8e38-c1854253e9d4","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":116,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"e19f6a5a-94c1-4d65-bc74-844b55a00630","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":116,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"baeb6ded-f688-4a25-9874-624745eca231","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":116,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"bad66da2-ea3d-472a-8127-29ca4b90a111","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":116,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"2c7a48c4-232f-4496-b779-050b037a03f8","block_type":"box","text":"II-61","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ee7d87e-a817-497d-b778-d8fbcdacd042","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c7c8b79-1dfe-4578-9697-e23341e1da47","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":117,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"c1ffec5c-337f-45b7-a797-94a87a775c03","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":117,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"59a1d07a-5498-4fe0-8eee-62af9b6ca868","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":117,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"88f569d4-021a-486d-a00d-237f459eaf4d","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":117,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"cd4004e0-9f13-4fc4-bf83-8adc76a22b16","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":117,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"aaeaf0dd-b93c-411f-8358-c874d80813ea","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":117,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"883a7c67-73b7-420e-b458-ac5d956573c5","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":117,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"63b260a2-068f-48bd-9249-a892e8c79b10","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":117,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"abda5872-e574-4c2f-9810-5028161f2961","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":117,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"0fcb474b-d756-466a-b498-d6e14c18e08c","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":117,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"f1bc7d01-4906-462a-a860-f4ba8352fa91","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":117,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"e2b5325a-e550-4f57-b664-4429090ba4a6","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":117,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"2a816ea7-3daa-4af9-ba68-d1b53291b8e8","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":117,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"1faaf47d-4965-4537-9d2c-bc3c37f5ff2d","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":117,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"7458e97f-63de-454a-b414-7f9f1b5f2ac9","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":117,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"706b8165-d9e1-4245-8f23-dbedcc875951","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":117,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"20696286-d8bd-4395-872e-90538840c34f","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":117,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"8187aa15-b7ad-4892-8aec-c64b2141ba76","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":117,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"88c72133-7a2b-4021-b6da-f3597fb05b08","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":117,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"c2bc1f8b-0c99-41f0-ac52-51b2b15d00ce","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":117,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"9b1f0ad2-efa3-4152-a203-77174f8bd009","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":117,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"fc54efce-d959-4b42-8403-d3afe6e9210a","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":117,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"8c637c09-618d-4545-b776-6d8ace08ea02","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":117,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"53206919-4eac-4ccc-94c9-9c0e2993b7db","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":117,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"53fe95e1-371d-494f-a040-949fa0330018","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":117,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"6b183443-cfb5-485e-a439-d12dfafada01","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":117,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"92c931cb-88f7-4128-80b5-76d03f44616d","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":117,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"77a0976e-9ea7-4d35-a4cf-0950dae07067","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":117,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"03ed77e0-ecc6-4f99-9412-b55fb41da426","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":117,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"88896101-20ae-45cc-b13f-10113a9df852","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":117,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"6846f4c3-bb8a-4c75-8060-06d43fe9e39b","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":117,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"05c92716-3eb2-4831-b352-59f96dcdac3c","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":117,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"9da32520-156b-4a67-ab2e-eab079813e89","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":117,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"d1aa3165-20d0-4fba-be48-1446453ba109","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":117,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"f188114f-709f-42d2-ae3a-f2d790abc7f4","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":117,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"2d197543-73ba-421c-ad2d-86229942d0d5","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":117,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"67f1bd0c-4f7e-4ef8-adf1-9c3faa81acfc","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":117,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"fd6a41fa-efa7-40eb-8677-772aa786ec0a","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":117,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"05566d11-9dcd-45ee-a447-9074fb389e80","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":117,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"ab4449bf-ebd7-4c50-8248-e9eb526e8a0b","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":117,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"b20586e2-c41b-4794-b69f-4a3b4b65c318","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":117,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"7c317413-7330-4aca-8ad2-571cc70a67a6","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":117,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"2450afc1-7633-41ab-a4c1-18e87f53d630","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":117,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"ddc7877b-0d51-431d-9c13-7926559528d9","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":117,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"4e4fea38-c400-4af3-90dd-0de20b4c3182","block_type":"box","text":"Call Rights.","page_number":117,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"edd02ac2-3fd1-4eb8-9feb-6b1fd77f37ce","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":117,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"7632c93e-7262-420e-8a3c-3550a696ca36","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":117,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"26fa646d-e44e-49f6-91ed-32867b3d3a94","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":117,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"c1a8a6a3-b45c-4847-92dd-840264fca2e2","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":117,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"fb7ee93a-531b-4dc6-b67f-78586b7eb5d9","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":117,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"fb5044a2-a788-4c4c-8592-a1ca1d8e90df","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":117,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"97a4c6dd-d920-406b-a3b1-e18d257fa217","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":117,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"050272a7-c329-4895-99a5-5ca12d51bd3f","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":117,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"34bb14ef-fc5e-4341-8371-47d706041a3f","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":117,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"8a92c89a-a0f7-47f7-b9e0-6dd6ec76a01b","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":117,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"413375f5-7476-4a34-8cf8-dc71315d0ecd","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":117,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"dcb87cd1-5867-468a-84da-c2dd949c27d8","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":117,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"0b9905ce-a948-4991-94d5-de3a86b2f1dc","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":117,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"2cf43166-53e8-43c7-8f15-a58344ade8c8","block_type":"box","text":"II-62","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92bcc2bf-8d0c-4d2a-a834-7272a35b722d","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efbef7f1-85cb-4015-a2c1-b3816b37137a","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":118,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"a87bb2aa-cd2a-474b-a7da-8f2ccdfcd702","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":118,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"779ee9cf-e122-43fc-b521-61da90b3f843","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":118,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"bf3400e5-f652-4741-9749-8348463ad679","block_type":"box","text":"i.e.","page_number":118,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"4309047d-49a1-4225-9aa6-36c8d29396b5","block_type":"box","text":", wide differences between short term and long term interest","page_number":118,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"62a631cf-5025-4e5e-b318-2f16c533dd9c","block_type":"box","text":"rates).","page_number":118,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"d08d2c99-b73a-4aa9-8f45-736bd990788d","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":118,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"035bf8dd-13ab-46a7-8358-690e430062d5","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":118,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"fafb62bc-4488-4eaf-ae4f-c1c21614c84e","block_type":"box","text":"e.g.","page_number":118,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"1519e373-d556-4524-b301-1395c1c4cb4c","block_type":"box","text":", an exchange of fixed rate payments for","page_number":118,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"3eff62d1-c51d-49c4-aa33-0a30314eb1c7","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":118,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"215f4411-ba7c-4cc2-9e8b-70911bc9cb87","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":118,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"fba19f9f-9d81-4972-a0d4-46b3f8703340","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":118,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"99fa1ca1-efed-4163-a776-db1b3ad3b1ad","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":118,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"5681323d-3d7f-4bde-971c-c4211540fd75","block_type":"box","text":"with the same attributes as the swap (","page_number":118,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"0ee655a0-57ef-42c3-867a-35a0d66195e8","block_type":"box","text":"e.g.","page_number":118,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"3a303c19-c373-4582-9c02-c915d6f3840b","block_type":"box","text":", coupon, maturity, call feature).","page_number":118,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"493a29b0-1018-49d1-ac3a-b59d675b40c5","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":118,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"9cb82117-2d97-488a-8fa0-4c66c4930a66","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":118,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"0ee8d41a-e3ff-42f4-959d-d145a21db45b","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":118,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"55815904-a71c-4bfa-b1f1-f4a3f1768543","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":118,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"071bb5dc-5431-4765-929b-1450e76190e5","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":118,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"4b7e0113-ec37-4039-b56c-b10cbd9d5279","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":118,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"33ff526c-0686-4542-a4d3-f9a5da76ad18","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":118,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"0fb83f0d-eebd-48b9-b0e6-9a4501a4606a","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":118,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"2def9bcd-e471-4fd3-aff5-c6b965c79c04","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":118,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"00af7eee-fb97-4bf1-895c-8fd3cb09d21b","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":118,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"55b8f08e-c0e2-4765-879a-6b40d119029d","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":118,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"931a7b1e-eff4-4331-a29f-d98768b17117","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":118,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"c5784d93-af00-4a79-93e1-8a9b904bea89","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":118,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"098102e1-bf24-4803-80a9-7c9a96af3118","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":118,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"be8570d1-71e4-48a6-bafb-f5b724c863fa","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":118,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"3f138cd7-b069-40ee-b655-8b23fd8dadfa","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance. A Fund has no obligation to enter into SIFMA or","page_number":118,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"4a5de7eb-b6e7-4387-a4a3-5731807f6969","block_type":"box","text":"MMD Swaps and may not do so.","page_number":118,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"36d803a8-7688-42e5-8ed8-b2f480a30264","block_type":"box","text":"Insured Municipal Bonds.","page_number":118,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"2cd33ead-71ca-437a-b9f0-242d724e3aae","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":118,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"397945d8-e20a-4d66-8bfe-cb6c36c3c630","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":118,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"a42d0d3a-7d70-4f2c-b793-d3e4713fdbbc","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":118,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"30822dbe-5696-481a-9c74-136ca04d3fa1","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":118,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"09c0dc11-7e41-46f2-ab76-77a20fa9fc64","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":118,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"e88bb07a-f56b-4cae-851c-dc78c9b478e8","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":118,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"3184fee6-e58d-4ea0-a324-20412c29b8b0","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":118,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"777d064c-4bc6-4e6b-a8e3-e57acd2445cb","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":118,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"e17eeb21-f7f2-437d-a6c6-7b3dee5aa98c","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":118,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"27f1a06a-073f-4051-a966-4c11374ffcfb","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":118,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"efcc9a46-058d-417b-bbee-a0e44175e37e","block_type":"box","text":"bond could drop.","page_number":118,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"eda28d87-778f-4c43-9902-476f747191c1","block_type":"box","text":"Build America Bonds.","page_number":118,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"268db7d6-d253-44d5-b19a-9fb16a6f85e9","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":118,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"9b91747b-1204-49c1-af5a-d469c27af1fb","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":118,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"af4e433a-d00d-46d5-b9c2-1e1c524ccbc7","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":118,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"3fb21dd5-0f71-41a5-83e7-4ab9da9a4f9c","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":118,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"6635ba57-7a15-4002-be3e-3f001c274b0f","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":118,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"3cea8941-ea01-41c1-9b56-03eab3040ac2","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":118,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"5d186c91-2064-4944-a860-59484cdfd3b7","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":118,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"06b1f8fb-0e61-4110-83b0-2f1d8de14a74","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":118,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"905511f3-891c-4305-9dd2-6e2f25ae89e7","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":118,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"147551de-f811-44a9-8e9b-6584041ab4e0","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":118,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"325dba53-e699-469e-b667-a3cccea42770","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":118,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"51e76c72-f114-42fa-83eb-300e14865535","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":118,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"42999aad-9a3d-4703-88f9-adc7a8185ae8","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":118,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"6e0f3733-6ba9-4acf-9678-6dd18d97c4c6","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":118,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"33cd2fd1-c8ba-483a-a73b-8046a4547771","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":118,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"ad7da1d8-130f-469a-9473-0ec6bc7458a4","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":118,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"c4034acb-d428-4a31-81d5-7135a8e09d8f","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":118,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"84c7b732-3325-4f6b-aea2-e11a496bf850","block_type":"box","text":"II-63","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b3c72fe-f6d1-4701-901e-a9d2ced569c7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7abace6-e39b-478c-893f-b093e288490f","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":119,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"cc714eae-7df9-48c0-9615-9973b98d6dd1","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":119,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"257151fd-b2e0-4dbd-9e77-3e943e835a6a","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":119,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"fbf260bd-f34a-4ef4-b0e2-1165f34d6662","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":119,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"9c607765-8d43-420c-b3b8-45d1bef56212","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":119,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"9e20938b-7f2d-4b16-bd75-96bb27f41cc7","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":119,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"63debd2c-95c5-4136-8ed2-17f4cf3a015e","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":119,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"0c96779b-7437-46d3-ae01-7cffb6e62295","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":119,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"585025ff-b635-4495-9111-4900ee38314f","block_type":"box","text":"their face value to the sponsor (","page_number":119,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"b356db14-d025-4c82-83a2-69f8b1db2cfa","block_type":"box","text":"e.g.","page_number":119,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"29890c01-86c0-470a-a717-ae61184b477f","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":119,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"8cb99be1-bab9-4f0d-a3e2-ab939afc9725","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":119,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"6263e302-593d-45c8-919a-726894e11c27","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":119,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"fa8f0010-c657-4009-ae2f-077a457fe38c","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":119,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"7ef28259-25f9-4823-9195-adaf08f84ad0","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":119,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"58ffcb01-9b52-4912-8e8c-938238206122","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":119,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"5ca50ec0-b9f0-4fa3-9afa-a1d3b54a664b","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":119,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"5a2dd456-32a1-4827-b12b-67ac6ab820a4","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":119,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"ae4e8dfe-de62-4b5e-9452-b490282d9d25","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":119,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"70360cbe-ec6a-4981-815a-24839e05a190","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":119,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"20f13d54-7582-4d43-9653-0a97a9ccc2c9","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":119,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"ed0f4846-6e13-4fab-a991-1b427ce4d5b5","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":119,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"71078e9d-8bee-42a3-81ff-11ba4ba2dddf","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":119,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"6c912633-e0be-48f3-8fef-677b9c46677f","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":119,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"119f99a5-04ed-4b4f-9137-2b181f89d5c2","block_type":"box","text":"such opinions.","page_number":119,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"5959868a-6f64-422a-a373-14ac0191b1ae","block_type":"box","text":"Participation Notes.","page_number":119,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"06552e13-6e0a-4186-a1a9-43a48475c0a2","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":119,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"a20a8ee5-9546-4137-a9ec-7061dd0df978","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":119,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"33bce8a7-d71c-4614-9c52-4b78b0407fc4","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":119,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"9e764238-74b3-4178-b1cd-f4c83ae8be29","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":119,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"e9e080b7-6068-448c-b604-535fa44e9a7d","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":119,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"9cb86eb9-39b2-4307-a3aa-f58eb8c7024c","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":119,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"015a0093-2a90-4a5b-b42e-96b12c14f8de","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":119,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"e844df48-e6c3-4f6d-b87a-6c5eebde4f33","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":119,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"c837a807-c832-4323-bc36-4604a0e966eb","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":119,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"adc821f7-68df-43c2-9cab-143ce165e7e9","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":119,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"e0ca3d9a-424d-47f9-9bf5-ed5573f460f7","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":119,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"7beeeb10-b1cd-4945-b5cd-b0e83b917398","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":119,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"bf4b8135-edfc-4cbc-a549-3c9e823258c8","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":119,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"902bef28-4ef2-4204-9d49-30c532f57abc","block_type":"box","text":"creditworthy.","page_number":119,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"92dd24dd-d4c8-41b6-bc80-ff1dd7d0692e","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":119,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"2dc02c3b-e0f6-4c91-a9ce-87f8a10f587e","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":119,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"6504a618-d463-4bfb-b661-f823718c5a1e","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":119,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"e977dd05-0c25-4389-8acf-bc849ee302df","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":119,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"7702db0a-9b51-4b4a-8b40-727d752ae4bc","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":119,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"82aaca66-33dd-4fe2-a1b3-bebbb46bc6b5","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity","page_number":119,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"4a1623f2-3d9b-40d0-8af9-6afff9e21522","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":119,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"06caf4b8-f221-46ad-8103-b40d86f01a88","block_type":"box","text":"Portfolio Turnover Rates.","page_number":119,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"cbed55f9-c697-4650-8159-4fc82cfd6f3c","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":119,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"21e9d93c-98bc-4c1f-aa40-c90e21718414","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":119,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"8e7d5c19-91a9-47ee-8e52-770eef11e2b3","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":119,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"2b96c384-333e-4e43-b472-13b8501f4d50","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":119,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"a776123a-5009-47a7-b14a-4bdecf0754a0","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":119,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"aa4b1bb3-edf7-4c01-aea3-1a191febe9bb","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":119,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"219884f7-19e2-404a-ac96-9ba4f584f5ef","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":119,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"4d3ee13e-9165-4654-bea5-794b818cfca6","block_type":"box","text":"i.e.","page_number":119,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"29d37f4d-b9a1-47e6-8fe4-a1a8f3fcc6d9","block_type":"box","text":", 100% or more) may result in","page_number":119,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"a1aa70f6-d188-4b14-bd4b-f73e186a42e4","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":119,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"af77e920-475a-4688-82d1-dc1668bdd0d3","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":119,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"1dfae3fb-13f0-403c-99e7-73a7271d72c3","block_type":"box","text":"II-64","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79271c31-bfdd-40d3-b116-32133aed7d49","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bd553eb-5f36-4e8d-9e21-0691f644c5e3","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":120,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"e6579204-590c-4e08-9b73-4cd0c3dfad5f","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":120,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"97440a21-978d-4f25-bbe4-f4c879164fa3","block_type":"box","text":"Preferred Stock.","page_number":120,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"f783d869-be92-4aed-bb36-7357bef3ffd0","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":120,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"afe5f676-caeb-42c6-abf1-5e1e536d0990","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":120,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"c97e6e2d-c919-465e-b540-8caf6f30d55b","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":120,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"b875455d-6a50-4c75-981a-ed8dec94eac6","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":120,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"01715af4-597b-4ef0-a849-95dba12d3bf1","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":120,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"9cd83a24-f76d-464e-a077-5468bdb763a3","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":120,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"66312e5a-a801-4c41-a53e-df56a5c98b5d","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":120,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"ae7ed29d-e2b5-4d81-aae2-f4b9f0733795","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":120,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"5cdca886-7cd9-48de-9d6b-fce6eff7a80b","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":120,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"fc1c7b77-3e22-44c3-a637-757789740b8a","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":120,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"073cb602-ba05-4845-abac-b3df2f2f974a","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":120,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"cadc9e80-889d-4a8c-b69d-4781532fa10c","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":120,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"1d7021cd-2377-481c-898d-278e76eb1235","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":120,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"f4ebd7ae-e861-4629-93e8-c0a32f4b1083","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":120,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"1b67fc89-7cfb-42a4-8009-5d12d36198a7","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":120,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"09a17ef1-fefe-4307-ae15-8f16676cc3e1","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":120,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"b25d17c4-3947-41c5-a359-f66aaa8f41cc","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":120,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"b9a88bd2-7c6a-4e23-aea7-e673d63c5d5f","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":120,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"8e8377b9-5d63-47ea-868c-9463d4251989","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":120,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"cef557ee-094f-4918-ab1a-f9847c664296","block_type":"box","text":"Trust Preferred Securities.","page_number":120,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"971282f9-d12c-4830-b509-1b66ce9cf340","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":120,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"fed12626-84b4-4a0d-9bf8-6807154fd75b","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":120,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"b49a4b79-7098-4ccb-97c6-b86b3800a16c","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":120,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"4c578bf8-eac1-4fd4-8d9a-0cdd338ea7e7","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":120,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"721413b0-3140-4bfc-a76c-5929184b1c8d","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":120,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"1fa7ebe8-8eec-42fc-8118-e416bee9bac0","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":120,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"c81f879e-ec52-446a-8096-0db312009c21","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":120,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"102ce216-75e7-4a9c-a62d-140ba11b6578","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":120,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"14f968c7-3b86-4011-8a30-fdf93a6a3860","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":120,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"11fc3979-21bf-4f90-a11e-ee1124bd697e","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":120,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"5c273666-5ae0-4c6d-83f3-decd0663579d","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":120,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"c4e44f25-5a90-4029-8c32-d636baf8d123","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":120,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"e8ebc47c-f18b-49e9-8336-2ea308f10bba","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":120,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"33a27add-33e1-4289-83ff-6c94193468d7","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":120,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"5382889b-045b-4cc3-bea0-28e642d50f35","block_type":"box","text":"®","page_number":120,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"73b50ec2-d1d2-462a-8e70-a0f515db3d34","block_type":"box","text":"”); monthly","page_number":120,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"65289dd4-9235-401f-af91-a11a804def5a","block_type":"box","text":"income preferred securities (“MIPS","page_number":120,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"49e76ae1-8956-4277-ba33-c74ab936e045","block_type":"box","text":"®","page_number":120,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"15213338-ba1d-4adf-8e94-66f24602516e","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":120,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"10d048a6-98cf-41d1-b017-1638d5377f5c","block_type":"box","text":"®","page_number":120,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"28802957-1f1b-41c2-b346-5b3c308bf463","block_type":"box","text":"” ); quarterly income debt securities","page_number":120,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"a80a0d67-7739-4701-be58-ae888fa0258b","block_type":"box","text":"(“QUIDS","page_number":120,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"fa7525dc-e856-4505-8ccf-cc7311956381","block_type":"box","text":"®","page_number":120,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"caedcc80-91aa-4de3-abe2-cb61a98055db","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":120,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"d466b319-b6aa-4dd4-ae76-3b73f524c320","block_type":"box","text":"SM","page_number":120,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"2e87a675-6d74-4579-81f4-9d811d4959a9","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":120,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"36977858-630b-47ee-949a-d13b3587a66d","block_type":"box","text":"®","page_number":120,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"6747478a-fdd8-4253-9af0-9d3f83d3beda","block_type":"box","text":"”); public income","page_number":120,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"e62d8a8c-c0a4-4c98-aaf5-ac24eeb16160","block_type":"box","text":"notes (“PINES","page_number":120,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"4502cca5-cf8d-485a-91f8-5263b9fc276d","block_type":"box","text":"®","page_number":120,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"0b0c5176-9481-4b68-bc62-3f88cf85e8f8","block_type":"box","text":"”); and other trust preferred securities.","page_number":120,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"51f1b212-de0b-4984-8d11-2e185a198322","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":120,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"e18cac8e-02e8-4a8b-9927-4efde3c015e6","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":120,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"e4fab166-aef3-4ad5-87c0-48d1f4a1bf07","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":120,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"5ac6f03c-66d9-4cab-bb2c-eb7f18f4b467","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":120,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"c2e6bdd1-c770-4b48-8ac0-be0917ec7886","block_type":"box","text":"regard to whether all payments have been paid.","page_number":120,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"313c859e-c2cf-466c-b84a-84d3440c5ead","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":120,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"9f03f466-a204-4ef5-b636-4f472aac9c3d","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":120,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"5d7f3281-327b-43f3-97dc-ce43258dd90e","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":120,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"f0a731ad-5185-4ae0-b279-c9fc76aff80e","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":120,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"9500a74c-6c20-4dc7-9483-55dccc795570","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":120,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"eff97b74-fdc8-475e-a8ff-84748846754a","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":120,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"6cc8e0a1-fb46-4b7b-b6b7-77039cedaf75","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":120,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"80408448-33b4-4886-bb6f-e19575cbbd0f","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":120,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"4dad6487-c95e-482f-bb13-3dae11069245","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":120,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"381747e1-d3b7-4d0d-be6c-fb3580a3a31c","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":120,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"d7ae578c-357b-42b4-bca6-4755b77f7ad2","block_type":"box","text":"II-65","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ecfe12c-8f4a-4a46-a500-47f0a041aa15","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c88206f6-5336-424e-a60b-89c093b79e06","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":121,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"b5aecafc-6f8c-40ea-bfad-0af1c9956569","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":121,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"72dad39e-0a7e-4e67-8a97-950f8cb6f23e","block_type":"box","text":"debt securities.","page_number":121,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"db573f8e-9716-4997-9aac-9fd52f9efe92","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":121,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"0eb4593d-4c7d-4d66-83e7-4dfdd61826d0","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":121,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"288bfcdc-50fc-4b95-ae80-5a5d0a6c11c5","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":121,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"4a03e5da-4405-4499-8ffc-c1f1607a0ef2","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":121,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"d6a39298-c005-4c43-b6d3-b3c0ed976f7c","block_type":"box","text":"geographic areas or in specific property types,","page_number":121,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"a1b73ed5-fa36-4401-b609-c960a754ef28","block_type":"box","text":"i.e.","page_number":121,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"2beff053-7cc6-48aa-b295-76bbad4c21de","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":121,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"7a99fb7b-802c-4e9b-a8e8-78d5cc18d636","block_type":"box","text":"buildings.","page_number":121,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"bb3c890e-d67e-4dae-bb25-46a05051c750","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":121,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"a8d45523-39f8-415a-80a1-3a3ea5dda097","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":121,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"709911d4-9750-4df0-bb4b-aa1544f34bac","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":121,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"df0810bd-6c59-4318-977f-db8adeacdd11","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":121,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"412a100a-bb31-4bfc-8eef-0b6ef1725712","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":121,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"838fecf3-c5fe-4dab-a6c9-4cbf813284d7","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":121,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"efef827e-0b78-4c28-bf73-80142a74ae19","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":121,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"a9f9eaf4-48c5-422d-aaf3-5968a2b879af","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":121,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"999ac044-7bec-430e-a439-5ec13df9d4a5","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":121,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"1dbeec69-008b-460e-907f-73ee68a559a5","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":121,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"ef821345-6c17-48ae-8de1-460cd4d0539c","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":121,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"9d6b6926-c1d2-45f6-a3fb-4109974e507a","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":121,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"5b635f45-803a-4cc1-9d96-1a0e6ca95e73","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":121,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"c1a0ccf0-2e81-4b2b-af38-32eb5915d7e5","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":121,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"b330f7c4-d344-43b7-b40e-87e89c64cee5","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":121,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"abf76ee0-a970-491f-8bff-1fd673d0e807","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":121,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"76d26411-d64c-4662-a8cf-f64995a8a05e","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":121,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"c54d2ccb-20b0-40a8-ac37-d1a92a0ca317","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":121,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"4b748b53-7df9-4b58-ac79-dfcc450a6149","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":121,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"04ae7329-168b-4809-afc6-b073006304e6","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":121,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"6fa026ed-572e-4724-bf1d-da1b4bd81c04","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":121,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"c9e8d5da-0873-4fc8-9507-a7615689abd2","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":121,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"1eb29da2-fea2-41bd-b388-b4ceb63647b0","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":121,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"18bd6977-e667-4ec1-8a00-74abf6a4fb9e","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":121,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"14cc98aa-ef58-430e-b3f8-2ccece546a9a","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":121,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"9622f52d-1583-4ce2-a0c7-cca0f3fe15d1","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":121,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"bad035f8-2f91-4f06-a69f-8cff28bbc6f8","block_type":"box","text":"holding period requirements.","page_number":121,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"9340e195-a888-4961-9998-2e2d4247b5d9","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":121,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"890eebc2-f1e7-4af2-8e4f-dc12c4b39425","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":121,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"5804235e-d227-4cad-9b0e-6474d73573fc","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":121,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"9424ca5b-8980-4752-8ea0-d8bdb6a19012","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":121,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"5b0066e0-7fc7-4f2d-8ac6-40bdc5d30ff1","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":121,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"3c4777bd-1c97-4933-ab67-e0e36f81a182","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":121,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"fbf6098a-d2e6-4523-acb6-d963d2692da0","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":121,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"c70f58f6-fe73-4a75-9a94-22eb0c47239d","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":121,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"74696af7-9cc1-4231-9cad-e67ebaffb086","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":121,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"cc6b3370-2c01-4d63-aa60-2216b6c0a2f7","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":121,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"434939e7-5e3e-449c-9e9d-8c9167637452","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":121,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"06a7acba-3e53-4c14-9303-3506f655a16f","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":121,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"1ebe78c3-07c0-4b3e-b0a0-e5815c720cc2","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":121,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"bbc5ae8a-ac74-4ef7-a3bd-e37e197d88e8","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":121,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"a53c0038-0149-4f8a-8af5-03a4ecf08ad3","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":121,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"0613714d-98e9-4468-8a6f-02a1f1dcbb91","block_type":"box","text":"Recent Market Events.","page_number":121,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"236e94e3-4ec7-4985-8b64-905c9a556f2f","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":121,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"9d14db29-00c0-4c02-a4af-fe2374ba43b7","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":121,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"2622fa48-ef6e-421e-a612-f46f0fc6906d","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":121,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"87e53053-d2d9-4f7f-8cc8-71ab70b43e17","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":121,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"16132493-314e-4062-9eac-05b7cdaa7b45","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":121,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"8b642eab-93dc-41ca-8b51-2cecc22ef59b","block_type":"box","text":"II-66","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"36a177f3-28e6-4a46-8f9c-a730194ce516","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"010ef708-1418-45b9-b3d3-e1374833d7b0","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":122,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"2268442a-c3e3-45e7-aa51-349fc003ed93","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":122,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"289a6acc-cc8e-4a8c-ad49-cca89d3ac61e","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":122,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"05d12a7c-7819-4068-a162-13d6b3acfd5a","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":122,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"2893e60c-5697-4347-9c66-dd4dc1c2b393","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":122,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"919a3179-6fcd-4a77-bb4d-4ee68a3481f0","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":122,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"9227e475-b807-4702-9e00-f461babd4f93","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":122,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"503abb63-a494-4e64-a2f0-6c58c5c5e0be","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":122,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"22066af1-e297-425a-a395-b1b4a5b3d108","block_type":"box","text":"negatively affected by such events.","page_number":122,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"e5fc48c1-9721-4c39-9f61-6493d4b2be13","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":122,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"f60cb70d-e206-4314-9067-528db239a985","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":122,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"10111712-9d3c-4953-9c2f-46804d19d8fb","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":122,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"304ee1a0-5c4b-495b-be46-266533e71668","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":122,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"82796e1c-01d8-451f-9ee1-2e90856837d5","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":122,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"19451224-f68c-46f9-b2de-820fbdb4f337","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":122,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"2511e572-afef-4d42-b905-af7adc23fb48","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":122,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"154ce5bb-4fb5-4ace-bb9d-4c7f96d4f2b6","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":122,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"95d3e993-14fc-48ac-9522-004c903e9cf5","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":122,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"35549fd8-4f1c-4b95-9d0e-410bc41eb184","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":122,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"27f55ee8-af6c-438f-a87b-3340f486f70d","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":122,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"cdfb11b1-0134-43aa-9662-6b80cd2f69de","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":122,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"56963335-45e0-44e8-b53c-f18733d36de0","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":122,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"52819807-1b33-4858-829f-8b82dd102df0","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":122,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"68015abc-2371-4173-b069-55e4655fefcc","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":122,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"3a38eb1f-e72b-4bef-acdd-459f3f88cf97","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":122,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"7b335ce7-769c-4d22-97ff-6c94dfed3d89","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":122,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"8470ddb9-92e4-4e9f-9e69-1d4b05f0773a","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":122,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"22caa2a2-a95b-4096-9792-a175f6ec568c","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":122,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"5820d24a-9e1f-415d-ade4-b6a91fe03458","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":122,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"22284ccc-f2c3-4865-9496-8463349b3373","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":122,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"002a86d7-1d15-4ef3-b9be-f214769ff8e1","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":122,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"70bf36cc-a26b-4b55-a042-92b9ebaee08a","block_type":"box","text":"investments.","page_number":122,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"b60353ce-be49-4b8a-915c-77d001ebd0ba","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":122,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"48688b04-ded0-4e34-b57d-1ae1a8104221","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":122,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"64a0e6b6-d9b7-4168-bb0c-ee694a9921a6","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":122,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"11389d1d-1ce1-446f-9ed4-4b146002c065","block_type":"box","text":"customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak has","page_number":122,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"3d94d3eb-d604-4a76-ab18-d7199702819c","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":122,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"817e8d36-a021-47ec-9acd-359d76e3f432","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":122,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"6877d6f0-f0db-43e3-a58e-0bcdf88ac1dd","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":122,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"bd91fb3c-b92f-4eeb-b950-e092f35178a4","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":122,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"13ff767f-e53e-4fb1-bcd4-200b7c9568bb","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":122,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"cf471c21-fd72-4c23-a983-b5e40eb2838e","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":122,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"76908a69-e3f8-4b20-89ea-1d11b8bafd25","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":122,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"414a2446-6d7c-407d-b076-b37ba2a59d20","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":122,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"ef776d3a-8087-4198-8f6a-6954249d6108","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":122,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"25bb1b88-ad7a-4b46-a386-6060a89057b2","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":122,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"e641d41f-2de3-42cc-a1d7-587513e23287","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":122,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"2e9c52a5-ff12-4676-a88b-565e62eecb1f","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":122,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"24d8d199-7f06-4c67-b4ca-680f1e068ef1","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":122,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"3ce12a3f-7a51-47a8-b53a-8b5b0dcba18f","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":122,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"989b3fe8-0b81-4b07-95a8-e47b14724a61","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":122,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"d2e71114-b8bd-443f-a160-915e1dc6af19","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":122,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"f97d9cc8-9848-43be-abdf-536d6be055c3","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":122,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"07e9a15f-e8d7-49b2-9ae6-b2d9dc044ea1","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":122,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"3c9d044c-addd-4dcc-b7c6-31c050832449","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":122,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"6e22c99a-9992-4bc5-b023-2306814b42c4","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":122,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"33943287-0c46-4cbb-9c10-4f6af15bad89","block_type":"box","text":"II-67","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3f1b59a-812b-4d01-9f85-a3ab31efeb11","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3360e32f-bca5-4485-930a-71e85a583b41","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":123,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"d92f8612-bd4d-4fca-b2e5-06dca075ee0b","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":123,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"8f1ad8f4-1af3-4b6e-9600-0351f492b520","block_type":"box","text":"that may also cease to be published in the future.","page_number":123,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"bdf983e9-fdaf-4fab-995f-e0ee69983f91","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":123,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"5accf7d7-88ca-45f6-ad36-5dc5f27684ec","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":123,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"8f0f46d6-b3b4-4cdf-b481-aaf6e779314f","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":123,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"f278e3a0-4e52-4301-8213-2b849683a087","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":123,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"82ae1f11-103a-4323-b7cf-be4c2aad5390","block_type":"box","text":"term of the agreement.","page_number":123,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"b9591776-ea69-4f5a-a104-cf5a742cc634","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":123,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"d863a431-a043-4f3c-8b1d-40598ba8bd4a","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":123,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"2c5a7b14-97d9-40a1-9374-11734c4282d7","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":123,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"25f2bf06-12f1-4046-9681-62e6b32b54d8","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":123,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"a7f73677-c6a5-4e2f-8dde-49c6369cec6e","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":123,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"d38fbdc8-6bc9-48fe-aa55-0391e14e7c7c","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":123,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"1eaf4f7d-d01d-4a5a-8a19-889838ca46fe","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":123,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"7e2879e3-fbf4-4ffb-9a90-bb5f01b4c989","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":123,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"79456bf8-8512-4e98-b77e-627db14dc831","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":123,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"06ab794c-ba8c-41f6-8e04-c2c0cc62bdab","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":123,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"52d92e4b-6d05-46c5-9378-cf26442e3053","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":123,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"5f4f162b-d03b-4b11-a51a-702fa3a7d6ff","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":123,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"ebfb801e-9c98-48f2-b4dc-eec96f7863f2","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":123,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"47183b8b-07b0-4c62-a49f-dc29a21b243d","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":123,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"eb7d1fa1-7b7b-4004-b4bd-8d00a2579f68","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":123,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"e74046b4-ec63-48c6-9546-0def8529b539","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":123,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"077f5b43-5e6e-440d-8055-74c809afb01c","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":123,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"47aad799-773f-4345-a27f-6bbcdfa574fa","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":123,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"d12721e4-1339-44c2-aa51-1a8c3c58f6ac","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":123,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"130f6645-7456-41b0-a803-5c5b2b9b99bd","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":123,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"8918beb1-3ea3-4633-b4ff-6d337f2126dc","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":123,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"86f6614b-a563-4ffb-bbd1-c2eb3186d1b7","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":123,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"ae16fe00-09ce-4542-aebf-9575f98ce1b0","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":123,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"f92f1c22-c69f-4ecb-8100-1f13dd472926","block_type":"box","text":"or by another authorized securities depository.","page_number":123,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"a2f221e9-1005-4ff8-b8bb-6b103f0762f5","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":123,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"7520151a-630e-44aa-94b6-9b9515ab066f","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":123,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"5c4f045f-3258-4b10-ad3f-6774cf48d321","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":123,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"869caf66-3eed-40e5-a3e1-77856174d798","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":123,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"f1157363-7068-4250-b90e-39bfb04b90ab","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":123,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"874fe937-20b4-4c87-a552-f8137b6d74e4","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":123,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"06d31549-8244-45f3-8477-19fbd85e7963","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":123,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"58eebaf3-4379-4b16-a837-bc946276138f","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":123,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"7f8300d9-16f6-4373-8920-e1676ac8c863","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":123,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"c55bfa3f-441f-4fd9-936e-46c4d066a9cd","block_type":"box","text":"the repurchase price.","page_number":123,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"797e389d-749d-4332-bcbd-664f69597a27","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":123,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"639e282c-1eae-4fed-82b9-d8fd634f7d05","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":123,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"7a4c6850-c90f-4e1f-b82a-862e2386587b","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":123,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"5d92a9a2-eb2e-437c-a415-ffa0c912a082","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":123,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"5587c1f8-3aff-4b9f-8150-b4fb77102da9","block_type":"box","text":"strategies without the repurchase obligation.","page_number":123,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"59d60d93-df4d-4780-b816-c6342439a176","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":123,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"ffc1b457-b00a-4050-8dfe-34e802030a35","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":123,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"8a7ac7ec-4534-4e41-b029-b4d2a2fc0593","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":123,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"c8c22c34-e175-4a6b-a250-8772b9cee78d","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":123,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"0359ec9b-cddc-40d0-986e-ffa8bfd4a8c7","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":123,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"51e34b5f-9e67-47ec-a016-f50ed85d7a3c","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":123,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"68a0a737-95cd-47df-a19d-2156db5e4a24","block_type":"box","text":"i.e.","page_number":123,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"6ae45704-3b98-47d3-98a9-4893a6266a54","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":123,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"c10ddf65-5838-47c5-b452-a2ebba9e7d23","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":123,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"9ce195cb-5ca7-4098-a56c-5a3a4e9342df","block_type":"box","text":"II-68","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f56969fd-cd23-4ea8-ab72-b557ea6027f1","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03d9ee25-9e1e-43e2-9e07-8c36f8a302fd","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":124,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"622c848b-182b-426a-a23d-f6a32f2d41c8","block_type":"box","text":"and income involved in the transaction.","page_number":124,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"2dd593c2-5f72-4384-82b3-fe2371798700","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":124,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"ab567d5f-6437-4fd3-a97c-ef3d7f0871cc","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":124,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"58838bd4-ffc4-4452-9f90-f3bb8f16c832","block_type":"box","text":"$50 million.","page_number":124,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"07b16d69-565f-4da0-869d-173c27c85dff","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":124,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"af559f0b-18ed-4e5f-ac56-ef2eaa3b41f3","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":124,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"f5ce5765-2799-4572-8193-413a79dd3e58","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":124,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"64ff80ad-3838-4578-963f-d25da2aff66d","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":124,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"650c0235-8f61-428d-a97d-8730e87f524d","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":124,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"03ad9bf7-7d13-488b-a4e4-f3508d4adbf9","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":124,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"e3c95b96-52cc-402b-a1d6-6cb51b8b239c","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":124,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"3ceb7715-d72d-4456-9de3-2df00b589d71","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":124,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"75916483-8fbc-4c86-969d-dbab5000a9da","block_type":"box","text":"agreements.","page_number":124,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"ee98e33b-7b46-472c-aca0-2a80a7fdd10f","block_type":"box","text":"Restricted Securities.","page_number":124,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"31f36fe8-a645-4b11-89f2-7fa66efe5eed","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":124,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"5f1453c4-3ea7-42ee-9729-a3f2056abc25","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":124,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"b79b5c35-e0a5-473f-ae26-aafcead4ee3d","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":124,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"e248fe8b-7142-4c58-8437-04671451b76e","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":124,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"cb132d47-5dc9-42e3-979a-349c52c49f7a","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":124,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"131edcb9-0ddb-4e6d-b64e-222b62c41618","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":124,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"05397840-455a-4cac-b0b7-393228c5ea31","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":124,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"e4b4b1cb-3a40-408a-8dea-b474e1920857","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":124,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"ed92f599-f43e-4261-8f70-fe0a74cd0861","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":124,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"5532e5dc-ed91-405e-937c-2be466a0882f","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":124,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"56de5b46-217a-45a9-aac0-b3ef28c54d37","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":124,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"686c5a5f-29dd-42c5-b278-83eeff83ab8b","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":124,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"7dfaaec6-d6fc-4b37-826c-b4a1e3881cf9","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":124,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"a989c196-f7df-46bd-9cc5-e487a395f307","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":124,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"450d06fe-2174-4f15-b0cd-84834f9977e7","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":124,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"c06aba9c-0b71-4d54-8dac-da71a1a6308e","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":124,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"f4b76979-4fd3-4ea5-ba39-3d7aab9c41ed","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":124,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"c6772d4a-8b99-4cdc-8837-4a7b93d24dfd","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":124,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"8a2886f7-0be6-4a95-b920-59393a770b72","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":124,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"bcacb7b8-cb3e-4142-95fb-1027cf0d336c","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":124,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"270bfa3b-1898-4658-8e78-563946ccc382","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":124,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"d7f27405-b8a2-4a09-86fc-a8610a52f853","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":124,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"ed48f2e4-33f5-4066-ace7-d932cf0ea9ed","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":124,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"77b8b3e0-9a91-4d9d-9e71-e6f74c667c0d","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":124,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"1e22f93e-6f08-4a27-914f-9b74c33e1fcf","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":124,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"a33d1472-6d5d-42e3-8cc1-5d7fad17442c","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":124,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"18a93e79-90ec-4c48-b06f-56f9330c3caf","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":124,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"fce2e44e-a783-4729-8ea7-37ec4cd242bb","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":124,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"031327f6-f6e7-42f2-868b-0262bae80267","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":124,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"b7d20416-1588-46f8-894c-e135e1ed91bd","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":124,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"e66c48e4-d5ca-48d5-867f-8224f769ce53","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":124,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"8c6700ee-7a6a-433e-8521-b4320134912c","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":124,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"d2893936-07b8-4fcd-9425-6934feea4ed5","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":124,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"4bcd3f40-e136-413f-b6eb-74e37d23cf90","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":124,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"9377626a-59a4-4af0-be0a-00e2da3e27fe","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":124,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"d656032c-d377-4a45-ad28-f8afb2552a49","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":124,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"280a6107-5e3a-49d9-95f9-bbe75bc34db5","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":124,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"72329e82-8b75-4e51-a373-b42ab06b3c7f","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":124,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"f9e7bca9-58e3-43b2-bd6e-632aed723520","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":124,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"8e60fcbb-0dba-4daa-bde7-5fd52326b322","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":124,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"f60cb464-14eb-4d62-b298-5b72be034900","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":124,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"e6922dad-2acd-4504-9934-f797f7779fba","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":124,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"dbc53d0a-800f-43d1-9817-9a3bd88ff7a3","block_type":"box","text":"II-69","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"837f927c-73f9-4426-8dbd-a74f6d23d097","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48c0cdb9-93b1-48c6-8559-cd85cab870d0","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":125,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"daca2134-1e35-4fd8-89c3-a675def86168","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":125,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"c2572747-1a68-48a2-ab04-88b11daac7ee","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":125,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"8b37d2ec-3d84-4649-a629-88860ae4c6fd","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":125,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"30c216d5-5d3e-42d8-9d90-6b17203c8874","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":125,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"bd918bf9-20ce-4aed-9c39-2bdb12508d93","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":125,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"099c30b6-f44f-44f1-8aa0-46fc072434a0","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":125,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"2b07d60a-2373-4244-ace6-5d61dc72bfac","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":125,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"783d641d-81f7-4ed6-8d1a-60131ce373f4","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":125,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"e582222d-4bd8-45c8-b231-45ae439926f6","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":125,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"75740a52-2938-465d-ab5b-6384ebc2104b","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":125,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"8ad75d8c-106f-4371-87c6-7286ad68121e","block_type":"box","text":"especially as that Fund grows in size.","page_number":125,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"9f91204c-22b3-405b-8174-4f6fe37fba7d","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":125,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"6e555416-6248-4614-939b-603421973378","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":125,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"f56ac948-1a54-44c0-8f7c-210af9945b2a","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":125,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"5d19b077-966f-4c42-a19b-76c247f48b6d","block_type":"box","text":"value. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":125,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"0e3e0fa0-bcac-4cec-ae71-dffec4b6b73a","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":125,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"4fe567f7-86af-4182-9dbb-5ab0ddb2c4d6","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":125,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"708bd621-5bae-4d2f-b1a6-b129d0e6adc3","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":125,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"300f8276-67fb-499b-bafe-b76ae3c27a6c","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":125,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"61e94b45-d891-4e13-a1d1-681fdcee3bcb","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s portfolio, potentially resulting in the dilution of","page_number":125,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"e71daee0-929d-4db4-8096-46e9ba8a6a0d","block_type":"box","text":"shareholder interests and increasing opportunities for shareholder arbitrage. The values used by the Fund to price its","page_number":125,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"90de1c38-d37a-4ae2-96a3-c0233731b91e","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":125,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"a2eecc91-d1af-4629-b47b-8b7e435486fd","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":125,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"00827639-037c-43fd-afbd-7f3b0ef61d48","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":125,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"ec3f67ec-6b46-4314-8e8e-3e8d112406c5","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":125,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"83e7adea-e906-4330-b2b3-1511e5815c1b","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":125,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"85bb2e9e-9d4b-451f-9a58-9c704bcea2e6","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":125,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"a83ce775-7cc3-4ae1-9774-32148a8e91d8","block_type":"box","text":"investments.","page_number":125,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"ccf8c59e-f265-4aba-8051-54d21a33931e","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":125,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"881d7d1d-cdfd-4eac-ad26-745a48661033","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":125,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"5d26b737-ed1e-4a08-a0be-715f5aa7bf7f","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":125,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"643463a2-5d73-442e-b7c9-a34806f627d2","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":125,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"e998c062-2746-4651-954b-6a9be1f8658c","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":125,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"eebc1ddf-43a2-4a44-addb-8ed12bccc879","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":125,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"c32ad275-0ccd-45c0-ad61-a6cfafaa84f7","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":125,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"7850944a-e7f5-46d0-ba2e-36caf15d1dbf","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":125,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"066e8fe7-4b56-40b1-89e9-9bcbf86dd464","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":125,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"6bc14e11-51d2-46f0-b948-8536e4153872","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":125,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"be4f7f88-2ded-4a11-bd7a-a6e65dfd287a","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":125,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"ce25a987-e14d-42e9-9d55-548a8f69292a","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":125,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"4bcbbb88-e5b7-4ee6-a7bf-62bf20aa84aa","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":125,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"de00142a-d451-41d0-8cb8-0935aec8332e","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":125,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"2199ea36-508b-4c35-b7fe-2b296747ff12","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":125,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"94f91d6a-2c66-46b3-816f-ca56a0198883","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":125,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"42760951-00b6-4305-b763-ee28902bf64c","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":125,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"f4c4569b-5268-4f3e-8911-62bbb3b21fa9","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":125,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"33835c28-6537-4f10-9508-ddb26a7a5cee","block_type":"box","text":"similar financing transactions (","page_number":125,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"01dd86e6-a980-4e19-9513-36109359dc79","block_type":"box","text":"e.g.","page_number":125,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"9a4e9708-5c0b-4e10-8a6b-e13a4a6885af","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":125,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"75a0ae72-ded2-4f01-a030-f9342dc224de","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":125,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"de26c5dc-45cc-419e-b92b-9021e9a5f8ef","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":125,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"91fb0682-56ee-4876-912b-7ee7709cbe17","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":125,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"56330c9c-f819-47a2-85e0-4c5fa22c0c08","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"6a920c69-035b-44d1-8686-53c8eade152e","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":125,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"f3eec88c-5be1-4271-88a1-e793a68ecdb1","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":125,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"80d83bfe-fb56-4992-8666-1f241558b337","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":125,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"c47056b6-2c48-4257-8c06-34568b3dd1ac","block_type":"box","text":"II-70","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"deac2dc9-e5d7-4a4c-96a3-b51018d74ee6","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c10aec6-6b65-49ac-a3ec-60fc6672cb5e","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":126,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"02682d3c-eae7-412c-89d3-f238d52e34d9","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":126,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"5ecf3111-9186-4b5a-b4e2-ddc2dd0ac74d","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":126,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"0c90a6df-3303-4a60-993b-914b6077ccbd","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":126,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"ca3d352f-541a-48b5-9506-c323aa91af02","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":126,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"14af17b8-004f-42bf-ab1d-73ce3bbe8db1","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":126,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"b4886b42-daf4-4d40-8183-09c2bcc58a45","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":126,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"df51b3d5-a619-4942-b52c-bcf0110f952a","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":126,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"40ae673b-ef06-4934-9408-3f3978ae3aca","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":126,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"a0c4c046-d2e8-40c3-9817-03facee2eefe","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":126,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"f5508d84-b589-4948-80a6-b35bcd381243","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":126,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"75a6b579-dd4e-439d-9013-098c81a28fa7","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":126,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"82893c9c-6788-4e1a-bb6c-568aae7eb082","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":126,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"1eeecd9e-8197-4ea5-a97a-7df13a012e76","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":126,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"5eb10478-c547-4d2c-bdd7-e45101a74bf8","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":126,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"cf689bf9-9acc-487d-8f06-2099f8b10c1e","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":126,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"5e773703-e52b-4977-82d1-7dc264e173aa","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":126,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"e80f97bb-bb9c-4d35-b593-fed095144a38","block_type":"box","text":"Rule 144A Securities.","page_number":126,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"7cd5c07b-9663-4683-b187-6ed32970e39d","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":126,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"77be1d2f-e708-41a9-855c-63bc8765564c","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":126,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"3de063fb-1e99-4688-a67f-bd9b00d28f96","block_type":"box","text":"Securities Lending.","page_number":126,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"de2553b7-6f89-46da-a195-586564dbd82e","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":126,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"53f00660-9fc9-42c4-b86b-c0f9af1da64f","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":126,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"9ea9deb1-3453-444a-891c-a60faa08c697","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":126,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"497c99f2-d64b-4774-854d-461914d40ad8","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":126,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"2bcdda6e-c7ff-4242-9622-9327caae8573","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":126,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"85e07497-3ec2-46b2-bc9d-a0b69eb2e716","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":126,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"2ea916a2-ed2e-48fb-b913-5e89f3ae1c10","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":126,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"dc82f5a9-6b68-4b2a-8ab9-93ea7dd285eb","block_type":"box","text":"the securities were not on loan.","page_number":126,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"5a94df64-d2bd-47d3-8d0d-cf423d415800","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":126,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"48a25328-3881-4a59-98ea-816e1ed5500d","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":126,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"9b3c74ce-bbf2-425d-ad0c-ed789880a3a4","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":126,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"3305a6a6-daef-4f73-930d-90a0696be58e","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":126,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"8bc77dce-b42b-4f37-8743-a78cbecd8be0","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":126,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"d47157d4-30d2-427c-a8bb-5736c42b9727","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":126,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"f937c683-4d74-4294-9dcb-1143c343ceab","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":126,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"7c93ab4c-245b-4f1f-b7bc-f878e0c1e134","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":126,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"3515c695-2710-41ac-b45a-c6e36bd6c7d2","block_type":"box","text":"i.e.","page_number":126,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"c6c6a44a-7dc0-46a1-b754-1a5423aac531","block_type":"box","text":", the risk of losses resulting","page_number":126,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"bffbb268-0009-452e-8c27-b76ed668796e","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":126,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"53e81593-4ce4-4902-96c1-0db2f2e07635","block_type":"box","text":"i.e.","page_number":126,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"073b742e-7529-4e51-aef3-f2d96ddd47a9","block_type":"box","text":", the risk of a mismatch between the return","page_number":126,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"6463c3dd-c53b-4a3c-b45e-1bbde3cf6013","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":126,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"b6a02ca0-e907-42b2-93da-91a7b30c7f09","block_type":"box","text":"i.e.","page_number":126,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"c8498125-ab74-4353-85d2-d4df3ce23a2d","block_type":"box","text":",","page_number":126,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"81c43f05-f9e1-482b-8321-4a10acaaeffb","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":126,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"2c721831-fe84-400a-9bd2-4129f21b59a3","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":126,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"3650d612-10a4-4312-a33a-d439b4fd1cc8","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":126,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"8f13dd90-4b38-48d3-bb10-d52726f1710d","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":126,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"8ad394b6-c865-4a2e-9175-8a1f785f371a","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":126,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"f696beca-811c-4e38-87be-7dc59261e83e","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":126,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"4bed3b69-6b43-4c8b-b423-7bc544c609ed","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":126,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"6a219db4-bb73-4dac-891d-53d83c8027b3","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":126,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"fc169f48-d770-410b-aab8-1c7545ce9004","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":126,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"8fed21c1-b471-4e20-84d4-f78a0fdea38b","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":126,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"76cfc31e-174f-4a94-b091-2f56e6cc8024","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":126,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"a7008614-3027-477b-91d2-e17dfc81e0e2","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":126,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"4774015e-2e9d-4365-85da-cbc3ad58fc0d","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":126,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"8e640923-9d47-43a6-ae89-a21b780782b6","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":126,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"cf9b769f-0989-4fc3-8237-fcf76b6086a5","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":126,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"22804a85-5188-4922-88c6-dab17124448e","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":126,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"731297f0-4c56-45a9-9d4e-ce7ee996f14e","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":126,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"4b2b2981-1746-4257-a2a3-54b5cb4d3268","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":126,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"7ddae97c-f782-4903-9a3a-c015df7e86fd","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":126,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"18b5f993-f160-49ac-97f5-dc86657fe12d","block_type":"box","text":"II-71","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffe88eb6-0e39-4dc1-92db-3b98ffad3a81","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e541bf3c-5f2a-4bdc-8dbb-62ddb7b4843e","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":127,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"bbf7e92f-6acc-42f0-b43d-fd00d0497227","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":127,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"bb2f7f85-f04a-49cc-95b0-637dbbcdc265","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":127,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"bab0e9f0-a752-48c7-ba8f-8d94b199c081","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":127,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"10c3b006-bad4-4208-a4aa-dd7f915bef71","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":127,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"a5e7b481-cdd9-424b-8c47-42e141693f9d","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":127,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"ca2789fa-655a-4cf1-a5f9-bb29223c0651","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":127,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"4ef37542-b871-4769-83e4-8e2a1c7370dd","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":127,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"b3955710-36bf-4b21-a75d-da841ed59a14","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":127,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"f3b57bd8-4bdb-4ab9-87ac-54df9cb580d5","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":127,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"1d09f6d5-b603-401f-a653-28e1a0bbc3a7","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":127,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"09a6a59c-4377-4651-9788-f2705e8e9a06","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":127,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"1a161605-1f61-4efb-aea3-00881e1e7aae","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":127,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"d451726d-1111-49fb-b4e3-5caf41d7a2ba","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":127,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"3e155df5-b4aa-4f80-966a-91e503dac204","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":127,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"10141dab-4895-4c90-8112-e428fe2fa6e5","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":127,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"a4cd3d49-02c4-4c25-a6e2-a49097082366","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":127,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"1920ff84-2b73-405a-b5d4-0692988d324d","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":127,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"02bcf98f-7260-41f9-b1e6-cb440a5a1ad6","block_type":"box","text":"Short Sales.","page_number":127,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"e3e77ee9-613a-4912-805a-c4fd5caabb68","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":127,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"f54d388b-0a81-4da8-8efc-bcffcba915b9","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":127,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"807f4a40-23a0-4344-9059-dd230f9e247e","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":127,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"eecbd736-be75-4a44-849e-c9e29adb6707","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":127,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"f5740813-bb2e-400e-9ad4-935e8508082e","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":127,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"bc0ef524-4f17-49b7-9d7e-1aba060c8cca","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":127,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"6e94dab4-a1e0-465d-a037-6488fc9a6888","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":127,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"24e4f733-89f3-49c4-9a38-c767de41eb8b","block_type":"box","text":"securities to the lender of the securities.","page_number":127,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"e5a8d2f1-ad72-44be-8efa-fbd00bdc1672","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":127,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"a7255d30-e428-41c1-95c3-0ee12c090a93","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":127,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"8521e227-8b87-46d9-9e2c-63b0b042d854","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":127,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"379ef5a3-8b07-4450-be15-6856bea80e2a","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":127,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"6b8a02cb-d2c0-498a-87c6-b041a54d2c4d","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":127,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"6bf86382-7f42-49ab-9453-00b0f61dfa37","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":127,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"0c608a48-2e5e-441d-aa68-2ab3df1fcdaa","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":127,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"0ff4567f-583b-4b16-969c-cc7c50018277","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":127,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"0e182345-49f6-4585-9a69-6c06528fc895","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":127,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"810529dc-1449-4290-b86e-d1a03999f0e2","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":127,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"12e9db6b-56c7-401e-aaeb-001d95553d1c","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":127,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"766634e7-142d-4430-bd7e-9e6dcc7a8221","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":127,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"e97b16e6-3c88-4a38-9bca-09bf9891b79c","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":127,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"9145b890-c73d-42f4-a3c6-c891f520f900","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":127,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"50efd2f5-4993-44a2-8b77-42affe51db50","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":127,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"6cfa52f3-7d58-45b6-9766-fb0587cc065c","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":127,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"be8fd730-1f1f-486d-b2ab-e1909a68a2fc","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":127,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"04cdc199-c99f-4116-965f-66c273cf49d4","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":127,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"b2dbbf3d-ef35-476f-bf6f-20353d43bdd5","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":127,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"392d2739-e7e4-48d1-894c-74ae10eab84a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":127,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"36f4718d-14bb-4017-9238-bf4d5650a22b","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":127,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"254dc4fb-b40f-4379-b475-dd67e16debcb","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":127,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"1967ffdc-cfd0-4581-ac60-185a697746ab","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":127,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"4146bd7d-2644-470b-82b1-541c30e86e78","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":127,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"f5dc48be-446f-4979-823e-e5db55be15c3","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":127,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"a76665f1-4fe7-4015-ab4c-b928d4b57880","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":127,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"d5f9a6dd-f57b-485a-a220-e32eb035bc15","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":127,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"fb3a7b79-f926-4bbf-9e43-f8b31a21424e","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":127,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"68ba487f-737a-46d3-8ad1-d62429f75771","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":127,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"8507ff4b-07ce-430c-84d3-c8b97c93af1e","block_type":"box","text":"II-72","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea21971c-b660-45ab-b882-8038022628dd","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af6c2a6f-6ddf-4f78-be18-f6f90519c163","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":128,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"8a35418c-289e-4b2d-83dc-672e5a1d5219","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":128,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"8e73aed9-2b63-482a-92ac-979396d85ea4","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":128,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"b88a2120-2ed6-4089-8f3a-8209bebb5785","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":128,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"4dff6335-f031-4ecc-9bfa-c1c37322cc39","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":128,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"6dedd88b-23d7-45b0-a2b9-ff4d5be1c695","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":128,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"476f1609-070c-42b7-b702-b66d1858db2d","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":128,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"dc87c15b-5d56-4d70-b10c-d92e7491859d","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":128,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"dc649c36-51de-4775-acbc-84c6a82b1290","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":128,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"a991f83c-cc5f-4192-8776-a1204644f47a","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":128,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"8fc22fba-4ccd-4f46-8a10-a9d7761d4a3a","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":128,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"3bff43f5-3bd2-4240-867d-7ca0244e2314","block_type":"box","text":"Standby Commitment Agreements.","page_number":128,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"242afcc8-b8e9-43c3-a75c-74d6a4c5f74e","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":128,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"7c9abaa7-85ef-43a4-85ad-10afd1044065","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":128,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"cf01750c-1770-4a83-af99-76008c674922","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, the Fund","page_number":128,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"dfd787dc-93f9-498e-bb93-90c9527e02c2","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":128,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"4d92dc69-aaf7-408a-8e3b-c66dc7f0474a","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":128,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"d13e8983-47f1-4222-b224-3385277e6be4","block_type":"box","text":"advantageous to the Fund.","page_number":128,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"919a9c9d-d9cd-4022-bf57-8836b17f3710","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":128,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"2ec8aaef-aa84-467d-9be3-3c1be8ae007f","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":128,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"6d113916-7334-4827-95ef-c1769a5c8b3d","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":128,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"6ea14d03-a063-45b1-9611-45367163e0e7","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":128,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"e1006fa1-d146-4045-bf2e-4934256b0300","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":128,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"906bce98-4f9c-439b-bfc3-e1cb31817f04","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":128,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"0f4e4340-58ea-4b1c-8ea7-2206bb55f73f","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":128,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"38cc2115-a904-4242-870f-5770a0630a31","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":128,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"c0f677e6-6238-46dc-abb7-dfebd84d3bbd","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":128,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"31145776-581d-4092-b836-c499777adad2","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":128,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"4a10ca33-eed3-4ef6-b70e-ecc1479003f5","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":128,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"a86fad30-9113-4258-84c4-3d0095041da1","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":128,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"da3c0463-79cb-4910-9307-cf233a919283","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":128,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"30932f67-04a5-429b-8aba-46daffe1bf14","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":128,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"5c59b426-430a-44aa-9d87-cf8c2e6493fa","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":128,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"e16c57c3-0401-439c-8355-d09da58602d6","block_type":"box","text":"Stripped Securities.","page_number":128,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"57775b05-4d62-4daf-9064-0734002385ce","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":128,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"d571a22d-0824-4036-a5d3-52b33cab17eb","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":128,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"9ff7ce50-ca94-4914-999f-39cf1e10bbfa","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":128,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"3bf838db-598f-46f0-a243-75a86e139543","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":128,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"1f2cd7c5-8b63-45c4-841d-a29384a7190d","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":128,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"8def0ed0-815b-4649-8de8-3d04763e3818","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":128,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"3c1c5bc2-2bb2-49be-b96a-f49a220c6aaa","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":128,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"46df8856-d71f-4ccf-bd69-d9554a9ee7a7","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":128,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"dd9b77ff-c633-4f4a-a480-6ddc7bdb1d20","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":128,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"133a797a-68e7-46b2-b8c0-51a9ea3cadfc","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":128,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"b2007ba5-a5d9-4cde-b830-de0786c7ff4f","block_type":"box","text":"Structured Notes.","page_number":128,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"cfb14acb-4be2-446d-9db4-0ea0ad242181","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":128,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"2495e7d2-b547-4e86-8ed5-63c8a53fad4e","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":128,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"0301b301-a38d-41ca-b02c-db66f1cf757e","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":128,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"4414acea-2c8d-4970-a79e-4e7945bcc45e","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":128,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"d87c79c6-5b29-4daa-9135-53aec0fa8a2a","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":128,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"4ebdf59e-3104-4c56-b25f-62ffec19a6e1","block_type":"box","text":"provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":128,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"4115d6e6-e37e-495d-aee7-441167dbf15b","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":128,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"39a75357-c762-4196-90e3-380f3e40a573","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":128,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"12d879b8-a4ed-450d-b681-6693aacc3c75","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":128,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"f0e6a0c5-292c-483f-929d-e1546396f548","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":128,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"f2f40e86-67bd-45dd-8190-dd246a482e03","block_type":"box","text":"II-73","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"41658800-fc09-43c3-aa7c-b06dc98f0367","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78b9ded0-f129-4ca6-a0a2-c0a1792978f3","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":129,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"b47dc3fe-576e-44e9-a05f-041feac2b500","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":129,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"c4c293c0-5983-4f4d-a192-592773768d8b","block_type":"box","text":"the risk of loss.","page_number":129,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"c8597c5f-fc54-47a8-9c3c-283b6436eff1","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":129,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"c18eaacb-71a5-4721-9791-62551467bf41","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":129,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"bb0a6cfc-0144-4ae1-b199-c4cafc44e688","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":129,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"d4990c6d-4d8d-4fd9-bcaa-99414709170a","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":129,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"08e80557-32e4-466e-8168-530a1bf4727c","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":129,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"9c245fc2-f090-4728-85dd-30a18474e1e1","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":129,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"f81bdbae-bd87-4593-889c-d931424ac0d9","block_type":"box","text":"Taxability Risk.","page_number":129,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"8af54548-2955-44ae-b460-d74731f562bf","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":129,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"7b7af398-2aa9-41dd-a2b5-3149f2f07cca","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":129,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"e235c9c6-b428-49aa-82bb-253a271df943","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":129,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"861878cc-0d11-4a39-8c95-178c0ec839cb","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":129,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"4998b34b-0c48-4afc-b764-d122ed2e26e6","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":129,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"2094b751-a6d0-435f-af34-bcaf46a9597d","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":129,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"bebd64f1-be3f-4dd1-8815-745dde9c6aae","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":129,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"a454fb7f-a9e9-4244-b57e-1ab145149d56","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":129,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"2cfb917f-4beb-42d9-af03-f77471ced2fa","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":129,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"51ac6acd-579c-4cfa-808e-2fb7545bff94","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":129,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"c7cba5ab-c791-4ac9-84ec-8eadcee31bf9","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":129,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"107dd7fb-7c39-4fcf-9f74-b6afb7e22df6","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":129,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"687a6e2b-55fc-4dbf-995b-60c2f5bb8c73","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":129,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"3e02079b-dd75-4522-ad7a-27437914452a","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":129,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"7e107ce2-6686-4f75-a4a8-55b9dee8a3a0","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":129,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"43bd9daa-27da-43f0-894a-47bfa97193a2","block_type":"box","text":"the value of an investment in the Fund.","page_number":129,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"000b4a15-239a-400a-87c3-7918f9251e7b","block_type":"box","text":"Temporary Defensive Measures.","page_number":129,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"8274c112-4021-42d8-8297-ea0859445c0d","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":129,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"98efb203-674a-4008-b1fe-b7a9a32144f6","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":129,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"9c9bfe0a-a8c5-4a7a-8789-a5df0f37a860","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":129,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"10d2fcda-64b1-41b1-8678-3f4958dc2a52","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":129,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"ea036ed6-037a-4086-b287-0999905c2983","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":129,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"313070d4-7d25-4e5a-b61d-8291fca05af5","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":129,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"9b22c7b5-7b22-4158-94d1-7431ab93c759","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":129,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"f6ce0bf0-a202-4516-ad81-14619992cd2e","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":129,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"6c49b7af-4eab-4834-a3b5-d1540f3fb3fe","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":129,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"45b5fff3-640a-44d6-b2d2-64c76fd68eb0","block_type":"box","text":"to achieve its investment objective.","page_number":129,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"f0abb871-09e6-46e9-888c-8f3cd1d137db","block_type":"box","text":"U.S. Government Obligations.","page_number":129,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"0539be94-009b-4670-99cb-0013134bda57","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":129,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"4615d463-7f1a-4d6d-92dc-e3c7217f45c9","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":129,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"537165f1-7d36-465a-9444-defa0caaaa99","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":129,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"826e472e-37e6-45b4-a8b0-081bd2669e9d","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":129,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"73b84723-d3f7-4c0e-84af-b646800985e7","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":129,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"1ea88484-4ea3-4517-988c-c9ff34c2051b","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":129,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"57bc4e53-2607-4745-aa8b-692e5a9c7594","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":129,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"0578bdb5-9fc5-4a6e-8c21-13f00eed95ee","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":129,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"f98df696-9f8a-4f26-9a0b-be125356b90d","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":129,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"651d3387-bee5-405a-8059-c764bfe1d698","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":129,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"da811e47-5b63-442e-aecf-c3459b7d99c1","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":129,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"e50cf87c-dee6-4f6f-9b33-8770c0521230","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":129,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"c4c0d01b-69f6-49d5-820c-9f94931e1c5a","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":129,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"ae946143-3855-428c-9bdd-e02c2d199420","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":129,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"e88f5240-856a-43d1-b4a9-c4cb926a4de5","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":129,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"b0303966-4826-4d9e-868d-5c9643286671","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":129,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"a2e4662e-81d9-4cf8-90ff-e779731e49df","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":129,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"45a696d1-5928-4207-88bb-7b60c30711d1","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":129,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"826c5d0d-c7a8-4a89-987e-b4da094802df","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":129,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"5bbf0cd4-29c0-4ada-b8f3-cb216c57d71c","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":129,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"718e5bd5-047e-4e5d-9855-11cab6989dad","block_type":"box","text":"II-74","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f4fcd92e-fc91-42bb-bb9a-aff02b55b4b0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9345a909-ed3f-4132-bfb8-daa6b60ae8d8","block_type":"box","text":"U.S. Treasury Obligations.","page_number":130,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"9c2dbc2c-3cfa-4a06-bb78-f09e9f625455","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":130,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"43789399-9a88-4684-a7b4-bb75b7333ed1","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":130,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"640eb459-3fbe-42f0-a20f-6dbd416e122c","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":130,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"114cad26-921e-44a7-98ae-ee3a356ce9f4","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":130,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"a0145a3c-9161-4d62-9ea8-751bfdd99131","block_type":"box","text":"do so.","page_number":130,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"150473c7-b04e-409a-bf0f-d7bb29526c48","block_type":"box","text":"U.S. Treasury Rolls","page_number":130,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"462356e6-928b-409a-8096-e1cc96585dd6","block_type":"box","text":".","page_number":130,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"156743b1-2f97-42f8-9e3b-3511a99bfbfe","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":130,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"2555cbe7-601a-4282-b746-b8b375f425e3","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":130,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"bc560bfb-e42f-4d2f-9d3e-f9f270db1245","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":130,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"c7cee1cf-732d-4dc9-adb7-e387cb554579","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":130,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"deaecf7b-5759-4ee3-a960-bb2e034d5ad8","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":130,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"7ae7008b-d18b-4bed-811f-0f8e3176fc7a","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":130,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"2131a348-c4e8-4a7d-a2a9-93bedbc2678e","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":130,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"b49b5fbd-1744-473b-a33e-598c749cf47e","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":130,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"8feaeb4a-0f09-49ec-8d3c-669b6775b5c4","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":130,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"d41fc5ea-7815-4435-a5e4-3469d57ad2ad","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":130,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"a7689fd3-279a-44db-8500-ef957d9d1ced","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":130,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"6adcdc4c-b7e5-4dc2-8aa2-fc40aa2c7857","block_type":"box","text":"Utility Industries.","page_number":130,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"e732b156-2a50-4573-a8a8-b9be91b3bf8e","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":130,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"baa88bd9-2a37-439f-ab76-bff43a36d0a9","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":130,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"8ac6c7ff-a68c-4c01-9b30-082ca509a666","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":130,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"7d19f3e7-3132-4e4d-8be5-4c2b38adf8a4","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":130,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"c528d811-11ab-4a21-b63a-3368c033d4c1","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":130,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"bfe73f09-9a2e-4d96-b615-0982d8840ce2","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":130,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"bbcb5f38-adc5-4154-9c79-2653a2bcc2fa","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":130,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"c7487670-5a5f-437b-92f7-abcee010c4af","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":130,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"408626ca-0e51-4436-a12c-424de713fa67","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":130,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"202fd903-9ed6-431a-b61e-e8ab844fddc1","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":130,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"149e06e4-fba0-42c9-8f77-4605db1605b0","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":130,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"1446ec50-c82d-4f13-b773-bcf7c4fb3440","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":130,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"19977c6b-ff32-49f7-9d37-285ed01918e6","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":130,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"d6893c3d-08dd-43db-8eba-bfbff3838121","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":130,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"409b8292-f27d-40ed-82f6-4916179cdf0e","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":130,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"70a0ac1b-1814-48f2-a911-933d62423fd5","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":130,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"b5c66e05-6152-43c3-b7f5-f7fb24366042","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":130,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"df5b6570-f27b-487d-bb13-be7f2413ff5f","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":130,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"3db5e856-3065-499f-b7c8-a4a51a958d4d","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":130,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"f4dcdba1-4cb4-4218-91f2-fd05cf77d0cb","block_type":"box","text":"utility.","page_number":130,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"abe8fef9-4372-48b1-8d64-25ef74b77f0c","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":130,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"4719453c-5fcd-4e07-9d7d-7333dcca7557","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":130,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"30dfa521-f78c-4634-bd6c-e551d852e32a","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":130,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"ff414efa-7f0f-4371-bb41-f720e105c3af","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":130,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"9716b086-437a-4f7d-9be8-44f535f3dc3e","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":130,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"62952f68-c5ef-4772-a16e-5dedfafc81fe","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":130,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"369702a4-c02f-45dd-bd55-8786f2c94b95","block_type":"box","text":"continue in the future.","page_number":130,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"b84deba2-fce1-4f25-a16d-e51f6be1b7ed","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":130,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"329563b6-7256-405a-820c-e184c58d43e4","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":130,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"ae3e5070-84cf-456d-a268-57cc038b3075","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":130,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"ebed8b01-2bd0-418e-96d0-e91f60037724","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":130,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"fd1cc3ac-2eea-42f6-9fac-ad7903f884bb","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":130,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"a884633a-3c18-49e9-a635-9bd07a51e882","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":130,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"cf517f84-0ddf-4c10-8d7a-7d3b5fc6493f","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":130,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"5fe4963a-5f79-4017-9ac0-2676df122e66","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":130,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"fa5cd477-8835-4f96-bf8b-827fdb5ba4b3","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":130,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"28b2819e-bc29-4eca-a8ff-a5be8752ba99","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":130,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"dd64a67e-2914-44bf-b759-13513f4d5162","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":130,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"70ab73fa-6535-456e-9856-a2f1aa31c8ab","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":130,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"611e5178-3fb4-41ce-8481-aec7ec1e2a24","block_type":"box","text":"II-75","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e2aced9-dafc-4193-84bc-7b7a7e7e72b1","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45e048e9-4bdb-4170-b319-1d44359a2d8a","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":131,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"950c2ad3-4338-44dc-8bb8-9b90af5608e0","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":131,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"a1951e74-17ae-4144-bc70-e29b1a648b1e","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":131,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"623e4bbc-b63b-4671-b153-980d28c96b8e","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":131,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"9266abe9-9f64-4ddd-bfbb-88b117f9f3cf","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":131,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"4ee90c60-3bfd-412c-8bc5-065a028a475e","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":131,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"5326d9d7-2599-4344-a3b8-fccd2bc59e31","block_type":"box","text":"ways different from regulation in the United States.","page_number":131,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"7932aca9-04f8-4568-9ea0-a9b660df81d5","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":131,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"0c66da08-062e-4317-a338-70cfa16982b0","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":131,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"f4c4f95f-c9e7-4af2-a338-789a6a0f4898","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":131,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"4f416411-fb6d-4307-b067-34847c1c64ff","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":131,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"0b764943-0453-452b-89e9-4951be88b08d","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":131,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"8df8849f-8a29-4768-9011-3823fb3763ee","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":131,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"cac925a0-ad42-4825-8519-93f06a94b1e6","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":131,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"0a012b34-e0b6-4f56-9b40-b0f474b3500c","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":131,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"7e0e9970-c8e1-492e-82b3-1506333bb617","block_type":"box","text":"increase.","page_number":131,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"e91ad013-4bcb-41e7-94a4-4f10cfa4fa19","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":131,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"1afd29b1-a53b-48a7-add1-7fbb913bf068","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":131,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"a701072b-c1cb-460a-a2b5-2b9dbf543ce2","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":131,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"65fae05c-2794-45b7-b163-9fcb05bfc787","block_type":"box","text":"Electric.","page_number":131,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"1bbccd41-ad9e-4a5b-811b-6727ea683276","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":131,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"efbc5b6d-4a0a-459b-adc2-5393ce4da554","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":131,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"b8b08881-7745-4b1e-896e-4c35e03e5959","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":131,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"b7def9d3-5a95-4ede-8079-dc70b6216816","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":131,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"65aa4d95-f204-4297-b0fb-fe6e3d01eb0a","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":131,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"2d75c6a0-33d7-4a40-9b83-289a25412182","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":131,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"3c574065-8551-4e2a-a1ee-45c158377670","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":131,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"a5a1248e-07b7-4c44-9eb4-a2f12fbf7ea6","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":131,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"8306ed28-4d74-443c-b7e3-c7ce37422bba","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":131,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"ad532509-dc64-4c91-9eae-7e995eef8aa2","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":131,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"1e67ebb6-3b4e-43da-a46d-075cd7dfa541","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":131,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"3b5e76f6-caef-4aa5-9a39-ec0568fcc3d0","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":131,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"69b22eed-99e7-40fc-a5e5-afc77a5e123f","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":131,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"683ec166-7545-40a6-abe6-2d35aa730b9a","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":131,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"27a03869-0375-4dff-b03d-dbfa27728093","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":131,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"55af2e25-aa6c-4e8b-b4de-3ce030118fae","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":131,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"4b54a55b-5623-49c8-bf28-27667c97bbf1","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":131,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"8135045a-d46c-4c36-abd7-ad599e39ec72","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":131,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"424b629f-3851-4f29-8012-008ce9a458fd","block_type":"box","text":"and for decommissioning such plants.","page_number":131,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"ed2726be-eaba-4883-a1b7-f52793047ff4","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":131,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"96d431f7-ec38-47e9-a3f9-ea0fc05d1e94","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":131,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"e43340a7-e1ff-47ed-b3b5-410210661521","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":131,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"c3922d3e-db04-4fa2-9808-46d144b0723c","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":131,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"14f81d59-46f9-48f9-b20c-75bbe061f876","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":131,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"6f447d7a-b384-494b-b84c-8f80017daac7","block_type":"box","text":"greater predictability of cash flow.","page_number":131,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"1a2fba57-090b-4a26-9e84-aeb9f067e413","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":131,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"4a9c0e27-4477-4d8d-b709-57a0b8249084","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":131,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"72208de7-0cb6-440f-9ac6-89bd50e5af03","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":131,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"1b4afd48-84f9-472e-afdc-35ddbcbb0fb4","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":131,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"4c7898db-97ce-4162-82f2-8c5db640fe23","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":131,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"0800d57f-53fa-4f50-8f00-fa381948e04b","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":131,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"ca829bac-4163-486c-b005-f54b8dac4e46","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":131,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"799a19ff-0b2f-4bd6-b847-9018af2a9a9c","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":131,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"d6328cb9-5c48-46a3-a32d-9d4472a33812","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":131,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"5b3db62c-7ca9-4468-9fa1-553a466ff1ca","block_type":"box","text":"Telecommunications.","page_number":131,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"1698fe45-5742-4dd6-9e0b-3973ca0a7db5","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":131,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"eb6da822-3e97-4f4e-b86f-56a88ef71ccc","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":131,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"cab7f3dd-2180-4d1c-b3f0-66f880583a60","block_type":"box","text":"II-76","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a3275c9-f4c6-4cd4-9cf7-067cac5363dd","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3fec855-b840-4dbc-af97-d2fe4846f044","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":132,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"b3692995-1133-4348-a57c-9e2ec507ee68","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":132,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"c62e4e8d-eee8-49b7-b546-d0b6c6e97b53","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":132,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"34c28841-04e3-4ebe-86e2-3eb1d3cc881b","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":132,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"94e6319a-f7a9-4bce-8537-c3b86b3c4f33","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":132,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"a841936f-5d8f-439e-9e07-eddfcabe35fd","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":132,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"7d318f8e-d67e-4afd-bec4-d4492202736e","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":132,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"d956abfb-5f0a-4737-89fd-44ea420823c6","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":132,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"c9c9ae37-f8e3-47d3-886c-49531cc5beb1","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":132,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"035a6b09-6334-48da-9993-7be53b352f1f","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":132,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"0b31a073-f9e8-451f-8f04-1909ce5906a0","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":132,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"91576043-6166-4bf4-a108-76433818cf93","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":132,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"7ad49fca-e849-4d65-af3d-f7b61bffc9c7","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":132,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"d33607ad-f2fd-4ff3-b0d2-8ff825ce90b5","block_type":"box","text":"residential, corporate and governmental customers.","page_number":132,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"2fa203ab-d5d8-44fa-997d-31dee42ef5f3","block_type":"box","text":"Gas.","page_number":132,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"02baf656-be88-4387-87f0-80b5442648ab","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":132,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"12b86eb6-8564-4d74-8c3b-5483fb3234c1","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":132,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"7cfd2616-4fbf-4213-a15d-ec14668351c5","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":132,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"3867be6c-844f-4c51-8749-dc9f724f66ae","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":132,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"e1cdee47-e082-4981-895a-5f60e0add50f","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":132,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"eea0f324-95f2-43af-a269-968cfeb197c8","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":132,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"615dd691-9662-41ef-b732-ce563a422266","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":132,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"48696a15-382b-4492-b823-70b97d40980f","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":132,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"d2e1ac86-8c0b-459b-9c42-49582bcc3298","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":132,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"f4c78dcf-41d3-4b0f-aa39-c8ff2ccf953b","block_type":"box","text":"Water.","page_number":132,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"8836c50f-a47e-410e-a1dc-cf90a23ba7f9","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":132,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"1f2de550-f42f-47b6-b6bb-eceec65f81c3","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":132,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"e3b851a2-ff87-47b1-ab53-89c8d318e4d8","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":132,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"200505a5-acfd-410b-8203-3913be55d716","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":132,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"8d8b1ca0-08c5-423c-9227-8ec57026152d","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":132,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"367ebafd-869f-4f3a-89af-d8eb4f0f225d","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":132,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"c48054ea-6c04-48d4-b21f-5cacda016efe","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":132,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"3a5ec3a3-2e49-4873-a38c-346b67b27639","block_type":"box","text":"Utility Industries Generally.","page_number":132,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"81350bf5-2728-4fc9-9869-c0283d761a79","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":132,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"8052b2f2-081c-4d4f-9b58-c397d77c601e","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":132,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"8f82a551-ce2f-45dd-a52d-fb184022d416","block_type":"box","text":"not develop in the future.","page_number":132,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"eac3e523-010f-4577-8456-0339c05ddb07","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":132,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"ef95c432-24f7-42a9-b032-0942f3e4280f","block_type":"box","text":"A Fund may purchase or sell","page_number":132,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"87c1507d-e546-4eda-8cec-a28d0cb65a2a","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":132,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"e992b902-793b-48f6-83f6-50c8d7d412e7","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":132,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"449b8662-d4c3-4625-839e-ebfdd29941ad","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":132,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"359b9a24-7a9a-4a6a-9eb3-523e228d6c45","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":132,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"4de4d4f6-6404-4b22-a1c4-c79008cb5955","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":132,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"64f74f07-4ebf-44d3-b478-d3400e334e58","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":132,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"617fb60e-2027-4ff7-8fb4-b52b38d7cee8","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":132,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"ea88655a-09c6-4ea9-8aa4-7bcd6fb158de","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":132,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"f4d257a8-7a41-4e21-85f7-18b67b00bedd","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":132,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"f912f43c-1389-462d-8f73-0f6ddb230fab","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":132,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"602aa7b3-9734-4c95-bf45-0e24ddf7ce60","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":132,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"e2f16702-db87-4dea-b3e7-4b87fd601ff8","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":132,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"4d9c7647-41dd-4086-9b47-1c494b0eb0c8","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":132,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"62ea9ae9-3afb-4203-96d6-e9f72a0cf109","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":132,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"442f5fde-345a-4353-890a-511660109bdf","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":132,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"572f4fef-8246-45f5-843d-b9b67c7accfd","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":132,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"bdc185d2-69d3-419c-b700-5dabde395e52","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":132,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"9fcb87e7-2723-487f-9621-d71b6d6aca66","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":132,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"bc05447d-8128-4ce5-ac7b-7f5a9f1fb8cb","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":132,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"7598e840-eaef-4cf2-9acd-b90cdb1c3def","block_type":"box","text":"II-77","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"357b0f93-de17-46b6-b335-356a200d12ad","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16a93cc5-b0e6-4b3b-ad50-cce72f61494d","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":133,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"b497749b-68e8-4166-9989-66c54dc249f3","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":133,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"6da6ae06-0fb2-4937-97e0-645e5e304f55","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":133,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"d7f0a64c-ccd6-417e-bdea-40fb4e69ca66","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":133,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"fc51443e-adc3-46fa-90b6-62c4ad5f532c","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":133,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"74d775fc-bead-43a7-b323-0cc240809a00","block_type":"box","text":"securities (","page_number":133,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"7ef05f72-f2a4-46cf-bdc7-fb0d369ca0fb","block_type":"box","text":"e.g.","page_number":133,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"bf6ea927-ecd9-49e2-844a-1234282b351c","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":133,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"19a78d69-ff1b-468d-a859-433a286c09fc","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":133,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"86cd6157-53e9-4c6f-969e-85874e2e3413","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":133,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"c2280c39-2c94-40f6-853d-5c47a67f2806","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":133,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"0d264883-e166-40a6-bf1f-7a639b861f57","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":133,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"fa7434e7-c9ae-4248-a5c7-ca21761a3d35","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":133,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"9fcaf9a6-bb7a-41e8-aa76-71dfd1c29bd9","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":133,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"53cdbf9a-9eaf-4926-8a3c-1b29cf2b361a","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":133,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"a06af136-6926-43b0-bbe6-662ad85dbf01","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":133,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"763ae1f6-a5a1-4322-bb18-ede439e46b10","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":133,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"e33a3bf6-9d34-4bf6-9fca-c9f3b741cb6e","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":133,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"4a4a2ed3-29e8-41e7-8ce2-6428d12d397d","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":133,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"a7dfa977-8d8c-4e73-9cf9-e23f1495aca7","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":133,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"2f443cdb-cf17-4115-8d5b-59dd79ea863c","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":133,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"64bb83c6-6953-4606-ae4c-8413b3b300c0","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":133,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"2a33b8fa-5ddb-4006-afbf-f83983a8d192","block_type":"box","text":"agreements.","page_number":133,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"c839b9c0-4e5d-4f40-8fe3-f3b4f4ad8ee0","block_type":"box","text":"Yields and Ratings.","page_number":133,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"906b0d8e-e783-438d-aa83-d5a0f76a7c39","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":133,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"19598198-81ad-438c-a172-f563cd3e8141","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":133,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"a76ff0ae-3004-4c9e-a306-181b0c567393","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":133,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"3686b1a2-cd2f-46a0-b18a-d3ce0527cfd4","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":133,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"3323b545-cabf-4aed-b172-c541cc2d6f48","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":133,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"bdd8a339-5c01-4171-8ec1-9b3adac4cbec","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":133,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4a87171d-6a79-40f5-9d64-43f10d5ad218","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":133,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"50aecb17-b9d8-43b1-8d86-594823e40f42","block_type":"box","text":"continue to hold the security.","page_number":133,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"fdaf47b5-edcf-4230-a5b7-a99b2299a8f2","block_type":"box","text":"Zero Coupon Securities.","page_number":133,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"93eb1e01-4cb3-4fbb-973a-a37d1687be07","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":133,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"15877448-7a4b-4ef4-9fd9-24edaff38c99","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":133,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"ad23ad6f-ee1e-4bb6-acf2-30fe6ef5ff11","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":133,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"e4ba59e0-28d0-4b7b-a84c-d57495c924b1","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":133,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"96338237-42a8-43b1-86a0-89d85425cd63","block_type":"box","text":"security.","page_number":133,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"4c89a910-e0cb-4da5-ac0b-441f642ca25d","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":133,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"505561c5-2fb2-438c-b19c-c90858a83030","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":133,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"ab8ffdb3-396c-4289-9766-8db0bcd8f9fb","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":133,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"84423bc6-2502-4976-adcb-d467c4afae5c","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":133,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"59a035cd-01d3-4982-9e08-ba274c4c9bd3","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":133,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"5a4c5691-e0e2-47c9-a620-77d6ed463094","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":133,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"e9bd9fc2-8416-488b-b35b-03462a14b652","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":133,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"dcfb559a-8b85-4c28-9961-0f2f2e6cdca2","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":133,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"dd6d9e9d-e522-4a51-af27-81f5d4718e20","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":133,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"a1a31aeb-0e0b-4dfe-b35f-9fa25fa54388","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":133,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"1bdd7b18-1e2a-475e-95d3-0d8e296ef3aa","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":133,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"bc7ae75e-54e7-480e-b2ee-a088689661d0","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":133,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"b12cdeba-545b-4ce5-b5fb-8537c62ad6c3","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":133,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"ee61ad02-7087-4d4b-87c2-1e6bdeb1fece","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":133,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"4250910c-8701-43b5-a571-9ec895dbe5c0","block_type":"box","text":"intervals.","page_number":133,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"0f93e58b-bd98-436e-9aba-25d0618cafb6","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":133,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"5a18d27a-f7cd-45eb-98b8-bddaba0a2110","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":133,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"64acf873-f2d4-4e04-a517-763ee21c3c32","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":133,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"e5f3c68a-d50d-4298-aed5-abfdbd520c71","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":133,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"b122c218-5f0c-44b6-99b4-476ae49ee198","block_type":"box","text":"exposure to zero coupon securities.","page_number":133,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"878cb62f-f96e-4f1f-9bfa-9449a6e0bb6f","block_type":"box","text":"II-78","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1bf67c2-f94a-40db-96f9-c4941b4e6e46","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"041d5340-96a2-473e-9303-2216976e7336","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":134,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"a759b31d-4808-4459-a371-1f17b105baec","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":134,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"718aa0c9-30d2-4406-a357-d8cb8024a596","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":134,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"c27e836a-6ff5-49fe-8dd9-e2546ed49cbf","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":134,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"3ff794d5-347f-49de-a752-76fcfe11ef23","block_type":"box","text":"Suitability. (All Funds)","page_number":134,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"575b5363-b317-4d32-9736-8b5cbb982449","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":134,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"348e6616-0015-4839-81d4-3166806e1810","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":134,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"273d5bb8-c48b-40ee-9f97-928501c8efa5","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":134,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"ebae632b-841e-4f00-acf5-6a611d68a8f6","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":134,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"ef213838-d710-4b15-bb38-84ed18be7c5c","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":134,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"5fcb23cd-5609-459a-a676-eced1bcc7443","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":134,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"519a812e-7307-454b-b63f-94177b3b7257","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":134,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"8ada94fc-e4ab-4254-a920-d89c05fbc17b","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":134,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"f91dfa20-e185-4f74-b9b5-c0e86df51879","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":134,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"dacec388-bd98-4d31-8bf7-4a78e0adb827","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":134,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"9697307f-0e5a-4fb4-93f2-f595d9aa8cb2","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":134,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"30890b4b-34b4-464e-a64f-9e0b7aca4d84","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":134,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"431af3e8-f0de-4c2f-ad2f-dd351583179f","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":134,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"e520e221-7a65-4e5e-bddd-2ff709086d9a","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":134,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"a4d56e03-6b95-4aa8-a903-c4d2f6e19657","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":134,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"25df6cf9-01fc-4571-83aa-e12bed3bea9e","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":134,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"e5719b23-726e-46f0-b984-52793c4b25fd","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":134,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"8d24afcb-ac99-4191-8cd7-7649f73a2ba3","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":134,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"4f2f1e52-8e07-4123-ad4b-90b1c3e85b06","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":134,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"911db30c-65a0-4ee5-97b4-25c1284b8659","block_type":"box","text":"(","page_number":134,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"e691c633-b5f2-45d6-a34d-e5ec2559de71","block_type":"box","text":"i.e.","page_number":134,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"0f99437f-ccff-4c9a-beca-eccfbd391bf7","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":134,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"6e23b391-fef2-4fe2-9cef-24eb3420ac10","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":134,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"0cc44a03-f9ea-46e3-82ca-620eb87caf43","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":134,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"ecea92b9-3970-4461-a305-50f137e96642","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":134,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"5ec0b9c6-17b4-49b7-9747-2e85cc2f6b0a","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":134,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"88c4181c-be05-4e82-b82d-50cf43203f35","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":134,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"ae13d5c2-2ac4-456b-bea0-1a3c26fd68b7","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":134,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"8bece4cf-3a22-43c0-aca3-d791147bdb28","block_type":"box","text":"regarded as the sole issuer.","page_number":134,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"50e4f09c-e210-4c4c-911d-3b748b13aa64","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":134,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"d8b47703-1969-4630-94b6-02f0ee9cb8e1","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":134,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"da1dfa26-8b66-4a96-8081-ad8428219c4a","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":134,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"7c1f702a-750f-4ea5-9e6a-128087f14fdd","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":134,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"d73e37eb-3276-4273-85ab-2483d658a22e","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":134,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"84aadc28-3846-493e-bb03-4c7142bfca33","block_type":"box","text":"75% of its total assets.","page_number":134,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"f9c57996-4fb2-49a3-952e-f6d812d23b80","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":134,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"2ed42291-172f-4c67-aa74-c58817a3f863","block_type":"box","text":"Directors and Officers","page_number":134,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"4d03b4c8-7b7b-42a7-8637-89eef327a7ae","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":134,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"d2b5c10e-33af-4cfa-a830-92c1fe86b411","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":134,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"9a1b342c-df9a-4c76-92b3-9e515e70ab4b","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":134,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"24eeac14-fadd-41e0-9485-10aa525073d1","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":134,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"b456760c-fda3-4bf6-b887-12de0ead09e4","block_type":"box","text":"Management Arrangements","page_number":134,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"6027ed47-a839-40ca-b6a9-424898aba38d","block_type":"box","text":"Management Services.","page_number":134,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"9216d7f1-6bd0-4d96-867f-b97f31847693","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":134,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"940e3bb1-2b66-4b59-8b78-370d982f0b4c","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":134,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"5e273b51-301f-478c-857e-2c55d2c555e3","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":134,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"b34301f9-5cbf-4b54-8412-b278d0d421ad","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":134,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"659bd0b0-82ba-4212-9667-c17f1c5f2c02","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":134,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"c582a935-83e4-4813-bb96-97977739c102","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":134,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"f0cdbe0b-4929-4fea-9d5d-90cf51c68789","block_type":"box","text":"II-79","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b32fef16-252e-4e4e-9e0c-39c73b6a631c","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76eb4c17-f86e-461c-b656-134789f28f41","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":135,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"22d1c84b-a7b8-479d-90b4-abfe1162abb5","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":135,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"def6d5bc-6f47-4d16-86d5-8aa1ef16f35b","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":135,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"d5207f8e-3b41-4512-8c20-ce94df22aadf","block_type":"box","text":"Management Fee.","page_number":135,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"3dc79e01-b972-49b2-9f40-9da3975976bf","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":135,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"815b059e-6be7-4da8-890f-34ef196bad44","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":135,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"106a4554-c180-449d-b145-26189cf97dc5","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":135,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"adcf0e26-0881-4225-881d-cfb7eb61c81c","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":135,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"f9a05bca-f119-4392-85d1-0fe817e517d7","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":135,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"8e636f27-7840-4da8-89bd-4f5ad9a56206","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":135,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"eeddeb83-c587-47cc-8089-1abed7e10a7a","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":135,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"e3db36f2-4ef3-4298-885f-92b0650a7dc7","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":135,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"c727c630-9886-4dc1-aa3c-e47db357ab86","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":135,"box":{"x":68,"y":226,"width":797,"height":11}},{"id":"ac11b7a8-ad82-4f88-838f-eb5da8ea64a8","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":135,"box":{"x":70,"y":241,"width":830,"height":11}},{"id":"519d6d6f-a66a-4ce3-9779-439e1630b2d7","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":135,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"5e290450-94f9-405d-907a-e2b5e5f70480","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":135,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"bb933ca1-82f9-42ec-bd90-f3990ee94f3c","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":135,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"01683783-625d-458b-83d7-d4c0cd8a153c","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":135,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"3d14b0ac-568a-46cc-87e6-8f4b4371af27","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":135,"box":{"x":70,"y":317,"width":784,"height":11}},{"id":"32ef62e0-de9d-4c4f-a2ed-de4ff02ad299","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":135,"box":{"x":69,"y":332,"width":767,"height":11}},{"id":"e8fdbf4d-8aa2-4065-8859-a534d0972568","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":135,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"714034a7-093b-4c8b-a1e2-76a612746ac0","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":135,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"4bd9c0ef-2ce6-4820-b2c2-e30fa59aa94c","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":135,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"aff8fb5e-fd18-470e-8e47-a51ab6dbd0cf","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":135,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"56b50cc7-c78c-4a2f-9515-5d68fad39ded","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":135,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"bac1b440-c332-4be9-80ab-d6a36207b9f4","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":135,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"f4431116-73fc-4cf6-a37a-f370cb736a56","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":135,"box":{"x":69,"y":438,"width":767,"height":11}},{"id":"2c9d54d3-e212-41f3-9999-7fe9cbf67d61","block_type":"box","text":"Investment Company Act. 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Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":135,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"f84f8634-74cf-4e58-81f4-5f75bf37f101","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":135,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"72693b2a-dafc-4ad7-af22-00a9218f28ed","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":135,"box":{"x":69,"y":574,"width":768,"height":11}},{"id":"220ef858-9ec4-4015-bd5b-294a350ba31d","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":135,"box":{"x":69,"y":589,"width":821,"height":11}},{"id":"55e47f10-0044-42ca-b8ae-c6dcd685260e","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":135,"box":{"x":69,"y":604,"width":517,"height":11}},{"id":"508557ab-4e01-4bbf-8448-69d1782f8f69","block_type":"box","text":"Duration and Termination.","page_number":135,"box":{"x":102,"y":627,"width":182,"height":9}},{"id":"b783045d-84d6-414b-ab2e-0e6edff311cc","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":135,"box":{"x":292,"y":627,"width":613,"height":11}},{"id":"fbcbfa8e-685b-4275-b31c-7a5b8024ae24","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":135,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"b687ba5a-75e4-4c33-accd-be54057c5556","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":135,"box":{"x":69,"y":657,"width":803,"height":11}},{"id":"eb86b72a-941c-45d5-84b9-f75d2056649a","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":135,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"3e4766e9-f8fa-4436-969f-ab59da03687a","block_type":"box","text":"in the Investment Company Act) of any such party. 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For its services to a Fund, the Administrator receives monthly compensation at the","page_number":135,"box":{"x":69,"y":801,"width":808,"height":11}},{"id":"e5b102e0-f902-4b50-a1a7-eb8d9c23e5ec","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":135,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"32e40f3a-b8c8-43ca-b65a-1b0ff01d2494","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":135,"box":{"x":68,"y":831,"width":738,"height":11}},{"id":"359f9fa3-e4ab-42e5-98bf-4fc8d2791e6d","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":135,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"0f0eaeea-fc66-47e6-ac4c-6b9c86471efe","block_type":"box","text":"that Fund’s SAI.","page_number":135,"box":{"x":68,"y":861,"width":113,"height":9}},{"id":"0278d1f0-944a-45b6-b2b0-822ab583eba4","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":135,"box":{"x":102,"y":884,"width":755,"height":11}},{"id":"8374dc96-3d3e-4a28-b858-3f79611375f0","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":135,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"e306b2cb-486a-4764-983c-64bf7b74ae58","block_type":"box","text":"II-80","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c29d70b-a9ef-4db0-8ea7-8ce18479c313","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c517acc-7953-44be-a60a-9456b0321985","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":136,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"0eb2c4e1-742d-407b-b033-078dd7e214f0","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":136,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"dd7a2031-db51-4c3f-bacc-0a80ef0949e8","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":136,"box":{"x":70,"y":75,"width":362,"height":11}},{"id":"48381fa9-8eef-43ec-84e3-bb68f503787b","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":136,"box":{"x":102,"y":98,"width":390,"height":11}},{"id":"c4522fbf-6449-48b5-a5d7-ec488b267300","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":136,"box":{"x":499,"y":98,"width":364,"height":10}},{"id":"3ea091f5-af65-4ae4-9e87-0c451e035b8e","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":136,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"6cb9ef7f-82b6-432b-8bff-d756e1bd0924","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":136,"box":{"x":69,"y":128,"width":802,"height":11}},{"id":"be2befb0-5eab-4832-bb15-fd43e18b2c0e","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":136,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"87f5aa0e-b1d8-471a-940f-002034640f66","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":136,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"29cbfa37-2c4c-4eaa-bde6-6c6118c895c2","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":136,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"79986f38-48aa-47e1-9e9a-c5b24af113c1","block_type":"box","text":"shareholders of the Fund.","page_number":136,"box":{"x":69,"y":188,"width":181,"height":9}},{"id":"6ece433f-a012-4aaa-b492-76e63dccf926","block_type":"box","text":"Transfer Agency Services.","page_number":136,"box":{"x":103,"y":211,"width":180,"height":11}},{"id":"b24fe326-ea90-4abe-8523-ba5b104dda4b","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":136,"box":{"x":291,"y":211,"width":595,"height":11}},{"id":"b07a5d57-1aea-480e-b930-38913ab4cd41","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":136,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"108567f4-b99c-493a-9806-e67a5bebba3b","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":136,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"d3a57822-1ab4-4965-bfd8-70c84fa47aa2","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":136,"box":{"x":68,"y":256,"width":792,"height":12}},{"id":"db2b0c24-162b-4294-a4fe-40038f7f16a7","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":136,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"3d072576-7f93-42ea-bfa9-39863c86c62a","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":136,"box":{"x":68,"y":286,"width":839,"height":12}},{"id":"5364d752-daf5-4a97-a7be-206ed866ce46","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":136,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"e30a7472-77f1-4ace-aa2d-57222f4ce2f4","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":136,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"60f8763a-c852-4b5b-80fb-1893b3679f7c","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":136,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"85879334-0e14-45ee-acf8-0fb05eb4b6f4","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":136,"box":{"x":69,"y":347,"width":806,"height":11}},{"id":"92e44068-7c6f-4be9-ac19-af594ce1369a","block_type":"box","text":"class on a recordkeeping system.","page_number":136,"box":{"x":69,"y":362,"width":238,"height":11}},{"id":"a8b6424e-acc3-4f00-b388-dc6573882168","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":136,"box":{"x":102,"y":385,"width":338,"height":11}},{"id":"30e76fe9-aa4b-4121-b22d-212838989ae1","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":136,"box":{"x":446,"y":385,"width":441,"height":10}},{"id":"95da5530-a26a-487f-88d8-f00f655535ba","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":136,"box":{"x":69,"y":400,"width":840,"height":11}},{"id":"63a5e116-bd7b-463b-8d36-368c7e2b0dab","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":136,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"4970bef2-769c-4bf7-90b3-0e9135aade8c","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":136,"box":{"x":69,"y":430,"width":627,"height":11}},{"id":"0f57ac0b-fed5-4b78-8519-a86ac047eee9","block_type":"box","text":"Custodian Services.","page_number":136,"box":{"x":102,"y":453,"width":141,"height":9}},{"id":"78ce42c7-889b-4eec-97f2-c842f4965571","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":136,"box":{"x":249,"y":453,"width":654,"height":11}},{"id":"e0d682bd-3dd6-4387-9a6a-d56e34e9967f","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":136,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"6bf6420b-08ea-494b-a51c-47e5f5e274c1","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":136,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"7d6faec1-451b-4b37-aadd-05e5c01a3220","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":136,"box":{"x":68,"y":498,"width":802,"height":11}},{"id":"3f8b9034-f282-4339-b748-9fe8f3866ea2","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":136,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"95ad5c2b-3ccf-4c5d-ad28-352e74fadf68","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":136,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"278ac8c9-02b8-49ce-b412-d494e7b04ac9","block_type":"box","text":"certain assets.","page_number":136,"box":{"x":69,"y":544,"width":106,"height":9}},{"id":"555807c3-1999-4e8e-936a-4bbaeec5170c","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":136,"box":{"x":102,"y":566,"width":716,"height":11}},{"id":"9cb2f389-ec93-40fd-a415-f2bc55648938","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":136,"box":{"x":102,"y":589,"width":803,"height":11}},{"id":"06f228d0-3b3f-434e-939e-4c8c00eba7d9","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":136,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"b443b1b0-c5cc-4fb0-966a-8ed9c3cf7477","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":136,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"3d81e0b6-4d8a-4d10-b755-79e5837c2a35","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":136,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"b326fcc6-7983-488d-a174-970824d56052","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":136,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"d68b3e68-daad-4225-b246-924f93b35c01","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":136,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"9051cf52-ebf8-48b5-b3c1-a563a8d4b01b","block_type":"box","text":"Fund.","page_number":136,"box":{"x":70,"y":680,"width":36,"height":9}},{"id":"dbeb2212-22a9-459d-bdb3-7876f4d000d9","block_type":"box","text":"Accounting Services.","page_number":136,"box":{"x":101,"y":702,"width":148,"height":12}},{"id":"ffa2aab6-c404-445f-97b9-ee3dbdcd0cad","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":136,"box":{"x":256,"y":702,"width":641,"height":12}},{"id":"8dd33c13-a954-4a18-999b-65d916766806","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":136,"box":{"x":68,"y":718,"width":829,"height":11}},{"id":"381edfbb-6cfe-4d65-8bda-2a04dda3254c","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":136,"box":{"x":70,"y":732,"width":797,"height":12}},{"id":"c4ecf75e-a79b-4edc-96ba-51e826d0850f","block_type":"box","text":"Master LLCs.","page_number":136,"box":{"x":70,"y":748,"width":91,"height":9}},{"id":"7e2b0147-e8bb-4751-bba8-98b0d9a0ec15","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":136,"box":{"x":102,"y":770,"width":771,"height":12}},{"id":"75d30ca6-a7d8-41f1-8ec5-25758b60f99b","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":136,"box":{"x":68,"y":785,"width":810,"height":12}},{"id":"2c0e5d42-a2ee-4678-9a5c-d7749d240247","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":136,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"c0fe33be-9626-43d5-bde9-c97ad04604ad","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":136,"box":{"x":69,"y":816,"width":386,"height":11}},{"id":"e28256d7-8cbf-443a-8601-3d0deb495bf9","block_type":"box","text":"Distribution Expenses.","page_number":136,"box":{"x":102,"y":839,"width":158,"height":10}},{"id":"c74e73ce-b165-4566-a58a-88b8ff9f0e2a","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":136,"box":{"x":267,"y":839,"width":614,"height":11}},{"id":"7abb82b5-12fb-4391-8421-ec2e24a31bd3","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":136,"box":{"x":68,"y":853,"width":807,"height":12}},{"id":"b1a2880d-a4ba-42dd-aaca-395e6d4c82a3","block_type":"box","text":"Agreements obligate the Distributor to pay certain expenses in connection with the offering of each class of shares of","page_number":136,"box":{"x":68,"y":869,"width":842,"height":11}},{"id":"9cb73052-b0d4-43fb-9e68-594b9e401aee","block_type":"box","text":"the Funds. 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Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":142,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"7cc69249-5141-409d-b045-1f44fc3d96ac","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":142,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"346f17a0-7c31-4f91-a431-d3b77beb8f7b","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":142,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"9fc88e22-1839-4f1a-9cd6-6f71b29bf297","block_type":"box","text":"11. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":142,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"5768e514-72a3-4436-87e0-706b7066bc1a","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":142,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"f20b913e-3147-4159-8752-3e2a2148cda6","block_type":"box","text":"13. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":143,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"38a981ef-5e83-4cb7-9bd4-ec9ab51bfb55","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":143,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"6a21361e-8c90-420f-8a88-5ab67d85650f","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":143,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"7e6de5ae-d536-4225-9051-9dae274a6584","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":143,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"332fab7b-bb91-498b-8f0d-5d4017adfc79","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":143,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"3feb299d-2d16-4339-bd90-e96b424bf32e","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":143,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"0640bf05-a206-4897-bc3c-7e29c20307e3","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":143,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"11ac8a73-2060-45aa-a69d-1b1ef2c88919","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":143,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"af2116e6-f6d2-4556-af9e-b279f59d0459","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":143,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"8952214c-12b5-45cc-a7ed-15f97f22c076","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":143,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"c27c29d7-fe74-4d32-9c0e-f50cf9aac17c","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":143,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"6307936a-aa33-4f39-a650-58e47fd5613f","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":143,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"68a3363c-d9dc-4802-a2e6-6e2e32a408b1","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":143,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"0a867717-458f-4e5f-bd24-f13738b41f70","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":143,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"c3bed4a2-a782-4ea7-bb72-c356c997253f","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":143,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"464d67ac-11ee-4e5f-a340-6d1305575895","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":143,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"80bd7be9-26a9-42c6-bfb4-2ba3a0870351","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":143,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"c2192608-4946-44a3-bc0c-ff80b56a78a7","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":143,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"ae1f8a21-6ae7-4f0f-9f16-8b648f180d13","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":143,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"1cc00f57-0384-494d-9cb6-560d35ddc7a8","block_type":"box","text":"Funds.","page_number":143,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"05325c3f-4f7f-41a8-a80a-58088ecb17e0","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":143,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"957d7149-22f2-4ccd-9316-189931e61ffe","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":143,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"8c8b60ba-e5c1-462c-9dff-94551d7efaf0","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":143,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"a98dd7dc-0ef0-4dea-9355-e6bf4da258a2","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":143,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"73956c78-b482-4dd0-adfc-817208fa0d62","block_type":"box","text":"II-88","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85a9b707-4278-46f6-b159-f6d1d79699d2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4633f87-0248-4a63-b6c1-a8b146253ea9","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":144,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"c5b6ab1f-a3e2-4ca7-a06f-b17a6e19c732","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":144,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"501a5f7d-c7f0-4bb5-90f5-684c3866696a","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":144,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"55ba27bd-13e4-4100-bd4c-abad0e345de9","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":144,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"d400cefc-2453-4846-beb3-ba4cdb894bf4","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":144,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"597f4fd8-a3c2-4fc7-846f-14cebf8bbcbf","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":144,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"423c0709-abbe-4f59-8710-d072b814d1cb","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":144,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"a1c7391b-9502-44fd-a8c6-df0fd47d656f","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":144,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"89e7c2e3-64c0-4512-8dbf-83f7be4d67a5","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":144,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"c905da26-1ec9-415d-a074-970f6fae0319","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":144,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"1d5d4c4d-f9c0-49f5-8ca9-bc2ca00ca0ee","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":144,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"c3c2071c-7ad6-4185-adc9-f4bfafee280c","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":144,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"5ce877a5-0da3-4370-bf3f-65835c48b976","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":144,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"d428acb5-1629-492b-ae16-736da76d5554","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":144,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"71e90e62-4d93-4d98-9b00-c6c8f8a416c4","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":144,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"170f8e87-8684-4601-94d9-f75d71da4fb7","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":144,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"61954d49-9505-404d-9d00-f062cdb98089","block_type":"box","text":"case.","page_number":144,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"5b15dd46-88f1-4b65-aa1a-cbf9f1b5e98a","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":144,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"37b219ae-70d3-4123-aab8-211af74ea86d","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":144,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"5ab3dcd8-f034-430b-bf21-1a4ba20c835d","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":144,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"f26bdb61-da51-48f8-8d97-195b4908b0b8","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":144,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"d96aded4-7ec8-4c6a-a905-897ee68265c6","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":144,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"ed23f07f-0398-426e-bb5a-7e029d4e8c85","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":144,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"ed06ff6f-f816-44c9-8dfa-e9bc44f541f0","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":144,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"08662b9d-d33a-48ec-95b9-8da89dff5294","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":144,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"16598d75-d697-4165-8941-02e89a5707a2","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":144,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"67d09dfb-9e25-4118-ad46-298777c5b4e9","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":144,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"0b26d78c-42d0-4810-a9f9-453b1f7ce05c","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":144,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"9bccaee3-9253-47d1-85ad-6e1fece79de4","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":144,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"239626fe-c23a-4e71-96fa-e6ef0b22538b","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":144,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"4d77e912-763e-43b0-995f-2aabf8dcdad1","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":144,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"fbad5b3a-1e46-4b1d-a016-454c5ece5093","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":144,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"6ee88e1d-c28a-460c-8c89-f0d04e187241","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":144,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"c9076f03-bf2d-456d-b88c-3ad0853276c4","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":144,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"497c3d84-168c-47b1-9895-74225b2e8acb","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":144,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"e6405f11-eef3-4957-9070-7fec98e8c7a0","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":144,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"6b31ddf5-897b-4b53-8dac-5491f3944afb","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":144,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"a2d1789b-7ccd-447c-a19e-429ebe70d433","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":144,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"dda1ea46-8475-448b-ae79-c1b2a1218381","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":144,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"59ff69df-918f-4575-a410-49ca4ff1e319","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":144,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"f3789cf4-b762-4aa5-ab40-6901a65fa9f8","block_type":"box","text":"managing a Fund.","page_number":144,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"f8c0fe0e-29e0-4534-8a22-1f7fa09fb925","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":144,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"732d8524-ebc7-4948-8f97-9adbea1af8b6","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":144,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"5c763a86-197e-4b7b-9f6e-6af80b0bf02b","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":144,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"4f68d3c9-f01d-4ff4-9ee3-a1809cc53256","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":144,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"efec9336-4e59-4c95-984d-1355d35cb8a8","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":144,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"34238bee-16c3-4fac-99e9-2a8efe2f4000","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":144,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"4762ba52-ee4e-47c1-af29-bb5a943fa02c","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":144,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"778aa2c1-ab95-41ff-bec4-6c47641e34c3","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":144,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"0a83d792-be2b-41d8-8e44-f1ac93dbc836","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":144,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"45ca9e13-e7fe-4c2c-afc2-1760875eb79d","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":144,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"ba441769-9619-433b-b762-394ebf2a68dc","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":144,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"9519f094-a9b7-442f-bb00-32cd9dc67719","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":144,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"41543518-0aa1-480f-8859-e74c10b6b7cb","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":144,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"fcf46713-d760-40e6-bb2a-20395c1c4bba","block_type":"box","text":"II-89","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29b6f6d6-ac04-48b8-81b3-f06781d45a09","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81205c7e-bed8-4ea3-9c6d-a48812111f89","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":145,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f466fcad-cd78-48bf-b76f-48cebfd2a97a","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":145,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"01a0d753-b498-478c-ace9-314d9b258d3b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":145,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"52bcfda2-7f8e-43b1-8a57-85d3c79f339e","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":145,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"33e71c55-a864-4e2f-b9c7-45cc7716dd4b","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":145,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"144975fd-4de4-4aa8-9720-309eebcfe404","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":145,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"9b99aba0-612c-4f6b-86cf-c7c3960dade4","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":145,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"5f0d78fd-2062-4ae0-b043-b9bb87d7cbb8","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":145,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"2be031b4-c919-47c3-8cb2-603ca14f0389","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":145,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"bdf3cf25-a235-4e5c-b95c-9a7304780c8e","block_type":"box","text":"under management for BlackRock.","page_number":145,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"73ec9673-033b-43b2-94a8-5f479c5cc26a","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":145,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"f462889c-d9d8-481d-b86a-47c5c53b78b1","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":145,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"e1177c9e-76e7-4e76-b15e-1eb623865b8f","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":145,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"64673e69-90cf-4f68-82eb-40286e98cb24","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":145,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"366985c8-518f-4910-891f-1f793d92aa84","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":145,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"79e0537a-334a-450f-abd7-2136eae7fda4","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":145,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"f0e1699f-d69a-4aa8-bb82-0f9fb22c340c","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":145,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"ce86e3ca-057c-42a2-b6ae-ef748232e3b3","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":145,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"23e7fcaf-ac29-483e-8e89-7f9b9637657b","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":145,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"1d8e1ad9-365f-48d0-8447-348fb120d827","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":145,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"abab306d-1103-483e-a895-88ad78f54518","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":145,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"4c323971-d7ed-4b58-8211-658bea1d1147","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":145,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"02cc623d-4479-4b5c-a9e4-caf2013ed611","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":145,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"6af49e89-c33c-4583-9a21-4abd2a0f9fe5","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":145,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"79fd7c48-b25a-41ec-a1b1-b63d3e58854c","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":145,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"4017f0f6-242f-427a-94ea-6b381f943bac","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":145,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"6faf4cb7-215a-41c2-b0c1-ebe621b866f5","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":145,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"dfccd4e6-c9db-43fe-8586-b334890a1279","block_type":"box","text":"any such fees or other amounts.","page_number":145,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"52698ce5-b585-4d26-9d96-f192b66d5dc1","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":145,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"36706089-b441-4cbb-a35a-40a3d2ee0927","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":145,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"8fc4bde5-b455-4776-8523-b8a8c08d9a35","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":145,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"54f67b39-8286-4c29-a017-5ff9953c4d00","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":145,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"c3387e02-3177-4f80-a243-6f296d3c3476","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":145,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"63a8bef8-ce45-4582-9a8a-0c847587ff25","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":145,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"c8cdcd98-a275-45be-97c4-b41b18ef5f27","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":145,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"50d93202-ac0d-4faa-8631-efdac183ee4c","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":145,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"4e201e77-8108-45cd-a13b-ee3f3359e710","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":145,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"6090b91e-eb61-460f-8fe1-1ebd8c9b642c","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":145,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"41159f3a-aad5-455c-ad3d-5fc0b2acaea8","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":145,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"395589ce-135d-40f3-b6d8-c5b872cac860","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":145,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"0a87fbe3-cffc-4c60-8d51-fd4dd002247b","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":145,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"14bd64a3-7d64-4bf5-a40c-b5914e78c28d","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":145,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"46f5ffeb-5bf8-4637-ba8c-b3d1d078258c","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":145,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"93579c98-7615-4914-999f-bcad63610457","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":145,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"8bdc6d11-c06a-4e27-9c84-4a2b529efa6a","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":145,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"53d1a680-6a6a-4e97-aa25-1c07ce291ecd","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":145,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"88890790-4b69-4bab-9f6b-8691ca653166","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":145,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"25848cdb-1d33-4b08-ae61-a27d3bd5398f","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":145,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"a05ce1ab-ea50-47fc-8407-a218ee6953c3","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":145,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"3753900f-a4b6-4b77-b800-57be4954499f","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":145,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"47a2ba8c-7392-4336-87dc-a77b0a332604","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":145,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"b7b2fecc-754f-4223-b749-3811e0bb542a","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":145,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"64d4409e-a26d-45c2-a77d-94ccce4258fb","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":145,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"a0e79ca0-5033-407f-8e07-52615c01cf08","block_type":"box","text":"II-90","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b736d8a7-a636-44cc-a1d3-cd6ceae835de","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63eba844-141d-45ca-93a0-651147dce25c","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":146,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"8bdd1898-63e7-4ccb-b81c-60cd7bea8b58","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":146,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"c8751b06-12c9-4753-a75b-e2a9252ed3a2","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":146,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"905c4613-c3f3-4937-86f8-b6d3a0e88e9e","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":146,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"7c4a4adc-2a02-4aae-b099-ade83da157f9","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":146,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"82387283-e0d8-4455-b86e-b2f017083582","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":146,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"f7f62fd2-c79b-4c27-b312-12e97743d544","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":146,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"aa2a3e43-61d2-416f-ade6-85c6bb23942a","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":146,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"6bcf60bd-f5d0-4299-a5ee-7a12598db977","block_type":"box","text":"regulation.","page_number":146,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"7c970b94-152b-404d-86cc-5fc0747058d1","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":146,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"204a457a-7f68-444c-a0e2-753fafd6265a","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":146,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"d9402c43-8b07-4444-8496-66ac23b9e4c0","block_type":"box","text":"various program limits (","page_number":146,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"3a224c3c-b1c6-4408-81df-81481a4f8107","block_type":"box","text":"i.e.","page_number":146,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"31723f47-6207-457f-9c4f-50024b29009f","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":146,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"8773dedd-daf3-4a25-9974-5820f5467483","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":146,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"5d633b0b-c47e-416d-82b1-04b15c414244","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":146,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"04c7502f-72b5-4847-8d1b-92eef0b8831e","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":146,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"1716c3fe-dbeb-4de1-b6c2-bcef1c7a7d84","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":146,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"6b91e60b-9be9-4e37-b1d2-f23877765ddd","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":146,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"6199ae81-cd82-4d71-b31c-ac1422cd16de","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":146,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"15cb6110-1c56-4d14-ac8f-d10df82fa09e","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":146,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"2d765ce5-f0b1-4e14-9731-a7206fa07993","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":146,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"cd669838-4caa-4ad2-9fae-5f0e146d1e0d","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":146,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"7f5bf5ae-4c45-4a80-be2d-58f90320300a","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":146,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"55e0db07-c4f8-4395-9c7c-64ee44a94d40","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":146,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"7db88554-301c-423d-8e43-3a0ab5961153","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":146,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"60c824e4-b7c0-48f3-a49f-653e228f0879","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":146,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"a7409e98-63e3-49c2-a11a-188b53280063","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":146,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"6ff9b1da-134a-475c-9735-6e6fbb52f158","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":146,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"f7c460f1-503e-4818-ac10-44983eee8e69","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":146,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"4f28f67b-57ef-45bf-8a63-107865f5ea32","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":146,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"623b8fc6-27c7-4bf8-a6e9-e67c90c1d9d2","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":146,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"96f5f199-c651-4ae2-995f-f53b0b950479","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":146,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"e403fcc2-775d-42a6-a014-6362496f3e45","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":146,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"7c42a5f0-8bc8-481b-8146-7f88a4997be7","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":146,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"32a349e9-8fc7-4662-9d70-3c614f338094","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":146,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"62929db4-b6b6-44e3-bf38-f34ec441099a","block_type":"box","text":"than through client commissions.","page_number":146,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"2a45a186-6dce-40df-b46e-d4c52498140f","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":146,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"ad33f882-f96e-4e2f-bd78-57c4e653541b","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":146,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"4c71a140-3671-447c-bbbd-fe388994d079","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":146,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"7173b180-b491-4994-b984-0b6b567fe9ba","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":146,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"4f54963c-e620-49ba-a959-518065aa1033","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":146,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"36b97f4f-ad37-4696-9969-45b8585c9cb3","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":146,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"551d7e76-2ef6-49a8-8625-0300e3f9ba66","block_type":"box","text":"research-oriented software and other services and products.","page_number":146,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"21c3f3ad-7a5d-457b-8335-8413a524af89","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":146,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"da10ff30-6213-4cf0-8909-2441d7efcf6d","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":146,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"066031f4-2a14-443c-8508-6daf8f5d2bf4","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":146,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"b5357ed3-2bf2-4b30-8772-4262ff748ad9","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":146,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"96b9fd73-bcec-4cce-bb8c-1cfcddeb24d4","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":146,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a13fbf41-eb28-4e46-b45d-0366fa7d8132","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":146,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"b1a141ab-baf7-4764-9744-013607a365a0","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":146,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"29276498-9399-4d6c-a1bc-d51a3c8ca54f","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":146,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"d8374197-49bf-475d-a753-ad5d05d2d9c1","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":146,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"e48dc92a-4ac7-4070-8e9b-3f7fc3cbb006","block_type":"box","text":"and services itself.","page_number":146,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"ffbed7ab-5b4e-4f57-b400-20199c4f227d","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":146,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"85d42ad4-7b98-414d-8b68-0a486b675b90","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":146,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"45af1580-e350-4cc0-b8c7-31679c7491d3","block_type":"box","text":"II-91","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aac054e7-a693-4bae-a4b7-509253380d11","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08f13ad9-24d5-4a09-9832-37ccd7fc641e","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":147,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"2e6bc3be-d693-4b45-a7f7-5ac39734c94c","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":147,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"a0d8c6d6-c053-498f-af80-992e6e873cfb","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":147,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"d7a1f6d8-787a-4dc2-9867-23ef9e2a0da0","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":147,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"43be5b7d-ae98-41ca-8fff-8e6dddf2aacc","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":147,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"52995811-65e3-4eaf-92b0-5ee74375b0a6","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":147,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"3a89552d-464a-44e5-b46f-f2aa79e11fc8","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":147,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"7fb9d0fc-398c-48b0-bd6d-688fd3856c42","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":147,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"e6287d7e-6a44-40b8-b234-805e70d49975","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":147,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"598e1bab-be54-4825-afc6-993039b5c4b2","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":147,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"c7216366-b899-4a83-80f7-f09b7810357c","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":147,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"c497c38d-22f1-4e08-9466-adb4bd45e017","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":147,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"e1da20df-8f76-43de-82fd-f3409d7c7271","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":147,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"52953a3c-1e47-4276-a4cf-f66859f9aa62","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":147,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"f1d96ff5-04f3-4e6a-b5b5-5f1d692c3b57","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":147,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"bb2dca2c-2210-4e8b-9e3d-f0b49e086659","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":147,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"92c5558c-d4c5-49e4-83ba-7e907991d2f7","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":147,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"0c0239ea-8594-40eb-99f0-1b291f05cfb6","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":147,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"f849f4d7-60d7-48c8-9c94-2a98fde82c68","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":147,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"8433c646-6d17-47b0-a234-64c9e28eb765","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":147,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"2f0bcaac-452b-43a8-bfd5-d7492e874881","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":147,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"bc9bf184-e9c6-44ae-97be-648f13026bfb","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":147,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"d2be9770-57a5-49b2-aba8-c78940a1c779","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":147,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"63842355-dc87-4f28-bf6a-a3e1368461cf","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":147,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"f2ee35e3-6c6d-4a64-8ea4-83adaa54613f","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":147,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"ffe15cc5-d6a3-44d2-be8c-8686f6fc99f5","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":147,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"cdd07b9c-96b5-4ead-8023-e54d002c9d5c","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":147,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"68e19142-ae5f-44f7-a788-7d9d08cb39aa","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":147,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"b626cd99-603a-463b-bb33-67feecfdf46f","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":147,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"0152ad58-0e73-4434-ad62-c047064e3459","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":147,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"fa25ebc4-18b9-4edc-b155-4cd62d082837","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":147,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"b50a0389-0fb1-44ef-94d2-6575940dfe11","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":147,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"92cd608a-002b-46ef-a389-64207d54895d","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":147,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"6eea3649-b93c-438d-b597-6d3395171d1f","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":147,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"a0bc460b-e068-4876-bdef-6978eaf77018","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":147,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"a8a57672-ef7f-4fa3-b499-749d63fd68b7","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":147,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"380b608f-2a85-4b27-9c9a-c1ee03309ba8","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":147,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"324c73c0-9b67-4983-b7bc-9211cdc9e35f","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":147,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"f8fb3b95-9230-432f-a5f8-b458059ac4f6","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":147,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"c39d0fd3-50b5-48c7-b8b6-ad982619a5b4","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":147,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"1f415af7-7515-4f76-9ba8-dda66952d683","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":147,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"fb4e8eba-aa04-4c69-8ea9-2b32139f29b6","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":147,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"2944e85c-ec23-42d6-9eff-74fbd7a0c318","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":147,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"18e1c50d-925c-4773-8d21-a3767e2d96ca","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":147,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"46f57aa8-23be-43a7-abf1-7e3afdd5b80d","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":147,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"670c9eee-cf2d-4e83-88aa-afa5494ae015","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":147,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"ceaefd2c-f424-4c9d-afb0-847548b1b107","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":147,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"25b0b645-b33f-4008-8d85-c7c6909de111","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":147,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"61a76aff-4a67-4c95-8a9f-f7beda45517b","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":147,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"e313de6e-98ac-44fe-a363-d1ffb580f14e","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":147,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"6ac08a8f-cf2f-4b0f-ab47-f90dd0e5ace0","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":147,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"5b3b1dee-0d8a-41f2-b49f-62ddf04c41cf","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":147,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"7d6dea25-b234-4e3f-a3c4-b19e24409cc5","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":147,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"0a3d3680-3352-4f58-942b-d6c648d418bc","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":147,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"7caf8063-a84e-4d10-88f4-c422f41625b8","block_type":"box","text":"II-92","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9aa3c4d-930b-46ec-895f-2cd5cd9e7921","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9760ea1-54a1-4ba9-9336-956a1b2fdd32","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":148,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"6007ec7f-5984-4107-8282-2ad0f63ae098","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":148,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"7d2f1bb9-6af2-4f1a-a6f0-82b36dab8965","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":148,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"4e5acc0a-254d-425b-b49b-d6f743db5d9d","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":148,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"b8fe277b-7cd2-4a23-9adc-b2a4e85c7897","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":148,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"6cf5fbba-ce27-44d4-afc9-113ff6a3b925","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":148,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"053771b2-602a-4f06-b1c8-8af4a30dc666","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":148,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"40d23a59-a635-4f33-ba71-2596929b7f93","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":148,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"53d0d023-b9ec-47a7-a3d2-0eecc08c2b72","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":148,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"f4fe9d14-1421-414f-ada8-fc2aaa4cb4ae","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":148,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"3bc86155-81dd-4380-a2d1-f479c216381b","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":148,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"c7c596e5-0c1a-472b-9104-a5d3ccff6697","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":148,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"4fa758ad-ad25-4aad-8301-d869de1bfc15","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":148,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"f1d26103-33b1-4ecb-9ad1-5592bc03f1c7","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":148,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"6f084463-642b-4de2-9151-99350ae7d008","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":148,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"9accadc4-f432-42c7-85c5-73ab23849ff8","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. 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As a result, a Fund’s sale or","page_number":148,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"f4eb3aee-e5d9-4be9-b5ec-d93aa10fafda","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":148,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"376a664d-68e7-4e5f-b9ee-60a8f92913d3","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":148,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a6b04639-f498-4ce7-aff0-c4dcd81f8ec8","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":148,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"21845934-4325-427c-b18b-e926fbb7283b","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":148,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"59f538de-706b-4f61-9a51-4e935742981f","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":148,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"99ddc934-f108-4f21-985c-cef71242f023","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":148,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"2e94c5a0-8c9b-4eac-9d88-ca342603233b","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":148,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"2824c530-dba4-41fc-91f0-d1ea8c09a3b6","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. 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From time to time, the activities of a Fund may be","page_number":148,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"f18bb751-4e9f-4c4c-832c-716e1d7a3ce8","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":148,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"e25579a8-e846-4f5d-a244-0343d01ffd68","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":148,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"4339c14e-b060-4627-b207-9444338b2567","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":148,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"c5517367-7c28-49e6-b365-faff8856fc48","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":148,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"769739de-5d42-4fd1-974f-6eb2293bc29a","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":148,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"04572b46-5760-4a7f-99d7-74095880f692","block_type":"box","text":"proprietary positions. 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Similar situations could arise if personnel","page_number":148,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"4dc26f8a-8873-45f4-b0ef-9f3253536619","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. 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Certain","page_number":149,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"4eace8e4-450c-4404-a824-6ad1311525ad","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":149,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"a6850d5c-974b-4e53-859a-b67928876549","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":149,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"d7155977-ffc4-4fad-9078-344aeb86e44b","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":149,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"d34fd3c9-3aff-421f-a37a-5be9949cdb78","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":149,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"2ca095eb-b907-49de-b7a1-5d99e997b12a","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":149,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"7edc4f3d-dcd8-4208-b7fa-175506d64fd4","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":149,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"bfb9ce3c-9e6c-4e18-b6f7-ffb5876d469a","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":149,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"3be8ead6-c149-4b81-99aa-1230cb7126ad","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":149,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"e131e624-9f54-4118-b59b-dcc580e10f3b","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":149,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"96a30aff-7d9e-4816-87a6-9f14be9e0963","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":149,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"c9b59862-da06-4623-b163-775305a3b47c","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":149,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"18a1d754-288d-4e46-b00f-89a122a2d795","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":149,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"4dafa67e-6924-4ed0-bab2-aed2e3aaabfd","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":149,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"0b495078-afed-4579-a64e-cef893f79c92","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":149,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"8585e464-f7ed-4e4f-b08e-b7e24e263cc8","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":149,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"a579d69a-0b55-4f0b-a356-3280b2de8563","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":149,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"37e59b8e-65ff-4d13-b064-85a50d091977","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":149,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"2060f1d0-f1b9-43af-a23c-4076211feac7","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":149,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"93c7d1b8-6867-4ea4-a3cd-245108eff255","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":149,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"73cb02b0-8246-4150-9e36-8cc6cca59153","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":149,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"e60bcaa6-b3d9-4f6d-b698-d32f85515ad2","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":149,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"6800943e-824d-4f1d-9eef-8517b2b90ad7","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":149,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"0d3b6bef-ad24-4544-8885-0d331cf63600","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":149,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"f7d76d60-66fd-4cc2-94f9-6ef003a8fea4","block_type":"box","text":"a barrier.","page_number":149,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"980e80d8-8735-437f-8f45-7139b6843893","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":149,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"457a89c7-47ae-4d2b-a3ed-e77e19bad087","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":149,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"1039f50c-1aa4-458c-9098-5a108b4d53cc","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":149,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"9f5dc73b-3785-48dd-bd15-42d4f2dfe743","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":149,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"7c48b753-bf85-4c3f-8564-5e6516b87fc9","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":149,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"459c383b-d757-46e7-885a-2117447bb730","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":149,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"4bacb0a7-c041-4578-87e8-3daa14b0c970","block_type":"box","text":"that operate in certain industries (","page_number":149,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"17dde6cc-5162-4c79-a004-58fceaee27c7","block_type":"box","text":"e.g.","page_number":149,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"28ba0b04-3c03-4b65-a0a2-f45de0db0631","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":149,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"a95bdcaf-e16d-4428-bd51-7fa4a4bd7e3c","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":149,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"ca684f8d-19a8-4a53-b689-57359faecc9f","block_type":"box","text":"e.g.","page_number":149,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"df37f7ae-f8a1-4e31-888b-3fedccf77a09","block_type":"box","text":", with mechanisms such as poison pills","page_number":149,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"34757890-c616-407c-b906-75f8019c25b1","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":149,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"1d3503a4-6668-4624-b3ac-b0246bbcb27a","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":149,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"521fa4e7-8536-4896-9d97-11d2def2c741","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":149,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"8b0a5821-e368-4615-81da-11e5c6daa399","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":149,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"3aa46c29-8bd3-486b-843c-6052e1b1f3ca","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":149,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"3fcc565e-9e2e-400e-a88b-0d5ff341dff8","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":149,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"375ddd17-05d7-4f70-8661-f6aa9cbdab30","block_type":"box","text":"seek to make indirect investments (","page_number":149,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"b53dc475-7dd4-4b7a-9a7b-8ad2b4754f9d","block_type":"box","text":"e.g.","page_number":149,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"8743c3f0-8956-4fbd-b8cb-8b079f158504","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":149,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"9f1bbbb8-acd5-4033-b394-465034e244ff","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":149,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"8af21640-366a-475f-8ca2-165a522a14c2","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":149,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"7508ff32-4f2d-4a25-b983-13bb5fe98a52","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":149,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"f5c15271-2928-4f12-88ef-e71cc9ed982b","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":149,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"a7cdb0bb-f4b7-43bc-9fce-1bf99c226686","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":149,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"28cbcc11-c3cd-4587-a1f3-7e720158c6f0","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":149,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"fd9d4502-8761-4a3e-b822-e993dbae3b63","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":149,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"b4d42def-3069-4640-9490-e6dfe8bbe1e4","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":149,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"5afbc51c-2eef-4464-bb87-eaa53e6af785","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":149,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"290974f7-4d86-414b-b1b7-acb9aa6b1050","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":149,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"51a0d48b-035b-4332-ae06-00c297207fe6","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":149,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"1e9feac4-1f22-4353-b5fb-8ad49e0a72e8","block_type":"box","text":"otherwise purchase or hold. 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For index funds, this means a fund may not be able to track its index as","page_number":150,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"058416be-91be-4b4d-9e77-6e8ad3411524","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":150,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ecb38e86-4d19-496d-9228-27694bda0617","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":150,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"61aa0e40-b28f-4646-99f6-5c6c1cb9b486","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":150,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"fb49fb3f-e38f-4528-ba80-0859feaaafd9","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":150,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"16080400-ed22-4f47-91bf-61c88650866e","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":150,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"d31071c9-419c-4e46-ab2a-f650a9b95c16","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":150,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"41c9a855-a5ee-416a-8055-6325c5ec368d","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":150,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"d5a34477-36aa-4ed4-b75d-20451f814700","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":150,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"e646fa38-2e33-4e3e-82dc-f0e69db2f507","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":150,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"50536523-80de-4b51-80c4-018ddae39cf3","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":150,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"b42f69e3-b5d0-40f2-b8a1-c17fa5c082a1","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":150,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"868757e7-5b78-42ba-83c7-b13bb3452b37","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":150,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"678a8daa-b754-4c23-8c61-6ba5b6410678","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":150,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"5c329477-c3b9-4137-ac8c-50687f4a9755","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":150,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"e0a68137-1945-4100-90fd-51606e6db85c","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":150,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"2395eb9d-4c7e-4acd-8c3a-1ef4c0ddbc33","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":150,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"d59097e0-e529-4f35-b100-8883914a23f6","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":150,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"6705f736-ca60-4ab9-bfdd-065c54869fcf","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":150,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"fec7b3d6-7314-477b-92f4-8fffa494d0ce","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":150,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"0fb5cf35-5328-4de8-bbdc-f0961e7c51ac","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":150,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"31d78b59-d21f-4d59-8f9b-7426d650eae1","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":150,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"c70fa221-1d26-4156-a0f3-d71c50bd70f2","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":150,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"278f5869-8a31-4eaf-a0f5-d5404dc78ee0","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":150,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"6107b53b-3c15-4958-a48c-2611fbc6e5d5","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":150,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"6f49d302-dded-4b39-9a40-be4d5febbbb4","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":150,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"48f3da0d-9632-4247-8223-d3d7dd632c2e","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":150,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"6f288454-338b-40a7-9b25-fefb9ee43d5e","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":150,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"6c0b2f06-4bd9-42f7-8005-71810760f0cf","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":150,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"a11b1009-1614-415a-b08c-7c97527c8ce1","block_type":"box","text":"strategy with respect to such security or asset.","page_number":150,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"2adfa4a9-7b5d-4d54-8f0e-c3b2366f5040","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":150,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"792c57d9-a2a5-49fd-b635-a693070ceaad","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":150,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"21465ac8-e825-4832-a933-63ad139d7744","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":150,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"ee294ace-f005-4712-93e0-fa56d4463a31","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":150,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"9f091408-3cf9-45b0-a23c-58bb31b010c1","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":150,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"f7476509-1290-4ba9-ac2e-a32db99a14e2","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":150,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"b33f7c5b-67a8-4c1e-b05c-3b55224f8eaf","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":150,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"54b6f6e9-9bbc-440b-8169-d2b8a1cefb03","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":150,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"0f37d4f4-5cb7-4eb4-8017-f00d36c1e0b3","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":150,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"1228dc98-14f5-4964-83c5-cc17abc9108c","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":150,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"28621bb8-cc5e-49cd-bdb7-905a18b87065","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":150,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"e6c8c2f4-ff24-4374-8914-3810b8a246f9","block_type":"box","text":"e.g.","page_number":150,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"e487a68b-53fa-4342-beed-c27c6a2736b6","block_type":"box","text":", custodians,","page_number":150,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"09f71121-cc7f-4891-9367-0e12e66c3628","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":150,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"986ca8c6-7929-426d-aba6-5e0ab566fa18","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":150,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"837700d4-790a-4009-9d76-b880e93cf74b","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":150,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"0eb7577f-e270-4918-ada0-90f43ddaee8c","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":150,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"2252c81c-f3a3-48a2-a0eb-15fc3ae0d1e7","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":150,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"a411f87e-bda5-4375-8f93-4e56497354d2","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":150,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"705de4f1-c652-4224-9554-ffae52547dc0","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":150,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"dbcfb671-0266-4dec-a60c-dd13d6dc7a6f","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":150,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"eb9a9e97-5211-4aa0-b154-d4155805f9eb","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":150,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"fb5eec5c-2cf6-4a70-aa27-81a93ec94e8f","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":150,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"0fe572ef-2bce-4747-9790-d531cb4bb70f","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":150,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"335af08c-a4d8-4371-ad8f-766a20448e9a","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":150,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"209eba45-1abf-435e-8735-4b7dcea348a8","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":150,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"d897d485-348e-4585-b39c-5b4e099e74eb","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":150,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"62f45dda-17e1-486a-8452-aea62cdad86c","block_type":"box","text":"II-95","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e0c9d7c4-173f-4ad0-ba3a-a08aef58cbdc","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f281e79-f4c1-43a3-a1a1-c2d9e4874ef5","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":151,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"fe970869-91cd-4fb1-85a5-d5208126a38a","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":151,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"e54a96eb-4c51-4b4b-95d4-91c4e8f0d6b2","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":151,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"971580b9-2e77-4ee4-831c-27967fd067c3","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":151,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"50f17990-e568-480b-b4f6-031af6f2a342","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":151,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"cf42c2fa-d582-4b61-8ceb-aa7e21203881","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":151,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"1b0f4165-4979-439b-82a7-c8a234ef23cb","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":151,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"fd456305-f8e8-4565-be46-247d8ff53b12","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":151,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"7c4f2926-1dc6-48de-b7c7-a4caf28c13a0","block_type":"box","text":"provider.","page_number":151,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"12c5d771-7096-4ab1-94c7-d0a902a85c94","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":151,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"7a1a8c15-cb17-49b7-9340-e8dece239e00","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":151,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"4e884fb6-0d2a-42f1-a6ba-3d59d8538820","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":151,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"73a2cc9f-6011-4bca-895f-902cb41ce758","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":151,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"ef6a53c2-722c-4a79-9b6c-e0ea6a6acb60","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":151,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"58437af9-59dc-4abc-adb2-55e98ac778d6","block_type":"box","text":"PURCHASE OF SHARES","page_number":151,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"fc2bfa1d-adaf-48f7-b14f-619305aa13a0","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":151,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"d5d52f4b-e71d-46d4-a5de-7a9a1d04ca08","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":151,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"70125e3f-2b59-41d9-921a-a52b412a5cef","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":151,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"b0486084-ace5-4c8a-bcb1-ae14742a9230","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":151,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"7cd2e1bc-6c68-475c-86be-102f2fb28824","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":151,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"355279eb-1234-40ee-9690-f1318c3e704d","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":151,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"a73667be-83a7-4e8c-b275-b01e213f5ba8","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":151,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"2995e909-2035-4904-80ca-46eefca4b95e","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":151,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"644a8438-3376-4f51-bbb7-487bbfe8b1a0","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":151,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"2122d8b6-b1dc-43b4-9505-c48ea0c27af3","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":151,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"4b38e1b0-3abc-43c7-a811-0ef9ec09bae8","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":151,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"dedc96d4-c37c-4152-ba96-b73124a594d0","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":151,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"707ff50d-ae18-48ad-8daa-d4a0259d7cd0","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":151,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"3fbd1101-8a30-410a-8d0b-64563895af18","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":151,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"bae1e46b-2790-4e5f-86ac-a41890c21115","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":151,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"33249823-6ac0-438a-9808-74e78b191337","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":151,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"085e1128-f25a-46b3-b2fd-4503e5ee64ff","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":151,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"4b067c6e-a4a8-470c-b1f5-1b035c0c88a7","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":151,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"0f97f371-1477-4cfc-b732-fb614af8b292","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":151,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"e7e5a926-f432-4585-9117-c094062d44c3","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":151,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"db029ef8-c508-4be9-a3ac-78ef06c9174c","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":151,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"f29c01ea-44e5-422c-9285-b2d16f9786f4","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":151,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"0a61c5d0-84f1-483b-b035-dd433378ac22","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":151,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"a439429f-6f61-4d4a-a9d3-a034093f5349","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":151,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"3ae37446-f016-46f2-8e9d-67015b96b7d1","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":151,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"f06700b0-8404-40e4-811f-8304f23d2006","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":151,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"4cfdfe00-50ee-46d8-b620-08b8bba582b3","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":151,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"15eea065-6b12-4836-ae68-b7a1ae8d2c1e","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":151,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"d9239ee1-cc55-46ef-837e-b61e18238b69","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":151,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"917ea0a8-3856-4bcd-aa1c-b74388c64aa8","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":151,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"3f69ed54-fa97-400d-ad12-de91aecce525","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":151,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"d9546263-4f4a-481f-800c-642f40976487","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":151,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"3b28f127-c80e-4d08-86cd-952c8ccd1e65","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":151,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"7aec450f-f170-4e6e-9c1d-277542b525dc","block_type":"box","text":"investment is $25.","page_number":151,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"75ff93c2-cd29-4d81-b0d9-a9a8d56e4994","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":151,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"2e8226a3-3291-4a05-a181-f3c6dad372a5","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":151,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"f1204ab7-c6ca-4b0e-95ca-8ef3ba275246","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":151,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"0e49f0da-c301-4f21-a212-d2c65c59839d","block_type":"box","text":"II-96","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cb14d09-6320-4492-87fa-213ffe8832fe","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"662504fe-a416-4f38-95e7-612b1bb0eae2","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":152,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"df03611c-7f23-42bd-85ee-06e0b2501b86","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":152,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9c77ed17-2939-4ba8-b311-c427dd3ace7d","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":152,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"2793793d-66d0-4954-8f44-2ddcca80ea2a","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":152,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"01cb2b5c-de0c-428e-806c-d2e9212f9b96","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":152,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"96a21354-5304-43da-80fc-e53747e075a6","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":152,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"e4f6f95a-ddfa-4eab-9e3b-faf8b2108bfc","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":152,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"495fe8d7-b6a8-4065-ad13-9f514a5a12b8","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":152,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"b6b9d30d-f328-469c-a450-329911c5311f","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":152,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"b415d728-eea6-45e1-8cfa-3d94a12bac29","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":152,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"7c4294c3-5796-49be-bfeb-89917cf70e81","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":152,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"7a2f9a80-8c8c-4603-acaf-af4af8329b37","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":152,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"8893742d-09a1-4a32-a43b-34bcc0593893","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":152,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"1514c757-8455-4ed7-ad33-8e99c1c8f9d8","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":152,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"2684751d-acda-4bbf-9bde-dae21cafa3f1","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":152,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"ab4305b0-8b24-43e9-bb4b-60485b650885","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":152,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"92952725-8916-4e14-8817-e921c07f6004","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":152,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"9dad1bd8-b805-4672-a767-1d4c32384037","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":152,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"4bea8384-60dc-4549-a655-82f5e76c5438","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":152,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"58a43260-0b8f-4db5-871a-62ced27e9ff2","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":152,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"13baa01b-c357-43c9-aded-9d1b18ef0dee","block_type":"box","text":"adviser.","page_number":152,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"f38cf8d8-ecb1-41d5-b297-5e151f144fa5","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":152,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"f7517c52-7303-4557-b392-be67bd3c8486","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":152,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"bf28a3c5-cece-4f70-8810-9d4c6c364630","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":152,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"0a8252d0-2488-4cb3-96c1-f08d11d8ef51","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":152,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"0f5033a4-e3bf-43cc-9da6-6142c135248e","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":152,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"f2885f47-5748-4e41-b364-14c0368ac919","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":152,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"5df94eca-f060-410e-b3c8-f7eaa1d48255","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":152,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"4495fcc2-a884-46b8-9b32-3498911e8e2e","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":152,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"e84c2e94-d74c-4e54-acb7-42c3bd5b7274","block_type":"box","text":"also be restricted from making additional investments.","page_number":152,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"10641729-0463-47d0-ba64-4bc72dc71eeb","block_type":"box","text":"In-Kind Purchases","page_number":152,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"3d8330b4-3f61-486e-8d30-6376d02b62c4","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":152,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"f83a9d5d-8723-4697-b733-6b4642adebad","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":152,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"a5d50a26-cfa7-41a1-b0e9-13814d58f76a","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":152,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"f5103233-9e04-4e31-9ca1-f76bda57e1bb","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":152,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"7422d99e-4326-48a2-9ab7-ebf0b6c4672e","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":152,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"88df1d8f-be5d-4b6d-9805-39a1ec7d6e22","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":152,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"7ebd9f46-fc66-4da8-a990-b8a1d4146f54","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":152,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"3042195e-cd5f-4598-bb5d-1d04ddc92c1d","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":152,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"65150ebf-35e2-4b93-97fd-63842bda6528","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":152,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"b6317848-2238-471b-a45f-af995be38084","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":152,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"b949c87a-6b71-46eb-bd1b-01696c4689f6","block_type":"box","text":"has settled.","page_number":152,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"b31cb9b1-0cd1-4e5f-b82b-ef7d262fdb07","block_type":"box","text":"Institutional Shares","page_number":152,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"1a10fbf2-9c75-455f-baf0-cbe80188edb3","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":152,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"9860407c-00f7-4695-871d-87ce3f4d68c1","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":152,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"86c1ad29-a5c3-491a-9a05-5a842e60ba66","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":152,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"35658e6e-880a-4e65-9ede-43a95c33eb79","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":152,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"5d2ad73d-92c8-4986-9755-5cd57266f433","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":152,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"111acf67-f3a5-4705-91fa-9e867098d27e","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":152,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"6486c3ff-675a-4f25-8eb4-6a748a40fbd0","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":152,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"365d715a-a804-42d4-8365-1f56719d7c70","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":152,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"3c003519-3aba-461a-b69e-cc06563bf027","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":152,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"215b5454-a2de-4cd4-91da-153c57ba5fa7","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":152,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"d700f929-7d2d-4c2f-bdfa-64ff74e97866","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":152,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"68c3374f-51dc-4853-b36b-0c40c91389e3","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":152,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"427b2571-2481-4112-98f0-8f1768f55563","block_type":"box","text":"II-97","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47b9708c-be50-44e4-804f-1c28d9c7c417","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4705a54b-8f8f-4e56-ac59-efe681bea0c8","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":153,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"a6a21384-153b-409c-b191-1255432f78c4","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":153,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"287b9209-5ad7-44fa-92c6-7533f3a6be20","block_type":"box","text":"these fees and conditions.","page_number":153,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"c1f2d1cd-ff66-4b3e-8ff1-0235901bfa63","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":153,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"560dcef8-5e68-444d-afbd-ec767b858aa1","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":153,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"ef6ec101-dcf8-4788-ac8e-c62399609e67","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":153,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"84890b0c-bb84-44aa-8716-150ab460cf81","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":153,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"8aabcee1-5a7f-488d-b412-99aa5e2c68e7","block_type":"box","text":"incurred by the Fund.","page_number":153,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"405f4e79-d73f-4e3b-bc54-950c4abf91a6","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":153,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"748219e8-3f80-48ce-9489-439a2f4dd632","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":153,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"acbca55d-5130-4015-b927-f3b89335eaad","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":153,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"a0ba8c86-3cc8-4849-b634-8959284e081f","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":153,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"21711ae4-2e66-473d-b098-52d9535b4f5b","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":153,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"9df6b4b4-cc8a-4d5c-8ba6-2e0a6139f1c0","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":153,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"85c0a7ac-2ec7-4369-82f6-dad416ac6e5d","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":153,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"ac788f33-70f0-42b4-952b-a7916adb7a57","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":153,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"0733730d-515a-4748-844a-75a3a64e5a03","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":153,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"cafb265e-1071-4b59-90f3-c3bdb15adff7","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":153,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"b9f9036d-0c83-48e6-8503-709dee294901","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":153,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"0f3603a2-6094-4418-b729-aef5303b78ee","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":153,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"ec80d08e-9dc1-45c1-8f68-dd12d198145d","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":153,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"89f64c6f-36da-4637-a7ba-4545668ccf6f","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":153,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"b6cddb01-9a5e-47bc-a7cd-fba2a3fd3b7a","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":153,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"3a3dd84e-17ad-4fc0-aed5-12714c585a1c","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":153,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"5195197b-38aa-471a-a527-2d7a38c26fe6","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":153,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"cd451624-5381-4057-8a60-12dd3ec7dbe4","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":153,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"ae9cbafd-f306-44a4-b0d6-13dfb037fd47","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":153,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"fe48fd7c-4c38-4004-819d-389167042cad","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":153,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"0d67fd19-dadf-4cb3-bea3-823442a733d9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":153,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"ed798841-a31f-49a7-8a32-d70b1fd52f39","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":153,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"169dea45-4cff-4c5f-b10a-dfc8a383ff67","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":153,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"81342fb3-9acd-4f22-a524-3404210ee3dc","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":153,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"7462e591-f6ef-4bd6-b4f4-894745a81743","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":153,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"1e6f5f27-c639-4d22-82ee-12cdb28dc91e","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":153,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"b1ed6f84-29a8-40dc-a8be-4c5c495372a8","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":153,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"60b81106-3851-436f-adea-01d15fd7db8a","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":153,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"12b06060-daaf-4418-9def-173aac8ea894","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":153,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"6e32b4c0-977f-4696-8780-5f5d549540b2","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":153,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"0126200e-91f8-4c7a-947b-f1578b249549","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":153,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"cf884c63-8e35-40ae-b70d-4a1ea1fd3535","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":153,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"1658b445-9761-4c73-96de-555b965126d3","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":153,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"e4ea5c96-5e6b-4d26-8eab-81968375c370","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":153,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"d233c16c-8c97-4326-8b7e-28a015e51447","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":153,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"855ea7fd-5034-439e-8b6b-2512f19b2f05","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":153,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"86dca433-100c-4f55-a599-9cb0522ae518","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":153,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"b5e80181-9b2c-4146-a7a8-8693799b1b57","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":153,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"4c8ef477-683b-40f3-96a7-9b02b5beaa79","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":153,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"6162e1a7-c82f-4228-8534-7edf18f772f8","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":153,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"857c4bf3-f0be-4e0f-b19e-3ced33635965","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":153,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"14a99c04-a7bf-4ac6-9fc7-0b073b82919c","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":153,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"f71c903b-cb7c-4a58-a535-fa2a7631376f","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":153,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"86446355-fbdb-44b4-b5ae-32d0af2aa1ef","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":153,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"c65caef2-5eb5-4be6-aa77-be5a55f06770","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":153,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"273efb39-d7f4-4b21-965e-848c7e07b39a","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":153,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"e0fa5860-3201-412f-ae8f-6e745376f534","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":153,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"af8a4b15-5c5f-4ebe-a482-03176b76d388","block_type":"box","text":"II-98","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af3e113d-a264-44bd-a12f-e8f2bec8a0df","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fbc4b0a-6607-4e2b-8337-e4e3ac41320f","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":154,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"b660fb9c-8292-4ae1-a6e5-2f2d6391285b","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":154,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"c17dce94-c306-4e74-9c36-b61405e171bb","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":154,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"e25f4222-6c61-4cfb-81d9-9429c6cabc9c","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":154,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"2cc21e63-22a1-4b70-8447-e3fcc5ec871c","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":154,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"e524c441-a9f5-4211-916f-1db465a6135c","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":154,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"5860628a-d18c-47a0-99c0-dd3fde13812a","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":154,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"427e3884-fc2f-49ab-9246-b173a9acccc7","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":154,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"6bae5261-ac3e-4427-b1da-c3707030e22c","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":154,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"51591587-418e-4b3f-b2fc-62ca12691063","block_type":"box","text":"periods indicated.","page_number":154,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"1fd0d4b8-8984-45a9-a070-58a43461eb3b","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":154,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"4fafb1f3-6ec5-44cb-9473-d2a2052079b0","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":154,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"ca70b56e-b745-4980-a674-999610bd1597","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":154,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"298a90cc-6509-49b4-8c96-3f0f07fa57bd","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":154,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"1010225d-cf17-40c6-9982-ba3e5bbf744a","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":154,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"db821406-7828-42ea-916d-85e6a88ba955","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":154,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"c8ac3aa5-a049-499d-8df9-d2712178b38a","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":154,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"d15ccb17-a040-4715-aab3-cf9e32240d2f","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":154,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"3e4ca59f-e9fe-4d79-bf28-1df06b2d7d87","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":154,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"5721e081-6f96-472f-86aa-807c0e17f0f7","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":154,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"d46ee0c5-c35c-48f8-b7e9-fa79896fa152","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":154,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"42c6a793-f667-4050-b846-fe3a9330192c","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":154,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"756a3aa0-d06e-41bd-99e2-6d75ba5f8532","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":154,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"c0a7194d-5e89-4f22-bc3f-243df90cb348","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":154,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"5a2c8acd-08a5-4a42-b418-937d8ec587c1","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":154,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"3a2b3776-b34e-492c-90a5-aa71708cef85","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":154,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"da993224-49e7-4496-8548-d4737bf27809","block_type":"box","text":"Reduced Initial Sales Charges","page_number":154,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"9bc93155-e89d-46f3-8e78-f95db5aaa171","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":154,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"d8dab322-f64a-4c57-89cc-ef8cad525c48","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":154,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"6e3fa4a9-6223-4910-a759-22e868026b4b","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":154,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"994ef474-4c81-47dc-967f-b342c480704b","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":154,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"2f0e7c1e-178e-4447-bf1e-2ed9964051ee","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":154,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"62f19fad-a0da-4036-89f2-ba7acb60b58a","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":154,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"58d08369-32b4-4390-b0de-e99b9d64877e","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":154,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"dc4cc5ed-c041-4d0e-bcd8-d5bb78894bdd","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":154,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"7e5467e0-3725-41e8-a5b1-6ae29b8a05fc","block_type":"box","text":"Reinvested Dividends.","page_number":154,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"d602462c-2855-46a9-92c8-b5a4764c6028","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":154,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"7fba4efc-7898-4569-b450-3cea8ba3f330","block_type":"box","text":"reinvestment of dividends.","page_number":154,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"70c43da2-7889-4401-85da-676c51e386ba","block_type":"box","text":"Right of Accumulation.","page_number":154,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"a6173b3f-7bc9-4717-a724-d183b4c228d9","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":154,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"520e3160-d5f4-48cb-9920-abfe9155e61c","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":154,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"5a4840ab-586e-41e6-ae27-7e7ef3ec0fb3","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":154,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"a5445d38-578e-4f48-941d-0fd92a216c50","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":154,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"96f8184b-9d6f-4fe5-99c3-b3bbfe9dba93","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":154,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"7ca5eaf1-caa0-4944-ba3d-49fb43eb593b","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":154,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"99fd7f14-dd3e-4360-812f-b06149e95848","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":154,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"67138c70-adbf-4aff-8d30-102649cbab14","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":154,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"5e750edd-86a3-435c-81f0-e0805b8ccbc8","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":154,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"b0d156c1-8c80-470d-9169-2165e9f58dd4","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":154,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"0e160f7e-f620-442e-80e3-8cf6cec5c4d0","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":154,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"1b2710ad-33b9-44de-9ad6-8351d063f71d","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":154,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"8d224216-bebe-42e3-aa4e-f70befd93068","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":154,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"072b32b6-db44-4d24-9583-c362e57c5fa5","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":154,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"f98e387b-0be6-4a4e-9dc1-2ae696e3a493","block_type":"box","text":"II-99","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96439f76-f457-4035-a3e5-08b051414d5d","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"835bc4ca-f852-492b-8134-ccfa97adc6de","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":155,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"9103683f-4791-4def-aece-36af90bc8723","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":155,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"d879e178-625b-4a6b-b81c-f154bd987f41","block_type":"box","text":"Letter of Intent.","page_number":155,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"b07d52c2-7ef7-4f77-a818-61a9222986cd","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":155,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"6ba39fdd-9b48-48b4-92c5-1548f3f70804","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":155,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"339113a3-4165-47b3-8e2a-c3a02a66ed51","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":155,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"06deda07-c747-484f-83b6-39b5a6d97b62","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":155,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"616cd034-6749-4681-b0d7-7f807550a7df","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":155,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"0e357c0b-3978-4345-8210-fe8fe29536b2","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":155,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"c4d99f02-fc8f-4146-9795-a4ec94bea9c8","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":155,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"02877913-1d64-4df5-90c6-6fe8aaa740ee","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":155,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"938cafdf-332b-4f03-8bf2-b5e9b7717cfc","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":155,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"00a57130-0a9e-4760-b48c-b3658b7f30be","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":155,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"4a026edd-6cce-45a1-b38f-ea2792185458","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":155,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"4ab2683b-3209-444c-b2c1-596aff8d1f17","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":155,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"c924c588-bc49-4f0f-836a-e5e1fe26bbae","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":155,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"6e4ad9d4-9f52-439e-9125-977a0a4c94e5","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":155,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"83cf0aa0-bd43-4a88-aed0-e29fed65d8ec","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":155,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"221093c4-b788-40e7-9ecf-d28660451342","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":155,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"ba812e83-2078-407c-883c-27772413017b","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":155,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"0353ed48-8838-4e19-98ff-c55edd82087a","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":155,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"3981ec7d-ba47-46a8-baf9-c9cbfb985c0b","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":155,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"358ae97a-13ba-4bd2-8d5b-f1fe9f967d96","block_type":"box","text":"Placement Fees.","page_number":155,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"181d1390-c524-47e4-aa0c-b33827a16ad4","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":155,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"eac68530-801f-4891-a73a-f1e927471a69","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":155,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"aa1fc968-bafa-4b5d-b7fa-430dce9b63dd","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":155,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"a44b8f64-08eb-4d79-99e1-36da94642ddb","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"ccae6f5b-3809-4bc7-bb84-4419843d2b33","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":155,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"b17728ec-4a58-4a8b-be7f-dd20b3c50497","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"7c1598ab-ca34-41fa-b793-39dbbfdcda5d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"16290fe0-b24d-4622-9dbd-f74aa199c159","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"11f1b6b5-493c-4e89-8c79-0c71cd40c02d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"ba909c60-eeed-4d89-b344-34ee9d82bb02","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":155,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"43ef4e37-aeb9-4a44-9d30-6f86e12aac6a","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":155,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"e9c7e752-9afa-4fae-91c2-56ef6f990281","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":155,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"b23a3cf7-c4f3-44e9-b895-4530adbb3627","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":155,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"9b091dc0-07f6-43ea-b826-5c3847ec7297","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"270d4c19-daf8-4180-afd7-ad3f1a444610","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":155,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"286d8985-cbdd-40c5-9cfd-25079956f167","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"5c52db2c-3e7e-4351-8c39-ea26373ad16d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"656eb050-c64f-45a0-84d0-1a9c9e5ae773","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"23be7d94-0758-4f33-9a2a-145e21b49624","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"4fc10fe6-4d38-4822-b9b5-06f28e15c0ac","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":155,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"2a1d8beb-d883-4315-855f-9bd164e169e4","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":155,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"68027458-7b74-4a53-be4b-1ed484c12b2c","block_type":"box","text":"SM","page_number":155,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"a9059d59-65d5-4463-a51f-b461e25b4ab6","block_type":"box","text":",","page_number":155,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"ae93ffd1-b9d9-4ae6-8bed-59aa950630bd","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":155,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"f04737e1-d7da-4e5e-9f48-81d93a1162b6","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":155,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"19aa209e-70dc-48a1-a494-0e3054265fb8","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"80330dd0-b3ec-4e9d-b407-7f111dd11043","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"3bc18a78-49d1-484c-8183-5adaabd20413","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":155,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"c6eea1c0-9a64-43a1-b021-defc4661fec4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"b9e6ce45-4f0c-4a73-9f7d-063c4f0e23b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"2d0488c3-5e27-443d-bb59-e36f84cad307","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"9d3510ba-b233-47b6-b48c-559268746ff0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"9f05ac24-1bac-430b-8119-c481dba81bba","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":155,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"760a6a9f-f8a9-41d7-a350-0ba32ee50b5f","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"820ef456-9989-4035-a17e-2f2134a481a5","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"1f48ac29-457f-44b8-8178-231be8c54ce3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"a29cd425-66dc-4031-a3e8-9b353e944ca9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"d8364804-5131-4421-ac69-3e445b62a61f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"5b80fad8-b9a0-4e30-ba15-61483f6b275b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"42e4c4be-e693-49ad-9e35-3f536cb94859","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"bce2e258-6e99-45dd-aadb-f5e0f5095f90","block_type":"box","text":"II-100","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8fd13c6f-619a-4f81-882d-6701c8c72b6e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d0193d-49b7-45b4-9f89-72624c958653","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":156,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"81981d1c-47c6-436c-8ade-52d92b9ed40c","block_type":"box","text":"may be up to the following amounts:","page_number":156,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"c59f9e96-5e51-426f-8114-d6159b6c9225","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"5350c86d-3acf-4bbe-be30-b034f1cb6873","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"629b0af1-c80c-4a0d-a547-c4337b2b11a6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"26fec469-3416-4d20-9a95-79d43afc921e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"480897f9-8adb-434d-97ef-27ed1261f31b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"db261271-5174-419f-b870-538b9de41788","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":156,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"6a268acc-3eb5-4169-b0a6-4ae116d0c48e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":156,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"e3e24cf0-08db-4844-8733-167999f5d6ec","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":156,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"e058de2a-1013-4450-82c3-b8f65fcd3e60","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"d701a8de-779f-4ece-b450-5e9f77c35f1a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":156,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"24aa07a2-a154-4e70-9f5b-a9a0006e4bb9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"f748b268-2669-4b23-9baf-48220a56f993","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":156,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"0ef7fa87-f453-4f1e-b194-ea15ab719bcd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"ee79ae7e-1c49-4644-9eb0-7f96fe6ae513","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":156,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"17e3ee6d-6a74-47e6-81f9-38b25bea49d4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":156,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"5e4d83fb-cfa1-41b8-b5a1-ce455e97539a","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":156,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"0003573e-c7eb-423e-a6ff-d69a6d979997","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":156,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"f79e1b01-0424-465a-b185-88011c931810","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"b40d8d7f-6f5d-45a1-b55c-c1f98b102391","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":156,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"33411128-ac75-48b7-9a4f-5a3a2a9c7df0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"6f380bac-e600-4c4c-9636-097a17d40c1b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"ba6d8e91-8869-446a-922a-5d06da6bc5ab","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"4c29400f-ac16-4745-b285-0bd7bcfc2d5d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"8d212db5-91d0-4644-8858-db47f020ba59","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":156,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"4949166c-7784-4dc4-8150-7de3c19bc9d5","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":156,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"80575644-dd11-48ec-8c79-079dd5d6d51a","block_type":"box","text":"$250,000 and above . . . .","page_number":156,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"74009801-a2be-4ba3-b7f1-2bae105c8aaa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"2cb0e9aa-8648-49cc-96b8-5e55abf73237","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":156,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"d0c62985-34d1-412a-a24e-12ad3d5f28f7","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":156,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"b974fdce-84ea-4cb2-83ab-6a663a746677","block_type":"box","text":"the following amounts:","page_number":156,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"33733d50-6615-4d4f-a464-b95571481ee9","block_type":"box","text":"$100,000 and above . . . .","page_number":156,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"7a58f8ad-7018-4dcb-ad30-7fb96ba95ff3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"8dca2856-def5-4312-9af3-640a0ddce312","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":156,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"1be2d3b8-db00-4cf7-ab35-dc54dbb7c60d","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":156,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"187dd725-0217-4f35-9b4f-280103b44a0c","block_type":"box","text":"$250,000 and above . . . .","page_number":156,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"b874c863-3453-40de-92bd-bb025ff6ebc8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"9bbcaf48-cbd0-4dce-8c35-e96a7bf01f32","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":156,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"7fd70614-350e-49c4-9144-63aa287034a6","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":156,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"f301ffec-0883-4a45-a881-a3c620e7b1fd","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":156,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"f68bddf9-e830-41ea-a3ea-94894d1b8653","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":156,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"fe3949d4-8cf9-4fb3-aa1f-d198dbb703d0","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":156,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"26b80a08-9c5a-4305-ba0e-7ce59648a90f","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"d58b7349-0427-4a45-b0cc-5ed2e9e6009d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":156,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"d860bdc2-c57e-4d15-b492-ce1070a92e1c","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"4fae8c64-1ce3-4498-9e6e-7607d1023aa4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"97b4d383-0504-47ef-952f-e3fa2b5c80e3","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"65e8c7dd-6842-4b17-8221-5badef389290","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"fc1a9718-a9da-4ca3-9446-f346420bd36d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":156,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"0123a9b2-c9ac-4546-9c65-16ba46410616","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":156,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"47a46355-2d82-41bd-856f-e52b3068dd0e","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":156,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"618f49af-f1d4-4f48-ae6b-309b5b816974","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"0567e713-f952-4f6a-8719-1c034f7f97c8","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"e969233b-ff24-4555-9010-6ec4e74b145e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":156,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"a045504c-9210-49b6-93cd-dae82bbe6368","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"5851c267-eff9-42b6-b0b9-bb7d2a398735","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"bc62b50a-7f97-448f-bc35-d59c9730444b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"edc50199-4494-42f3-ac21-1a414a4b2de0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"f729d713-b2bb-4edf-bc85-55e1a9dc4ea7","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":156,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"05377da7-c909-42ca-b464-341e33d5b285","block_type":"box","text":"®","page_number":156,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"0f24d624-43b7-4e34-99d4-078502d4c97a","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":156,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"b84b0a0a-68ff-44dc-b577-4fd88ee97bca","block_type":"box","text":"®","page_number":156,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"bf7cb72d-c5a1-46af-8ec7-fdaaf2daa70d","block_type":"box","text":"Index 2035","page_number":156,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"72131d46-a56e-4b57-8e11-ca07658550e5","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"1df92ccb-f94f-4058-8d07-ede9ca8b6a4e","block_type":"box","text":"®","page_number":156,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"8e656bf1-8b5b-4e88-936c-28bfd64610c4","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":156,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"8421651e-c63c-42f8-840d-27d7ff88c949","block_type":"box","text":"®","page_number":156,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"cfafb6a7-0071-4e75-ba51-4e506a070f86","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":156,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"965e83c9-ed1b-403c-a2d9-6779e09f1f1f","block_type":"box","text":"®","page_number":156,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"a8fb94cd-50cd-49c3-b6af-c45042b6722d","block_type":"box","text":"Index 2050","page_number":156,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"05a06550-94f4-4f38-9dbf-d7a57c3aac8f","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"efc6bbec-ed6e-4bf5-9978-ee9e88e111a3","block_type":"box","text":"®","page_number":156,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"5d17c3f9-787b-4c48-9f4e-4560c09e660a","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":156,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"52f3f579-458e-450a-b63a-ff08e01790a1","block_type":"box","text":"®","page_number":156,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"c648e0a4-c525-481b-8877-1c145e35a35e","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":156,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"f152fcdc-c5b3-458e-9a4e-c4a4a4243015","block_type":"box","text":"®","page_number":156,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"73cee1ef-2048-4cd4-b788-64233daf36af","block_type":"box","text":"Index 2065","page_number":156,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"2166f90f-21a0-4947-bf8f-de64be636928","block_type":"box","text":"II-101","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f3ec9ec1-3376-494b-afce-618a614ac19e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be02a359-11a5-4dcd-a3f1-8a73e39a6468","block_type":"box","text":"Fund, BlackRock LifePath","page_number":157,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"49054e7a-f53c-4c2c-b87b-e5457ea93ec9","block_type":"box","text":"®","page_number":157,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"64d1d888-bdb7-4d52-9e6b-e5c4d5a55b7d","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":157,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"baa2b3ae-630e-4029-bb34-22cb06424dc0","block_type":"box","text":"®","page_number":157,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"88c097f6-ae6b-4838-839a-2b7c356a9b38","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":157,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"7f91ac55-8792-4072-adcb-505e40be9f49","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":157,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"7466c101-5949-43bc-ab45-063c0b19d8b9","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":157,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"04224a63-0581-4eb8-bcfe-0a6225b49474","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":157,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"7c1d9e46-52a0-46fb-96ea-60f81f6b25b2","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":157,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"6e1618ed-11e3-4025-9f70-25c1e53da149","block_type":"box","text":"SM","page_number":157,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"34ca3759-a5cf-40e9-b2e2-93ed0e8d8dd6","block_type":"box","text":", the placement","page_number":157,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"0180568d-28d8-440a-84fe-b790ac6086cb","block_type":"box","text":"fees may be up to the following amounts:","page_number":157,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"f06efeb8-4cac-41aa-8346-7beb1faab1f7","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":157,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"c50efbd3-c616-4842-87cf-f51971592faa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":157,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"bf10d365-b53b-4cdf-9987-975c49a7cbab","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":157,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"4b3b8096-4de1-44ba-9a12-257ad119e352","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":157,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"777fd74e-327c-4ed2-a1db-78844777ee98","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":157,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"495a9a0b-7c86-4026-9fc5-8b129083cbb0","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":157,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"fcd87498-e1d9-4838-989b-353e19380991","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":157,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"4b1bee43-0a39-493a-a3bf-4a099259af8f","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":157,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"b4591620-8061-4a78-bd6b-cb76a53fedb8","block_type":"box","text":"$1 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employer","page_number":157,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"895020f4-c618-4654-9a88-6ea28a0e31c7","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":157,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"c6c5a169-cddd-46d8-8170-f6a7c0d69a5a","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":157,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"4d10ea4f-aa01-4c3b-8289-555756a11a49","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":157,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"0cd5ab8d-426d-4b71-8c3d-8c3c8380cb0e","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":157,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"bf618bf3-af2d-4248-9754-7dd75ecded3a","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":157,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"85e4b5ae-e48d-49cf-9282-61de3da593cd","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":157,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"4c952181-a952-4e6c-9be4-a4fcc5e0493b","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":157,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"f94eff3a-0562-455f-b502-4601b8ae20ca","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":157,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"2bced016-0237-487b-9320-cdae5d838b06","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":157,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"0482e8d7-fcdd-48ec-8232-7ce94dab1e4a","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":157,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"4f3eeabb-f499-43f8-908b-11cf8ef521dd","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":157,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"61e40f5b-f047-49f4-b762-d3d60214e22e","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":157,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"b316826e-6c9e-4996-b65d-0fd2ccbe9405","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":157,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"a2791797-aba4-49c7-b295-4fdeb8760de9","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":157,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"cb7eadb9-4ec6-492b-8228-2700e0870d3d","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":157,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"e7392b47-9a0c-4263-9d3c-bd02e09aaf4a","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":157,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"b461f393-5e73-4489-9398-ccde1b486c70","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":157,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"0fd2508e-911e-4617-963a-f36eac1080d9","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":157,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"dc403d74-4cd7-443e-b41a-56a4540efad4","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":157,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"ef3a7cc9-dc0f-42ff-b1f5-f7a81b0a771c","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":157,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"537e34c8-4104-461c-a51c-74c25715ccf5","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":157,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"05a1a208-8b44-414a-854d-7a4c75ff2eb3","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":157,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"cba0d7ae-889e-4dae-8482-beb2304484d0","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":157,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"c884256b-224c-464a-9374-9f6ce3c3777d","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":157,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"f8ff52e2-4597-45a5-9f20-56d9a6a93411","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":157,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"44582467-dfcd-4379-bf4e-db737f30f23c","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":157,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"a03c85ae-bb6f-46b3-901d-36620322991c","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":157,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"5ec9e4a4-68b1-4159-9658-64ddabd1349d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":157,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"33723651-2d13-4363-a2c6-11a5a09ffa59","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":157,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"3365562c-cd6b-4a80-9b99-3436f1f4aa15","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":157,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"f103c881-9144-4e6c-84ef-49c06387d960","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":157,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"d864ac4b-2183-4949-925b-5cdfeecac919","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":157,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"a23563c6-2783-4cf0-bf52-1d30ddf31c34","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":157,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"36d774e5-732f-4a51-abcd-abc556de047a","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":157,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"1d893740-32a6-4503-995e-1f6ef70fb403","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":157,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"652bd68d-fc1b-4a90-acec-c82a8a5cfa8b","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":157,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"2fabf416-d99d-4d42-bebc-312e17f3ad54","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":157,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"518a633e-eb65-4a2f-b1e9-38c3c830898c","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":157,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"fb17f9d5-018d-41e2-92dd-404a2bf02d5a","block_type":"box","text":"II-102","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f17a5b2c-4ab7-441d-a7f0-f36fba532b63","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edeabea0-dbbd-4ca1-b558-f7cfe49a0d00","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":158,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"2d0da651-e794-4983-bf0f-cf2d96e7fe63","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":158,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"46c37488-21b1-4e68-84e5-93357c12eeaa","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":158,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"06b74971-c437-4e72-ba89-8b6d07cfcdab","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":158,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"c30a8ae5-fafe-44bf-ba01-77fca67a037a","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":158,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"496a956c-830b-476d-a0ed-06d034f7d2dc","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":158,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"91865b61-4804-4ce0-9804-2576648a3ff1","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":158,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"91b55192-3b37-40d2-aa71-a624f694b24b","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":158,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"60e4aea9-73d9-4820-ab84-0396d7b43ea3","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":158,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"34f76c95-1e13-4d9e-9456-fd307146c472","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":158,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"cc3ce8d7-9b49-48f3-80cc-8cc38f2edfd7","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":158,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"a2d74d7c-225f-4ff5-8fea-8bf217f4716b","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":158,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"38a47475-073d-41f2-a1b2-149e063cb881","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":158,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"36035804-62b8-42d4-91f6-214a2b0a314b","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":158,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"dba4693b-a402-4a53-8704-85ebf31d560e","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":158,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"50b172a9-6fa2-48b3-83ab-8c12f07d1f92","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":158,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"7d4f516e-0ed0-4077-97b2-c401f0be570a","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":158,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"0a29a1b2-dc67-416c-ac4d-bac0ecaabc13","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":158,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"51ae6110-9ae4-4407-98e7-49a45cdba812","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":158,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"8279e3d5-7f93-4f59-909a-81f4082955d5","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":158,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"e1396ecb-8f6e-41bf-8513-4b204aef67f1","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":158,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"f22b61fa-0f73-41ed-903e-ace18429f126","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":158,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"6a8995e0-094b-4e59-ac2e-977515309e3f","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":158,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"8dcae39c-6dc1-48e6-bb8a-37198905ba2f","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":158,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"9c9a77e5-7f20-4994-a379-067f34ce9696","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":158,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"404ebb26-c820-4369-aeca-dba3db30609e","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":158,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"7b510fde-596a-4258-b1e2-bbae5acc7a1b","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":158,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"214b8403-5d10-4109-8381-c0bc6f3df0c6","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":158,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"cfd0cfc0-51e2-43c0-9993-0add6d90710e","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":158,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"814e197b-364e-4ce4-b0dd-1fecde9e1dcb","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":158,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"01f2b9c5-b670-4d00-aa5a-1cee74ae4813","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":158,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"e9195276-ca29-4f35-a750-59a0f9450da3","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":158,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"1ad5e339-0853-4c42-870c-d05b506beea7","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":158,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"40428052-638a-4e2b-ba70-125a978f02ba","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":158,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"cd359101-3ac2-4a17-9db7-f9e52cb4f26e","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":158,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"ffea4a57-6f64-47f4-89ba-0cb0ab33433b","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":158,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"262bf013-08d8-487d-ac83-d826add73c43","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":158,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"926d182d-ab40-4bce-8f0c-9cbea6c99086","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":158,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"db4a17d5-6095-4a1e-80b0-e76f775075e3","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":158,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"a39f6724-1cf1-4bec-8c5c-7687e2b6f834","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":158,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"5c92d93f-7bf0-429f-9473-54d2ca35c0d3","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":158,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"951fb998-e22d-4c74-b060-17a714425b95","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":158,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"f557751f-cbfb-47d6-af72-3a276433ca26","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":158,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"6d5ffaf6-371d-4c03-ac21-daf642d81132","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":158,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"3a87b6b8-10fd-4706-b0a5-d44b14a99245","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":158,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"44be8cf1-2915-4222-9988-3e97380c6814","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":158,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"739e98ab-a4ec-471d-a19d-8f55fc924431","block_type":"box","text":"public or private investment company.","page_number":158,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"ed652e08-bb92-49ea-bff5-669a2588ed01","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":158,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"af21ab00-3ea4-4fee-bc3d-6b474f9af9ad","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":158,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"d0e6b3a7-2a92-4ca4-a148-64f0aa7b919a","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":158,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"24e2d0e6-d331-4f2d-8523-70c85ff33c17","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":158,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"830b45fb-a56c-4759-959c-00e918debba8","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":158,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"0731273e-5fc2-47f6-aeb4-4be3ebd28e19","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":158,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"ccb1cfd0-dcc1-48c1-885f-344565cb29e8","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":158,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"f5427083-6adf-4a29-be14-d863ef71f210","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":158,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"246401cb-aada-4505-9d21-4bb91fe466e3","block_type":"box","text":"II-103","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ce25687-3e43-4c0f-9be0-27654f73057a","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32f522d1-8c3a-4fee-9455-f0b1fb309917","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":159,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"dd3b30af-7a48-4647-a449-d3e5038a6a40","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":159,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"c7554d94-ccc5-4f43-8da6-5b19cd734bcf","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":159,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"322d221d-a9f1-4a8c-85de-17d3fd97b6f6","block_type":"box","text":"intermediary associated with the account.","page_number":159,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"94eaca08-75c8-4458-b9ec-0caef00913fd","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":159,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"e52fba89-253c-412e-80a3-c273e3d101a4","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":159,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"b075d2d3-f9b0-4291-a45a-0e1d361de086","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":159,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"d34f73ee-f173-459f-a2c7-47f1f1e48828","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":159,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"e78400e8-0be0-4cb1-958a-becbc5da23da","block_type":"box","text":"CDSC shares.","page_number":159,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"505f5a26-5f3c-4bf5-9f4f-99b2e68ae383","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":159,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"2c217c53-f746-4011-a87b-975db90a0b63","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":159,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"aa5cd83a-ac3a-45a0-9e03-ad1897ffac8d","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":159,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"f9030c38-9020-41b3-8c7c-de274ef1fbf0","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":159,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"f798ce15-f530-4494-ae8d-258112b728c1","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":159,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"b735fac3-04f1-42db-8515-763fbefadca6","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":159,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"c0a43259-4d0e-4d41-ac8c-52a43c0b7249","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":159,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"3ce57ec3-d5c4-4518-abb5-fc7b186fa186","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":159,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"644c83f0-4586-4c3a-aae0-b353873eef04","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":159,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"3cd76e70-bc8a-474a-b671-7dffbb6da063","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":159,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"251dadd7-1e74-465c-b669-945d34dc4bfe","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":159,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"d7ef7ce2-16ff-4b36-8fff-99a87dac583b","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":159,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"3b19cc64-d595-4e97-a845-052216da5bf5","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":159,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"f3297fb3-c9f4-4ea5-95b8-d57e93c1b631","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":159,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"b3987355-fbaf-4395-b780-6242b5dfb55c","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":159,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"bdd2a909-7da3-4aea-9423-dfbfb740e86c","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":159,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"22d2e080-b6c5-4199-be5f-ab2b87aa6237","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":159,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"22fcd794-e6c5-4ec6-953e-7654f195b876","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":159,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"14e20169-aa24-41c3-9c57-900101a98ad4","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":159,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"912778bd-699c-4850-9015-d053c46be325","block_type":"box","text":"Investor A Shares.","page_number":159,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"db5a43c3-7307-46c2-a952-08d486d30fa4","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":159,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"4b7c52a9-29b8-4701-a4d4-f3b06f02b390","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":159,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"f0ec5161-f80c-4004-9812-5cefd3b1795b","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":159,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"77b0907c-880c-460b-b84a-2a7127a86305","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":159,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"f048b4c7-2d2f-4d22-937e-8eca54bb27a0","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":159,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"80ee333a-ace3-4018-85f7-fe494e1fdbd2","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":159,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"755bfc8b-5570-4de5-85b3-4756e40f3dbf","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":159,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"efac2f74-8146-4171-ad66-791f6becde95","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":159,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"aae49d75-d8cd-4f93-87d4-60ccd97cdb2b","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":159,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"82d57b11-6726-4d9a-9ed5-a66dbfdf8606","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":159,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"81e441d8-e8b1-4e6a-a5df-544391f6a537","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":159,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"f538c291-068e-4b98-bf90-ef3001b1e860","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":159,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"9e718014-6e5f-4ab3-bb49-08cb09497d43","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":159,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"e33ad431-2586-4b4d-af7d-1d17e7164049","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":159,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"a694bf12-33b9-4ffe-9d6e-fac74ef0bd19","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":159,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"bfa11437-6357-4187-b850-793af03923d6","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":159,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"dc85dab2-6e74-4ba0-a4d4-6750d9bb1f8c","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":159,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"1bf6c662-a3b4-43bd-bd35-43ebf10eacbf","block_type":"box","text":"“Investor C Conversions”).","page_number":159,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"d57d8fe7-59d3-4cd7-875f-38af7235841e","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":159,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"0f6724ab-4a34-4c1a-8835-8c972196f3d9","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":159,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"9422c6ee-83f2-468e-b5a2-d8896450be70","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":159,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"6bfd2dde-2dba-4eea-90c4-2df2c7d1dda9","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":159,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"2f59e2ee-b4d5-421a-82aa-3d9c621874ab","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":159,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"c91d0960-6f52-44e2-a1ee-c4f4aa9e01e8","block_type":"box","text":"II-104","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97872dfb-b891-41b3-9d65-11c75366543b","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00f7325b-7556-4fdf-9d74-cd93410cd550","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":160,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"e2b4c4d4-3cab-4e55-995d-26f856b0fbdf","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":160,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"c7f4e240-c7af-4cae-b7bc-c93373410565","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":160,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"58a265d6-09e9-4922-8692-67e4b76a8517","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":160,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"b9842316-c35c-473d-ae5a-a7ab5db973e9","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":160,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"fabced36-012e-4c9d-b7e8-d889b7ff6546","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":160,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"915562bf-ce0e-40c2-9cd2-33035956edbe","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":160,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"3401f930-5c85-4856-960d-ec02177aa48b","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":160,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"ac9afbcf-8e6b-4901-80ee-96fd85ad3604","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":160,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"9c3b74f8-d693-49d6-b902-1a0af62e486b","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":160,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"79b6d797-94c0-4267-9942-d182fd7eac5b","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":160,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"e5981b24-390c-4ac4-9123-5a078039fc7f","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":160,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"536b8b0f-87da-4909-b589-da5f0a180325","block_type":"box","text":"redemption.","page_number":160,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"05bc2a4f-b324-4b89-b4c2-3d453a0777af","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":264,"width":734,"height":11}},{"id":"11d6e64e-5639-4f0f-a24c-5ad7aca2d98d","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":160,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"7682a568-ad65-4eb9-bdda-f0e4193719a5","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":160,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"896970f9-01e2-4ede-87a8-50d6d81e7977","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":160,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"f1652ff0-4135-4882-bb06-288db7ce66f6","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":160,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"78430edf-4848-4249-a4b0-51729f1eea18","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":160,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"4f395d06-3d77-42d3-8fcf-e56be94a6273","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":160,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"04435800-824c-4b21-92db-e813f6793dd7","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":160,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"2cadd62c-219d-45c8-8d13-15accd5814d4","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":160,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"238f1a7a-4f24-477a-915b-bec8c8acf16c","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":160,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"95828fc9-0751-4f1d-8a08-f3b0050cc06e","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":160,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"25536976-ee63-4ad2-9869-1e239c242789","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":160,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"7efbadd6-313f-4ec8-9944-75cac52829cb","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":160,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"a9d30f26-01e4-4a29-9742-e9549d412827","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":160,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"360b3e97-ad48-4fd7-9834-02725bef9a6e","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":160,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"9d47f06b-802d-4381-8a73-7e657411b674","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":160,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"a7c7ba09-6a53-4271-a566-350b749a8deb","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":160,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"39c88015-a6c6-4ef4-88a1-5c5485477faf","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":160,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"320aa7f6-e5be-4d08-8284-7c32cf3e4b47","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":160,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"c61c9b2f-4e34-4050-b80c-5fdde9dc9eed","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":160,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"3838b099-9892-432c-9508-47c8e237e036","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":160,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"fcc7329b-b63f-4e31-96d4-cf9ad9af4083","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":160,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"77d2e891-44dd-40e9-ad1a-53bc5bbdaa3f","block_type":"box","text":"Class R Shares","page_number":160,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"5aca0d62-b0bb-4279-969a-9ac8e2e083b2","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":160,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"ceab153a-8376-4d33-9725-980ae4faaa92","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":160,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"c351f443-ca88-4e8e-9f9e-94c94ce0d4e8","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":160,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"c7afe24e-a249-435a-b5f3-afd29e2676a8","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":160,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"b8d71273-7fe4-4bbd-890e-e3362905fda1","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":160,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"de48ae6c-2ceb-4e8e-a8dd-a1b9d7eff702","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":160,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"1704cf6d-3a0c-43fe-962a-f928c28ac410","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":160,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"c467da32-2f93-4ab4-8e30-aaba6f8e2d2d","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":160,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"c7b672d8-0d1c-4b45-9bd0-34268dd1ce27","block_type":"box","text":"Class K Shares","page_number":160,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"2d03086c-e4cd-408a-8cd6-6f9fb81fdfae","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":160,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"8f6eafb0-5b64-4aef-a2d7-03b8e47ebc54","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":160,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"b0dd4f68-e25b-4da5-a44a-7086485b05c3","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":160,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"5a694149-cbde-43d8-8f63-2b6927bc4c3e","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":160,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"6a4a5fed-b302-4053-a1a9-c9aa00793480","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":160,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"ca53a58b-6d35-4e4e-93c7-e7d33fa3de51","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":160,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"33bff88f-e9a6-4aaa-9a0a-e82d987aa14c","block_type":"box","text":"II-105","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7cb76c5e-7c5b-4f59-b25f-ff6dad504104","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7d0dcc8-7773-4749-8a16-0dd682eca9e4","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":161,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"f326caae-6d51-4dfc-b6fc-b24d0fc97cee","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":161,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"5957d82e-16f2-4e6c-bee9-ec8b8343de4b","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":161,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"4de3c0a4-59f4-4895-b0b2-c61a4b4797ad","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":161,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"0b98fab7-c763-4460-8c10-6f4477cbc8f3","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":161,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"7ae106da-3e43-46fc-a370-2d7d52a14c8a","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":161,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"3782905e-641b-4441-b0f5-92cac47e82a5","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":161,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"21a31d9c-4a3c-44e0-a773-8eb6a4ee1206","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":161,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"dc696ef3-2ae1-4929-8355-e3efecb7840f","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":161,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"14d1c590-ccc2-44ca-8240-09032104b1f8","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":161,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"2a2ce8f2-c897-4cb9-9696-1a31288d5ec5","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":161,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"5a2aad19-14bc-43d3-837f-62cee833b5d6","block_type":"box","text":"distribution and marketing agreement.","page_number":161,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"438e02ba-d870-479f-9cdd-7d421a2feb44","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":161,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"e4ff748b-3b79-401a-8c37-e8f28cc798f5","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":161,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"bef0c25e-3145-4d7a-9a90-51f1cb688d1b","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":161,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"d016a9d0-91ef-4b3a-a18e-0f9ff24fcae2","block_type":"box","text":"Class G Shares","page_number":161,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"ebbaa15e-3e18-412b-b73d-0a01b82f5a6c","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":161,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"f7eff1c7-122f-4432-a5ee-86d253523ef4","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":161,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"e0afe63b-ae19-46a0-9b8d-00b299876ff3","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":161,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"4ea0aca1-7a13-4e69-bddd-d3cbd1d898fa","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":161,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"86ebb06f-26e7-42ba-b667-5f11ab7be05a","block_type":"box","text":"eligibility requirements.","page_number":161,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"d97970f0-a46c-415e-84b9-88b2906dea5d","block_type":"box","text":"Service Shares","page_number":161,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"e51318e5-43c8-4b9d-9422-4ece0b658d09","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":161,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"5507d524-d3bd-48ea-9d0e-91646eb70a9c","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":161,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"540d1245-9c0b-41fa-a205-e5d4a56f8e2f","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":161,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"6796a14a-c78b-4513-9405-3e46b19111eb","block_type":"box","text":"®","page_number":161,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"2298760b-1385-4fd0-9b2a-fed9cd59ab1d","block_type":"box","text":"Fund in 1996; and","page_number":161,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"890d641f-d838-4626-9075-eef4679e11b9","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":161,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"bc558ec7-b813-4b61-bd33-755d4db59d3b","block_type":"box","text":"SM","page_number":161,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"298e7d4a-2261-4bf1-8af2-41e5b9772883","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":161,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"68761087-aa7e-430b-8b4d-af5fb26b0323","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":161,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"a43c35c9-2636-449d-8d96-be959ce00bc9","block_type":"box","text":"BlackRock Shares","page_number":161,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"ffbf93ee-e4a7-4766-a9e4-8e665315ff91","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":161,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"0e41cb33-fa66-4365-8e4a-9f88aeda4a84","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":161,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"333bab77-5e94-4746-826d-c1996106cbe5","block_type":"box","text":"fee-based programs.","page_number":161,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"73b3fc74-a0f3-4a4e-8a04-9d1efc27b914","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":161,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"89f96f80-8a0e-4656-a39c-5926e39caba1","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":161,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"8dbbb076-1321-4e70-acff-b3aa65438667","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":161,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"772a2dde-288e-4f01-acb3-5f26e30fbe35","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":161,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"2cbbde68-15e2-4be5-9d3d-5bb648de9f84","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":161,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"7f1ba3ba-d60d-4e66-9b49-e0b2e5c9d474","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":161,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"44f3fbb2-a0d7-4b6f-a40d-6c9c8a6a633a","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":161,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"275915ba-76d1-4eff-9ef3-28bf9c3bc6a1","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":161,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"1ea07dee-ea1f-4c90-9547-fdac0a60e080","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":161,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"05663382-905f-43c6-a896-478c1ba9526a","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":161,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"cbaa919a-6d2c-4aea-99cc-4144e9f86351","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":161,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"11c5485e-6194-4970-8abe-28f27b745d82","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":161,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"1df92ca8-2927-4cbc-bf79-49651688a92c","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":161,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"b6dfa083-8ec5-4546-86f6-ce392a36ccc8","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":161,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"75c3e7bf-dd84-43ad-9d0c-038b31d6a93b","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":161,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"d4d97e69-ee4d-451d-a44a-e0d263babee1","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":161,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"62be8f2d-4878-44a8-a033-7fde543cf545","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":161,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"bdeb0b55-bd39-4850-b54e-6e0829af7246","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":161,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"95d5ccfd-a788-4983-b818-dd3aeb63dc0c","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":161,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"9b924222-428d-4026-9cc2-a11a136453d2","block_type":"box","text":"II-106","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"afb0cfab-7b09-495d-889c-341a47949dfe","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03cc2a58-22d6-48ea-8ee9-158030efb3ea","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":162,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"79dc717b-c144-435d-93fc-8eb4f5d4b46f","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":162,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"864c5112-c7c6-4817-8179-e59ddd40cd41","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":162,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"3d6769a1-f57c-4aaf-b2ec-00c1b3a6fdb9","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":162,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"0c3e46af-96bd-4d17-baa5-01fc78393c44","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":162,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"d715920a-149d-44e1-ac79-ad0063ede7b1","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":162,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"a68ddf29-c541-4922-9a42-cba704b95477","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":162,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"c99ef66b-351a-4b5b-a6f8-68f2a3e83403","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":162,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"3d10b7d6-30ae-4606-a228-592261a4c510","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":162,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"832ea9fc-1ffe-4bb6-abef-bea26c64c3dd","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":162,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"eda92419-9475-4ab3-9988-d33ac4b6d9a6","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":162,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"5a604d11-b625-47ba-8917-47ba0aca814c","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":162,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"7e89d779-cf19-4fed-9845-c96632254243","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":162,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"44e84c3d-30f2-4d7b-bbcc-6501a9a30a0f","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":162,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"d14792df-1bbd-4a57-98ad-707e9ca99cea","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":162,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"b39e0e35-4787-4872-ad28-145016212845","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":162,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"de49cd22-f11a-4b15-8f55-fc920636a8e6","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":162,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"d97016e2-fa43-4640-b8bb-030b09ad287c","block_type":"box","text":"compensation for selling different classes of shares.","page_number":162,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"df2c7d4e-1316-48a0-8f60-23fd59892b1f","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":162,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"a3938ba5-3fb7-41b7-9732-27bace7acb31","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":162,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"119d4404-b68e-4809-a030-0534ffbda051","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":162,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"2521f6ef-d972-4189-8cb6-e075cf385637","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":162,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"bcb09dfe-9ae4-4cf0-bc3a-366efdf5c078","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":162,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"072fbeec-f74e-4466-8290-dc10977dbc52","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":162,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"dd774edc-a51d-4e34-a46f-3cbab697a45d","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":162,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"c7dae186-0d64-4d92-8bc1-a081edfc4980","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":162,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"9848f1bb-b7e2-47ef-b76e-45e40bf3958e","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":162,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"37ba7153-9639-4b34-84bb-494061207520","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":162,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"46ec7d8d-779b-433a-b484-4ab715b21137","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":162,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"bb59d89b-6c4c-4e50-b67a-f842772b47b9","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":162,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"9377eacf-1b34-4b7a-88d1-12392df2c513","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":162,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"a3b5a2de-c4e1-4a8e-8e81-52096d2b98f5","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":162,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ba2f37da-3c57-4fbd-88da-c6641c8c028b","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":162,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"d5ba82ff-2fdc-4a32-af70-126c7c2e1dd7","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":162,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"851c4063-0d89-4993-a708-28b20c15906c","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":162,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"a4a6325e-773a-4db3-87b9-7560b7118f22","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":162,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"026c680e-49c3-45e7-9a59-14ae8cfba98e","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":162,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"a61ce74d-b0e1-494a-a78e-c89526fb5d02","block_type":"box","text":"easily accessible place.","page_number":162,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"0f0beb83-aa9e-4d26-b755-4118e8fb00c9","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":162,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"011e308a-255a-4110-80c6-1b04da661bb7","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":162,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"9946c07b-09ad-4300-869a-a5415fee8298","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":162,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"adb33648-549f-4669-80b3-37f08d43ab73","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":162,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"8cf96d75-7db2-4464-a58c-855cf678a991","block_type":"box","text":"fiscal year.","page_number":162,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"cbf9d52d-79f1-4aff-827e-32f1ac2b67cb","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":162,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"ae94db06-44b7-419b-8b67-296e8751ac5d","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":162,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"308fb480-e6bc-447e-92c2-9ad916d6d89f","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":162,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"9d5fdc41-96b1-4f75-9e3f-1b358bc41748","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":162,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"0b7e3fb3-dbdc-4701-a674-25cb88369213","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":162,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"15821702-c416-44b1-8a69-7f9a4c1d1617","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":162,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"9efce69c-4a0b-4c94-94e2-e5990a1ec03d","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":162,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"c87c56e3-1e67-4f69-a6c3-1100ae2a7be6","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":162,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"df655763-a07c-45e9-8aeb-a1fc86530b08","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":162,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"81b516ed-b212-4dab-8a57-b56ad8b521a2","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":162,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"33df9001-b90c-4c70-90dc-b8f955dcad44","block_type":"box","text":"II-107","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"246d2682-d939-427f-921e-82b0c9d52a20","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b51adc61-25fd-4b0f-80d2-c74fb0379294","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":163,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"0d941b58-3672-4110-8ad4-27eee6233a81","block_type":"box","text":"and Class R Shares of your Fund.","page_number":163,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"72a2e379-c5a6-4bea-b888-b18f41f14cc0","block_type":"box","text":"Other Payments by the Fund","page_number":163,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"68bbb1e3-adef-4768-800b-706ade04bc32","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":163,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"35784ec8-11e1-445f-8f0b-5e824050c039","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":163,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"bc45a54a-0a13-4bae-8efc-1896db58fbc6","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":163,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"3ded42f7-2d59-4771-8feb-a4bfc47d1a6a","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":163,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"dd22caa7-a306-4c3a-8956-05341e10a700","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":163,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"c37ad7fb-6b5b-4f13-9667-1b08f11559e0","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":163,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"d5827b82-794c-4f79-99db-9ed8a0c48cb6","block_type":"box","text":"of these payments may be substantial.","page_number":163,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"98052cce-d0f5-4641-8986-8d4888008b1b","block_type":"box","text":"Additional Payments by BlackRock","page_number":163,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"e2de2f2b-795d-4d69-a609-36c431f6c9bd","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":163,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"f8ddecc5-ea28-4542-ae21-5b5c76f916d9","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":163,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"49d4c418-c90c-468f-9249-3ecf2209cdaf","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":163,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"3af22882-ec92-4032-a8d2-2dd5d1cb6de8","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":163,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"6d1fdff3-bae9-47a6-8420-234cb035cd2e","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":163,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"c2393dff-80a9-4dc8-922b-e833b9275d50","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":163,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"842b3eb9-7575-4dcd-8f47-3a206086ee3e","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":163,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"ebc58b9c-af35-49e1-8c55-7ff267961afd","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":163,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"443d169f-5463-4bcd-8fe3-f594d3abc0a3","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":163,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"8ab587de-ec28-4559-a3d3-a83d21a294f5","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":163,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"a1f7832b-6fa0-49ad-873e-fa7b2da545e8","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":163,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"b6bb1b0d-8847-4da0-96c8-27b498dd789b","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":163,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"a244ce83-36cf-4820-9984-bf25207dabf5","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":163,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"0d1f6576-f3df-4126-a4c8-55d7191122cd","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":163,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"caf977b1-39a1-4a16-9c93-34cb48f3d658","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":163,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"7568cb61-d605-4b35-bdb1-fa7e0dd9f145","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":163,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"293c2b25-da9f-4588-bb86-2b4654176f91","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":163,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"62ffc4e4-3535-4ace-9d81-4bdcfdaeb280","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":163,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"d4abee47-a42b-4d6c-81f0-1153e4624427","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":163,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"e0f484eb-3ea0-4480-a2d1-9f2f912ff9aa","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":163,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"332893ed-0654-49df-b656-7a51d1965c8f","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":163,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"6395d22b-90e1-44d6-a7d7-845e7da789e0","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":163,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"301a4e9e-95e3-45d8-9ea4-06cec00968e7","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":163,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"a3326378-4e83-4558-a3a0-e550c1cca48e","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":163,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"a13c1386-42e2-45d8-aadd-c091a2a6528e","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":163,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"4210037d-04fd-4d28-9b8f-1519a1e636e3","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":163,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"a44c09b4-57a6-47a7-82fd-3e5e7d95f817","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":163,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"eb4830ea-20d3-4633-8479-b90aeab2db3c","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":163,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"68abff60-0dde-40b3-ad0d-8b0a84ee12ea","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":163,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"a0a6ae98-b8fc-4a4d-9160-db47b6b5ebb5","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":163,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"d467693f-c40e-41ef-85f4-aad1ad995420","block_type":"box","text":"Funds.","page_number":163,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"f5c806a3-ada2-4137-a448-1b3553138f30","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":163,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"06e53cb4-c6d3-4f98-965b-aede4a3eff63","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":163,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"5b79505c-b409-46fc-98b0-4f0de4cc384b","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":163,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"f04266e5-f362-46ea-a90d-f780551de3f0","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":163,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"8dcb816a-927c-4cbd-baa8-bcbe57194667","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":163,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"1275d03d-3231-47e7-b3e4-79b2a987c569","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":163,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"a2435328-b743-49df-ade0-b9796c866303","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":163,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"7b86a873-f5f0-4f7f-b70d-e2421403be69","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":163,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"15cb60e8-3675-4cb9-9358-aeb72351dfcf","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":163,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"5becd27f-788a-4694-8ce5-5a62750846c0","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":163,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"a5cc0502-cdd2-471a-9574-e1d1e9985655","block_type":"box","text":"II-108","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1fa8035d-b46a-4855-959c-02ccc601c3c4","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0e4c38d-55bc-418e-be5f-683082edb600","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":164,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"77b61ebb-2415-4443-b653-126f371ecd47","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":164,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"9301df9f-346e-45ea-ba25-7cca39c02417","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":164,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"1a906bc7-b606-4f7d-b941-256a1eab0478","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":164,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"2feab7d9-e538-4fe8-b7d3-5ff9d579d426","block_type":"box","text":"B. Shareholder Services","page_number":164,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"15a26282-1824-4c00-a66a-e53af45021ae","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":164,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"d7444a77-2c69-4384-a3c1-1f368aef2db0","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":164,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"1bbe1d23-e7e9-4ba0-b896-ce706cc90c6c","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":164,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"1e348f91-0eb2-4d4e-91db-675c923f332d","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":164,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"ac980cd5-815e-4c5a-9493-ade5b1dbc5be","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":164,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"3850ec54-33ef-4496-9660-ab232ce2705e","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":164,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"b795cecf-54eb-4f3b-b006-f9358be6feaa","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":164,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"4fdeacb0-58b7-4254-ace3-04643ccf6003","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":164,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"d0b1e0df-ffb2-440f-a9b4-a1c71ab593b6","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":164,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"8a2bca59-95fd-478b-b7c2-8f2526e8518f","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":164,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"3a8540eb-e667-43eb-9569-331bde1957a6","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":164,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"463ec95b-1c96-4681-9e5f-cbef7631bcca","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":164,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"6d6ae121-7fa5-4e28-8d1f-8fb185f2ecc3","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":164,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"17c614cd-2720-4a06-8835-c595113dea53","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":164,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"6df75837-5a3d-4a53-9a90-bdab61ec046d","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":164,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"60047d93-c101-460e-8c28-a08ffc6defc2","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":164,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"95c7f3ba-16f6-4d73-bf05-553cf0007767","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":164,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"59af69d4-eaaa-44db-81ae-69f6cc8fb87e","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":164,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"055a04e5-3423-43b6-a207-9edf38b8411a","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":164,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"0d5fb1e7-4860-403d-86e8-4e97150723a3","block_type":"box","text":"&Partners","page_number":164,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"f8c330f4-5053-4b7e-b5c1-bbb688ee3477","block_type":"box","text":"AccuTech Systems Corporation","page_number":164,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"d83d9ff5-3bc3-404c-8021-8b786be70297","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":164,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"1be07470-1b18-47fa-b82d-f00250e1e87e","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":164,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"931249ad-c2f8-44a3-88d5-83ec677af14b","block_type":"box","text":"Advisor Group, Inc.","page_number":164,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"94390a3b-5f32-46df-81b4-671d50f43231","block_type":"box","text":"AE Wealth Management, 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The","page_number":168,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"334a3ae3-b7f9-44da-bf03-1210f081a708","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":168,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"c2c1838d-21d8-46ff-8996-9e37382de704","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":168,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"086240ac-18c2-4314-92de-9d8b1a31ef57","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":168,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"23d77f81-083e-46fd-9420-0188f8baa52b","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":168,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"6c541342-4099-490a-9cfe-712d8ded97b8","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":168,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"e1f3e855-b1ab-4b3a-8e5f-ac645351cc99","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":168,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"b7343b23-0eea-443b-b31f-0c957ddaeeeb","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":168,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"0d579bd5-185a-4a33-a75a-847aede5230e","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":168,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"737f25c5-f51f-4987-8376-f5af27f13428","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":168,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"038066eb-50d4-4e35-94ec-9ad0d1ee5c81","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":168,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"376acf56-6db4-450c-b86c-cfdb3066a6e0","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":168,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"635be809-1649-4a57-89f0-9bb7baed4e6d","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":168,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"9f5aa6ec-40f4-4919-852e-53969a06e7ae","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":168,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"898e5947-dd0f-4a9e-a794-8b4bdfec9c18","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":168,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"48b62611-e78e-4c6c-9e21-01c3513389cd","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":168,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"3f5175c1-eba1-4696-be80-dbc3e01582a2","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":168,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"defbaeff-644d-417b-a2ad-02ee76a32f96","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":168,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"d191704a-b75b-4ba0-b130-f5f07961f4d4","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":168,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"43ab9275-5254-444e-b056-1cd00e5c5101","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":168,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"0fd7e12b-9b9a-4e66-817e-41ea026b14a4","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":168,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"9ed8d7db-0ca3-4d7c-b2a5-978ae4981a00","block_type":"box","text":"Redemption","page_number":168,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"6e473508-d77c-4f47-a095-5bebd44fc19a","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":168,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"7090132f-87ef-451f-9157-c439db673d28","block_type":"box","text":"Redeem by Telephone:","page_number":168,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"155aa3c6-e73b-41d0-84d7-0ce1027830a3","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":168,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"46dc1e04-f6f9-497d-b935-8b2f9796f76e","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":168,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"0e530c96-4217-4000-bd77-5b4f12b4ae4b","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":168,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"876332c6-0acd-4411-84f8-212efac1412f","block_type":"box","text":"II-113","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7b70186-1b6c-4059-9358-2a8ae3151d9e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2601d40-20a8-4bb7-b23f-2618e8c0334c","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":169,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"5b0ee887-a1d2-474c-be7d-dcbfd8c0f164","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":169,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"3e4fabe1-f431-4385-9dd2-5a07b5c6dd2a","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":169,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"8d4a60c1-18e8-4ee8-ba2b-1d2dcbb8df6b","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":169,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"1e8e140d-4f00-44ec-8f78-c143657dc64c","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":169,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"f71f52be-354d-471e-b1b8-816abe967d88","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":169,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"ee700ffd-34b3-4e81-befb-d9f625a00933","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":169,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"246711cf-7634-4719-9b07-72e9c74014df","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":169,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"c768c7f1-9fef-44a6-b0c8-96dccb4822f3","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":169,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"22c4d3a9-2f38-48ad-838d-abc3371bc78f","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":169,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"3f961d60-5ba3-4454-b8ad-8d9206c2a9f4","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":169,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"85885114-6823-474d-8a93-13ed85ec6713","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":169,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"3ca64f7d-b8cc-4720-a86b-528009d4bc08","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":169,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"976766c0-bf8e-4c1d-9b26-18800c4ce0fc","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":169,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"6b029a79-069c-4593-970d-cafa231095ea","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":169,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"a2337260-51ee-4991-9e4c-47fcc69a7828","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":169,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"9bf1c732-3106-4798-8924-ba8f8fff5197","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":169,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"4c8ef732-bce7-4171-919b-f0e1e4dd68b6","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":169,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"bdaf6018-01a6-4227-a878-824024b9ed0d","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":169,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"7497cd6a-1753-435d-8c37-81011838bf42","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":169,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"a7017c03-95d4-4599-a8f4-4e050dc5f718","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":169,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"2eee144d-7619-4c52-a127-9c09bbb3deb9","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":169,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"1c1e3af0-6dd5-45d6-817e-3b26e257ce45","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":169,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"31e74beb-4f48-4231-bbce-621e1c6a7766","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":169,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"9b02681b-e2a9-4d21-a652-19b1c17acca3","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":169,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"a0993080-98f7-4b78-b6b9-8867f1607b25","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":169,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"896afb1a-69d0-401b-879c-7a8bc71c8d18","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":169,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"b621b678-c31a-4ce5-ab9d-584aa01b1967","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":169,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"ba5b0807-9780-40af-9592-3dacf9915fbb","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":169,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"35a16691-0f9d-4665-85fe-1cd7408a4385","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":169,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"105bc811-a799-4ce8-9b70-5b28c8f86131","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":169,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"e9e7857f-5746-4586-9ada-558a8ae352ba","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":169,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"fc43305a-b273-4e53-8b83-a1990eb082c0","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":169,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"b540ccd2-84f2-41dd-a9ea-f3a7d9ed401b","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":169,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"70f46814-e3cb-4e29-ad7d-451900cc6db3","block_type":"box","text":"Redeem by VRU:","page_number":169,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"6c9490da-0187-40b4-944d-927790501755","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":169,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"f5f0b7f2-5545-4a22-9892-ddd20c283a43","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":169,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"4db0402c-d48c-4ce0-8565-a6757289ea56","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":169,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"2dd1cb58-b2d1-4b6a-a2e5-2c1e11653268","block_type":"box","text":"Redeem by Internet:","page_number":169,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"9fcf15ed-3d7f-458c-86b0-1f0130254bbf","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":169,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"a6389ee6-530f-4642-aeeb-8a848c62cd02","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":169,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"121e58df-583a-4a15-9d92-5666ad47b0b8","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":169,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"8ce520ca-cd8b-4acc-8128-d19f476e60dd","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":169,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"aa24da41-000a-4a18-bca3-8a63484bf1f2","block_type":"box","text":"institutional investors.","page_number":169,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"276523d0-7e4b-480c-a3ef-7838f64dad62","block_type":"box","text":"Redeem in Writing:","page_number":169,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"c597f470-7e73-4af8-95f0-22135d85ed7a","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":169,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"f6930ccb-bd18-4a55-9e1a-6b2b492f6065","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":169,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"4745f9f8-0b6c-4880-a70f-7264df8d15b2","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":169,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"46ecc236-dced-4cb9-af6e-609fc9ffa1fa","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":169,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"6acb82f2-c023-4b4b-894c-1dc765c99e84","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":169,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"b34b2040-a495-4fd8-9f4e-bb497ccf0343","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":169,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"168c5498-af9f-4656-b45e-25081a3689b6","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":169,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"d6eafb28-9e39-42de-80be-c70ccc38e140","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":169,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"281ea864-3444-4c17-a607-de598f08195f","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":169,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"89e838a2-35bf-4dc8-80e1-ba39d14a17f9","block_type":"box","text":"the bank account of record.","page_number":169,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"692c741e-8e7a-4748-8fae-493ccdb6b999","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":169,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"26de2f43-69b5-47da-9567-f23fdb329774","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":169,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"6307fc6c-adf4-4ed3-84ed-0503d6d8c595","block_type":"box","text":"II-114","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7dbb9123-708f-406f-bd0c-a72e5ebc823d","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7504da3-30f1-4f4f-9f97-d31e775f9f45","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":170,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"114f3bf7-606d-4d1b-b672-ee17825039a9","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":170,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"bba74a50-13ea-42bc-8150-bb4f25286a0c","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":170,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"35e703fe-61ac-4829-bd7c-8ffc998eed6c","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":170,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"d6a4ac3e-3e15-4be0-98a3-3ae2edcd1b55","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":170,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"3b465026-ea74-4686-9847-9e850f83c7ad","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":170,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"d07d10ef-4fd6-486f-95c7-122c80a083f7","block_type":"box","text":"redeemed by the Fund.","page_number":170,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"15e182a8-2d84-4751-9701-36c225e2998b","block_type":"box","text":"Note on Low Balance Accounts.","page_number":170,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"473f488e-4b12-48ad-bb19-2b0de985f618","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":170,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"ef072269-be78-4a34-8eec-7e40749ecd1f","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":170,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"c8a637d8-cdbf-4a7a-ad8e-f3602776ad66","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":170,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"1c16e9de-1c8d-4005-854d-70ae5aea80bd","block_type":"box","text":"for any reason, including market fluctuation.","page_number":170,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"174a28f2-c6f5-4d41-b382-a7e3a4b8246c","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":170,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"e28b686f-2b24-49be-831a-aca89f060ba0","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":170,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"93bc0042-5adb-42d5-8b79-aad44a56017b","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":170,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"dbcbcf61-758a-4573-9ee8-4e3f8c6d04ce","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":170,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"b3af656f-1345-4843-81aa-0c3df60ce888","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":170,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"62b10b49-07aa-4742-a3f0-112996277bab","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":170,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"22738b4d-5170-4be8-931c-c1d0a28a4bda","block_type":"box","text":"Repurchase","page_number":170,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"da683316-eefe-448b-826c-a9427292146c","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":170,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"60439abf-a596-49d5-937f-da33dbbcad00","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":170,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"9337673e-16ba-49df-847d-97a074407c00","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":170,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"7d15e3a3-1aad-481b-9e32-eb573ce0214b","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":170,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"b2ea3fe6-6054-4630-b9af-f08506e4d399","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":170,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"f8a10541-91b8-4236-8173-2fbed399b174","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":170,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"7c1a7d4c-a96a-4e0b-8364-f221d894a86c","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":170,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"e496783b-46ea-4422-9a8e-3860ae8731b5","block_type":"box","text":"next business day.","page_number":170,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"11ffd39f-b731-46ca-a598-a7d653726cb0","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":170,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"4825789e-d28e-48eb-8f8c-ac07ebc45527","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":170,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"c7b84c5f-180a-4b90-8c85-7c440e79f827","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":170,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"2e6b94e9-8cdc-427b-b3f9-6220977ffc15","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":170,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"686be830-5be1-4972-a471-ccaa250e5d22","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":170,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"c7332114-c498-42e9-8fdf-190bdf952b65","block_type":"box","text":"redeem shares as set out above.","page_number":170,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"e9ef36e9-9f54-45c2-9c60-c337b95b3366","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":170,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"6e7c676f-e6d5-4449-8f08-c8a9eea32bc5","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":170,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"e82f8e5f-04b5-477c-b4ac-594f2aecb402","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":170,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"bb876186-74b3-43d9-a30e-dd350f7c3a07","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":170,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"33390550-1a42-4aa0-bdc5-85374ef589c4","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":170,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"e0728c32-9991-442e-bcba-3f1660b53c54","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":170,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"92940c8b-f4f0-4ac1-a989-caa3640f1767","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":170,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"eace5191-1e5c-4bb6-a18e-e9290a7da9ae","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":170,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"99952fd6-2f1a-4e3b-9365-e92fba54fbac","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":170,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"60e61504-248a-4868-8ae3-86d13145a077","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":170,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"bdfdecca-6e33-4a70-b565-5c5970ae71ac","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":170,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"9cccb70a-e0e1-4730-96ae-a8f08acb9219","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":170,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"5f47d56c-0cbd-478e-adbf-7af6af28bb15","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":170,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"dd979627-f8af-4293-b0d1-940af7fdee0c","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":170,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"c679b3b1-f0d9-4312-9a0d-d6345a425663","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":170,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"fdcdcf5c-094d-4c4c-b20c-52d9f0414a4d","block_type":"box","text":"II-115","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c1c0b3b1-3183-475d-9ead-f5702180f5a0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b648fde9-a280-4f2f-8af6-df4b0aaa2cfe","block_type":"box","text":"Investment Account","page_number":171,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"9e25b9e3-1dc1-495e-8117-7cf52cd51223","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":171,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"4dbdee49-52a9-4fcd-b4bd-aa7c6e6824d4","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":171,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"75e1b3b6-a634-4dfe-be23-05929a3c82f6","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":171,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"8da44404-1b56-49d6-91ad-6d9972b460cc","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":171,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"f30fae87-52e2-4baa-a00e-1bdc8fb02d34","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":171,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"05d8f90f-5289-4b6a-8a1e-ed73cbe89538","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":171,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"27aabeb3-cda7-45a3-aaa0-937e48f1d69e","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":171,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"d2a687b7-e0c3-446a-ad48-9e86e932f438","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":171,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"da7b4c18-ca4d-4cc6-9f22-d737ed339145","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":171,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"0c5b21f0-939b-4c45-9e9e-5dac03f4790e","block_type":"box","text":"automatically at the Transfer Agent.","page_number":171,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"407ed9e2-3490-4086-b98b-3933a8e36573","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":171,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"a13f62f7-5701-4688-9595-6cd02cba30e1","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":171,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"41d136b8-f0f2-4f62-a63a-473f7ce260cc","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":171,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"f1464a4a-e2f0-4655-b268-e40d1c6d860b","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":171,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"04af7490-98ee-4393-b1f6-e5136f5b44d8","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":171,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"366c45d9-a24c-47eb-a39e-062add442f54","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":171,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"e9c4802f-676c-4768-8ea4-0370ee08ff78","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":171,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"69f54950-f16e-4b50-9e83-26d8c11ff279","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":171,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"a450fad6-ba73-480f-80f8-06fdd7599c9b","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":171,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"e07cafbc-bcf7-4453-aa99-93f519cc0cc7","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":171,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"47e9fc6c-ed63-41ca-b2f3-272565ba5302","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":171,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"8723072d-f511-446a-8161-7a7f6661e8c1","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":171,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"177dff99-5bb9-4a9d-a7cc-4ae511baf9af","block_type":"box","text":"issued.","page_number":171,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"1f9b7900-3be4-4161-8c4b-39f6521cf3fd","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":171,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"a010ba84-0461-462c-9b62-bc01a290588a","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":171,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"fd824c64-315a-4792-8a9f-acd887882397","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":171,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"2571bc13-39fc-419f-978c-ec0fc3bebfa2","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":171,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"280bc0d9-a09d-40b3-ab7f-1b311335e33a","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":171,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"92615904-1882-4bf2-8f3b-d48671c6b357","block_type":"box","text":"Exchange Privilege","page_number":171,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"10b3e1a9-3f1a-4d65-9d21-c1bebe1b7bc1","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":171,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"b628299b-c154-4aca-9031-5e12e22e627b","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":171,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"af2daf88-c236-4867-ad31-c153fdb05be9","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":171,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"71ba4418-63fa-4722-bdd5-580947823d42","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":171,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"88e96110-47d5-4301-a737-2ba4e52c3514","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":171,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"13ae87e7-4d42-4076-8e6c-d82914b40fd0","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":171,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"6f6bbc0f-defd-472a-8d6c-a86c13376c87","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":171,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"cf400830-a021-4e00-9cff-12ed4e39d919","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":171,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"a580acd2-f9ef-4d6c-9a6b-4cc9b5d84fae","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":171,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"d6db7a27-cca1-4d0c-b11f-0d29dafce607","block_type":"box","text":"Institutional Shares","page_number":171,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"d8422b6e-55e2-4c03-9195-e986342b0c90","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":171,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"73c6b589-f0a2-4c51-a28d-3019cfe6da9f","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":171,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"ca00b9f9-0ddf-41a9-866d-8a570e52ed54","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":171,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"820ca454-5df0-44db-877c-bb438c4488a2","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":171,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"762ef67f-55b3-4ddb-a81d-d998a9db7558","block_type":"box","text":"for Class G Shares of other Funds.","page_number":171,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"86164b40-c9b2-4f29-b574-0cb50ca20883","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":171,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"7d5eab25-2bea-40bb-8215-c0534152a484","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":171,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"7b382518-5e23-4977-935d-e618bb5ffaf6","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":171,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0f11588d-b388-4a85-a9a1-ccd23bc6f632","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":171,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"e51c9db8-d694-4b5e-bb55-785db30d843a","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":171,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"cb9a1b08-4796-47c3-8337-51ee937c4ed6","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":171,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"4d9c8510-9cc8-4763-8141-d8217b2eefc1","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":171,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"7256330e-8d2d-44fb-ace4-a1868ecc6488","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":171,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"9629899f-b94b-45d5-92d5-cbae70374103","block_type":"box","text":"II-116","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"56912bcd-ef41-44df-91fa-c51d2b20ab1e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69064006-82aa-4a67-b7dc-113e86938e90","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":172,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"fe0cf9a4-8680-4b83-877f-a74528894ec0","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":172,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"8f7a9e89-04b2-47a6-8d66-85ef351b565a","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":172,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"17c0676f-d2c9-4013-9438-66a236bcb4e7","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":172,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"b3b096de-6013-4733-a95b-88cc6dea1975","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":172,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"758e124d-533a-43c9-a06d-89ba3a0eb132","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":172,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"be77e8f9-24ff-4f5c-b671-7cc969d7d42e","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":172,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"a9f6be94-dfe3-4152-a899-8a6cef7fd393","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":172,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"48043a0e-ed7d-497a-bdec-dd4aaf8659bf","block_type":"box","text":"Exchanges of Service Shares.","page_number":172,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"105ca473-e8e0-4741-a7d5-569558271681","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":172,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"c9bf24eb-2510-4242-94d5-e961c7c49af1","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":172,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"4de4a0c2-bdaa-4122-a941-6e36e02fb015","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":172,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"10230405-a915-4317-8a11-c2aa9bc46af2","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":172,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"f3104c0a-1e3f-45aa-883d-6a2fdd3ec1f3","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":172,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"2982d777-6cf5-4f4a-a201-424891467762","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":172,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"04573bef-f229-4f5b-93c5-1a6869b63bca","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":172,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"aa0b27cf-90c1-4c8e-a158-93af2b4b96e3","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":172,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"ffb5c193-0d1b-47e3-a9a6-d812a5d62e7f","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":172,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"a7de8ead-f0dd-4d26-b59c-d4e7b91b0b16","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":172,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"b4f6324b-9f02-4657-b3f6-69002a78945d","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":172,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"a8e007f5-a0fb-4a4b-bdb7-dfd529ef6d01","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":172,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"b0b56e23-1f0a-4fcb-a361-accb8ecba350","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":172,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"68d8c1fc-d22c-499e-bb2e-8a609198dd11","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":172,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"15530f64-6ad7-444a-a56b-144e5d6a9505","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":172,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"08f06e2f-9454-4f03-b5b3-056ff4263e8d","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":172,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"7116ec83-d5d5-4d32-ac19-2726d2c8b7c7","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":172,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"8d1afddd-55c8-4bb4-bfba-582febd0f6f0","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":172,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"5498f28f-beff-4567-88d0-e6d5664b2516","block_type":"box","text":"exchange.","page_number":172,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"4cb89ada-9f0d-4c66-a34c-65413cb2b1a5","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":172,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"2f8801a0-ca43-44d8-b34f-1a9e952c2ee8","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":172,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"8f122e63-6bfa-493c-8ebe-731e32deacba","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":172,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"49a0e5ff-3c07-4bb9-9721-51043abe8e5e","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":172,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"e3e5e663-70e8-4727-baf3-53e1e038b53e","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":172,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"e8e7d743-9281-4542-9077-b3a1223086db","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":172,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"1da21857-5541-47f8-924a-0c83b9a44bf7","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":172,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"7771edfc-9f0a-499d-8648-d353e5db76c7","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":172,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"5578fedd-f5c4-45b0-b47a-8c4e6dc2704d","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":172,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"7ca8cc84-c4e8-4ef8-aef8-ea4b74e86ece","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":172,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"a81b1066-d76f-462e-8222-dc488af5eea1","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":172,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"639d028a-e7c2-40e1-a0ea-3a2ee35b93fb","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":172,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"c875cbe8-5cc3-455a-8818-6a56ec6ad489","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":172,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"7dc3f1a6-5cca-4d91-bd79-f09f362ef557","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":172,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"7e32f6d5-27fc-4887-8d18-bfa219285ed0","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":172,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"b1d5f6b4-b34b-4bc4-9f89-a008a2cf7936","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":172,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"f74adacf-a6f1-4f6c-b611-48d89f940ba7","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":172,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"166b16b0-b68c-4530-91ff-87dce558307f","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":172,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"edbcc9db-0117-4266-a090-06eaad77cee0","block_type":"box","text":"Transfer Agent in writing.","page_number":172,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"307aa58e-9733-49bb-86cb-18ec3d4d3760","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":172,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"d01b8301-c170-41d6-bca7-4915bc1f0037","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":172,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"4e6b51a6-f726-4ae5-8570-de9344566416","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":172,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"04336e2a-2e45-42f9-b988-a4f8b6d65fb7","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":172,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"73068642-aa88-4d38-aebf-ba3854710c7c","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":172,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"e0aa08c2-5f1e-4881-af76-9cbe0d95925b","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":172,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"3c1ab2dd-d176-4374-b029-9c6a406a1abc","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":172,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"e19e35d9-6d9c-4891-b91c-da09f8aec30f","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":172,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"69a445aa-4c09-4764-914e-e94acdd181f9","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":172,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"42e764bd-4927-4f35-a530-18bbb7a101ab","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":172,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"7fce928f-69d0-4fde-aa8f-9e61f73b2a0d","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":172,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"56a2dcdd-176b-472b-b75d-84fe17b6b571","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":172,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"5e3f6537-2003-481c-87ff-47191adf0e68","block_type":"box","text":"II-117","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"55e445b0-aa6a-44fc-a797-1caec977c7df","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0df8d631-4b76-477d-b89f-b3baf54f2832","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":173,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"58ec1da4-178d-405a-8b36-6acbd8cb87a6","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":173,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"1a63c144-e0f7-434e-8fbd-6acaedb8bc9a","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":173,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"b6802135-8afd-47d8-a1b9-7e9bcc478e3e","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":173,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"a0d0a279-261e-4529-8e91-9bafe3d3c30b","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":173,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"3c27eac6-e227-4119-af30-2798036384f3","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":173,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"1bc66a81-b9ef-4e8e-9867-c7a834383d93","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":173,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"33ba58b7-af3a-428d-be2b-4e6949e64661","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":173,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"58a4fdb4-3570-43a0-af28-0fdc774a2795","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":173,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"333cd6d1-ec21-4f26-9a87-ae64d20ffb31","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":173,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"da1822a7-668f-4e39-8a67-25ba877d9460","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":173,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"8add9194-cab8-47c7-ab52-00fffb0b2b45","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":173,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"7ec6ff2f-b6fd-4e77-a8d5-368945ec7f01","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":173,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"f2ae5bcf-d322-4502-a848-c148ef55986c","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":173,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"e2a13c7f-0f47-4f9f-bebe-68ef4df177f2","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":173,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"99b455ef-60ac-4130-9beb-0b70cbb79763","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":173,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"74d4e4f2-7045-47e4-87c9-c6310aa5f64d","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":173,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"7f44e2e2-f2c1-4909-8a7f-dbab3225913f","block_type":"box","text":"may be distributed by the Distributor.","page_number":173,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"f36468d7-dca8-4716-9f96-564fc2710a83","block_type":"box","text":"Participation in Fee-Based Programs","page_number":173,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"6dacf00f-5bc0-460f-9e08-311a7bc0dfee","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":173,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"7080ddbe-7a24-4a08-ae56-656fe1bd95b7","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":173,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"80ed44dd-12ae-43dc-ba85-50e6a7ee4fc4","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":173,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"b2280023-de10-481b-a422-85b6c9d5c448","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":173,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"e6e2ed4f-2f7a-4f19-836d-1c53ece7146b","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":173,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"6f26902b-77cb-4713-bb71-4a581e1f3d0b","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":173,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"77d26595-f5b8-458b-8416-c29ebedfdaeb","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":173,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"62977edc-c729-4b1f-b177-54f3e80791fe","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":173,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"2e7894ab-bec1-4a84-9bc7-c13a7ec9f584","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":173,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"b24114cc-91de-41cf-9fa1-083f948df193","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":173,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"f18b9bfd-6fdf-471d-aaae-a5926f2c59a8","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":173,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"5158d8b3-ebfd-4d37-8a28-df76bdcc7419","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":173,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"8874012c-c3b2-4d35-af4a-fb6c9e9e0d0c","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":173,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"08964589-b0f9-4439-8cea-665f3570b3f9","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":173,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"1d9c43fe-02e3-4c52-886b-15cef9f1623d","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":173,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"9f913ad0-1a75-44b3-868d-6f571ee0aa15","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":173,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"91a06517-6290-49ae-8a39-596e0e5f0b8b","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":173,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"61ebcec1-df8c-4fee-adf6-3f645930d467","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":173,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"f1e7895e-08f4-4be6-9e34-b76d803b063a","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":173,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"1cd2d9db-6c51-4473-a344-da357faf7f6e","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":173,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"b064a869-3fdc-4d4d-b803-868adadf456c","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":173,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"786f4458-08bc-4d71-98d4-bd12c8e2b553","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":173,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"789b1732-2478-442d-884a-2f9df4d239b2","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":173,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"fed80924-6315-4e37-b094-d8b166a36d5d","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":173,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"3c4cb9e7-a2a9-4123-9fc2-d7f6900b7cc7","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":173,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"ba984131-945b-4f69-a19b-7b466fed1f7e","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":173,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"ee37b133-2716-459c-9ac6-057b8441fc77","block_type":"box","text":"information.","page_number":173,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"a24a455f-c6de-40ab-b64c-20e708b0315c","block_type":"box","text":"Retirement and Education Savings Plans","page_number":173,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"044d7a87-4d0c-4568-ba51-663ff4df6198","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":173,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"cc854080-816c-438e-b023-dac7f1ea0af0","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":173,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"6600d0ca-71d6-483e-97ae-d83bfc3f4bd8","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":173,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"77d2088b-1acb-4f4b-8001-d60359998ef2","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":173,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"468b154f-1614-479e-be91-65b682d54646","block_type":"box","text":"your financial intermediary.","page_number":173,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"9fa82857-b372-4f9a-a332-88b509622c31","block_type":"box","text":"II-118","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6866e6ba-1729-476f-a6c4-89eb81817b99","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c9c2c57-2f1d-4188-935c-0b6cf82a5447","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":174,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"bced607e-34f1-4e5b-a9ac-481414ba3774","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":174,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"1c631b80-931b-4e37-869b-c8a6a22840cd","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":174,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"fe621748-727e-4475-be4d-f6bf3539a253","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":174,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"33fb857b-9c17-4c89-9ffa-e3db78a4c53b","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":174,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"776450a3-aff2-4431-b2f3-cdb53eb8511a","block_type":"box","text":"Automatic Investment Plans","page_number":174,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"159eecf3-f537-4292-9800-c9db6f777f15","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":174,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"9631cadb-720c-476a-9ae7-3f71ce0ddedb","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":174,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"18810feb-30f3-4c51-b61e-fd205ca2e939","block_type":"box","text":"®","page_number":174,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"cd4dcbba-54e4-4515-b997-c60417663375","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":174,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"80d57f01-5d23-4776-9827-becfefb07082","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":174,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"1172cadb-9c30-4290-987b-e65ef19a7cd2","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":174,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"a1c1b8c0-7dfd-4332-9292-9a59749a6a08","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":174,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"e0b6ec1d-73d4-43b4-9af6-ca9b575eab30","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":174,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"562a960a-cabb-4604-a4b6-4582f57220ee","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":174,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"ed9bb34d-7951-4503-b022-7533e509d5e4","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":174,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"c8b4b533-7ee7-4150-8043-062d53295185","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":174,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"0d220f1c-d707-4afc-97b5-441cb514665f","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":174,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"6164d771-021b-4ef2-970e-c69a2e412274","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":174,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"39fea3ff-40ea-4648-a5f3-f7e21e5ead7e","block_type":"box","text":"Systematic Withdrawal Plans","page_number":174,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"61738280-47f2-4093-b640-0eb876bc437f","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":174,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"08d395c0-7452-4143-84fa-039b5d96a241","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":174,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"9347ed39-7f57-4c23-b8ad-bb6cf9f06d1f","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":174,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"666b88de-e63a-4b03-b102-89a7dddb1141","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":174,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"6f9547d5-b5b2-4bf2-9253-f2e9ee88bc4c","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":174,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"7c69fbc1-d35d-4464-b0a7-ae573c923000","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":174,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"e7a76619-b826-46f3-9ce5-0d452b4818a3","block_type":"box","text":"www.blackrock.com.","page_number":174,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"9b74267d-2da4-42e8-8bc8-b14687c2aab3","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":174,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"f6ea651c-750c-48ee-b425-87924d0b3c73","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":174,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"139c8ace-9699-4a87-bf18-7805598d0ca9","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":174,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"54b58a41-ca25-4d5e-9cf7-d84dbd9f506f","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":174,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"ff2615e4-4159-4b08-a6fa-50fcd72c0351","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":174,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"ecc409cc-4afa-4486-a42c-ebbc4871c428","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":174,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"cdc50832-7845-4d34-bcf7-50d0ac7cae37","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":174,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"37b1a459-c945-4c11-8a48-35d6fa269b03","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":174,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"7777cb0d-23d2-4e20-9ab8-637eef70fcb8","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":174,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"7b390250-8899-4711-b68e-4b797a0fa457","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":174,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"a784e907-2384-498b-89c1-3da281f7bdf5","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":174,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"c89a2d33-9497-40d3-a5c0-8fa41808c4f6","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":174,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"dd7fc758-5c54-47a8-a6b9-99bd6e5f27c1","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":174,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"5c2a0670-6108-4d4e-9b1c-eec9ac5e5e4d","block_type":"box","text":"Dividend Allocation Plan","page_number":174,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"82db69a6-c7b1-4677-8ec1-7a3cc0fcddef","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":174,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"edecf199-317b-40f0-9e32-bc83980a77e9","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":174,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"0bf282e8-0b78-4cc7-a7e6-436f762b2159","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":174,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"8c0e5dcd-e5e8-4618-874a-e1db1377a38f","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":174,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"5900a0c6-2061-4681-8193-7dadbb23a04e","block_type":"box","text":"PRICING OF SHARES","page_number":174,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"5d71015e-dd6d-428b-9458-f77a55ea6bea","block_type":"box","text":"Determination of Net Asset Value","page_number":174,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"ad171c6b-b4ec-4b9b-b612-14ed51a673e0","block_type":"box","text":"Valuation of Shares.","page_number":174,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"f665b792-36b5-4b6e-9f9e-f3b23b26158b","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":174,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"84ae9896-0f0a-4b3b-91c8-0b7940c904a8","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":174,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"7adbf07e-0f59-41a1-9da1-4e8ec1469d01","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":174,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"b5c985f2-674a-4d8f-93ec-7ee34d82d6f7","block_type":"box","text":"II-119","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69ab4659-4ba6-42a6-9fbf-896b15f4f7e2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c878e40-1990-474a-8481-2be5577cbff6","block_type":"box","text":"Equity Investments.","page_number":175,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"9e57ca43-c75a-405e-b1cc-2bce6fc95e22","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":175,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"810a746d-749b-437e-8e2f-4d0fc87d992b","block_type":"box","text":"e.g.","page_number":175,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"1a6ae8b4-8c37-4824-9f52-2675742c5db8","block_type":"box","text":", NYSE), on separate","page_number":175,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"01edecbc-0e27-4629-9925-0877865974ad","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":175,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"c0e4e760-1346-426b-b093-40a988d1c795","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":175,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"9892da5c-2b75-47b2-8f0c-2b576c87d33c","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":175,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"b6fe4ef3-a487-4868-bf34-d89643e2749b","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":175,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"f31ceb0f-612e-4084-8e4b-e8eff9d35e1f","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":175,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"9f617a0c-0b08-4164-b315-51d10fc569df","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":175,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"993bb7ad-24ae-4dd6-9d58-9657474d8f42","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":175,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"ab90fdea-0408-4858-8d94-3e2e9c3e3924","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":175,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"752ca385-91ff-4c2a-a4bd-58879a02d74c","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":175,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"15cbf02f-7362-47dd-8082-144786a2f338","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":175,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"ea627176-5c33-4963-9742-7df49fa793fd","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":175,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"dca20582-109a-4be1-b9fb-aa987c04a4ba","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":175,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"3a82a122-3586-4200-b1c0-e517cf1a1d6d","block_type":"box","text":"defined below).","page_number":175,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"79e2a363-158b-4056-918b-ad46aa2ef4e8","block_type":"box","text":"Fixed-Income Investments.","page_number":175,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"e383faea-c88b-452e-be44-d138df7f2258","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":175,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"c2cbd6db-bfc7-4973-886b-07dee5c5bec5","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":175,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"44f948d4-c916-4902-b587-cf5db18a33e9","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":175,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"4b173e53-79bb-45a7-9225-e4f35ff6b521","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":175,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"b8f99141-0371-4777-ab61-fa54aa7b519e","block_type":"box","text":"e.g.","page_number":175,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"9a16e5de-6d01-49d5-a77c-0d9919668fe8","block_type":"box","text":", recent representative bids and offers), credit","page_number":175,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"5be6199a-ce52-47b2-ad9b-644555aae19f","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":175,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"726e45c3-399c-454c-ab36-2e691612ee0e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":175,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"b5094088-7ecb-4050-9448-5724e74bb379","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":175,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"2e4c3e1c-6eb4-40d7-a0f1-491e52a24089","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":175,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"3efbb3e5-ab78-41cd-8b56-0b180e58a791","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":175,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"dc7f695e-2261-4b94-96c3-3597611b0e1e","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":175,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"609bd172-ff3b-4d0e-b635-f8630613f767","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":175,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"778b31aa-abbb-4233-8550-a5cc041cb79f","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":175,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"fbd6bdcc-3dfa-46d6-b488-0d1e2071fd96","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":175,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"7c4c919b-3c97-4e08-a591-caf1c9c1c9da","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":175,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"9b61551c-90f3-4092-ba19-96fc23b7db48","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":175,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"5cb286bd-1d83-450e-ab05-896e61b3c9de","block_type":"box","text":"attributes of the tranche.","page_number":175,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"cb33ef6a-e409-4e71-b969-f08b8303a5d1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":175,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"59927aa9-0a71-4199-9b84-ee5fc1bd57b6","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":175,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"79583b16-9d82-4103-8862-7a6723eb57ae","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":175,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"81c29150-f5c8-4bf2-a9f4-1f0cc2fdfe96","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":175,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"5da2e28d-a8e8-4e41-a697-c4672f497d0c","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":175,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"ccca52bf-dc9f-4fc9-b4dc-a2eaa6a76ada","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":175,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"24cf39e6-45c2-4122-adbb-99f7b956995d","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":175,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"e6bd7c3b-ceb8-4ad8-9161-86ec4314014c","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":175,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"af78a745-53e9-4f38-bd29-7c38886f3f0e","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":175,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"f438fc81-ebeb-4560-8d7e-a7ef9bffc323","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":175,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"7d7d17a3-cfe6-4519-b9d6-c1372b0ab6bf","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":175,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"e21d4ab6-bc1d-400a-bf40-fd7fc3453dab","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":175,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"197b4be3-b346-4e10-adf5-263a1fda9afb","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":175,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"d0cd14ff-e5ca-4b81-a6f3-4507f9423cc6","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":175,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"def6a260-3d1a-49f8-8962-4edd235eaa48","block_type":"box","text":"Underlying Funds.","page_number":175,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"e44b935e-da26-462e-8149-32a948a24742","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":175,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"e3961c5d-79ce-4ac0-a72f-0c79e9f31436","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":175,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"34ed4cd5-8c88-4fd3-a356-10cb61339af6","block_type":"box","text":"General Valuation Information.","page_number":175,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"6d39d166-dfaf-4658-a300-934dc4279ca3","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":175,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"d50cfbd2-567d-414b-9665-58290c1163f6","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":175,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"ce9d8869-8760-4f9b-b5f3-933c6a2f4963","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":175,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"c0da69c4-b7aa-4679-a15f-8e6d7a69714b","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":175,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"a620cd2f-3be5-47d5-bc53-1d59ecae8800","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":175,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"6ad1ca10-4580-46f0-b63a-9ca0050eef14","block_type":"box","text":"the revision.","page_number":175,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"3054a713-f60b-4c16-9643-481401827600","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":175,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"d70df305-14ae-4347-8710-038edfb531db","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":175,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"5fbde97c-0e11-4b7c-9dab-38664d185d8c","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":175,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"d6c62ffb-f130-4129-911a-1117780e7ef2","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":175,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"364d8a6c-6b47-4b09-aaf3-5a27d51b7422","block_type":"box","text":"II-120","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3c5a4204-5721-4cdd-9594-1a058df5b42b","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f51b7340-80e3-4399-9d28-6cd5c632ba4f","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":176,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"e7433651-ae57-4ede-9527-6ac21fea0f7c","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":176,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"07a93940-26db-428e-ac6b-4e9785b916dc","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":176,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"ea044df8-7932-48eb-ae39-c5a603609b9a","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":176,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"154222bf-680b-42ba-934b-f9e5b6829a6c","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":176,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"9c0556a6-b305-4c02-80c0-0cd1a09a7d85","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":176,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"7d8fee08-8e06-40ef-8a00-e28908bbbe93","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":176,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"a4f711d4-1bd6-4119-8814-d04d9469beea","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":176,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"de5d70b5-8436-4048-af80-63f4d3d2f034","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":176,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"5b46c8a6-6588-4c66-9bf9-eb049d1569f5","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":176,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"28f0d48e-5564-4c10-91e5-8931d204fe1f","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":176,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"e38d6895-82dc-429f-bb6f-91d1167ff87f","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":176,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"172c58fc-f638-4b11-bd6a-ba44db035a58","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":176,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"ec362f00-e603-4935-9f80-eadba46e513d","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":176,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"f384d214-39c6-4564-91a5-036efa725101","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":176,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"401d368b-2ecf-4ec9-874a-2a318be255b7","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":176,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"e171a08d-05c3-4f8e-98ab-adcfa24cd4ad","block_type":"box","text":"Fair Value.","page_number":176,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"f74f3e71-ee19-427d-9989-faca148eb3cc","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":176,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"bc344335-7c8e-434a-bbb8-ace7d33e2a16","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":176,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"f597e605-aa18-4cfa-a356-25f214813816","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":176,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"9b130a20-544f-44c2-8eba-2e63500d193a","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":176,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"fac25247-cbd9-40c5-8a54-844b69b9faf1","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":176,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"99bf4a44-136c-4334-bd34-ae6bf9a08396","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":176,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"dba8e333-aac2-490e-996a-537dc1e38b93","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":176,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"858d4fad-dc80-4d09-aea7-9760ac2c2f21","block_type":"box","text":"(","page_number":176,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"60327841-15b6-4d9c-9d14-7bad0d6004b4","block_type":"box","text":"e.g.","page_number":176,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"53cecace-2477-4613-8a96-d093e71d97c9","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":176,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"e027836d-5404-4417-b464-f1273de86fc5","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":176,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"48454174-48fb-4359-a02b-98790a295916","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":176,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"121cc3db-87e5-4585-b74b-02a614352903","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":176,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"7d70f375-9582-43cf-9c09-3a8266be3563","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":176,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"9d36f8d1-97b5-40a7-bc94-cce7a68a47c5","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":176,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"91911c19-c156-4ce8-8624-7b6adbdfba75","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. 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For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":176,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"10fc93cf-4013-4ecb-a6ac-f65b34a1e606","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":176,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"2c10f673-989c-4130-bc06-e48c32854b3d","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":176,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"f3f949ab-b7ad-4b72-aa8f-061092e60c8d","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":176,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"cfb35522-3ca5-4908-ae1e-d5eae92c7f7e","block_type":"box","text":"pricing time.","page_number":176,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"767b209a-0092-4a04-b214-da902c9e5579","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":176,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"5f6a7fea-d766-4b4e-ae6c-cd413db9f4ea","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":176,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"ca8b83c5-6369-475b-8473-8445ac4564d3","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":176,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"b6c70290-a738-4dc2-aea2-4a512d6f0440","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":176,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"893af9c6-b7b3-45b9-8651-043ec3982afe","block_type":"box","text":"assets and liabilities of the Funds.","page_number":176,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"b9047e9c-5180-42a0-8e53-d5c72b50d3d4","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":176,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"4179ed63-4c8a-4c55-9423-6f94bc868550","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":176,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"ddc0fe4e-0b36-4b3b-b162-6114d9f957fb","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":176,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"73e1e29f-7d71-4afd-b73e-fd1efb23c52c","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":176,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"208c1f14-8524-4796-9700-56e84b891679","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":176,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"eb59e37f-459f-4dff-9c3a-b41bfdacd2ad","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":176,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"59c02a30-0a6c-40ff-9b56-ceac5dbdb26c","block_type":"box","text":"valuation models.","page_number":176,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"f92738cd-3a7d-4c0e-b995-cd511af666cf","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":176,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"0cfd3706-efb6-4373-972e-7a8063d4a9ae","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":176,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"aa739bdd-5cfe-4d53-83f9-27a785ddb116","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":176,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"469050df-330b-4e32-8cf4-3524ca1a3b8a","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":176,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"5c8c666c-d4d7-41e0-8925-a4ce69489393","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":176,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"3d601217-d116-43e1-91b6-e551b0d44bcb","block_type":"box","text":"II-121","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f74165ae-d912-4289-8bd8-9e9c22147996","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1f8ae1f-1b5e-4a80-a888-6acebcb52fab","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":177,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"3b4fccc5-a789-4e7a-a5b4-f7172471283d","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":177,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"4cb1a14d-2deb-4796-817f-3df1421c5174","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":177,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"045e85d7-5810-4d1b-900e-d822e45dd50d","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":177,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"fb8ffdab-7ff6-4a3b-9dc3-052a948b64f8","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":177,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"8c00c093-1f37-4fe6-9318-bad7c39cfea4","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":177,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"92fda853-b6a5-4738-9f2c-0e3337f115ec","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":177,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"2fe832ba-4b04-4e29-b47b-4404277b67e9","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":177,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"82c7eabd-3fce-4888-9748-896430d80174","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":177,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"829f4bf0-6f5e-4df0-8676-a113c5551330","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":177,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"088249c8-7999-4559-ac1e-7bcc1fce0b79","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":177,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"ff3842d5-63a4-40f9-8631-c711cf0f083c","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":177,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"a4e701f8-9c0c-4992-a733-31d3a88da4ee","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":177,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"f681bdbc-84b4-420c-be96-9a5bd2735fd2","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":177,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"2d2f2f62-003b-465f-a3e6-1a92771ed5b3","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":177,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"0b9ca65a-c838-4d48-a2f5-0d94a79d84c9","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":177,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"a39dd3a6-dfaf-42ad-b6a8-97e29ad4ce77","block_type":"box","text":"party determination of fair market value.","page_number":177,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"fb89dc2d-7766-4cee-adda-183a2eb62f29","block_type":"box","text":"Computation of Offering Price Per Share","page_number":177,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"7ada43c5-59a1-4652-9051-1e4c21a4d8cd","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":177,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"c92ae2f7-6186-49c2-9257-38ac97f7aa45","block_type":"box","text":"the offering price for shares of your Fund.","page_number":177,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"065cd733-1e13-4834-8b07-d33d2ce161e2","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":177,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"b1b16fd6-4794-4bc8-865c-45ef04dbc874","block_type":"box","text":"Transactions in Portfolio Securities","page_number":177,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"30783037-6bbb-4452-bd62-664ec08d2d34","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":177,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"96eb834b-6856-47f3-ac93-cf9a141d3a65","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":177,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"11e8578d-4582-415d-9ea0-a0ab13247dff","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":177,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"3417ff94-e165-4b0c-abbd-2db249d9d7f1","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":177,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"5746b7ad-3738-4efb-93bf-232515478715","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":177,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"a5d99f46-e6ea-4a38-8e66-93aafa9aaae9","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":177,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"c8f32158-dc0a-4f46-9a22-1c2cfe0c9b64","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":177,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"1ffedf39-4de1-45cb-a5d2-e548cb707fa8","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":177,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"86428e7d-fb6a-4088-9ccb-b02f979a3655","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":177,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"10e5aec6-ec1d-45c1-a455-da96754f421f","block_type":"box","text":"reasonable in relation to the services provided.","page_number":177,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"126d6612-8baf-4491-98ea-018f09715b18","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":177,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"9fe7de56-9e50-4d7e-bd9b-9973537b9bad","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":177,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"85e3ba30-226c-495a-ae99-8609d6c0d0e8","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":177,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"32b0eb10-2c22-4a7b-b4f0-5dbc353a859a","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":177,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"941f96fe-15af-4c49-80ec-2023f08bc871","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":177,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"57a0407a-a1f1-421a-bc17-a7a0d851e687","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":177,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"347b87cf-72c9-46e7-9e25-875a352b92d9","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":177,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"69fc6426-9bc8-42ff-be61-a18013db45f8","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":177,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"5dc222e9-8add-488f-94a7-8ef07c47fb55","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":177,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"4718a577-6522-42fa-b79b-fc8a254c00bb","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":177,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"3e07c885-d8a9-49d2-a332-c3fbbcd02994","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":177,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"c6395861-37a4-4c6b-a1da-beead027ec66","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":177,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"c8ad68b8-b3db-490d-8a29-3ad35548162b","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":177,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"aee9a2b0-37d6-46e8-ab85-9105e838bb3b","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":177,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"24fd3a6f-58b7-43c1-88f1-12af2ac86102","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":177,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"ca2d410f-837b-4032-a60d-5f54c00c19c1","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":177,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"88d159e8-0aaa-483a-adc2-9a3074da232a","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":177,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"ded72646-060d-4997-90f9-20b7202cdc47","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":177,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"160fdd5b-9b39-418a-a941-fd2bfca5fccb","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":177,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"0ba4ae62-1702-4377-9074-cff451ecd1d9","block_type":"box","text":"II-122","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9bdf2c9b-47a7-487a-897f-2c218d951336","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1705f3a8-ac9a-4223-b9a7-8e297f973cb7","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":178,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"a5734a44-0cbe-4fe4-a194-bd5d9b9a4ed1","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":178,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"4d08e41c-b5f1-4a85-ad04-0a080e834087","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":178,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"76f04922-a999-4342-b1e3-aa36f3ba6b7c","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":178,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"12924a94-9e10-4d8b-9595-4e2d2857984e","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":178,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"91df736e-69f0-4ed6-ac43-d98753d01418","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":178,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"6dbeb5f7-2617-4803-9549-ee61e01be3a2","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":178,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"e3567fc8-b65b-417c-8241-cf4cc3af9c9e","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":178,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"ffb484d2-c254-41b0-bba8-03b3290f8be8","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":178,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"f340f9fe-fb51-4716-97bc-86d58df81a42","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":178,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"7c43d659-cf36-4b94-bafd-718be6ae17a5","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":178,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"bef0544b-5672-4e21-b898-ddf035c6b475","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":178,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"dfe38397-4b26-4c23-b237-f4d0ac1ca90c","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":178,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"a1e02701-feff-47ad-a9c0-a0ee174297ae","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":178,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"71b077fd-ad20-4b21-a3ea-85e09ce813ac","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":178,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"993aca35-2169-4569-a74c-7b3594edbbfb","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":178,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"524cac86-c7d9-403e-a28c-916013dce717","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":178,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"813d61ff-ee86-4478-9c4e-1bfa0e9f2575","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":178,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"e036b0a4-cc2c-4d80-9a20-a5db1e95f460","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":178,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"1c8fc6fd-53b7-4d39-8207-db20815163b5","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":178,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"cc65fdf4-9fd6-4bc8-8061-1dfe4ee5347e","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":178,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"e6c8589f-2893-4cbf-8cc6-e32755315ffb","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":178,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"10ada102-b08b-41ec-83e6-45465ac9e4d1","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":178,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"1f1b3ba2-374d-4524-8e5d-a9b29f977d55","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":178,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"565266a4-51f4-4bca-9332-0467d501fe47","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":178,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"ad0ac967-4302-4ddb-8593-35af9384acfe","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":178,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"73196e37-f873-43fe-839c-5b14027db5bb","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":178,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"7ea5cb7c-bb71-4f5a-aa79-783e265d1dd1","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":178,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"c20a70a7-1056-4026-976d-951d6eec15c2","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":178,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"f2bc8f7b-d056-4297-bc99-1fe315506b8d","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":178,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"239f325d-b7d4-4fdf-af80-8559104c4317","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":178,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"2f05500e-7d64-4231-a6bd-31d95819fbc9","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":178,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"df10f0b3-c406-425c-bc66-ab2cfaf19c19","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":178,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"b2deb395-86dd-4302-8969-2c0529f9d5ca","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":178,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"58ade8e5-3176-4cdb-b6d3-0d8b9284c574","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":178,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"1bb9d46f-9148-4885-8e43-e7af893562b4","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":178,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6503cdfd-0c31-4331-9758-d89840672cf1","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":178,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"5b215fce-cc28-4931-8615-405e20b5286c","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":178,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"fee35110-e72f-4612-9512-1b78f53eef8a","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":178,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"89e5abe2-d514-41a0-a722-932c0de1b35d","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":178,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"685e6151-05ee-415b-aca1-58330e0bcd25","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":178,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"f4da5612-4ac6-4732-9fa5-f7947addfa51","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":178,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"eb59fa64-be7e-4630-8b0b-ce2e6027b6b6","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":178,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"fa7a0227-02a5-4020-bd47-3f6e62423622","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":178,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"74e7e9c9-f3c1-44d4-b193-8fc9b74f39a5","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":178,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"c6bee97f-9b84-487c-ac5b-84b0e48592b8","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":178,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"8e17e89a-a545-4b04-8a69-a98444bce220","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":178,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"b834c039-4417-4d9e-bb1e-5458afe0cee3","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":178,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"5efffaee-206b-4d74-8dad-8cd881ff14a1","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":178,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"7b73e464-56a8-421d-a28b-16760ad13b24","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":178,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"e97f7625-d181-4892-a331-b1f373ca8b8f","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":178,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"a57d7cc4-5917-4471-b51c-54a2de3dcd90","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":178,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"c43d7f5e-faff-4723-881b-65552c9ce480","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":178,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"c51d6ff2-287c-4403-9bc7-661ca1bcaa48","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":178,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"9b0dd2f1-f928-43bd-8767-62a63b101e4c","block_type":"box","text":"brokerage.","page_number":178,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"702c00fe-1c13-4d1a-bc35-311dc40d60ab","block_type":"box","text":"II-123","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e07fee68-6c41-41ea-aca6-a5bc5c146c6f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e72b0df0-7d02-4d9f-8a33-0f760cf3ae3c","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":179,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"5d774ce8-d42f-4217-b0a3-440e18acb6a7","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":179,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"c733784f-5483-45b5-9aec-619c2780aa22","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":179,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"c7f6fa1a-048c-44da-8736-295323308ee4","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":179,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"900cbb7d-93df-41d1-9e2b-b26d50da2b79","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":179,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"ba719f92-0b5f-4275-91bd-ecd92601ccdc","block_type":"box","text":"Section 28(e).","page_number":179,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"2fe93511-7ab8-4d54-958b-5fe1f30c7743","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":179,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"050fb98e-5ae6-4666-a02a-2fc48693c8a5","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":179,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"7346427b-3798-4fc0-b208-4728f373f956","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":179,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"dee38581-f935-4e63-927f-c32e7fe7eb56","block_type":"box","text":"execute transactions for those mutual funds.","page_number":179,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"630a1b33-d1d8-4749-9f14-fb884597c6a3","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":179,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"b562f908-a368-4bce-94ff-b9062b1a31d7","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":179,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"8e73520c-9cfe-469d-941c-33afae79a167","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":179,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"33cbd401-e174-4624-9f12-e699420e80ab","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":179,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"917553fa-4ba7-4ceb-9559-77d9f17f9a7c","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":179,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"cd2e7403-4e9b-4d59-83bf-cee92a23a6f0","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":179,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"888d42ba-3de9-41e4-a8f0-15e06f57e40e","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":179,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"400ad655-5905-47d2-b22c-c97aac754ea4","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":179,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"e2c7128b-9e08-40b5-ac46-b6266acc339f","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":179,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"d75187bc-0681-4571-bcab-35b39312e7dc","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":179,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"c892854b-e20e-4ce2-94b4-d85b841166f2","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":179,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"bc79410f-30f2-4bf0-9f50-8db904ad8874","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":179,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"9d092109-90eb-4ece-b9a0-b79511beffad","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":179,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"1328d6a4-c659-49b9-943a-b03be6921d55","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":179,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"9569d531-9f26-45b7-96ec-ba3bc48d1c8e","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":179,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"ce506e00-61ff-4dd1-85a4-21fb5f67fa2a","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":179,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"153293c5-f003-42f1-8e16-1028bbd89c48","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":179,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"aecfad97-6031-4392-98cd-977079d008ff","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":179,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"45e651b7-63be-43f9-9eaa-70a335b0950d","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":179,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"f8c121c2-9761-4d57-aac8-d6b4a273b2fa","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":179,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"e93de36c-c1f3-4264-820a-409b8ed7d9ff","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":179,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"5823e886-7d72-4e9c-9a71-e5eed2e460a9","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":179,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"aaaf2932-36ef-4ec0-85d8-85f1de3d8673","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":179,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"6b4ffeaf-6890-423e-adef-35aa41f08dc9","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":179,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"a05c8df1-afca-4ce2-9ad5-a310448f0e4f","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":179,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"3514f7cf-7df8-4f2a-a8ce-8034987e60f0","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":179,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"dea0b378-2ceb-41df-82f9-932c7a23ca3e","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":179,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"d9352cbd-d813-4d4f-bf7e-8380fb748b4f","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":179,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"e9ae1c0e-d97b-407b-a511-9f2c87a59747","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":179,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"2106cf00-d0b8-4130-92fc-df392acb14ae","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":179,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"2b61f6d6-17fe-4f13-ab20-0fe35e203682","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":179,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"28577d84-893a-4960-b1bb-d0cf26eba755","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":179,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"855a2008-75a4-40f7-8ad9-e1785d86e404","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":179,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"01cb47b9-4dde-49a4-a265-23e0c65db70f","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":179,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"8a4b5f56-f00d-4cb6-b839-69f77901f441","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":179,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"45803b72-4f26-4dda-8a36-eb1165fe0c10","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":179,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"0d2ab50f-e3bd-4ae4-b343-fd73c805a598","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":179,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"9bc1a279-616c-4992-b771-8c71de826c00","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":179,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"ad88cac4-72a0-47d7-a9d2-b2d255e7817b","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":179,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"da49c48f-7e5a-43e1-adf2-0c5c27a590be","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":179,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"b4d45454-a143-415a-9e8e-aa19e3738683","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":179,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"45a00e80-b1c8-46bb-8bcc-4329d69d109a","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":179,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"00b384c4-12a3-4a4a-b356-d9fd43a4e6e8","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":179,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"bd77811b-2200-4204-97de-d4c839d7d19c","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":179,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"c4794353-1bc1-4343-b4d1-dd0bec74ef89","block_type":"box","text":"II-124","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"52ed1476-be61-4ae7-9ec1-f9839bf727e9","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e221590-1341-4c6b-b20c-19ac58f8a486","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":180,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"a46eb42b-17d8-4c26-90a3-7fc421e75ef4","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":180,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"e9b1b9b7-e6f4-4245-94d8-b892179680dd","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":180,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"e31777ef-f340-4ee1-98d3-01391ae476c4","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":180,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"169114a5-05df-462e-aa40-22f17d6bcd9c","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":180,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"2fcf719b-7670-4059-9138-d0771978de58","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":180,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"1d522cca-b4dc-4489-b60d-d284d7fab849","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":180,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"082050f9-fb35-4b4c-b131-8963f3e1f3de","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":180,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"a80dc8b6-14b7-4399-9ec1-374b5312a4ea","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":180,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"4a81a70b-8256-44b5-83b0-06395d319b2a","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":180,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"d7e154c6-1e8f-4898-b879-d24fd63e5bf8","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":180,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"aa9db45b-d0b9-4896-9ae0-1981a1e14f13","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":180,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"f1a99234-0953-4b0a-886b-3c8b48a4fae0","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":180,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"d265b5d5-d324-40d8-932f-58972778ccef","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":180,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"312a203b-2d0f-4dff-a864-cb1c3e16e549","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":180,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"45c14b66-c204-4af6-8282-b85aea477663","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":180,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"8bdaa415-25cc-4588-8ba7-522ee0ebfc44","block_type":"box","text":"accounts and compliance constraints.","page_number":180,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"2100a092-2306-4a2b-8617-883a5bf4e5ce","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":180,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"558fc39b-611b-46ee-a4b2-a105c5db2e19","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":180,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"d847783c-55a3-438a-97fb-c3ef43dadc48","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":180,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"3ff7ed13-7b81-42a9-8dae-a4d509ede6e1","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":180,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"b9fbd06d-ca29-4846-b770-66cef6f1fada","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":180,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"60cc9040-7d24-4ba9-9de6-1a71ab65ba73","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":180,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"53f5f58a-912e-4e63-8917-2d4f5cf5b4b3","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":180,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"6bc2d015-8db3-4aa9-892f-8aae9c2ef7c9","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":180,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"d90ddaf0-05c6-47bd-a409-ed1e1ab9fcb4","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":180,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"8e15da34-83ba-4296-a9f2-d27409048238","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":180,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"d93262a1-d894-49d8-b7b2-bc2e99df609c","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":180,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"8c7588c5-f897-480f-9ea2-9fb4ff780d9c","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":180,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"c79feecb-f69f-44e4-9cc8-d7c925fcca72","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":180,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"d1678584-aca9-4a3f-adc5-4bf04d461ac2","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":180,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"1f39d921-c7ab-44fa-b500-ea16b57ebc08","block_type":"box","text":"clients may be used as well.","page_number":180,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"710e8b32-bbf9-4b5b-9cbe-b44dec82ca7d","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":180,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"8fc76e16-6634-463d-805b-3c71bba73a47","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":180,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"52841a63-3a1e-4c8f-8085-14dd4dd1de4c","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":180,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"81875b72-fff3-4389-a826-f4de97caddec","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":180,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"d5542192-d6bb-4d1f-9bfe-81be6c904aa4","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":180,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"e465a323-deb8-4cd4-9cdb-d2deef7acdf0","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":180,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"cc0958f3-f8b3-4c56-8f17-d838b638463f","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":180,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"3916efc7-db44-4203-a9ef-cd7989ed0f55","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":180,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"8db0eaf9-2ea9-4e40-b4d1-096d51e8a271","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":180,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"c1f1e4c2-4268-4a83-86e7-bb4d12d64137","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":180,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"1627b235-1e82-409e-992c-660cc4acade1","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":180,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"8bf97f30-b639-4164-9dc9-6a884eec4015","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":180,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"058d8dc4-2906-438e-be87-f83491270fdb","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":180,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"0bf36d41-e219-4a0d-8366-0143d7e3b8ca","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":180,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"d70b159c-cf43-4a25-843e-cd0981ca2d12","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":180,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"3c67e0f5-00dc-4d46-b3e4-7af0ebb12b4f","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":180,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"e3d63edc-b82b-4972-ac01-1c26ee919c13","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":180,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"30e55743-3d1b-4fd3-bea0-7f8385c159ab","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":180,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"26a8a2a5-c178-4748-9879-1be8c55899cd","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":180,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"abec0262-c76d-4b10-9264-3c6aa909f6ec","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":180,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"f04db6cc-60bb-4873-89a7-a5aba17f91bb","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":180,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"c5df883a-7d17-4351-baa6-2e71c16ddbdf","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":180,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"af24bbcc-556f-4150-b7a6-ae989bf5397e","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":180,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"1ae2c296-7e26-4d9b-966a-b01fe3e74828","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":180,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"6381228e-b784-4238-9f94-527e2c46b7ad","block_type":"box","text":"II-125","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94f50df5-ab60-465b-b13d-f65c30617d4e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a16dcda7-8ade-46cf-9c8d-642752317fb2","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":181,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"c2d7c939-4ece-4ba6-ba10-10ef9e2c309c","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":181,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"ecaee8d0-36dd-466e-a473-850fa0d22420","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":181,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"7c5632a6-f647-4aa9-90e2-5a77fc7c7148","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":181,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"b49eb6f2-1757-4edb-9943-e1e54599a6d8","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":181,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"d7d101b9-14c3-49ba-952e-92e4eeec0c56","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":181,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"a938eb9c-caa7-407e-93cc-209dea2fe8cc","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":181,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"9b321b44-a3f6-4c16-a4dc-93d427095e91","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":181,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"82016d8d-a4bc-4cd7-a1b3-561b01b0cdf4","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":181,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"1a1c77f3-849d-47db-866e-46879369d422","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":181,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"7a3d9b05-cf59-43c2-b6df-f1497ea6f8e2","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":181,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"ba553bd8-674a-4ba4-aad2-1f6e55f403ee","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":181,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"207beedf-fbbc-4381-881d-ded4f4d2c8ea","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":181,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"2e2ddfbc-bd3d-4596-b484-753e1256415d","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":181,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"cea8f38d-d786-4740-96bc-0ec9fc26a998","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":181,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"cf6005cb-08a0-4bee-b9b8-c2120218338a","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":181,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"ece7b804-e3ab-469a-81be-f59e9a9b379b","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":181,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"605a16ca-6875-4e06-8c13-c5d7ab8ce42d","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":181,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"91e7add8-9220-441d-8500-8d2d2e80fb24","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":181,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"89082fc6-0474-4963-84f4-1692f40c9606","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":181,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"121cce97-c52e-494c-b6e9-450ee30ec1e9","block_type":"box","text":"Portfolio Turnover","page_number":181,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"dd705107-9e4b-4f6a-8405-87db056569a1","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":181,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"24551e25-a3b1-4ef6-80dd-fbe6b84aa4a6","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":181,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"db3152a4-7c71-4b01-a8ef-6d2238cc1c92","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":181,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"928ca3cc-fa10-424e-a0cf-46ab85f71e2d","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":181,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"2ec9c741-fbe3-48cf-95cd-d700f1be4fcb","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":181,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"826b65d1-35a2-4696-bab7-7d4ae28fcd50","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":181,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"4a84ac8c-b77c-434d-a8c2-dbc06d2da316","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":181,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"81def9c0-49ac-4d8b-ba20-10fd7c4f3ba8","block_type":"box","text":"Dividends","page_number":181,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"908944f5-20f1-4677-8a69-00cfa09eeea0","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":181,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"c46803ac-0a83-4d0e-96a4-08da1d2d2156","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":181,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"6e66dd71-acab-4b68-8468-5bec9d145f84","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":181,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"251e68b7-b661-44c7-a804-d95314f71dcc","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":181,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"9615f7f3-ede1-4276-9239-7c4bf795d77e","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":181,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"4c24b081-9bf7-4623-ab32-7a7999fee636","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":181,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"f0c9e8c1-0295-49f6-976c-0ec9510e0601","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":181,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"bc5b1057-ef0a-4391-bc86-ddd423d5e427","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":181,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"1fbfd267-1787-43b0-a577-e277462f036b","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":181,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"ea4bdd6f-9f37-41bc-a532-47cfe9280b27","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":181,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"4e222d24-8e7a-486f-b4aa-d89fe533b419","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":181,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"ad57384b-30aa-4d96-8746-fe3c468d61d9","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":181,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"be23d25c-568e-4ce3-9390-563dfc9da953","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":181,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"3715113a-3ca1-40fa-832d-1ff3cc495ade","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":181,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"8fa9c4b6-c0fc-4e8e-aac3-d60db63c6c30","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":181,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"3b02b3bc-148a-4686-b6b0-c3a69a06dce3","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":181,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"8e309314-1261-433f-9d9b-b442c06378c3","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":181,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"2c6ef9d4-0002-4736-8e9b-ab30ef83b78d","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":181,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"f6c88d8d-cec6-48ac-9022-43bab68bee1d","block_type":"box","text":"Taxes","page_number":181,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"f02bb2e2-dc3a-4700-a668-26ecabcb86d3","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":181,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"55c3e02c-a436-4e30-8292-dbf12eb7aa08","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":181,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"00ddaacc-a27a-4b54-96f3-700b3cb8119c","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":181,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"b7b1258e-025f-4645-8305-5c0d7ee7490d","block_type":"box","text":"II-126","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"70b2db1e-8510-43a5-a379-5907e2d5034b","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7df155a1-ffd8-43c3-be5c-ab391d4797a0","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":182,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"f47a02bd-aa98-4da1-9a5c-298a59b17ef9","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":182,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"767e4f3c-fdfc-4994-9a57-736e89f03773","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":182,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"f8dd37c4-7e9c-4eb5-a50d-3bba1d19f429","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":182,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"ef875b0b-aa35-47d8-9937-0262406a242f","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":182,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"ad8857ac-ca2c-4bf2-9fa7-95fc3d0709dc","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":182,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"4496a770-50fb-44dc-9d58-16eac108a06c","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":182,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"3d9f1a42-2382-4906-97de-4ffa271e68cd","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":182,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"07022d07-1d79-4dca-bef0-2ceef63fd40b","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":182,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"41d4ca2b-44d6-4f21-b4c5-b0885590b9b9","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":182,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"81146875-0883-4cda-8b50-d5c0bdfd1cce","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":182,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"2bd09b0b-53dd-4212-8b4b-244da8bbd6fd","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":182,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"92bb7a57-6f82-4772-a369-f18c39f88b39","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":182,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"b68ed30e-3b45-4bb8-9a2a-f35c3f23dfe4","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":182,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"aa9a55ef-daaa-4ebb-87db-69b5825c2dea","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":182,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"a740acfc-e563-411d-af7c-af5cab9690e6","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":182,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"f4813fa2-d065-44de-9a4f-de15d86e9735","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":182,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"4bf0de38-aaf6-4372-a886-43169e3b850b","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":182,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"35dd49df-1449-4420-879a-d5cf818f24af","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":182,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"432c27b4-255d-4013-842d-6cdbf3f4249a","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":182,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"3d3b02da-15a5-459b-9102-aaef1f459d0c","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":182,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"6d3b9ccf-950a-4ea1-a413-72ed8ffea715","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":182,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"f18efdfe-6b36-4b86-bb12-ce146f3dfd70","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":182,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"729e0cc4-2f49-48aa-ad0b-5ddca96ebd22","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":182,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"2fe6d08c-5571-4062-ba21-031c19ab3b86","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":182,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"29182e60-d6bc-4a3c-9387-036b65ed5e53","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":182,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"1006dad4-39d3-47f6-876d-818ae41ed403","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":182,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"da4d9a22-facd-44f3-8408-a4cf1c479861","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":182,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"b9826476-a533-4d0b-88d0-6e6fd19d434d","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":182,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"764d453d-ce9d-4cb0-be3f-41a176abf82f","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":182,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"9ce02232-2b44-42ce-9146-a3d4d03ed22d","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":182,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"8fd8f513-350e-4782-b72e-5c9d21fe0a6f","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":182,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"150a7d98-75e4-433c-a2cb-08e0825538dd","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":182,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"436d10d7-9dfa-4471-8432-0de44e525e49","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":182,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"f1991d62-569b-4cc4-ba68-2a4a082ae337","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":182,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"e0c2ab69-0b6d-497e-9920-34285db08e16","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":182,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"ae713d93-11ae-4ad3-bd94-61dc712924ff","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":182,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"37a97269-af7b-4e5d-8b2a-668f66b6177f","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":182,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"d7a6b503-c8a0-474c-b8f6-ea7d5f769f77","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":182,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"d69281e7-c937-4411-8400-1d80336ba75f","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":182,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"1132b847-2c90-4299-b885-e1557e4a4027","block_type":"box","text":"limitation.","page_number":182,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"1e08ee04-e242-42bb-80e2-2441156a9296","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":182,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"631e7381-ba41-4742-9e1e-587c16ac985b","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":182,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"fe814948-4099-49be-bd96-5dd634726a4c","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":182,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"448cd096-8f56-42bd-b70b-134cc8a99bc7","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":182,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"70ac9479-26dd-4752-a3dd-5b9ccc36942c","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":182,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"36b938a2-d989-41c4-bdec-58ee33104c56","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":182,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"feded250-ebcf-4ef9-85be-1ad0965baddb","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":182,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"0d586f20-5c07-49c6-b98b-44292bcd00f1","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":182,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"b4c121ae-7899-4ea7-a257-cd2e9fc86f7f","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":182,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"718f8269-0b86-4ee4-8aac-3b962f73c688","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":182,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"96af333f-d13c-44e3-bd8d-341eeb077af2","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":182,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"7d916bb1-24ef-4ffb-b646-be0a1ae73fc3","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":182,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"0e19e8a5-0236-4051-ac35-33077f318628","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":182,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"fc26b9c5-f9a5-4d88-8fcc-75506764135a","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":182,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"c61b0f4b-2f4d-4f8c-8d33-7d7719e8da7e","block_type":"box","text":"II-127","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4d60356d-82c2-4df5-a783-0f75702a7bc3","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71f14e04-f0e9-4701-826f-8343046f23e6","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":183,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"778e2bc9-46d3-4417-ba7c-e55cb1efe6e9","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":183,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"00979d57-1c3e-49d0-a880-aa2c032728ec","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":183,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"909a420d-f6df-4f50-84b5-fe871690297e","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":183,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"e4393b9f-602c-40b4-a165-91e42ef54037","block_type":"box","text":"constitute “qualified dividend income.”","page_number":183,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"be34f85c-16b6-4a6d-a639-f69e032cfcd7","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":183,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"eb34c547-2e2b-459c-b443-10c5b1d5b069","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":183,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"be8c5928-33fd-4272-99da-6d73d387a088","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":183,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"09319087-783a-4a5f-80d4-26f6e7f28d67","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":183,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"ca8dc6d1-3dfd-4b9e-85f9-2e606e43e631","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":183,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"04212dc1-3dcc-4bc8-9e77-3ce09e77a7a3","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":183,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"dcbea58c-c282-4a5e-8e2b-54cc524a9ab3","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":183,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"ffe7d761-e8b5-4149-a9a5-55fd51e38f94","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":183,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"69270875-6d65-442a-82e1-989c821d7510","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":183,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"cf659fac-7cdb-47fe-ae85-ac8d5720ed5d","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":183,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"e37440a4-d3e8-4dc5-89e1-e2f19b6d602d","block_type":"box","text":"against their taxes.","page_number":183,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"17086195-2444-406a-a0fc-6c3b012aeb3d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":183,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"f51d957f-098c-470c-86d2-385250ce4368","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":183,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"3a165c21-6031-45fb-baf2-9c8e497edfcd","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":183,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"023719f1-2807-43a9-a30c-3cf2ff22af80","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":183,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"5c1b8073-1c27-461b-b868-b3b9e8a428a0","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":183,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"c2480bc6-45e8-4be9-ad0c-49a50d6e6145","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":183,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"e694cbda-7f15-4a84-9df7-c7763210f143","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":183,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"62ab9dcd-aa77-4df5-9636-c602ac6e1f8d","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":183,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"43cfd079-abde-42f0-a8f7-4fe602052407","block_type":"box","text":"dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"94f5e8a5-f909-4a06-9ec8-44ff7b006d1d","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":183,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"ba8e760f-873d-41ad-918e-d61046bf31c6","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":183,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"074210d9-d3f1-49c4-adf4-f39e98d25834","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":183,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"045fc5d5-9fd3-456b-b285-358f8cf6bda9","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":183,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"e28e1555-aabc-460b-9613-5211ed07563c","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":183,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"25d846c3-5a93-4d2e-b444-f43ca76e7fd3","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":183,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"52607415-aab9-4ad1-ab80-d5c29ab07898","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":183,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"81071e95-08e9-45e8-bc5c-6a2fc0938fe9","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":183,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"15c5009e-42d2-4b81-92e0-c9784ab1f38f","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":183,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"ffc86608-54c5-4f18-9cfa-4c7bb3cec24f","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":183,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"c8bd9504-4ca8-43a6-a2c3-c2c35deaac01","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":183,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"378bafe6-739e-44a9-8a04-f25bfdcbe8ce","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":183,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"44d3e59d-8716-43d7-b128-257fe2c720cf","block_type":"box","text":"taxable year.","page_number":183,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"3754ef61-e761-4683-bd50-315351acae34","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":183,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"af5b60c4-b331-4586-9bb7-a72c19400853","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":183,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"8e9302a4-9845-4e19-b907-a2304ec7edf9","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":183,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"bac243cd-ea97-4275-a049-9cfb2de71228","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":183,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"1fb137f3-71e4-4fca-b5ff-e7da23bc05bc","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":183,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"d651bba0-6343-4648-925a-b103578d0c71","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":183,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"dc367142-75a1-43fb-a5ed-572c72762774","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":183,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"04c5964a-b95a-46c0-95a6-a12fe446d4bd","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":183,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"ac9ce69a-1b3c-4080-b559-1f982465afa1","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":183,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"ff957ece-5269-4558-87a6-57f72dde05f2","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":183,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"c8b79e20-1086-4e8b-b46c-0f1e5784c601","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":183,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"49956f0d-deab-4c48-8358-51831b1f5e93","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":183,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"ec60799d-cbf8-4bff-8158-caa1fd15e9e9","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":183,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"6ff18c6d-d796-4eba-ba1d-2a3ed4c300f8","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":183,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"a03f336b-0ac5-417d-8ec9-ff1f0a7a2100","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":183,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"299415ca-541c-48c1-a6a0-f128341383ac","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":183,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"fd72a389-18b9-445b-bf3c-91a3d51b6703","block_type":"box","text":"II-128","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"41904866-6ab8-4ce6-8993-ac03a5e5a30b","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"269eec6f-e219-45fe-8914-dea5798861b8","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":184,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"264e15cc-1f18-4e5d-93f7-97419d82d8fb","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":184,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"e27ca467-85f0-45a6-9bd5-581fdf2bb2fb","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":184,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"57753002-095e-4078-b906-d6d4b77613c8","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":184,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"461db1bf-c6e3-4fa1-915b-30529a2190ec","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":184,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"33d3f690-d16b-4af5-818e-804a8fb2acee","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":184,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"a8af7169-7f3f-407b-8932-18fad960ea76","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":184,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"1aae8913-8c3e-47d2-9d7d-83fd32381446","block_type":"box","text":"redemption of such shares.","page_number":184,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"a50da0e4-fc9f-448e-8e5b-20e02f029de9","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":184,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"c6f69ff8-a7a1-42af-8c3a-77d7749d482c","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":184,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"8973d4bd-31fa-4db3-9c95-16a70e405994","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":184,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"e10eb6c5-d1ab-4bf6-a831-de4e327c2e87","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":184,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"ebd72ef7-6901-4032-905b-98d163bdfe39","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":184,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"e46bfc63-c0bf-4440-b738-d93b78117911","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":184,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"9f41a1eb-a8c3-4b39-ab83-0b08fe931d62","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":184,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"10eb3524-cbd2-4ee9-ba7c-7106314cc475","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":184,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"233dc75e-b065-4447-930d-4d26328f0581","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":184,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"3f8a7d26-88c1-40d2-9d9d-eccff921a0b6","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":184,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"1c285495-d07c-41eb-964c-a0a38c967857","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":184,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"5fbf97cc-6ced-4e37-b6b1-a0c758cae7f5","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":184,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"e9a2c30b-8fd3-405b-82fe-c7615f7a7550","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":184,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"c030022a-cac2-4f00-9b3a-bb85faf54b33","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":184,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"881b1807-41e6-4d70-8832-dce698af6ec9","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":184,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"28eada9a-8af2-4e91-b813-db40ee327baa","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":184,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"fd00316c-cf29-4414-ae14-9797fb6a8378","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":184,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"73fbe1b1-7ce4-45e3-91c3-94d939876692","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":184,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"45a24632-7c10-4727-857a-e754d676de68","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":184,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"052381e9-f50a-4658-a6a1-09c689fa984c","block_type":"box","text":"gains.","page_number":184,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"aefa435a-0f82-43fa-a5df-290acd35f953","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":184,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"89b04208-afda-4505-91d5-3fe2690198d8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":184,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"40414419-f9d2-49df-91b7-415a77ab6f05","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":184,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"0e3d68f8-ff52-4870-8dfc-cd818f6cd020","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":184,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"1245e928-b97b-407e-b7d2-fa0d0f148fb3","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":184,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"81e0c4df-062b-4c7b-842b-1db5e107dc63","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":184,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"f3a494be-8386-4b90-b4f2-0f834a80aaf9","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":184,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"a3257a7b-cc0b-4042-9a81-2cba35a22631","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":184,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"1e8fb41d-1f00-4275-bf21-7013e74ad54c","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":184,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"6521a8e0-1354-4a74-9497-8bb78a37d540","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":184,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"5c69acab-ad9e-4ab7-bf87-49bda05ec754","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":184,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"58dea9c9-ffff-48c7-a0ba-5c42f65559c6","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":184,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"e7cadfce-7353-4297-82f2-a126140cb87d","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":184,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"869f7cce-0a69-4fce-808a-f69d9978271b","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":184,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"83a17bdf-91f1-498c-a587-428b353925c9","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":184,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"d54df91a-dc9f-4673-94df-7d4c52342eda","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":184,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"7e2354e7-7cc9-4346-a3a6-a6e0426779ea","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":184,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"bfaf0e1e-5d48-44da-8b2a-c62e925a0e0a","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":184,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"fb2115a9-d5a5-45a2-a1b1-9bb1b40c08e6","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":184,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"5c35c391-b0dc-4087-a74d-90a2b99c6f15","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":184,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"0c9748a1-2753-4a96-851f-741964285815","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":184,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"ccd29654-3385-4cc8-8cd1-6c7f299ad00c","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":184,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"45026737-58a2-42fd-bf43-3401c1198737","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":184,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"033d2c71-956f-43cf-862f-b4ee7e6624b5","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":184,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"23141e23-bdab-4968-808c-9ef592016041","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":184,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"0f6f6ee4-cc7d-4a54-b168-26e5b2459662","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":184,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"cac3fa11-3881-499b-a8b0-e27cd57a2c2b","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":184,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"8047018e-4e30-485d-b8fe-d6df45021abc","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":184,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"f9631c1b-697d-4123-9969-f5cee878eb6f","block_type":"box","text":"II-129","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a691ea72-5a08-4ef6-887c-2c1d59db3edc","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd59d5e2-7713-46b1-a76e-f2af357c082c","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":185,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"93c99306-cc6b-423e-aee8-9dc0fb0427a3","block_type":"box","text":"dividends under these rules.","page_number":185,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"03da7eea-a217-4cb1-a289-98191ac26a8d","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":185,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"2986db3c-6074-422b-975e-c6d3f3b7806d","block_type":"box","text":"assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding","page_number":185,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"ae34cf69-97e2-459a-885a-0b43b72bf0b8","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":185,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"438e1b9a-4c3c-4819-baff-fa20af152467","block_type":"box","text":"attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and","page_number":185,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"801a1725-0143-47b4-9f09-da2612a6418a","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":185,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"a3037909-4a84-4604-a2ea-f0d4db1fe1eb","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":185,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"5fb2b682-c267-4ca8-8429-a9c197b64d34","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":185,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"ace51167-a4d6-4f8e-adac-23d657e6eee9","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":185,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"dfd41586-56b7-4cbf-bf91-19c29e60abf1","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":185,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"7b438649-51e8-44bc-ac41-49cc4d5fcbad","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":185,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"41380b6a-1234-47ed-a9b6-2b078299c90f","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":185,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"f46abc4f-4501-47c7-a0ce-de89905c68c9","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":185,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"62c915bb-02b2-4f35-9279-6d009c057a7c","block_type":"box","text":"controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real","page_number":185,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"6bbf6fed-2c4f-4377-924e-23d451cae886","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":185,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"cc9c96fb-b1db-4b4b-98a5-39ed8739614c","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":185,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"91359a52-8bc5-4714-829b-0f7348e819cf","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":185,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"03c6a330-f690-428b-9744-54e94c5807af","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":185,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"9dbc2af4-36fa-477f-9124-404a438e014f","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":185,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"d9062063-ffca-4fa3-af47-1faec3328469","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":185,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"72ed09f7-f7a4-45df-9103-7dbe800b44f6","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":185,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"37d1a43b-eb9c-4ac2-8f47-cb55fa474a94","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":185,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"ba85e768-7633-4e72-b499-aaa4bf522969","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":185,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"4c3629b8-560e-4965-b301-4694d6de2e79","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":185,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"4206d77e-abe1-412f-b190-050d68b21cbb","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":185,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"3865ea41-ca2e-4f30-bb2a-84b760d6b270","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":185,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"0fcc4fab-8838-47d8-a232-2edbef9701c3","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":185,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"daf22edd-c344-4e1b-bc62-0590f95daafb","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":185,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"69f3edf7-75f5-4700-bae8-3d6cfb6362a8","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":185,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"f043cd01-4caf-4967-9726-7edeb34c35af","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":185,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"ce01e63e-820f-46fa-8ded-2a7f17ff940b","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":185,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"46650e4f-1ed1-40a9-9141-6841376c0012","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":185,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"d10a2668-1d92-4988-a172-758eee4d0e72","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":185,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"405cef9a-f102-46e1-b486-4fcc5d99b0c3","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":185,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"1126856e-2856-4b37-a2cc-708539980c7e","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":185,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"4257f172-f291-4d42-8e84-01cb9cd20ca0","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":185,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"97e63fa4-4f61-48b1-bd3b-caad2a425689","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":185,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"122def3e-7dc0-47ec-b0d1-853c6ade30da","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":185,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"05cf33bd-dc29-43ef-8088-c1902e4b332a","block_type":"box","text":"individual circumstances.","page_number":185,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"10e52d53-7fb8-44b2-b9a7-e45997c12f38","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":185,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"0b7891c8-562e-4697-a5d1-f10bb93d62ec","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":185,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"bc6b5a1b-6145-4605-bd2a-8d5fc2333b2b","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":185,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"f8718551-0273-40c5-adb1-aa499c3892c1","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":185,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"619f4d12-a517-4e33-96d8-7c5d56ed33e2","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":185,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"0210f234-2c21-4f5e-9655-f9c35f2bcbc7","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":185,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"61e0f96e-c0dd-421b-8ca2-b81e31d7fae7","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":185,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"a74a2ac0-408e-4fb4-9709-7dbde924deda","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":185,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"c635c708-b570-43a6-9336-4fdd9073f2cf","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":185,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"d434d6e8-701c-4188-99b2-e913116cf304","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":185,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"9fc3682f-b21e-47fd-a8c4-d14dfd538008","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":185,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"5918d190-7f16-427f-a738-403d2356fd60","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":185,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"0b90ebd2-1409-4b4f-a7b7-aba9d5cc5628","block_type":"box","text":"investment opportunities.","page_number":185,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"89cd3652-87d4-49f0-ac04-cafeaf240ccb","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":185,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"a68c2e9d-2fce-43d6-a130-118a6e74353b","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":185,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"237439cc-1e9d-4b95-80fc-076998e4b144","block_type":"box","text":"II-130","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f15f5727-525a-4d42-9d14-e1c901bccd85","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eecf906e-3015-4881-a3dc-3f2157fc1ef1","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":186,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"41e47e98-ea95-4e87-b3c3-7514c329639c","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":186,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"5d96191f-e3ce-46ee-b6d4-42a07dfc7c4f","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":186,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"d183e2a8-15dd-4da1-b7a1-7fff525d9ba5","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":186,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"b13e3152-9656-4268-9ae7-f14aa1667c51","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":186,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"8a8775d8-a3b1-412c-b163-2bc422f6dfca","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":186,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"32890729-d55e-4ebb-bfb9-b8c011b90a6e","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":186,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"86ff0715-f233-4b86-9191-2d001138f3c3","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":186,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"5331eab3-b06a-4189-ba43-df31b7c169a2","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":186,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"e82892d8-76e8-4803-8d27-98f96a6f633f","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":186,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"dbd935e4-585b-4e2f-9ca6-3e5da274a52b","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":186,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"a33e15e9-c1c4-4e17-9230-a7a66e2c6514","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":186,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"4a849b74-5646-44e6-a63b-5363b3670749","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":186,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"bcbcd2ff-6b6d-4f9e-a87e-37b72ac944c8","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":186,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"732da959-8152-426c-a6e7-42574688957e","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":186,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"cd3bfb08-7471-4848-980e-7fa49c11f528","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":186,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"a70bd773-7ed3-410d-a3a8-48cc921b9e6a","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":186,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"aac35f9f-7758-4422-ab87-4135e05eed07","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":186,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"fcba14d1-1737-4e5c-8f02-5bb9799a047e","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":186,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"6c92034f-c64a-42b2-a814-17f30c5d9d56","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":186,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"7b7ba643-ce01-45b9-88eb-a663b35f971c","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":186,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"2436f069-6d5c-48b7-9366-39df2a2cb2c2","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":186,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"540751af-d180-4cd3-8f42-97c7941d0ac9","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":186,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"1aad8d2f-2e90-4632-bfb6-82b74443bd1f","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":186,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"bde5ac64-1cb9-4ed5-825a-7a1e769ce582","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":186,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"8e9dab38-f28d-4ec1-b2e3-24630556335b","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":186,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"0b1b9254-bb5a-4c6b-b7fb-981bbbdb94cb","block_type":"box","text":"positions in its portfolio (","page_number":186,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"24e070b1-a7ae-43e8-a022-a46e0115866f","block_type":"box","text":"i.e.","page_number":186,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"6725a237-bb55-46a9-b909-01c5b6c9950c","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":186,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"5ed8545a-a999-4274-bf23-4b324b43edc3","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":186,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"98668d0d-ed4f-4934-8895-7108b7dca4ac","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":186,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"4c367440-de6e-44f8-97f1-fa2e0166506a","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":186,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"305fa3c8-4d85-475c-b788-ea8cea4cc1dc","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":186,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"86eefb7f-ec74-4d80-ab30-adb75ba67c62","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":186,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"11dd3804-42a1-4035-9620-cafe6973e6a6","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":186,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"7dfafbfe-93d8-49a5-827b-522d9653ad29","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":186,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"c4ffcd1b-09ed-413b-a1e7-f5a21e2e5361","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":186,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"c348070f-da8a-439d-985a-a171bc4888d2","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":186,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"07dd0b80-fd6b-45cc-a12f-4945337da99b","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":186,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"cbd8e623-b712-46ac-a5db-832f20d1d110","block_type":"box","text":"Fund were to invest otherwise.","page_number":186,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"d55fbc79-7f0b-48a7-aaf2-f835d377957f","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":186,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"965d1602-c925-4011-a244-5575d77b2b46","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":186,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"e38bdb0b-9afb-48e2-83f6-cae00da04a44","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":186,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"add530ef-811d-4005-aea9-a91b7642b4ac","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":186,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"a47cebe4-600d-4ee4-aca7-e7888dc270e6","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":186,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"fd8c7cbf-831c-405d-a879-acf3207a3e51","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":186,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"82dd9004-9155-4291-ac9a-2ba06068c780","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":186,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"b2867be7-423c-4844-977e-29edb28f18bc","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":186,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"d62df25c-d315-4985-b8a1-6ecdce170617","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":186,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"b952e632-24c5-40d1-bcbc-6a7ee55631a8","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":186,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"bc731255-8d86-428e-bf75-fd4f0eac9730","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":186,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"62a44911-ab7e-4210-8370-7f140b30c039","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":186,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"e9915a21-d6ec-4a84-9021-53250695148d","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":186,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"32fbe3de-e3e6-438e-866e-3dddf2aef218","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":186,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"72e1e36f-1f29-483b-8be4-302b3f861d65","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":186,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"54185239-4626-4074-b088-e68bbc6aca13","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":186,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"20aefcb9-5aa2-4f80-94e3-2a8afcc64465","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":186,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"c7c549d0-1b99-4970-bb3c-69a8efc2d42b","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":186,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"3a120db0-7f3c-49de-b9b8-f3873bffb59d","block_type":"box","text":"II-131","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"777a1826-0e52-4966-b41f-c43f1c63bda1","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f3dc8f3-cfe1-4b97-90c9-128a84c93fd8","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":187,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"aded41d3-b811-4e27-9885-e60651032468","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":187,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"be4479c1-4c11-4490-baed-80a1fac5936e","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":187,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"2824c8f9-e0bf-467b-9fe5-2ad54ccbd84d","block_type":"box","text":"PFICs.","page_number":187,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"985f2ec7-5b80-424a-a63c-61042bd8af7d","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":187,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"187f9000-3f8c-41a9-9830-a5a3d1b04660","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":187,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"1660d8dc-29bf-4e5f-b365-2fa100fb3389","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":187,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"1ad6137b-3d57-4786-9054-7406df9bcabb","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":187,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"973b9dc9-095a-42fb-97c0-b05dbb1d636e","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":187,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"dd78b2d9-56a1-4a2c-ab9e-cee816797a9d","block_type":"box","text":"difficult or impossible to obtain.","page_number":187,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"eb7f470b-d040-441e-96e7-9e4f72845ff1","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":187,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"cddd7dd0-4812-4667-b519-188a913ab750","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":187,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"b73768ed-060a-4906-980f-9b0579eb4ec1","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":187,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"4d83c464-df98-4a64-92f7-17efab465ffd","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":187,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"a38918cb-6c46-412e-b424-1610706a423b","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":187,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"e24369b9-7ac4-4533-be96-13575e628d1a","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":187,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"8d2ed602-8dc1-4904-b861-6af24689bc9a","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":187,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"eeb0acc0-6b6f-40f4-9249-d3c1a9cc7fd5","block_type":"box","text":"Municipal Funds","page_number":187,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"f7df31db-d4dd-40c0-8615-9b32958d1e71","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":187,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"985c1ba8-671f-47ac-af35-55fcd98a46f8","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":187,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"c0a93457-f225-45d2-84c3-a89d3d3acf49","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":187,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"c62f6faf-663e-47ed-aa2e-bc92956349db","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":187,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"46bf235b-469f-41ab-b753-fcf0e44438e3","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":187,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"f039aad2-7afb-455d-b681-59084c9af163","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":187,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"cb3fea09-761f-4d9d-b993-d6ef321d2731","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":187,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"42537eac-2e64-42ab-8954-588da1cafd30","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":187,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"783173d4-2f41-4f82-bed0-dcf75cc68c81","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":187,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"dd75ff0a-e8a5-463e-b12b-4f82c7d02a1c","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":187,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"79b804b2-f905-4550-8388-5d8d8f1aae89","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":187,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"d2152b8d-d411-464c-8820-8cda2c3fd019","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":187,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"6b6a03e0-4182-42dd-9776-610f9ec0f885","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":187,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"fc548e7f-373e-4b49-a40d-0af1561a4d62","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":187,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"9bce31b5-6ea0-46dc-afd9-9340c368be12","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":187,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"453e2cf8-2aed-48f9-9db0-be1535847680","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":187,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"bbe8e881-1e38-447e-b0c1-ecc6ca30ae31","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":187,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"dbf28a27-b4d6-461a-b912-3638e3a8d34b","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":187,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"84e462b9-9039-4fc1-b806-fa175f62d094","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":187,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"c57c2f3b-03a0-47ab-a25e-2f532e2bbf50","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":187,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"2806795e-f74a-468a-b5b8-f078431f8e6f","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":187,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"dfe957c6-1533-4ca5-9fba-35119e5394e1","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":187,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"f6f6b360-13fe-4f89-909d-d7fa59af2f41","block_type":"box","text":"constitute exempt-interest dividends.","page_number":187,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"d6f3ff03-a630-4b84-9bd5-ca691136149e","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":187,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"820a3146-b2ea-4b1f-9fc0-3054f73f87b6","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":187,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"db4e668b-a3c0-4bbb-a16f-20c31b8c1ba3","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":187,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"5461452a-998b-4293-af6b-47732603a4b3","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":187,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"8fa6e26e-0858-4e28-ac36-bb9888b2b025","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":187,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"e8e1c521-38f2-4b44-9f82-7f4ca64c23c9","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":187,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"2a71935a-764c-4490-8005-4038fe52a33c","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":187,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"e5016749-5e55-4606-8e09-0ddd56ecf06f","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":187,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"0cd443f7-c429-432c-b63d-a191f90d639f","block_type":"box","text":"income dividends received by shareholders.","page_number":187,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"823fdab2-1a57-4509-948f-95525229b487","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":187,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"a1f6bc7c-e360-410e-9148-72c64aeeee59","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":187,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"6451435f-735b-451e-b73c-3c6976291bc8","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":187,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"558f6d14-ccd1-4e79-a02a-d87c86f03c46","block_type":"box","text":"II-132","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"60b3348e-f076-4dd7-ac6e-b41875d3530a","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6f99703-14e5-4e1a-93b2-42081a413649","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":188,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"d1494c4c-9657-4f57-94d8-4739957e4e37","block_type":"box","text":"the accrued market discount.","page_number":188,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"64150dfa-02de-443d-93cd-ffb3c83bfa00","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":188,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"9892e545-cd1d-4a2c-86cc-0c70aea0324c","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":188,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"e4ac26bd-5847-49eb-9a47-bdaeef1d34ca","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":188,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"0b2a7959-31b4-4f6d-aee4-e7432be9f302","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":188,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"2ec12e53-4d07-44f4-8105-dafe23bb028b","block_type":"box","text":"e.g.","page_number":188,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"cdc9032b-c383-4b8b-96f7-66a0645bf573","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":188,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"4d64ba27-4d86-4b10-bb42-c810dcd16bd9","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":188,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"525260d0-153f-4c4c-8847-31598958d7ea","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":188,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"28f79f68-d765-494a-a69a-a72b2ea34173","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":188,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"c0c12f97-3563-4524-b0dd-cdcaad54761d","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":188,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"9c9b563a-4160-47ee-ae20-31fbf36ed9f4","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":188,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"cbd3b443-0b8f-42fb-be54-59330be32963","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":188,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"9d8e2d1b-1012-4fc9-8edc-0b3241fc2285","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":188,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"fbc5782e-12ba-4630-8c5d-0022922d4426","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":188,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"0e0941e5-91c5-4580-bc90-7e62af8d1a68","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":188,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"2491d17c-d54b-4295-8886-fda394b38923","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":188,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"7f480c7a-4e04-4adf-a17c-1ac5b76ca86b","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":188,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"d7c9d78e-6ac0-44dd-ac93-5a9c6d79ea1b","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":188,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"c7137500-6abc-4ea2-a847-10ccdcf35ad8","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":188,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"14ecac5a-7c87-45b0-ac66-fabf0e8539f1","block_type":"box","text":"within each applicable state.","page_number":188,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"ced29a60-ea78-430c-8cab-63dcdddc870e","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":188,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"a9d4caaf-f888-4956-bc83-2d7272f20427","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":188,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"3607fdbd-5357-4553-a579-1af0584cee9a","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":188,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"43ae8da8-804a-45a2-b099-e0b321e7184c","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":188,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"ecc7e6e9-eeea-4dac-b392-b1c0f93f4af8","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":188,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"233da865-4b6d-40f2-ad00-92f507e60f51","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":188,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"fae86c59-870d-4a43-bc79-dde184849854","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":188,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"78bacdb7-0d5c-4424-8884-86eaa39e39e8","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":188,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"96e9ea0a-162c-4304-9f97-40d3140a0277","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":188,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"420c3375-b339-4f8c-bb99-764eb8bc1270","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":188,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"f7fc4f6f-9f1f-4f33-ab27-7583b1e92d08","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":188,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"5ed84606-4111-4051-a52d-843af706bb79","block_type":"box","text":"exempt from state income tax.","page_number":188,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"94ec0b00-4d1f-48a5-85dc-307bbe46328b","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":188,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"480f633a-10b1-424e-b007-48ac77b17948","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":188,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"56f1ac74-db8f-474a-9cc4-35c5797779ca","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":188,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"77f8af92-a5bc-44d9-a931-793f06b4ceb2","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":188,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"f63d5a82-ad04-4e29-aa70-926716f96bc7","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":188,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"9333bbc8-d3f4-4a83-851a-8cec6677157d","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":188,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"54688e59-738b-478e-b85e-62940d3cefdf","block_type":"box","text":"decisions may have a retroactive effect.","page_number":188,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"65540a8a-4c38-4c5f-bd41-52a57548b12b","block_type":"box","text":"PERFORMANCE DATA","page_number":188,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"07a540bc-7bfc-4071-aeb0-97344c015951","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":188,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"49e1beb1-a1e8-4cec-9e72-0f59c9ceb789","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":188,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"f7963089-0aaf-40c3-a95c-245689b58ccd","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":188,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"854a37e3-492d-45de-9d13-db11caeee9df","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":188,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"f9eed1ca-6029-4b99-aa19-c5b1cdd27cee","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":188,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"01fc7ad2-f10b-42a0-858e-0c25963cdc4e","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":188,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"24a1c1f5-8454-46aa-bcd9-f44ee6c70589","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":188,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"e46faafb-fd48-470f-af56-390f53c117fd","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":188,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"a408e8f7-a29b-4e41-9d0c-eadf6b88021b","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":188,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"d221b4a0-4e5a-4f79-8c96-a149431f771a","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":188,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"7882274c-5866-4311-a64e-b555c6183446","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":188,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"1a3d735e-0654-4539-b997-bd4559bd48bd","block_type":"box","text":"II-133","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ee9f1a53-da53-4acb-a899-1ff2de465734","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"293b6d42-9625-45e2-9855-813b6b25fa12","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":189,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"df100bb3-c6af-436c-b0b3-5584645c4ac6","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":189,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"978dcbea-5e3d-444c-a54d-dceb56553f10","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":189,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"2eb3602e-88ff-41a1-a438-97bacf832a9a","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":189,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"12b22f6d-f170-4397-bf1c-1865dd092fac","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":189,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"4d472d99-eb39-49e8-b465-f8a787b8c0a4","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":189,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"becce5e1-8ed1-4eba-9a05-6aa5010bb7fc","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":189,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"8c56bdf5-8de0-4a94-8e48-5420fd212105","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":189,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"7463d008-c823-41eb-9017-fcd170021c15","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":189,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"60b37a70-41fe-4964-abb5-41bf56593120","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":189,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"c0ddf039-761e-40d0-8e85-d06a1bea448c","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":189,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"f23e6521-0e70-4cba-a456-17f7147867b7","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":189,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"a7bde811-ab38-4ced-8263-345a53ad0000","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":189,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"f3fb18b7-1f38-4128-b6a1-8b15edb49b30","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":189,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"9db53181-eec0-4d12-981b-22221201d58e","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":189,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"97fde9a2-d8d7-4046-9612-777d620030dc","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":189,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"27b2ea9d-b458-42c5-96ce-67b2694d2a68","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":189,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"c52375f5-52c5-476f-b6da-bd2416290b51","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":189,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"30fd384c-85e1-4cf0-954c-f79d27a3bd79","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":189,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"6082d21c-1551-48a8-a96a-fa50ec8e8f50","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":189,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"ddd1967b-20a3-4edc-8165-54f08f117605","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":189,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"458db225-f965-4959-a6f5-a09cdd129211","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":189,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"a52bf30d-eb98-4b5e-b010-4e6aafaa732c","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":189,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"b5c315e1-d547-48fe-8f03-32e86918fb77","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":189,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"c7dd134b-8815-47c7-a62f-0547ef5c51d5","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":189,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"85c93fc7-70b9-4680-adc8-451012652b60","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":189,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"c7bc327d-a611-485b-a884-22ee0e59ca60","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":189,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"057244bc-f324-4e32-85ea-7b535de73c57","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":189,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"f929eec8-1d89-4b8f-acb1-63d36fa31545","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":189,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"33efe82e-ea10-408c-bc72-5f0849eedd89","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":189,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"d0d82d8a-98b6-46b9-ba6d-52815fef3b48","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":189,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"355a571b-7663-4447-aa58-a8c0ebc05ef6","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":189,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"80992db5-aeab-468e-947b-0ace620cfebc","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":189,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"6668b236-139e-428e-9adc-1b5b00f8f7c3","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":189,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"82c76b31-0167-42bb-a48e-b51ed3e7881a","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":189,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"320c38f8-5280-4e33-9e96-cf61219bbe07","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":189,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"8acf1b69-704d-4a32-b7c8-fe8ec102db39","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":189,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"3d9762cf-cffb-4d9f-a697-f59748ce0ad3","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":189,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"5fc1e821-a124-4c93-ba81-d4010b948c90","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":189,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"dc579f98-d790-4ea4-9f55-592a64f06061","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":189,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"eb423aa8-bb4e-4b87-acd0-d629b8ee6af7","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":189,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"999e206e-0d38-44a0-a0f9-64a5c4d6904c","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":189,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"66edec98-0551-436c-89fd-9d49ef2099ea","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":189,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"157aa21b-31b1-4fc4-bdfe-e0a8d1f7ec94","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":189,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"fb960a69-76a6-44ab-a61d-9a7ae258f82b","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":189,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"008cc9e7-2f6b-4e07-a84d-f944d6f6c54c","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":189,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"1025adc6-3222-4d59-a74e-d8659f2d2236","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":189,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"37cc9c5c-981f-4013-92c5-572898a52f8b","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":189,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"e734df59-4204-49b9-aee2-cb88964605b1","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":189,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"7603b875-7ed0-45ea-ba6b-e3697833ec83","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":189,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"9c017b5d-3283-46a5-88ed-2dc8b6f85e36","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":189,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"fc1fe594-081d-44ab-a9dc-a4813108cf7a","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":189,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"1842c032-ceb4-441d-ae51-f326c5554944","block_type":"box","text":"less than their original cost.","page_number":189,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"518a0f84-7b82-4f7e-a6c0-e3bb7b12d982","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":189,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"5fd3bc33-fcfe-460a-8884-1317e76b4205","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":189,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"f0983584-f69c-4f6b-90db-1da49825a5e8","block_type":"box","text":"II-134","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5645a2b6-5973-4ee1-b922-2447926914c7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bac2b025-844e-44d4-9cc1-542a5e64774a","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":190,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"3ebdb776-da92-4d5e-9c34-a235c2b0ebf7","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":190,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"6328481e-6eeb-4abf-873b-c61b39f7eaab","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":190,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"c3c2972c-6e8b-401f-869c-a4c449e14191","block_type":"box","text":"lower amount of expenses is deducted.","page_number":190,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"da0b1e1f-63ee-4d24-a4bf-704028c653c1","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":190,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"d37efd0a-ecb8-4140-9409-b62a67db6982","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":190,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"0734f100-3247-4392-96a0-88a1b1cd846d","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":190,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"ea95aa3f-7773-4814-b5f7-e7661d94a4bd","block_type":"box","text":"Money Magazine, U.S.","page_number":190,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"b371eceb-bf02-430b-9593-c2b7e3fa8322","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":190,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"6696b98f-0091-4f64-9fc0-85f612b6db83","block_type":"box","text":"or other industry publications. When","page_number":190,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"2ccfc7e4-ddfd-42c7-8540-f72a794c3caf","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":190,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"46bf0e89-32de-4968-8cd6-c8669dd7cb68","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":190,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"f915a36e-ed2c-4459-8497-e907ba46e1a9","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":190,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"f1935e74-2e47-471f-b4d9-aa74dd8d10b5","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":190,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"f95a7561-7b3d-497e-8d06-b8e29d7c88d1","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":190,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"6c7f7cbe-dab0-48de-953a-e9858a775909","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":190,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"2c7d20d5-4757-4e8a-baef-b7af0a4da909","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":190,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"f87cb9d2-34ef-4e8a-8e76-c76a94ddb5a4","block_type":"box","text":"developed by Fund management.","page_number":190,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"938e1654-6b36-46be-b300-8c3801c677ba","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":190,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"308cef71-2e44-4949-9725-451b6115c1f6","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":190,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"72558f81-017e-4149-9236-5ceb9133548b","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":190,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"0dcda3c6-d344-4361-aa43-eadb5c221979","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":190,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"a55002f1-88b0-41c8-a031-fb08b97e696a","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":190,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"a5bcc5d3-b6a3-4c90-b959-76297f66bab0","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":190,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"1dc286b8-0df3-4207-a527-90e599844a9b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":190,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"b5b29958-6293-4314-93a6-24c6754b4a43","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":190,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"5eac2871-c86c-423c-a787-46df58df3eda","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":190,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"75ad7fc2-e8b6-41f4-a724-1cf246d85d4d","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":190,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"2b928d72-946b-4311-bdad-5c347149c4db","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":190,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"4881b375-748a-45ae-a9b9-1f5008194c7f","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":190,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"e07d430e-92dc-4668-932c-d319e691b44e","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":190,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"8c5ef399-01ce-4286-82a7-9dc327e27f50","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":190,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"b4c0a054-3742-481c-911b-0fd6dc19917f","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":190,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"a3d35659-e4c8-4103-806a-378426ae1b69","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":190,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"0d3f19d1-3673-491d-b706-cea142747e43","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":190,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"6891bdda-9590-4fb2-a640-663a45c36510","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":190,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"913c215d-870b-4ace-8fef-e94a94016da5","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":190,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"52798972-bec9-4e99-978b-5177f00f08d7","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":190,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"6ecec480-6ead-4479-a69a-f063d82fd3fc","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":190,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"8dfa27e2-f0f7-48c5-a266-f90a5d876665","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":190,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"ef5265d7-5ec9-434d-9bbd-a5402ca1f7d1","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":190,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"6ee449ba-239c-4fbb-aa20-65b1d30b3358","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":190,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"f1804f52-ad7d-446d-a8d9-6759b3b37936","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":190,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"667b4db9-106b-4012-8a44-9a7cfc30ba53","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":190,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"d3a06b12-7dc0-4d22-814b-b224e1563cb7","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":190,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"7d6716e3-3a18-4d01-9442-6ffca569c4ee","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":190,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"0aee0143-87ff-4938-a2ee-f03f9f276d1c","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":190,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"f5a75180-7f95-40ee-a426-3d1f3ed34d1b","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":190,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"9d887c4c-ffac-4d0d-985b-3fcc1fb08e57","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":190,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"13299e28-25a5-43da-b4c3-885a2f12964a","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":190,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"6344ded1-ed61-4efe-851b-44960c831217","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":190,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"7af25d7d-4bd4-411c-ab22-431c2a457e88","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":190,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"05501373-5628-47e2-b88f-6de4140a7349","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":190,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"24f9f8cc-ae91-40a9-b668-0e56301a98f8","block_type":"box","text":"II-135","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"32648d51-a93f-485a-94f2-9cfc9aa3a2e7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf35c5d9-b4f3-4181-ac1b-f2c4def6e56c","block_type":"box","text":"GENERAL INFORMATION","page_number":191,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"c3589d47-b55b-4538-84c8-a942c796afd8","block_type":"box","text":"Description of Shares","page_number":191,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"d914773f-f4ec-4e71-a56d-e6678b63fa6d","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":191,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"4926ad9c-08c1-4bc3-8d65-9bc3b81222ca","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":191,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"99e85f91-e1d9-4737-9e89-8190b785a3d2","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":191,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"76152cf3-ea3b-4aae-9482-8b9219fba0c6","block_type":"box","text":"matters relating to such distribution and service expenditures. 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Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":191,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"95537219-aa4c-4287-8e36-0baf4218a329","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":191,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"9503a147-e515-40c7-bc01-de8b16286ab7","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":191,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"97226267-cc37-48d0-9e4d-a80cef9fbe6b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":191,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"6d15124a-644a-4065-a9af-23b5bcfb9b1c","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":191,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"677c40c2-acdc-420c-8ad1-876589bc8024","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":191,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"3faecdee-57f8-47cb-ac4d-daf6a3cb0a33","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":191,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"140ceb04-e3d0-4864-8854-779db35a9832","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":191,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"474d1d5b-8303-46f3-b4fc-bacfefa02930","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":191,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"6b0b24d6-dac9-4021-b375-48173da45495","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":191,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"c52b3885-61b0-4562-b0a9-b3e652e8e9e1","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":191,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"25c3ce70-884e-40b7-bce6-05616a75b615","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":191,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"8e4c8235-abd9-4b63-8572-83e7fb02ec5f","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":191,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"68b91eb9-60b6-4efc-b28f-a196d17b48a2","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":191,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"2cb919f4-787d-48c3-88f4-48521fc6261b","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":191,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"d9e4be8c-0318-41ea-bfa9-f1e9179d7dc9","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":191,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"20c542c3-e9a1-4f5b-8eaa-619577042638","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":191,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"9536c4b9-bbd7-4319-89fa-cf93dbf4413f","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":191,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"dd1e02f9-7810-46bf-a774-a29229a23494","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":191,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"209e61d8-a7ce-472d-912c-eecf0b1ac192","block_type":"box","text":"Additional Information","page_number":191,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"4a23bc85-dfd0-4a05-9dc8-4369e70dd76f","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":191,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"386ed487-7b7c-43c9-9066-20e912c49825","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":191,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"7918e760-47e1-4e5f-88a1-b8c98b2c32f6","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":191,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"70df63b0-ef92-4ce1-839f-35cd63d2bb0d","block_type":"box","text":"such name to any other company.","page_number":191,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"200a9d80-1ee3-49d5-8b1e-a6c967f91e17","block_type":"box","text":"II-136","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"558232f9-d786-4fcf-9a8d-837e6140d824","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b07cf686-6be7-416a-a23c-68fd0745298d","block_type":"box","text":"APPENDIX A","page_number":192,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"aa6fc941-8ee8-4313-9e78-cbb18d6db15b","block_type":"box","text":"Description of Bond Ratings","page_number":192,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"3f4d6778-1cfe-4c24-8868-d8767232b936","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":192,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"1cbef97f-dcfd-4987-9a60-3c95f4703640","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":192,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"772fa986-e532-4de7-970c-1d1ccb426fa3","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":192,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"596c8a7c-b064-4753-a0de-f7ce86e352bf","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":192,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"559b6df2-2f4f-406d-9c0d-07736f644852","block_type":"box","text":"date.","page_number":192,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"7b133ca8-fdb0-4229-bf52-404b4c04b422","block_type":"box","text":"NRSROs may rate specific investments (","page_number":192,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"6aa063f6-7bba-43a4-9944-246af0d03c66","block_type":"box","text":"e.g.","page_number":192,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"9b30457a-1ee6-477e-98d0-8092edd13d60","block_type":"box","text":", bonds), issuers (","page_number":192,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"bb6de651-9b38-42d9-9853-4bbd9755aa49","block_type":"box","text":"e.g.","page_number":192,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"eb2df79f-9231-4be7-bd1b-d0c1a664228e","block_type":"box","text":", corporations, governments and financial","page_number":192,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"5567737b-99dc-46fe-9911-ab356dc89e1b","block_type":"box","text":"institutions) and/or programs (","page_number":192,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"27f4ab66-0c70-44d5-ae5f-b419961f4fad","block_type":"box","text":"e.g.","page_number":192,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"01cfe5f6-9ddb-4517-baa0-d30818996225","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":192,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"2a18ad28-5208-4d87-a189-d63bc15109f5","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":192,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"e679e691-1061-4cdd-b448-2f3625af66e8","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":192,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"d9c32009-bfab-4ed5-945a-e4d23bf1a0da","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":192,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"aee13e8f-e80c-48ea-a7dd-8353e576f559","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":192,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"d493050b-695e-411c-8fc6-31c379bfea8d","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":192,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"74849168-bdd2-4e91-ade0-75538cba67ed","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":192,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"750eec6f-0619-4e5a-b74a-f943e187c306","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":192,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"0aa9d697-034b-4eca-b835-5b2948acec8b","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":192,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"695d022d-bf62-43cb-93f4-bfe032bac11c","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":192,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"2156f0fd-e944-43f6-a0df-b0ca229708be","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. 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Further, the fund may","page_number":192,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"8e0dc696-97f3-4b85-93c7-d3ec342ff9d3","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":192,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"c7310a9f-d68a-4f04-b397-60eb34a928d3","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":192,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"69bf52df-d96e-4b0b-8349-355addf01c60","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":192,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"84609b8c-56d6-4514-a7ab-d605efb8de0a","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":192,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"bbfded54-404e-4e1f-b21b-e141f3b4734a","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":192,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"5503685d-2c2c-4a36-ac84-954fb4f55328","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":192,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"f5e34c5a-4c1d-4b66-ba24-984a17eebf24","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":192,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"2a0855c6-0606-4f13-a081-c2ee9a4e9571","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":192,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"727126cf-7817-4217-bf53-6b46ba385715","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":192,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"8c9c2679-0426-4c27-b5ef-2c407098d886","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":192,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"9d4647ef-3472-40ee-921b-fe6a79699da3","block_type":"box","text":"Fitch.","page_number":192,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"e3fcbec2-8429-4ac5-ab03-b8da7246fe8d","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":192,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"22207a18-5497-404e-9130-70a97b0dd2e6","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":192,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"dacc4df1-a0ac-400b-9df2-8ffde22660ba","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":192,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"b9382f1e-5bf0-4817-92e5-b0768f9c51af","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":192,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"430474b1-f985-4cc0-aadb-0c8ac7a8263f","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":192,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"0f22bedb-4f72-43d1-8c80-287bca6186f1","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":192,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"2d98bc22-62f8-4de7-99d4-c56a70ae35f4","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":192,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"9bed8ffe-ca9b-40b6-bfa8-4501fbab1850","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":192,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"27357ddd-cf1d-4297-96a4-7bbbc3ad91b2","block_type":"box","text":"sources of variation (","page_number":192,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"69e3e960-a31d-4713-af85-fc9604eca48a","block_type":"box","text":"e.g.","page_number":192,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"3ef39862-6ec7-43fd-b0f9-f3c0b37316ff","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":192,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"a47dfc92-4081-4b12-8834-919bfb800b83","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":192,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"8a592551-38e4-439a-b4aa-ea04588c0c7e","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":192,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"a5cbade1-c250-4cb6-afad-d53eacf9e4b6","block_type":"box","text":"e.g.","page_number":192,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"b9319048-550e-4644-9e78-5ad8a5c835cd","block_type":"box","text":", equity indexed), absent an express","page_number":192,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"96260129-28c7-4810-b977-c848dcfb35af","block_type":"box","text":"A-1","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"e70923f7-9d08-4b3c-8a41-23338cea06b7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8ccb9e5-5b87-47c9-a93b-1b0e4cc83f05","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":193,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"8b5a3df3-6c63-40f6-b4bc-8bce9625c32d","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":193,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"1318d8de-d1bf-43ca-b078-68d283eda337","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":193,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"1c027258-0c52-4d39-a776-40d0473a3e58","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":193,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"4e8890ff-b5c5-40ad-8878-3b005cf248c7","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":193,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"33535c88-22f7-4455-8b70-1478f09899d8","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":193,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"ae7aead1-07ab-45ed-a48d-3194709d7e10","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":193,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"cf208f1e-232e-4abd-a43b-0a9cdc66f780","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":193,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"9040ec0b-355d-4e36-8190-826131ae2705","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":193,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"7088dce9-4151-4cd6-a7e3-2e0dee07e42f","block_type":"box","text":"i.e.","page_number":193,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"5e2041d2-0aa6-4346-a122-91a13ee00aa4","block_type":"box","text":", ratings on nonfinancial","page_number":193,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"639cc0e0-6f0a-4644-83ca-89af9dd7bb13","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":193,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"4f849b73-6fcd-4284-8a82-16e4071e207e","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":193,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"d535a817-08e4-419b-a3d8-7f6f2c4502e4","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":193,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"62ca5772-bb1d-455e-acc1-9bafad67f272","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":193,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"ff4eb96c-86c0-4c7e-863a-a831359228f8","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":193,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a3aa50fe-3685-4784-80ee-623054d7a7a7","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":193,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"caa596f9-e05f-41dc-a323-ac2e26776168","block_type":"box","text":"of time.","page_number":193,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"77e22eba-b2d5-4279-a7dc-e5c9edef3169","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":193,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"33d33994-0639-4a43-bc21-dfeb5cbf2f6f","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":193,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"81001d2d-dfe2-49d7-9e5e-acb50d997672","block_type":"box","text":"risk.","page_number":193,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"3f113ad5-5bd8-403f-8167-a1732568009c","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":193,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"b787768b-40f2-4f88-9e33-87fccdf21f3b","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":193,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"cbdcf81b-bd96-4b59-b157-73e0cb599b93","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":193,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"ede9c08a-bc86-4b81-a63c-9228c573e52c","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":193,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"dc72d226-96ba-4aed-b3bf-5b3b89c96fdd","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":193,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"e21a97ba-d62c-4c5c-a158-f6874e07ebfb","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":193,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"5a75b7ba-36db-4657-9388-2783c9e8e816","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":193,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"4787169b-23d4-4692-988f-179045b4c591","block_type":"box","text":"credit risk.","page_number":193,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"8ecf2e0e-8ae0-4e3c-8ada-0df3c7f304a4","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":193,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"756b1a23-4106-4489-a86e-e7bdb5dbb7a3","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":193,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"75a0fd14-67e8-4927-a1ef-6604372b67f3","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":193,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"3cbbc56a-feae-4ec1-9b5c-ba1351bb7351","block_type":"box","text":"of principal or interest.","page_number":193,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"e470aaec-50df-49b6-a253-79db0a6e3f0b","block_type":"box","text":"Note:","page_number":193,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"3d0cf1a9-6bc0-465a-9b82-a8fd4d22c197","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":193,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"28b2e20b-7ece-4992-ab71-22903a702a87","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":193,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"3e23f3d4-949f-4f0e-b068-497df8d51e27","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":193,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"e6c693eb-3cf2-43e2-8742-9a5b547a0d58","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":193,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"b4f7ed05-051e-412e-89d8-311eeb1e4ba2","block_type":"box","text":"companies, and securities firms.","page_number":193,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"a78c3f99-9397-40a7-a58e-5df50c6ee5db","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":193,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"ef9f800a-b33a-4c24-a0da-0b9f81430e1a","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":193,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"5be4620c-1110-48cb-9498-8407c9bf5e22","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":193,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"c7ed0c76-a96e-459f-ab02-c53a7a28305c","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":193,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"fbc70eaa-c42d-4588-adcc-942eee3cc2ff","block_type":"box","text":"that security.","page_number":193,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"d9c54a70-1eff-4280-a73b-d6b45d83c691","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":193,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"f0d0f543-c364-4e88-9ac9-593cae9f0344","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":193,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"e248f0ae-572f-434b-98fb-28772cd6f93f","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":193,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"1057bc20-5ca4-434c-8ebf-adaccb082ea5","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":193,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"f737063e-337e-4bfa-bd31-75ec9594fe5d","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":193,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"fea64844-6fe3-4d04-b6df-5f9f02a69a8c","block_type":"box","text":"categories.","page_number":193,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"f3815662-4c27-469e-801e-d52b275e7504","block_type":"box","text":"A-2","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"51b00ad5-a342-4a5f-8d1d-ee517d9cbcef","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15a8adb1-3e8b-43c7-bd6c-36c10dfba638","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":194,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"6c411203-24d1-4c73-881b-fd91d6ae4946","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":194,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"b6ece3d5-a702-47dd-bf20-6f2f456d239a","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":194,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"1bccc437-e21f-430d-96e0-c7a682b2409b","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":194,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"aaecf0c0-8105-41a0-be3e-d68221f97d81","block_type":"box","text":"an issuer’s self-liquidity.","page_number":194,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"2f14299c-b65d-45c6-bc63-aa54a819cdf8","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":194,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"2623cfa3-b815-4274-9c92-1c95789c82b2","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":194,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"bbce0b2b-0f7e-4464-a21a-5d5086a91e5e","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":194,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"6a2e9c31-618a-45af-b050-6dc62af967fd","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":194,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"c2b02954-d600-42cd-ac45-00c0cb91a15e","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":194,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"9e0448b6-c709-43dc-9501-026b360a3590","block_type":"box","text":"MIG Scale","page_number":194,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"2f8ce385-998f-426a-b714-39532b81e830","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":194,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"a22f332d-cf69-480d-95fb-8deeadb3b9a0","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":194,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"d7a86bf4-0e15-48cc-b374-5981fc7b0b8b","block_type":"box","text":"refinancing.","page_number":194,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"67c96175-493c-4483-9f7d-5daa79a9fee7","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":194,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"3eff50d6-f1e8-4eae-91ca-1d5995e89397","block_type":"box","text":"large as in the preceding group.","page_number":194,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"1344acd1-9bf4-4c85-8e81-66f9ecec5927","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":194,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"91a8f8d4-1f46-4fdd-87ed-d2b15529bfb1","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":194,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"d71c706d-2131-44fb-91a3-b36b8005cfc0","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":194,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"5e0ca3e5-88c5-4d11-936c-6d121003b38c","block_type":"box","text":"lack sufficient margins of protection.","page_number":194,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"29ba91e3-4244-4633-9e45-9a996cd0e9c4","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":194,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"c1ce8aa1-d6ab-4792-af92-3928020415d1","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":194,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"972d087a-4cc4-4c37-9c6b-50633f2cf2ea","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":194,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"22797127-2e7c-465b-a177-8bdf2756cf27","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":194,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"d09f0bf2-f7c6-42e7-ad94-8c9355ba78e5","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":194,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"0939c050-4f08-4f67-8957-27718ec54d6f","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":194,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"c0903d90-38f3-46d0-b861-286e5e7c35a9","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":194,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"c6277f8b-1f58-4e2b-9f99-03c21c7aaabd","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":194,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"26939e3d-4610-409b-8aeb-a66881e16f67","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":194,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"dd917139-751c-4585-b43a-b41722f7eb83","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":194,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"3259c881-2287-4750-81d6-f8e52fb4ae4c","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":194,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"a4459ec9-9f50-4b5c-a84b-79bcb82cff72","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":194,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"ef6447f9-648a-44b4-8439-e985343161f1","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":194,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"d0a29ddf-7bac-46a8-a5ad-ef0682cd7583","block_type":"box","text":"VMIG Scale","page_number":194,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"f4d052ed-e4bd-44d6-8bea-d478e06ff255","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":194,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"1505d5eb-edd8-486f-9448-a96dd1bfcf87","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":194,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"b02b4667-906c-410b-b428-d99da1709a3c","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":194,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"0699c5d0-f554-42b9-99c2-71cbbb8e57ee","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":194,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"4a36dc35-2a5d-440f-b740-e96d9d7199cf","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":194,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"4740ac24-3c94-4ecc-bc06-fd0eed2ee519","block_type":"box","text":"payment of purchase price upon demand.","page_number":194,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"5e012155-c705-4003-bc7c-56ed4f307304","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":194,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"7a744777-b858-4da8-b67b-dfda70b7c954","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":194,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"3c7504bf-9bda-4453-8d47-1e4288e15a5e","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":194,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"27cb30d0-1d40-4dc1-ae4c-fa9ff0f82427","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":194,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"7c00c12d-ce36-49b1-b4b7-faf110fd6914","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":194,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"9000fb64-a7a2-4297-a95a-e7adbf8cbe6c","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":194,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"301335e1-3b1f-45c3-aba3-a6744da476f1","block_type":"box","text":"price upon demand.","page_number":194,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"96fbc1c6-f787-4c1a-9e2d-42f8b27eea1b","block_type":"box","text":"A-3","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"2e7d6ce9-3568-4f6a-b696-5360cc2c49ca","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d7fe577-6f3d-4e9d-b24c-f7ea3a22fc01","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":195,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"003fa042-cf69-4bbc-9bb5-b43ce92c5e3b","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":195,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"1b2fe05c-8ffb-4087-9359-b9064b68a3f8","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":195,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"e970809c-1dbd-4dfb-b452-e0bd7357457c","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":195,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"4740ac40-b7b7-4092-bc1d-00512c632631","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":195,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"2dcd82ff-3d69-4c3f-b42d-11be939f518b","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":195,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"29e15080-cf31-4d74-9541-5a0f48997dee","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":195,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"3885a111-dc62-49d6-9f1a-5afd8013f682","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":195,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"d8159424-c483-4c49-873c-df91be1103a3","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":195,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"f5c48293-436a-4c6b-8b09-640773ea9d83","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":195,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"22c241dc-fea5-46c9-98f0-4c7eb79274ab","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":195,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"067b4637-6a7a-4a78-a983-0109534e57dc","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":195,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"5ea2fc0d-de8b-4023-8ead-2dbd1988a561","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":195,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"86112de1-8b05-4645-bb58-262fc6958b35","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":195,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"25c438c3-650d-4670-b4cf-edb197b5ebd5","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":195,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"7e792eb7-795b-4656-a193-bdec1a21e1c2","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"f97fac95-7407-46d6-92df-ec6dd3b66b17","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":195,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"eb98226e-83d6-4fc2-a0ba-741fcfb0341e","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":195,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"b1b5606a-1c3d-4cfc-a4e4-2ace736bd55f","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"209caea3-0474-4fe2-8851-e54c5b3b09ea","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":195,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"0f617d01-4a91-46b9-bc6e-49e2e782b7b6","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"fbdcdb32-70df-48cd-8293-f41543b52afa","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":195,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"644a998c-006e-4fef-8e69-66261a1107e7","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":195,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"b0abb07c-5166-4b93-8249-834d4246dd04","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":195,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"7c54897a-f88a-4cad-bc39-ae43387175dd","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":195,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"5c726e53-43c8-436f-b8df-9155c23d77b9","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":195,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"18528cd7-1baf-447d-8c76-f50fed2076a0","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":195,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"2a4d265e-7e83-4b82-895b-367dd5ad78fa","block_type":"box","text":"obligations.)","page_number":195,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"0747ea5e-cc51-4e61-81a6-dc88610839fb","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":195,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"ef10d30c-e233-4c67-b82f-707233bee9db","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":195,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"cc36d223-fbd7-484d-bc34-c69096121a89","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":195,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"f0a68bdf-2fd8-4dec-885a-8ee4c1ff3749","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":195,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"2eda1d58-8d9b-4fe6-8669-eb01f06724c9","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":195,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"02f20f6e-6074-475c-83e5-425c826dd823","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":195,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"2dd9471a-6685-4918-a8cb-fb688afb6cf2","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":195,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"a85334b0-050d-404b-8cd6-0d32256fc220","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":195,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"36e37727-0eaa-462e-a8ef-525df32a0921","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":195,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e274361a-c28e-4d09-a204-0733254d2f8f","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":195,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"74de2467-ee4d-4547-a5c2-f1773f165cf1","block_type":"box","text":"financial commitments on the obligation.","page_number":195,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"dd90a5b6-5f8f-4d25-b25c-74e2df534f4b","block_type":"box","text":"BB,","page_number":195,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"83039899-d6fe-45f4-b61a-af2e28b1a132","block_type":"box","text":"B,","page_number":195,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"01ab902a-9a51-47a1-97f2-81ec379340d5","block_type":"box","text":"CCC,","page_number":195,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"377fccfa-5ab4-4f4e-aa04-bee4ed3267be","block_type":"box","text":"CC,","page_number":195,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"c312bf20-b09b-4c46-af77-804bad9073c7","block_type":"box","text":"and C","page_number":195,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"88098dfc-7a72-4dad-a016-2cdf31edeecc","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":195,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"5e9908ce-158c-47ea-b388-94c04df85867","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":195,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"da95d93a-7ec4-42b6-b1bb-1771a51a83ed","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":195,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"e1cf77a6-6659-4037-a520-5e4207d7e4ed","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":195,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"d518d34d-1116-44ad-a719-93e4dcbee7a4","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":195,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"5f158d3f-3a65-429d-8383-133bfcde6de7","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":195,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"0eabf908-e9f5-4695-ba79-9b09ba1e86ce","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":195,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"c884a651-4d5f-440b-836e-0aa728d4cb20","block_type":"box","text":"on the obligation.","page_number":195,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"9dc71d04-ccf3-4912-a88f-86f8289ea5b4","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":195,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"14367a41-bec4-4933-9ab7-f5837bf174a0","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":195,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"5e4a8e71-1307-4113-ae54-0ec0a6e2b079","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":195,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"0e24138f-aaf2-41c4-9faa-3df254217bba","block_type":"box","text":"financial commitments on the obligation.","page_number":195,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"78aac4a8-8466-4781-986b-86afc6dfa6e4","block_type":"box","text":"A-4","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"bde8f97c-9875-4a4d-b9ee-4ab30971c037","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9b64571-4695-40cf-a096-07e75bdd7842","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":196,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"afa57efc-4e3a-4fa3-b42a-cd9d91515768","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":196,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"f75a49aa-0eff-450f-8f5a-88b601a1ecab","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":196,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"236a5092-b64c-4e1c-bb14-b57389dc6208","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":196,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"251d003f-923b-4255-aa12-9d7473b6eaa5","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":196,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"986b14fb-8335-4a29-be28-25c7733b2c8c","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":196,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"cbce5b7b-3538-4b7f-94a9-ddc291e435f2","block_type":"box","text":"anticipated time to default.","page_number":196,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"078e7617-944d-49ce-b77b-5a7b8aa53d70","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":196,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"63b58974-9167-4fb1-a8d2-d4847c027909","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":196,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"55be46a2-d2fb-4ba9-9a8b-1f1bdc8ee543","block_type":"box","text":"higher.","page_number":196,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"aebacbde-3adf-4e20-b1c8-0700f85d173d","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":196,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"3ddc2eda-ac26-4148-babf-56526a48199a","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":196,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"1541d1be-9e2f-4585-87e2-d5c8c02b0202","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":196,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"bac89f95-d941-48a4-b990-3ad5930f950c","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":196,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"22e7899d-965f-48dc-b79d-a8fc8806d333","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":196,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"0baee5f9-5594-4b4a-8e90-a9b78b115fe4","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":196,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"9246b508-aa37-4ec1-b862-a75459bd4773","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":196,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"68b6f63e-fe9d-4776-8584-3494035ebd1c","block_type":"box","text":"restructuring.","page_number":196,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"888fc264-dabb-46ca-a3e1-0e63a2e453cc","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":196,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"df4fcc71-3401-426f-b830-496616d10c8d","block_type":"box","text":"standing within the rating categories.","page_number":196,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"4e9ac99f-2002-4b70-b387-7349da6cf370","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":196,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"4eaefc12-d296-4d68-9ecd-9b60e9d0070a","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":196,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"0c4bb2cc-4b0c-48c2-b787-8d17f740b72b","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":196,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"fda95e77-1d2d-4c15-a521-a18e9f122593","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":196,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"d518f698-ed62-4f4c-b2c7-5c19f73b2d84","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":196,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"b39cf358-c296-4190-867d-fb4db1d2ddd8","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":196,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"f5f88cf2-b48b-4ad7-8a7c-a16730438ebb","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":196,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"6711a848-7337-495a-bd85-253ca82857b0","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":196,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"5063fa1f-8459-40b6-ba5c-6432713a4a35","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":196,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"f2e1adb1-f1b7-433d-9ec7-f27295ea6a49","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":196,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"c3c561bf-91ae-43f9-a607-639728cf8ee3","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":196,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"7f6fc6b1-d151-4d66-9c26-6bf195bec7c8","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":196,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"fa2d8036-944a-4d41-9266-d40eb04b193f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":196,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"41b3faa2-1bcb-41a9-96f2-f9b918d5f392","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":196,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"debc70ad-141a-4e6a-8843-fe7a2e078c7e","block_type":"box","text":"financial commitments.","page_number":196,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"0ba4e9dc-6bb3-46ab-b2fb-fc7b5ebdb736","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":196,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"87659d78-1939-414a-b15e-93d32bf75d37","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":196,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"ceb7bec1-812b-4ff4-a0db-8aeeda9022a8","block_type":"box","text":"commitments on the obligation.","page_number":196,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"a825c22b-18ed-450c-ae32-3b0119cca2da","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":196,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"f8fd457d-1af0-48e4-b78b-9f789f1e5e87","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":196,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"e486d26f-dd8a-46cd-b3f2-5c7e9018cc5a","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":196,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"a13e087d-022f-4625-a2cc-c9c6d4a1390c","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":196,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"5d1f86ce-3d45-4195-8c13-a42aa90e9fd2","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":196,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"cd46f6a8-b22d-4d37-a2fe-2ae4f71a936b","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":196,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"1353417c-f13e-4566-a282-5b4f28fcd7e8","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":196,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"240f1239-e03b-4681-9496-bec03943550e","block_type":"box","text":"debt restructuring.","page_number":196,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"9400ed0e-0227-4531-8329-5223a0ab198c","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":196,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"5fa416d7-cf2a-4433-ad8e-0a5a95c1bf9c","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":196,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"4cd46f23-f11a-4041-a94b-e164729d2eed","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":196,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"f7a9cd2f-9550-47fa-82a0-9fdd9ff3b263","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":196,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"7b8c82a9-9623-4ad3-a06d-4dfbac1239a2","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":196,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"3eeeace1-21b1-47b8-84d1-9f01c44cea7a","block_type":"box","text":"A-5","page_number":196,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"22e5a599-1bfc-4088-993b-0ef370969cbf","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7754bdc4-f8ae-492b-8252-001bbb1f83f9","block_type":"box","text":"•","page_number":197,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d5cc2c8a-804b-4dc8-bba5-fd365d8c6e11","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":197,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"38c16835-c147-47f3-8eea-6a60f4df3896","block_type":"box","text":"as a note; and","page_number":197,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"5756e0fb-1146-413c-9725-cffb230a8650","block_type":"box","text":"•","page_number":197,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"5acb9f71-2833-4d36-86b8-f7d40aebb061","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":197,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"a4f44ec1-2914-4ff3-b78c-64dfd27589c7","block_type":"box","text":"treated as a note.","page_number":197,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"8d34c7c6-a8a7-49a1-a73d-2d3d9d2fe608","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":197,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"b71f9404-552f-49d4-864b-8cfaa6b47d30","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":197,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"1b4e30de-ce8b-42b4-94b1-7ea9170389eb","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":197,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"39780271-5799-457c-9f5f-4508c0ea2f6f","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":197,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"3debd753-9347-4350-93b3-6aa2515a9859","block_type":"box","text":"economic changes over the term of the notes.","page_number":197,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"be7f3239-5fa7-4dab-8956-ff894d878ad9","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":197,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"04a16a6d-48e0-43ee-8c68-9d48b1af1736","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":197,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"952f24a6-2972-4df1-a52e-8dfcedfb1a08","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":197,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"8ab6486e-14dd-4db2-87b8-bdb88491f9fe","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":197,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"6b73150f-3143-44b9-be98-ebbf4ea5b8e0","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":197,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"b5cb1b4c-1c2c-427a-b6ca-0dc7f522c59c","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":197,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"289aa2ed-1a6b-4c30-88df-eb6f0a7c29bd","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":197,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"86761ff4-3287-4d6f-adf6-ae7bd6b570ed","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":197,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"73474c78-aed5-48ff-b184-cd6d02507223","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":197,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"1ca65a88-a7ea-41e0-8861-946162d40d5b","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":197,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"22020148-d118-4ed0-bb9e-b49473236cc0","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":197,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"14ce85d4-a151-4ed6-9ee8-aaf7e04cb058","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":197,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"7aaa88ad-f1c8-4d28-aa83-55e1ab2c0227","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":197,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"ac9b5682-0d9a-4025-99a1-9e1a79e0d696","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":197,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"a7d23f3b-10d1-4fd9-810e-ef65f5000364","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":197,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"18cadb18-bfa3-484a-9058-9f4a6f06074e","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":197,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"490fed88-e358-44de-b88e-f114d1acef8c","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":197,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"f8662bff-3b46-4f94-a426-2196eeddee93","block_type":"box","text":"receivables or other financial assets.","page_number":197,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"d3055b04-4377-47b4-bbd2-e2c7de41ed16","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":197,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"10396ddb-08a3-4d8a-8390-819cd35f91e7","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":197,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"07ed986d-17af-4b64-ad8f-1b44e65fc9de","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":197,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"27b394a2-5a6b-4b37-bba2-8b0cc11e7b7e","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":197,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"cc1686d8-26e5-445b-8e04-d3c015f6dfdb","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":197,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"441060e0-f1e4-476c-bdbd-54158dc9d579","block_type":"box","text":"occurred.","page_number":197,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"e68e7ca6-d1cc-4403-b734-9e757dd49985","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":197,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"1c184ed5-9f17-488c-a0e1-db77d0c0253a","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":197,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"75dbdcbb-0d7f-4d22-9ed6-10425e252804","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":197,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"6b05b6b2-9f32-4a13-893b-858aa2200578","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":197,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"3bbc9fb7-6c56-48b9-ada4-b7db4fa75293","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":197,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"c06c3f49-5b9b-4fe2-9a73-618d65ee9137","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":197,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"b0e62bd3-e764-4a0e-8d25-6dd6ad16fc26","block_type":"box","text":"rates.","page_number":197,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"547bd5a6-48dc-4d87-96d0-a597b208c2af","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":197,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"5a538731-087a-4966-9c75-08c5bd208bf1","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":197,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"02caa970-0907-41cb-9b0d-a7b96a371ef4","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":197,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"d4e1c19b-ae9e-4f55-913f-6595d55a81c7","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":197,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"e4d76f21-56e6-49eb-b530-fbe31b59a1f6","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":197,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"70c26f0e-3db5-4cc5-be43-228eb184a082","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":197,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"d0614e45-ebe8-4d44-b0dd-56b6cac5f0e5","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":197,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"6ef0d99d-5ed8-47c0-92f0-0ca91c0b82df","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":197,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"61c7d811-8fc1-4a13-af88-5203c28eacaa","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":197,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"667def5f-f3f3-469f-8f4f-54d320a59aaa","block_type":"box","text":"i.e.","page_number":197,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"19ad08ce-22db-480a-9dc8-f05bec432abf","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":197,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"2c6374c1-aa7a-4d06-ba47-64477c07d953","block_type":"box","text":"the obligation’s documentation).","page_number":197,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"0d715a82-5570-4f2d-a74c-304ca2b3202d","block_type":"box","text":"A-6","page_number":197,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"af8f7280-61ac-411a-9846-4a605b7308b0","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea1a55b1-8643-40c1-8d5a-64598c8cca54","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":198,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"8f74322c-405a-43e1-873f-587aca97402c","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":198,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"749c3d0e-c923-4894-a578-1ad4fa65237a","block_type":"box","text":"agents in the form of a rating letter.","page_number":198,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"207fe3d7-89c9-4218-8d25-664bbeae62a5","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":198,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"f5f5b7c9-6c87-45a2-b539-12f192f3042c","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":198,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"958339e9-b95b-4a59-a2ed-89794804e870","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":198,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"8c77a6d1-3a09-43b5-acfe-c5b875ee07af","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":198,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"e0dffa63-0a4f-43bd-a207-1bc1a8b0a10c","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":198,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"670ce132-3215-45c6-aa5e-afd9545f7ace","block_type":"box","text":"e.g.","page_number":198,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"79a5254e-1bc8-4eaa-b477-a84ba04f0ede","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":198,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"c0781a60-f046-40b4-9fba-26d091132787","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":198,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"995c1c43-d78b-48d4-8220-f19b048f9ed2","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":198,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"98b96bc5-a412-40f9-a7b8-ed42453c7984","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":198,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"1040cf45-f326-4e44-b284-89cd074349cd","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":198,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"7084541c-98cc-47ce-97ce-72960718c1f0","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":198,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"e05a55a4-2664-4efd-846d-1b1a2379702c","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":198,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"9e75b390-5a4a-4184-bf72-9136b45aefbf","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":198,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"8bd064fa-c193-4724-ac03-6cc00c3c72e4","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":198,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"8a933138-4c55-430a-9390-86c23b007989","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":198,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"72f9cec8-bcb0-409c-9bd9-e93bfbb9031e","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":198,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"2c44b28d-e7fc-45da-aa11-2ac467a7887c","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":198,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"d84cfa35-69d6-42d4-85c0-e146ed000bb8","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":198,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"798c86b4-d1e5-443a-a0d3-79bd5e2ea021","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":198,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"477626b1-67b2-484b-aaeb-32e18c702f96","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":198,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"6467b198-852f-4850-b32c-476a4fe3fb7e","block_type":"box","text":"Ratings.","page_number":198,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"94cef132-a673-4918-9051-8e9265738623","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":198,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"1896d837-2a2c-451d-83f6-aea86cc4185f","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":198,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"9e83c502-9ae8-4841-8020-624ea4b1e5c0","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":198,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"eb2c821d-1b6a-4527-a917-3ebb51dcafd8","block_type":"box","text":"obligation ratings.","page_number":198,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"fa332e59-b2f1-4c02-87f6-523305e96334","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":198,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"a2ff1cf1-bb2f-4818-afcf-c79414db33c3","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":198,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"80886401-7490-455e-9999-a48a0b2e2ce7","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":198,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"9551eff9-468d-4514-9ebb-b995b1d860bd","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":198,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"88167e8a-69df-4a8b-b740-6cbc2582c6c0","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":198,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"2a87adf2-127a-433c-bea7-d382f6b52672","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":198,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"fd8c9675-aea4-4013-92bd-dfb54a6f8fba","block_type":"box","text":"to foreseeable events.","page_number":198,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"33a31221-2321-4a1e-9014-f88d893a86f5","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":198,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"43e6c486-88fc-47a7-a7ad-f04b2cacc295","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":198,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"11b9dfb8-794e-473b-b8d2-6fd1fc7c61ed","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":198,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"808995f2-e31b-4e09-b236-2cb736bf5bc8","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":198,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"fe6f4924-a31e-4c9b-83c5-c29ca9eb11f8","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":198,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"240e772f-3ee9-4877-8192-fa4568e97af3","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":198,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"93ddf17c-ab4c-4e95-9cb1-945b6ff9b97f","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":198,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"9dbe517d-8f9e-485a-8b99-a161f9d71fb4","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":198,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"83db0768-5d3a-45eb-a2e6-2197cd7d6517","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":198,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"fe2e043b-0e85-41c9-9b47-fca234a6cd62","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":198,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"7d05a6d4-240e-488f-94b8-d31539804e50","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":198,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"41afa38a-453b-4ccb-8fbc-47e60d82493a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":198,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"89689097-d38b-4800-a9bd-a618dd798366","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":198,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"3f23b824-188f-432c-b6a6-c2f144518acc","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":198,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"5878bfe4-5c57-4338-8739-d81ed55ba52d","block_type":"box","text":"relative status within major rating categories.","page_number":198,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"d385c1a7-ae3b-4bea-b4fb-b03b09839525","block_type":"box","text":"A-7","page_number":198,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b391aa6e-7ac7-4bd0-a775-f099cadbc372","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bddbd06-fc02-4f6b-99d3-5000b899cafd","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":199,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"3ecc1912-40a3-4161-aca9-340642d1873c","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":199,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"5c174c19-42f6-4c14-82dc-e51f0fcc0de6","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":199,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"ab10aa8f-6390-45d3-a1a5-0b4f19459cdc","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":199,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"68acb8bb-322b-4334-ab15-becec7060545","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":199,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"d38b7cf8-bae4-4787-80b4-746d0049a3cd","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":199,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"9f15318b-0512-4834-9ee2-0dd463e6bb6e","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":199,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"07d8a0fd-5f7e-46f4-a40e-1cac671ffba8","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":199,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"4a0727a5-3c2e-4959-a897-eddf62825eb7","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":199,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"48249008-c9d1-4659-9660-049274b7056a","block_type":"box","text":"finance markets.","page_number":199,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"27dc98b7-da9d-4d35-8254-1ccbeb07198d","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":199,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"eb448c69-f42c-4bb1-adc5-8c402fcbefaa","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":199,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"c12f15eb-862f-4cd7-93f7-4e06b27f00c3","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":199,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"3a2708e1-20b9-437e-b90d-aca02f850d07","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":199,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"31d3658b-6aa8-44aa-aeb3-3765a268d213","block_type":"box","text":"commitments.","page_number":199,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"c5f3839e-717b-4e64-bb63-cbe94720ac0e","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":199,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"3bbd9a28-21bc-4d80-a02a-b33d2447a7e8","block_type":"box","text":"adequate.","page_number":199,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"e2f75a2f-2784-4833-8792-73470a0efc0d","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":199,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"666af7a5-24d7-49b5-b624-011bb862338e","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":199,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"a6782978-72d1-4485-9bc6-5accf00f869d","block_type":"box","text":"economic conditions.","page_number":199,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"b736b88b-d2e2-432f-b4b9-62eb0f9d938b","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":199,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"0b7f311c-5c55-4af2-b1cc-c719b6990c29","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":199,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"df74ae8a-77ae-4a40-978b-3f6e11c979ba","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":199,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"0d1aef49-ea06-43b9-b2ef-e6a7229d740c","block_type":"box","text":"ratings only.","page_number":199,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"98c57690-49c0-4481-ab05-d293912e4b69","block_type":"box","text":"D Default. 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to the","page_number":200,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"0e87002f-05a3-48ce-ba3a-e42b76ea06d5","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":200,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"ec972909-0287-4012-92e1-68eac143cba0","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":200,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"387fd26e-0dff-43b0-9bb3-66e532fdd3ac","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":200,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"a95c5850-e1ac-49bd-9909-9d07c85b2425","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":200,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"4a258f76-4762-4291-9074-90f663a9dddb","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":200,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"c76c2155-3af2-4166-a240-45ae31cf8ece","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":200,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"b8347dea-5734-4812-96f4-2c5f6ba3fefb","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":200,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"5a62ee82-5444-4b33-83d5-c6f0f40790b0","block_type":"box","text":"Conflicts Management","page_number":200,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"5218919a-aefb-441a-a09a-d73fd38fa79c","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":200,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"cf1d87aa-083c-4284-9e8e-58708dbdbcbf","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":200,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"ea42fb51-daf6-4947-99a7-f57672291b01","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":200,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"21fcc908-6551-44f8-8649-e8efc9774e8b","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":200,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"31edc3e0-a099-43ff-a42b-21c945832052","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":200,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"a5aef863-50fe-4343-a77d-347fdf4d0098","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":200,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"20473d12-17ca-4d55-8f0b-3987fe6c9e4d","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":200,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"25ccfe1f-fc0a-4286-b687-bc5f021fa3a6","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":200,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"a876af9f-d29b-4d21-9074-4d35a81f126c","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":200,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"8d7a64a0-db31-4bc1-a768-94087ab06ba0","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":200,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"fdbafa25-5e6b-4d48-ade1-02a6dbe424dd","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":200,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"03ce727e-beeb-4bc3-a435-4b7633663f6c","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":200,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"bf947dab-f092-4a77-a78b-ad8b1c09155c","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":200,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"085d56ec-c669-437e-a0a6-b31f917ae02e","block_type":"box","text":"connection with proxy voting.","page_number":200,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"a4b69f18-d18f-414d-87f5-8e7d9046edad","block_type":"box","text":"Reports to the Board","page_number":200,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"efa9f697-36a5-4ab9-a86e-5034b9bf283b","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":200,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"f797781b-84dc-417e-8f38-5926b5e248d2","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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. . . . . . . . 10","page_number":203,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"98128107-c44d-46d2-9eb1-6973112d423c","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":203,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"08fe1553-a361-4e14-af2f-4abdb067e909","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":203,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"7fe77c00-0439-48f0-95bf-1dd90c5c1758","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":203,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"088c3f39-6b51-4c1f-9c1a-0df9e053cb4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":203,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"30ddbc64-ebe7-4e27-8ef4-a1c4e1a01fb9","block_type":"box","text":". 15","page_number":203,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"532a1476-ec24-4e63-9780-43df53488cbc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b8ee4d1c-c878-46fd-b795-a6441918f162","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"13e5d50c-2802-4dc8-9a67-2c7e203c7956","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e295aaf-c996-4d65-8409-fe6696a80181","block_type":"box","text":"OVERVIEW","page_number":204,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"b5858f1b-c229-4b0f-bb11-6cd18ea50593","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":204,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"31aa5df2-90f2-45a8-aae1-9071b205ac1c","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":204,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"da27dd33-5e05-4c84-8f65-2d3d0ef4372c","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":204,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"80aa70f3-116e-4f10-9015-2b4a64c7181a","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":204,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"562ffe6e-d8a8-4018-a80f-8debe1bac8cc","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":204,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"c1da0cc0-cbce-46ea-a140-075b93ebf917","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":204,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"6e16f441-0851-4c15-a45c-65d828419a38","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":204,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"da258cfa-7aee-4bb6-ad3e-59ab4dcf712f","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":204,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"dd2af0ab-6589-4a8b-b82d-f74286b566c6","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":204,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"c4857d02-ea2e-4353-84bc-1742de579437","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":204,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"7190830d-28b1-4e26-90dd-1338d0218dae","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":204,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"429452e2-c946-4cfa-8d7b-7dd408a2bde4","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":204,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"c1d29200-7e30-4445-9925-7509c28af5cd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"038a604f-4e22-4afd-b05d-26d3c41cc087","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e2b9a471-0615-4a81-a6e3-13d91e5d960a","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af84e764-2d25-4cb5-855c-4dce7251015c","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":205,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"63f7be11-ba62-418b-852d-c7247c37cb87","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":205,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"8b5c5cd8-c155-436b-83b4-825a73c2f094","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":205,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"4389f18c-c0be-4fd1-9ac4-83e642d9f6dd","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":205,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"1b86213b-1634-4c72-bb37-1e11a09afe6d","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":205,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"dbbc6faf-ea09-40cd-9c4f-8453f77346b8","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":205,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"6d15a9c3-8ebb-4052-a8b7-d83e52ce7363","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":205,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"af8ca446-5fad-4a54-9753-f8e7aacfc372","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":205,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"cf355480-7d95-4119-a34a-717ee94b8ca2","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":205,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"00f0d4b7-f7a2-402a-88c7-9a2077373c7f","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":205,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"a4f5cb9d-edd7-4336-bc5a-7fa5d03e11ef","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":205,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"c4ec9f85-caab-4460-b831-7303a274b61c","block_type":"box","text":"shareholder meetings.","page_number":205,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"d9e3cd91-5ae8-4f17-b369-583b4f05576f","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":205,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"2968fd7e-96ee-4241-bdc3-c8f8206d05cd","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":205,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"2daa702d-2998-44a3-93e4-9e19a7472a7f","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":205,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"9eb62fb4-bbc6-40fb-afce-804a47d1f620","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":205,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"bcb2d374-60b6-4217-8b9f-5f161e10429b","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":205,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"6f476333-8240-4407-83b5-7749e7a40c10","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":205,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"2401405b-0975-4901-94b7-be21daebd5b2","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":205,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"90e0882a-27d4-4535-ad2b-ca1748938ef3","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":205,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"3a14f8c1-a85c-470e-9055-3f07f5c94ae7","block_type":"box","text":"on open dialogue and mutual respect.","page_number":205,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"09454d15-9a3e-4096-a631-78a4ca9a72b8","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":205,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"a945a7c7-c7c2-4baf-88a1-d904ff3f73da","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":205,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"b33713be-df95-4559-92cb-df0d7905ac43","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":205,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"8914283b-7469-4a0d-b3b1-922b167bc0fc","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":205,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"315740ec-aaab-4a68-8395-332d101bbce9","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":205,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"28c57027-76bb-470b-b695-2206137fc87d","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":205,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"6144af62-3b69-4485-98e9-38635482b42e","block_type":"box","text":"board directors","page_number":205,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"e8c12823-77fa-442c-92a6-9ac37b55145b","block_type":"box","text":"1","page_number":205,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"f82e7bcb-2c56-4803-bb97-5ef4d7617c35","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":205,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"93e38aec-2724-4cd1-8d0c-ee5cefe8df55","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":205,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"3074038f-f4d8-4697-bac5-75a1cacc6f11","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":205,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"ddf8a00d-2eba-47c9-9e2e-03e59ba181d6","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":205,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"8cef04bf-e598-41ca-abf4-50206a927dc8","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":205,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"9716ebac-7709-4d63-aa21-c6d0e173e242","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":205,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"bdb17dd5-5b66-467f-b9ef-bf33b95efd41","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":205,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"b9f176a2-cba7-4dcd-96dd-6cbb8051ced2","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":205,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"58219b7f-b8ea-423d-8bb6-539a52230418","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":205,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"a16249e3-4745-457b-9e3f-0119ef6cd544","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":205,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"fa8f86a0-d12d-4eb8-ba9a-31657c3ceebb","block_type":"box","text":"vote on proposals put forth by a company’s management or its shareholders. The voting rights attached to these","page_number":205,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"c6bee44a-1398-4d81-b72e-ac32625f3d5b","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":205,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"8e3ea8e6-e797-4e2b-a516-638f30bc7208","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":205,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"94c845a8-8b9c-486d-8e89-0ec31b32ff23","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":205,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"7b1f4e39-9a4a-4562-818f-086e6637f0e4","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":711,"width":778,"height":12}},{"id":"05a83aac-87cf-42b9-aabe-0bd805fe1ade","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":727,"width":788,"height":11}},{"id":"68fc4f6c-3436-4f7f-a5c3-07079ff16390","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":205,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"28955b19-8271-4ec3-976b-f0b8ebadb05d","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":205,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"b92333cb-366a-4747-9d76-f96cfa3fc0ef","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":205,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"4289c497-077e-40c2-b137-eaa4b4b346d7","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":205,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"adc69367-3644-42d7-a895-117034f69433","block_type":"box","text":"stewardship responsibilities.","page_number":205,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"a059fdc9-8e89-46a7-86aa-eb16d34566cb","block_type":"box","text":"1","page_number":205,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"c4ae3594-5b50-4f15-9dbd-86fcf93b023c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":205,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"07deb8c5-cf3f-479d-8d4a-a59bbfcdc464","block_type":"box","text":"boards and their members, where relevant.","page_number":205,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"b5c1c324-263d-4c7e-868d-cbab707034c3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d5c9c52e-a87e-4024-9b23-256821d44542","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"898bc144-eb49-4fea-b4b1-23732a8b1df5","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a219fb32-762a-414e-b33b-d43f719808e6","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":206,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"76013fc4-9b41-4112-aa23-320f45aebd89","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":206,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"08a34ad8-467b-4766-97a6-ee8744f18240","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":206,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"21c8c5c7-b9be-4e79-8beb-cb6be4fefd68","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":206,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"f6fee25b-def4-4520-90ac-1633eee47923","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":206,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"8c7acee5-7d0a-4790-af10-07d5b0607205","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":206,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"d2e12de1-2e32-4466-b712-9ddb7a63c62d","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":206,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"36f3f78b-b77d-4837-9d4b-325e748bd522","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d8dcbd53-9c4c-4761-8ed5-a5d1c30eaeca","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0f15aa90-f0ea-41cf-b95e-9c630cb7cf00","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ed8919f-19ab-4499-bb6f-7e77a163867c","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":207,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"b38642fb-86af-43ea-a904-1529eecda63e","block_type":"box","text":"Roles and responsibilities","page_number":207,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"57ecfb21-f452-4d6e-ad5f-eaecc1595c03","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":207,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"551e8bef-082c-4913-ad25-18e0577588ed","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":207,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"ddd6eb8f-0a6a-443a-8c74-7598b45c6aba","block_type":"box","text":"2","page_number":207,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"3758a314-87ea-4889-804a-0ff4596892e6","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":207,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"37486336-25e0-4011-aa46-e392a0f5e46a","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":207,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"c9b43474-d8fe-430b-a3ba-00ef9b30cc68","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":207,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"ef590cc6-c0f2-4392-b7ed-57fb34035692","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":207,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"2b4fb577-268b-4cbd-a097-f5f81fe92f2b","block_type":"box","text":"performance over time.","page_number":207,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"dc0c5d5d-f181-46e1-8f72-15b9ce990294","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":207,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"b02f23aa-cc45-4764-83d3-70d7b7771ff8","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":207,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"958c0067-e517-412e-98aa-847b640523b5","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":207,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"b7c7cb94-2b9e-49d3-9da4-019a8562ecbc","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and","page_number":207,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"33439734-8d48-4b12-b49d-417a66657853","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":207,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"4617a50d-8fdb-4502-a737-ee54609b3583","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":207,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"80063ae9-5de3-4388-83da-93a841aaa9b2","block_type":"box","text":"Composition and effectiveness","page_number":207,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"6908080a-d749-47bd-bfc9-5e2efc39b72e","block_type":"box","text":"Appointment process","page_number":207,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"2ff8d989-4bf5-4119-831c-c3c20eb2919b","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":207,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"79f5f5dc-42e2-4864-84f0-4b21509cf154","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":207,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"ada33b8c-918b-423f-b185-78c776efee51","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":207,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"6d814449-7973-41f7-a90b-cde4a7940e98","block_type":"box","text":"e.g.","page_number":207,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"9046cb84-132f-40f1-a3f1-0b934900cae7","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":207,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"0702ddd3-a956-4632-8034-288cde01cf97","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":207,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"7c9f6e98-2554-41dc-be33-07acb8fbfe96","block_type":"box","text":"e.g.","page_number":207,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"cdd4fec3-6281-4e92-bffd-169a2f2b5c24","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":207,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"5b477248-88d9-43ae-8485-b86d73d8f1c5","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":207,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"8b3d0a97-8895-46f2-bd99-59292751b5a8","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":207,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"7a167506-bc89-4abb-a2cd-db917a14c666","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":207,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"0f4e15a3-6be8-4fd4-9b97-bd914fc29b87","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":207,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"2b3e4d0a-5910-47e8-bfb2-dd243ebba409","block_type":"box","text":"market requirements.","page_number":207,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"f8cfb98e-f51c-4d90-9cac-eb0617dcc5db","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":207,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"f9a3606f-b869-4fb2-b1cb-e9a773d7020f","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":207,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"2b55ee99-b61d-47fa-b49a-928b6a30424a","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":207,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"ed725317-84dd-4bee-b693-f64e54564414","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":207,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"01f0ad8a-dabb-4e84-bbd6-4103aeebce5d","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":207,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"4b5213da-c2bb-4bfd-b467-f33ffdd1602b","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":207,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"8afe7938-1663-4b71-8f03-013b1088b1f9","block_type":"box","text":"Independence","page_number":207,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"e3d91c4c-4957-4b3b-b471-6a78c6121411","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":207,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"c687fcb9-4242-4c27-9dd1-7929e9eb4782","block_type":"box","text":"e.g.","page_number":207,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"d1c80b39-0956-48b2-9589-e781b17bd3ee","block_type":"box","text":", government or","page_number":207,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"77433a17-13a1-413d-b937-a0a79dffdf29","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":207,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"3010ec76-1e95-4515-9ee8-0ef7b758f47c","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":207,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"32be1767-e155-4cc2-a1ad-6bb02ac2f25b","block_type":"box","text":"influence.","page_number":207,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"731e753c-8117-49d9-a01f-5489e43b99dc","block_type":"box","text":"3","page_number":207,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"7095e1f6-6cc3-4b26-bf6a-a9ea28d2382e","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":207,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"9670bde4-ac18-4b81-b5fe-133ae22b71ab","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":207,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"1dc9bb5c-4bdb-49f6-baad-cb1bf2770a5d","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":207,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"c119f032-1368-470a-a9dd-652f8bc6878e","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":207,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"10d1af84-6d27-4358-9ea3-8106f7f8ee3a","block_type":"box","text":"composition if this is a perennial issue.","page_number":207,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"703b87f0-3e1d-4fae-95bf-17f36ef668b0","block_type":"box","text":"Independent board leadership","page_number":207,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"e4dd893e-3585-4f2a-ade3-33730f295451","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":737,"width":784,"height":11}},{"id":"74c54ecd-4d1b-4361-8a4e-bbb47d5b266b","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":752,"width":827,"height":11}},{"id":"f9e2c5b0-6514-4559-8629-dbd74d31a2b5","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":767,"width":774,"height":11}},{"id":"9570077e-4f25-42f6-90fb-034da6fc81fa","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":782,"width":826,"height":11}},{"id":"6fc70ffa-4bc5-472b-a12e-7e9a472c2cb0","block_type":"box","text":"2","page_number":207,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"ffd85226-1633-4eae-909c-66478304de61","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":207,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"d39420da-3c4a-4495-ba07-e8e4351ddb8b","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":207,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"606bbca2-95fa-44b7-ab03-e95c68d9a9e6","block_type":"box","text":"3","page_number":207,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"9f845d52-a63a-4ea1-a3c9-c5ff96834e3b","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":207,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"42ff7dc2-0acc-489c-853f-df0fe4e5b714","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":207,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"cf80f4f5-c7d1-4309-bb28-d74215ebd521","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":207,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"ad996b8f-ae00-4b8f-9758-ea51db68f7d5","block_type":"box","text":"or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the","page_number":207,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"6035032c-07b3-4b90-a01d-9b14e2939f4e","block_type":"box","text":"company and shareholders.","page_number":207,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"fcd0a186-d237-4861-9b6d-78dd6172f147","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ff249786-a66f-464b-8f09-36111e015242","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"72c5f5bd-5695-4a1e-b318-aa5038be817c","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8571350-9ffa-442c-b7c9-15af21d58e6d","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":208,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"aac339d8-31e4-4d03-8cc5-7394520b71cb","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":208,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"ae7924da-54c8-4b1f-85b0-6d266ae69c1f","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":208,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"a949cff5-92cd-4557-9ba1-4d27256a4633","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":208,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"0badbaf4-a34b-4d17-847f-b268a3ab8317","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":208,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"6abf876c-b205-4be8-9e31-c8518c8d4a59","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":208,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"bf857020-b622-4159-a226-8d63d5521821","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":208,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"c6ca771a-3637-473a-9ca1-f6935211834c","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":208,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"271076e6-3244-4e5a-8192-2966a8d0e549","block_type":"box","text":"Tenure and succession","page_number":208,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"d45408fb-72c3-4e02-b8ea-ccbccd257375","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":208,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"762cfbaf-6671-443e-8962-0c04937a2099","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":208,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"1239e39c-a15d-4443-b0c5-b63548545a52","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":208,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"a40e1cf4-3011-420e-bbd5-549698ee173a","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":208,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"9fcd6f3b-cd3e-4f5d-8229-feeff5ffb225","block_type":"box","text":"management and involvement in past board decisions.","page_number":208,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"5f823ae4-8a3e-4658-9537-c30dcf0181dc","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":208,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"cc9a1c3b-a2dc-4e4a-9b8d-6e7aa53e9e03","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":208,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"ef3f46af-67c9-49cd-97bf-edd649b17074","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":208,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"08a4e1d9-2a18-440e-b4c9-e46d02edb97f","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":208,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"ed56c722-4abb-4bd5-9bd9-7f425f25e19a","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":208,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"6decd263-2183-40d1-b493-5c4ea4a9b026","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":208,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"74544342-2b53-4c0a-9001-87540f07fd0c","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":208,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"8a153a15-26a6-4c53-9e78-d1e76fd55460","block_type":"box","text":"Capacity","page_number":208,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"71a5026e-f7d4-4287-a595-e175773a6bb9","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":208,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"4a8fd8e8-3c16-4c3b-a6f5-8a2b6eea6a9b","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":208,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"7e073743-a837-4be3-8b1c-98f3a3aebbb0","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":208,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"56f1b7c2-2f14-4033-bfa0-55eb40f82868","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":208,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"90cfa29a-9e46-4b7b-97a9-818a15964964","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":208,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"68b2b22d-1b84-4723-93ed-fc9f80023e79","block_type":"box","text":"markets.","page_number":208,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"e6f25f85-03c4-4bdf-b11c-6c9d8bbb6d74","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":208,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"d6b94074-1a28-4a55-ac91-e9edf293a127","block_type":"box","text":"their duties to the board and company.","page_number":208,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"7b83c5b9-7647-4edd-8da7-028e237d5668","block_type":"box","text":"Director elections","page_number":208,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"eaa7baf5-ec22-42b1-9cea-49319882473d","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":208,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"8b20e229-8362-4236-9e7f-743eb29c55fd","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":208,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"d5ac572f-643d-4c09-a66d-cd9fdb8e1844","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":208,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"e2ddff42-2073-496c-95f4-9598e425c3c6","block_type":"box","text":"e.g.","page_number":208,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"7631d686-4b7a-4fd7-89a2-459d05dad487","block_type":"box","text":", a non-operating company such as closed-end","page_number":208,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"14af88f2-41d1-4c9d-a1a4-80a013594977","block_type":"box","text":"funds.","page_number":208,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"586d321c-392e-43ab-8755-90ee422a9215","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":208,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"bef8f2e3-2e4d-48f2-a034-dd277272ba22","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":208,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"c0d4559b-9ffc-4797-b9be-e73516b411c8","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":208,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"5da90923-f049-4a13-b93d-9f32dd5c9341","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":208,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"f3627e5d-d952-4323-975a-a801d92ed407","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":208,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"828b155b-db5b-423e-9e44-f70df75c6836","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":208,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"a6714bcd-5cd0-4855-8e54-2cd85686387f","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":208,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"4079dbac-643f-4857-b671-6b5cb82e3c07","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":208,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"bd1602b6-5155-461c-816a-3cd9524962b6","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":208,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"22c7a2f4-88e8-4e82-bb5a-e5977439a36b","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":208,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"73c06698-5c6f-401b-b6d2-98799ffaea59","block_type":"box","text":"Committees","page_number":208,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"ff6e11cc-d033-429b-b89c-6589e229dc41","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":800,"width":766,"height":11}},{"id":"b2985fe6-4a16-4760-a458-12fac89cd750","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":815,"width":776,"height":11}},{"id":"e00e98f2-5b28-4aa6-a964-3e97a1ab2e21","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":830,"width":762,"height":11}},{"id":"6dc0c8cd-680e-4a72-9385-9f2962b7452e","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":845,"width":759,"height":11}},{"id":"8a68417c-d304-4e0e-b5fe-cf7069550e60","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":860,"width":804,"height":11}},{"id":"6e35ce36-c802-477a-a00f-74714a349da4","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":208,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"3f184114-1db6-42f1-8f14-740171e349a5","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":208,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"ea4e8ecf-1a48-438e-a21a-63f1c61263ed","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":208,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"e3634428-e5ff-42ca-8fd8-dbeefc9fe52e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"82011052-326f-49bb-84f0-e52f3bedad8e","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7bc85fc6-fc62-4485-9e11-1cf9d67dac38","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cfa79b41-e6c8-4a1a-a9ca-d61b1c887264","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"c008ce91-0692-472d-b336-3425e789f478","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":209,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"a39f7f9b-d7dc-494f-8d89-b4437fdc2cb5","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":209,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"ac948a39-4e8e-41f6-83f7-3b0447f52f00","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":209,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"dc4720cd-0e18-46cd-8e22-5b5288088c92","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"ca280312-5d5c-4047-aafc-904c76c423aa","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":209,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"ccebd223-5173-4827-9da5-2a8c35e08158","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":209,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"e46127ae-2ce6-447f-b047-629d970e440f","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":209,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"e299dfe5-b79a-4f07-b15d-ff2edd6f1ea4","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":209,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"0b4a8682-354b-4f68-a9a6-8995a779ac23","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"976d603a-587a-4002-b28b-354579717f82","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":209,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"b7b50909-0b20-47ba-b73d-c5304f4641bb","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":209,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"6624f034-60f2-4ce5-b62d-1df7975b2c14","block_type":"box","text":"firm-wide compensation policies.","page_number":209,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"d30b588c-12a1-450a-86d0-2ac83afdcb1b","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":209,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"a36e4737-3288-4acc-995b-ac42ba041ac5","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":209,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"814c1cce-4530-4900-aafe-92ea3f8a49e4","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":209,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"098593fe-2d0a-4d6b-90b4-1ddbb29b0e36","block_type":"box","text":"committees.","page_number":209,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"5b8728ae-701f-4e7d-8379-688c0d7ca144","block_type":"box","text":"Board and director evaluation","page_number":209,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"0ffd6088-8778-4022-8276-7ce2261d44f4","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":209,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"e5f7325c-da10-4f68-bcdd-d58ffb28bb95","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":209,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"a892d26d-8e50-4687-9ce0-6533bb9a27d4","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":209,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"451ec38f-1c90-4fec-a17a-6e13de30bedc","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":209,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"8c7cf23f-a844-4ff1-85c7-fedf5a5d370a","block_type":"box","text":"result.","page_number":209,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"e23e01fa-427a-4c75-bab9-39205a728ffd","block_type":"box","text":"Access to independent advice","page_number":209,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"57954731-d74f-4685-b22d-167a05d442dd","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":209,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"f63622e6-6b05-478d-a8e8-14782c47c70f","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":209,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"dbe6d685-a508-42da-ad8f-0652748b628e","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":209,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"d6006e3a-c7f9-4950-9534-148c3af2fde2","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":209,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"09616474-c27a-4484-b945-3ecee90c7574","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":209,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"61a37c98-d193-4dd4-ac89-9cef63fda803","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":209,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"64a5d39a-bdf1-4ed5-b0ec-d9d62e340ed9","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":209,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"0d0b20a0-69e3-4f64-9eb3-1e0b35842e6a","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":209,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"cce1aab1-2ec4-4ab0-9f58-ae16e527d426","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":209,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"9fcacaeb-95d0-4d3e-89b1-0037d297f3be","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":209,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"6ca0900f-2a66-4a59-8a81-48bf6b64e1d9","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":209,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"72287604-7ffe-49f9-9afa-e5402b4d4052","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":209,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"ec769c1e-90ee-496a-9704-069c74fdb2cb","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":209,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"43110438-f4f9-42cf-97af-83bc27dc4cfd","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":209,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"9a0f37be-0c6a-432b-bc36-ff337068ee39","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":209,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"2ac8626f-5a58-41ec-900d-bef2d1d3c202","block_type":"box","text":"motivate.","page_number":209,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"415018ff-febd-4823-9934-6d5be452d78f","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":209,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"518a73c6-43f9-4356-b83a-b9c3ea83cdb0","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":209,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"52be6c71-2164-4ffb-a112-443078cd1f2b","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":209,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"099383e7-a86a-4304-afad-0f6733fbe533","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":209,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"926ed3c3-5808-4f3e-ace4-76701ac7ccfa","block_type":"box","text":"arrangements include:","page_number":209,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"611e0f90-ef2e-4d7c-a7b4-46710ab1b5c8","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"79e4528b-3ec3-4fed-a41b-7aba0ccac630","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":209,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"f8903a30-19f3-4e7a-8d6e-0869be6b3620","block_type":"box","text":"the company’s size, sector and market.","page_number":209,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"bee9a1de-096c-4d4b-9db7-7ed6ec814190","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"3ea630a3-784f-4c03-939c-fbcf16767cb8","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":762,"width":752,"height":11}},{"id":"7b3f14fa-8679-4e5f-b467-eca1921f5e0c","block_type":"box","text":"strategic objectives.","page_number":209,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"b296db84-8ba2-48ac-95bf-9866a7956d33","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"dc8463c0-b4f3-4148-b13b-11e25dd6a409","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":209,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"190e62ab-5758-4226-88a9-2e3d561f5ef4","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"3a3dee58-edc5-4bd5-b8e8-1dcc99f91fae","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":811,"width":784,"height":12}},{"id":"7c8a11aa-be47-47a1-82a8-862eb65aa553","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":826,"width":790,"height":12}},{"id":"d2f1466d-62c0-454d-b0ad-ca10a137f093","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"9f5877ac-506a-4dba-9b3c-4c96d08244a8","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":209,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"c68bbda4-0726-4f43-90ee-45f1024ca76c","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"403a2179-578d-4b00-81fd-80af3dce2a3b","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":861,"width":735,"height":11}},{"id":"df0e0842-fae9-4638-80a7-d665d15251db","block_type":"box","text":"transparently.","page_number":209,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"d56a1849-2b22-474f-8e54-38d67ebcab40","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"4500dd2d-53e0-48d2-a9e6-6ac29767e5d6","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":893,"width":798,"height":12}},{"id":"56e2c074-9d62-4d01-ac9f-4fc223c86175","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":209,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"ddd3a733-f455-483d-9f54-ba4b4ce6fc8f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f93c9aef-b8d8-41ef-9c0c-f5348611286a","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c1252d8a-ef05-44f8-a1e5-c626d5025df2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b199442b-ed8e-4ccf-ac90-1e4e7dfc83db","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"e2b0e142-452c-48c1-91b7-c9d474ebfeaa","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":210,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"ab349d42-39ff-4f4e-9711-021c93d30700","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"de0f126d-5c9d-4966-aa1d-96b300778375","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":210,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"b082e656-73fb-4ec4-91b5-c532cfc7ceaf","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":210,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"d22d2a54-f2bb-44c4-bd71-e9cc137f5825","block_type":"box","text":"misconduct.","page_number":210,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"410973d2-cee5-457d-882a-3e730b447b9d","block_type":"box","text":"•","page_number":210,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"fc7e6745-c9ee-4722-b372-9ab52f3e357e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":210,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"df53f467-bb2a-48c1-bfcd-2576718dd1cc","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":210,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"1eb27fd7-231a-4d24-90cd-26084bdc8bcb","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":210,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c2a07116-197b-416b-9cbd-f1a522eaacb2","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":210,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"7841d990-66b6-43dc-a18f-4c8eec783e3e","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":210,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"2363a23f-5869-4a22-b53a-05b9f7d7cc74","block_type":"box","text":"committee, or the most senior independent director.","page_number":210,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"c78e75ca-338e-4a63-90ab-cbd821b44d45","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":210,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"b0a5f22b-5172-493a-873f-4f9484145a3b","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":210,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"7403996e-46b5-468b-a8e0-26479dc059be","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":210,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"71be0842-695f-4026-931f-6e5d127f420f","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":210,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"45872953-3258-4d60-b288-b37cb631d359","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":210,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"f9779b7a-f46b-456c-b4a5-0d019bc9422e","block_type":"box","text":"CAPITAL STRUCTURE","page_number":210,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"09cb6913-f344-405b-852f-80e45144430d","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":210,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"c6644c4b-d3fb-4f3c-af12-66fa37f6782a","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":210,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"fe6c54a1-920d-4e5a-9134-6acfce85007e","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":210,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"a9527727-b78c-4be2-bd40-8ce6d253994f","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":210,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"38c8f343-f84e-4fe2-9bc2-637af031f516","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":210,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"66fa416f-7564-4c1a-bc20-4cc33667471b","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":210,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"07abd1fd-f81c-4338-aa9a-22500ccda05a","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":210,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"85b09527-5c91-4370-a56a-60d65d508725","block_type":"box","text":"Share issuance","page_number":210,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"96df214f-b118-4a5f-8d70-a3c1252711b7","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":210,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"119ce3f0-610c-417f-b211-6b250405d22a","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":210,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"1484e3f0-3d68-4dbb-8ad8-3d96138b7226","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":210,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"9aa742ae-e41e-4d7b-ab97-e4482d8de7b0","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":210,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"d0f15517-678d-4ddc-beb5-9375f5e7776d","block_type":"box","text":"Share buybacks","page_number":210,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"138b7c2a-55f3-4c0e-b665-25ea0bfe137d","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":210,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"7aaaca4e-2112-48e9-9433-f690e5a912e2","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":210,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"403ae916-d513-4935-b2e1-a4b6c8ad59d0","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":210,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"26e13419-6579-4c45-8e7d-d873fc652445","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":210,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"817714b6-21b6-431a-bb27-014c1ea9f76e","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":210,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"7203a077-3b6e-484d-b21f-e2c5c5a2c48c","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":210,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"56a939ce-ceb9-40eb-9232-6bd4b48b62c6","block_type":"box","text":"market environment.","page_number":210,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"70339692-6393-411b-a75d-afcc15bae6ef","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":210,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"d3461ee5-f193-4494-a23c-c121ab548a6d","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":210,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"875a8f5f-256c-4650-8453-7c33ef45d1b3","block_type":"box","text":"strategy.","page_number":210,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"32071e25-b8db-4d95-b215-40088c92b17e","block_type":"box","text":"Dividends","page_number":210,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"458c2739-22c1-41fe-8fc7-7206079a2520","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":210,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"74fe7531-e334-4d71-8c79-8199c0bab04f","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":210,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"ce17652b-c4a2-48b1-98d5-46be96085bf6","block_type":"box","text":"Differentiated voting rights","page_number":210,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"f544056a-e13d-4434-9304-f8b4b3ed2f42","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":784,"width":750,"height":11}},{"id":"a9e2e402-1179-48a0-babb-e766d3033097","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":799,"width":740,"height":11}},{"id":"7d08f1f1-9836-4a96-8569-1a94ee7562e4","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":813,"width":819,"height":12}},{"id":"7cc8f974-eae7-4d86-bc74-882526cd368c","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":210,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"e42de861-b325-430d-bea0-b75bd549d8dd","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":210,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"9e44c3e9-d5d2-4a72-88ef-af655b56d300","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":878,"width":743,"height":10}},{"id":"0415da0e-4a67-4ed5-b79c-d6f335b03531","block_type":"box","text":"analyses of proposals.","page_number":210,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"19fc5099-ff7a-41e9-b5d2-0cc82b8008fb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"87e7f68e-ef13-426b-a6dd-3e441cce8396","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":210,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"96006e68-e8a2-45c4-83f7-2a59ae3a2bf2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a8fa11b-c40e-4a71-a209-5adfd7a21979","block_type":"box","text":"Mergers and acquisitions","page_number":211,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"711bd7ea-2fcd-4b9f-af27-21a5926cc436","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":211,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"826130ec-f18b-4aa0-a060-4423f4c1dbd9","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":211,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"64c57a3e-5cc5-4821-9219-4197ea74b614","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":211,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"ef710889-5270-4901-9508-d9aa29225b3b","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":211,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"6a7d2ceb-edf0-48ec-a887-0f2cd2f8d0fd","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":211,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"56bf513d-5d5f-4736-890a-d55d1b818847","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":211,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"4b3feec2-5b2f-4507-9c87-bb03b268b231","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":211,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"fe0b61c2-3de8-4d26-ab81-452106a31418","block_type":"box","text":"Anti-takeover defenses","page_number":211,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"ea70b79b-d466-47e7-8d05-c1a100d1f7a1","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":211,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"ddae6ead-0614-4a8e-85b5-4acd6df54f7f","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":211,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"fc05d202-d0fd-4024-b379-a3107bfca42f","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":211,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"fd36ecc4-9890-410e-bc2f-cf3759eb6275","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":211,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"c1ec4f47-179c-4029-bf94-486a991d6b49","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":211,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"33355200-59e5-4057-aa2f-f9b5c6dd1084","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":211,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"f60652ec-0f99-4730-8ef3-b82880bae463","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":211,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"0358c3a9-c64e-421c-8b0a-c9a7b0186cd8","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":211,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"815869b8-d71e-4ae7-a0a2-465e7d9a2e50","block_type":"box","text":"Shareholder activism","page_number":211,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"bb4024d2-2362-4fb9-80c9-43e6ad13fe0d","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":211,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"c19c9411-5d23-4c2a-a716-1c62cd04b839","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":211,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"4e7cc37f-3dbb-4251-8883-02956c7ed27f","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":211,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"fd9ef75a-d9e5-49b4-800c-bc48bd252cf9","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":211,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"53eec2e7-9a0e-4c72-834c-b0a16857c9a8","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":211,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"ce7b95eb-e45b-4a7c-a716-f342d834778a","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":211,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"9872e19d-f646-44d7-bfc1-94461d1e81d0","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":211,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"4a697bee-f6d7-4d6a-ac72-5594b465104a","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":211,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"43d72348-d668-4c67-bee5-82e99c419d3b","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":211,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"93370097-682d-4a3c-9dff-d6e198dea56b","block_type":"box","text":"Significant shareholders and related party transactions","page_number":211,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"b9ec9efc-ae31-4492-9143-733a8aaf156d","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":211,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"738d8205-7129-44d9-838c-f6dd4ac05b82","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":211,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"9b5a3704-07e5-49f0-abf9-67de11589d6f","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":211,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"e8a815c9-2c2d-4f7c-bc0f-261f0fc3e1fb","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":211,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"2ef34bbf-89a7-4776-8adb-4791ee4846a2","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":211,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"d7b4e684-8a20-4fea-b744-b686b76e74fb","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":211,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"38d14839-2df5-47d3-a634-600689dafca5","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":211,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"1bbeb12f-a981-470f-bfd6-e1427cbe7022","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":211,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"5722def3-1289-4457-a254-8fd3ac116ff4","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":211,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"5e8a95ae-a622-40c3-ae69-a265b6026ee2","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":211,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"b5fa0731-f24c-49a4-9b2e-3b16356e6cfe","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":211,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"8d3670e2-8877-492e-af0c-cb1ffbc3d261","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":211,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"4540959f-9bdc-429e-a009-0ba6fe771a82","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":211,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"4c6ce797-9039-4912-8279-1f80e5b92ad1","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":211,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"2efa353e-0d61-4f83-b0a6-e6e077e12416","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":741,"width":817,"height":11}},{"id":"c82050c5-c498-4b8d-b16e-a3cea59cd7da","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":756,"width":771,"height":11}},{"id":"56fb6acd-033e-43a7-b3e4-6bc610aeec89","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":771,"width":796,"height":11}},{"id":"ada3114c-1b23-46bf-95ef-99984482d40a","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":786,"width":788,"height":11}},{"id":"b93e1de0-c817-4f80-a25c-2e864aa618bb","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":804,"width":739,"height":11}},{"id":"60a0a01f-1e2c-4f5b-b01f-e7e65be11993","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":211,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"03da9bdd-e7bc-4cc7-b5d7-5b964ba72990","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":834,"width":787,"height":11}},{"id":"e5db06ed-2e2a-4b73-9abc-c8a767858def","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":849,"width":795,"height":11}},{"id":"5e522b58-b732-4310-a7b9-dd8c10f0f1f1","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":864,"width":838,"height":11}},{"id":"dee48f58-273f-4231-8490-875fc7f8b831","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":211,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"1c14a47b-89f3-4e29-9d4f-51845912da69","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6cd71885-edab-49e0-82c2-fc9610b0a143","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3d5fd031-ee16-4316-93e4-c2b2688a0151","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54058fe2-03a9-4f19-99c1-a6d321a06c80","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":212,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"3fd890ff-c024-4f50-9a9f-ebf0d937bc5f","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":212,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"27c914af-cbc6-48d7-9fde-83ee0145ac7a","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":212,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"0899da79-f1fd-4996-a503-50622714e627","block_type":"box","text":"4","page_number":212,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"93b6867a-304e-408f-9111-157f8dc8b901","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":212,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"5246d47b-698d-47cd-9f33-f8dec132da10","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":212,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"9cf69411-3d27-452d-a30f-1d54ecad5964","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":212,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"270957de-b1f7-4889-8c3f-2b529626b9f9","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":212,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"d3cf5d36-c1f6-4825-a938-69b098f82f8c","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":212,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"0eaae2b8-fb2e-41e3-8cd8-8a1493293736","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":212,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"b524177e-f68a-4e59-99cf-854a30e11a42","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":212,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"5e60a80f-c68c-4d60-b3ac-02e7f18e0f63","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":212,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"ea55d9a6-ff02-47d2-9847-34f5f8358888","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":212,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"edd8f3c3-d384-437f-ad8b-822aa6428a16","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":212,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"ca534876-a18c-4d02-b0b2-9cf65b90c86a","block_type":"box","text":"remained independent.","page_number":212,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"5ae778ea-3065-4a5e-8190-3781b9518bf5","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":212,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"e50923ec-1d5c-4469-af25-acc1f6a42b68","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":212,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"bd37c50c-a566-49f8-9259-d140a8210bfc","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the reporting or","page_number":212,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"d37579e3-c300-453d-866c-1b425857e139","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we","page_number":212,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"f89719b5-8fc2-4e5c-b79f-fbe5e3bd5b15","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":212,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"c6923734-2ae0-4e10-b90c-d26dc9443060","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":212,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"386a8c98-5ada-4e32-a3e0-24c6ea1e4ffa","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":212,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"7f31aa43-bbdd-4aba-b2e7-407076a5e495","block_type":"box","text":"General shareholder meetings","page_number":212,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"1a25a985-fef0-4fbb-a138-946d876e28d0","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":212,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"833f7006-aa5e-45b5-bde2-f5ba9c467106","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":212,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"de19c11a-cbad-4082-b15b-d8632afd901a","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":212,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"b8f32aa5-54fb-4582-ade0-679de58aa086","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":212,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"3f29a0d7-0535-4bb9-b391-69942843ba47","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":212,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"b13ecd78-7f20-4c29-9cc9-a55a4d4d6a9a","block_type":"box","text":"an in-person meeting.","page_number":212,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"55edbb37-416a-4888-bfd2-22784be16f22","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":212,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"c4cc5d33-9bd4-4cd6-a343-bd62d0a20613","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":212,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"99bf957a-cb74-4f9b-8936-2a8c5caebf0d","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":212,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"91ea6efd-1a87-4f34-93c6-212e535ce144","block_type":"box","text":"participation.","page_number":212,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"c35c6c51-6c40-41c8-b1b4-8798326ab85a","block_type":"box","text":"Bylaw amendments","page_number":212,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"6e237bfc-ba44-424a-934c-3a4ec1c00220","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":589,"width":766,"height":11}},{"id":"d6d12f25-81de-4f33-bc52-09ba7c3456d4","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":603,"width":800,"height":11}},{"id":"2ab4b05d-d528-4170-9313-17ccfae27ac7","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":212,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"c8fd005c-d3f5-452b-8aea-e7f3b17b6672","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":212,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"89f18615-1458-4a70-8b4e-a1ca6d8994eb","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":212,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"6327ea5a-78d2-4a3d-ad1e-c83f8f7fc40e","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":670,"width":790,"height":11}},{"id":"a83f9da9-9558-403e-8db3-1e39f264f74e","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":685,"width":826,"height":11}},{"id":"7b857b67-d4bd-4ded-ae52-951850dc1f08","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":700,"width":740,"height":11}},{"id":"69a28785-3031-4c00-ba1b-60d7ffa4ec2e","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":719,"width":790,"height":11}},{"id":"7e12746a-a81f-485f-82ff-e6b7179d5032","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":733,"width":829,"height":12}},{"id":"9d21a2bb-9269-47b3-9dd0-6d8b6c568690","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":749,"width":758,"height":11}},{"id":"2192b1a2-0fa6-41ec-b822-63492627151a","block_type":"box","text":"nomination process.","page_number":212,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"5604b499-eb8d-480a-ace8-0fe8932fdd6c","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":782,"width":799,"height":11}},{"id":"429537fc-7db4-4dd4-a50b-f971fa4ea770","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":797,"width":810,"height":11}},{"id":"53425a33-5d29-4d82-bcf4-cf64f156c8c7","block_type":"box","text":"4","page_number":212,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"cc59aae8-fd02-44c4-89d8-2161c1d8e002","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":212,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"bc5dc250-ec19-44ee-80eb-4ca01497aef2","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":212,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"933d3f98-f54d-495f-8634-bf1410e6be40","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":212,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"573ab60a-c2ed-4279-809a-2d2b661aaa09","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":212,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"80768efe-2e47-4a2d-99cd-df064028798a","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":212,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"2e155aa5-09d1-438b-b20a-0a2fa8c5f0f9","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":212,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"e134ed04-baba-4196-96dd-656a3f2fdf1d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5f82e639-c0cd-4ee9-a9df-a4da52e00d1a","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"531e2ff6-9b15-419e-b6c6-ce13e0768ffd","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"556194a1-a502-4456-ac76-50a21262175f","block_type":"box","text":"Change of domicile","page_number":213,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"c1e0e5a8-f571-49fa-a81c-ab1f6f7e4b87","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":213,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"83c9193a-341d-48e8-97f9-7794f5f0fb57","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":213,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"29c41d48-9bea-4a1a-b69a-ed444345d405","block_type":"box","text":"immaterial.","page_number":213,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"2edff997-d348-4c41-a455-7a84c84c8952","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":213,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"92d37015-caba-42c8-96cb-041817c43825","block_type":"box","text":"with our clients’ financial interests.","page_number":213,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"d25815c8-ced0-41ff-b753-2f2e01c03883","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":213,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"8385019a-afb8-4856-b831-5824b8e90a4a","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":213,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"d094c106-be94-4b51-b94e-edb503211529","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":213,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"51a02398-e4c9-4530-8bb1-8a6ba481eb77","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":213,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"98fb79ce-3a81-4698-8a05-d34299d79026","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":213,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"431d3c62-2e6f-4255-b9f6-85d782d192b9","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":213,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"70adc401-39d5-4909-9208-c740da3077b1","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":213,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"52e50c60-7939-4e2e-9227-9889c1ebbf73","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":213,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"49a701c1-f23a-4d01-9d23-f29ff13a7853","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":213,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"013635f6-afc6-495a-bcd1-729d8e24ba0b","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":213,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"26c1ed7e-15fc-429c-922c-991a6d082a4a","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":213,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"c5a09917-aaa9-42df-84a3-fec7fe766de2","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":213,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"034caf86-4761-4a4e-9190-2efad87f3ecc","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":213,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"1fd975fb-bde2-4d0f-8378-3c3c1f373323","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":213,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"89194f6c-3465-4096-80a1-06d0ce3ca174","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":213,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"18d3d2a1-75c4-4079-ab92-450e0e228f78","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":213,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"97619280-cebd-452b-9add-31b4507eca7f","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":213,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"4801c1d6-f107-443d-b5ac-94c2b5a2a1b6","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":213,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"89772988-dc6a-4667-9569-d9ad0d79ddb0","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":213,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"abf7189a-6e1b-45bd-a799-c61e378cf91a","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a","page_number":213,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"d2d3cdc2-3aef-469a-9e9d-1a3dd875d955","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":213,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"ffa61f75-716e-4d65-b94e-5db826369ae2","block_type":"box","text":"returns.","page_number":213,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"133035ae-8f2c-4151-881b-1ca366b294ba","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":213,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"8f0256c8-9654-485c-9a10-ed77cf8ed5bc","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":213,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"b158c2bf-ecd5-4c86-8e17-89bf8da7e136","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":213,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"7b1aead1-4ca7-4a6d-aca6-fee2a082078d","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":213,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"87242522-706d-4858-98a6-e8886ea362ca","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":213,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"324bc87d-8d52-4152-9b96-34d9509c3281","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":213,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"f9c932e5-d970-491d-a1b0-9cc6ad7e1484","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":213,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"cb8d448a-e333-4ad0-8b95-2821818782fe","block_type":"box","text":"arising from inconsistencies. 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To mitigate the risk of inconsistencies, companies can usefully","page_number":213,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"e52983c4-7ba0-4fb6-9d54-3c97087f7f4e","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":213,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"f604d02f-46ab-42f5-b39e-ded1656b5e8f","block_type":"box","text":"are active members and any engagements undertaken by trade associations on behalf of members.","page_number":213,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"96c1ab33-ec67-498f-9576-1f06df90302b","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote","page_number":213,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"c001e438-baca-4829-8db3-59193d720a3c","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":213,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"308e2924-1d43-4f26-808f-651f18fada08","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":213,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"3e4212e6-eab3-40f7-9173-31cd04966169","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"268c3e2a-b5e5-4345-98cf-a813de079470","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"756551c8-8697-413c-8724-1184ba867c85","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4bd137d6-1f2c-410f-921d-5bd19f11db1e","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":214,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"86d74a58-6efa-40d9-8c74-bf7722c04df4","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business","page_number":214,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"a19de3bc-1dc7-404c-b323-2db2369c1b59","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":214,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"2d6939d5-6e6b-4b0f-8332-69b4f24bb019","block_type":"box","text":"5","page_number":214,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"0c01dfad-3536-4b85-899d-e44998b43127","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":214,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"8fe7546d-8567-4b86-8278-f8e723f06715","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":"a27c3ff3-4802-4d5f-8659-78746391a488","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":"eef66eba-802b-48fe-9f28-913b06274d12","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":"db325d9f-2f2b-4cdf-96bd-e093c95fad94","block_type":"box","text":"regulatory requirements.","page_number":214,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"a6f1f742-8f2d-4676-aee9-45c49e661e8a","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":"4b6fd57e-0e1a-46cf-ac78-fc2506218a42","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":"ad9456ac-4e4c-43a7-9a81-17ab375972c4","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":"dfc305f6-8de8-4189-9b30-e77766497ebd","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":"6ab5e506-a1dc-4403-a90f-ebf674e9ab09","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":"b7b26b01-0fce-437c-b2f2-2fa9506a24fd","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":214,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"80571841-1745-4e0f-8a9b-b3b56389e3a1","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":"400579e6-b575-4ec3-8d66-245eb6d88238","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":"a020e051-af0c-4bf0-b96a-4b73c4e64b34","block_type":"box","text":"returns.","page_number":214,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"6acff5bb-0b8f-4378-9b7f-dbf3b3197c7b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":214,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"d72cddeb-57b2-49b3-bd9b-986440fadd01","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":"d8584e82-924b-482b-a792-8eec6446ed72","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":"1d23fd79-7fe3-4a57-afca-45f95ce89ef6","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":"71fe22e5-9b45-4e2f-b028-bab2955a831b","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":"7fadc4cd-6b3e-4840-b488-88dbb3a8483b","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":"3469319a-13f5-450d-8589-f51a9981aa35","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":"fbd80b09-c21e-4585-9a0c-ca3ab28fd516","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":214,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"386c699b-c79e-4086-9c43-ad4417799e59","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":"98a059f5-94a9-480f-9a27-d3800bada4e9","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":"90efd89a-b230-40a1-afbe-8eeb2d098c56","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":"e52bed9a-a74e-49ce-87a5-57e72a946e1b","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":"7dcc789c-8be0-4bff-86c8-6cafaf783a55","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":"6037df8d-e134-4016-b257-84fefaa2ed3f","block_type":"box","text":"i.e.","page_number":214,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"a227656f-a29b-4560-a6ff-253dfd8280bc","block_type":"box","text":", one in which global","page_number":214,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"4ce756c8-ed72-4172-bd8e-a2a38a275b66","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":214,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"1c5256c9-d802-46bb-9aa6-dc38c527974c","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":214,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"114d668e-3b88-4633-9f84-8aa48ca86670","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":214,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"5fbd4595-b687-46f6-afa9-ea62bb00ec7b","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":574,"width":821,"height":11}},{"id":"c9ec0923-db2b-4dc3-85b1-e9866a00152f","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":589,"width":817,"height":11}},{"id":"6fb9d7c0-8b28-47db-85b7-ea9e1dcc0519","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":604,"width":792,"height":11}},{"id":"7fe36cfd-9670-4e8d-acab-1ec2205eb3d2","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":214,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"6df9415c-3255-4c49-8d9a-cb1b955099d0","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":214,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"4c4327b4-60b7-4d02-af0a-fd3ce0a4ae2a","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":214,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"497c0b69-e517-49e4-bb5d-a1988a51d29b","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":214,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"d7e33516-bde2-429b-b143-bb049f36e3f4","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":214,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"b4ab3964-5309-42dd-8a5b-a456b5a878d8","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":697,"width":788,"height":11}},{"id":"7e0921ab-03c8-4cf7-ae7a-19d45b47bd37","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":214,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"2bd87cb3-e2b9-45f1-a388-05ae94b5e8b9","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":214,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"324191dd-5519-4af1-b3c5-7520ae810e63","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":214,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"3a7ac626-5f68-41a5-a750-54a7006f0b25","block_type":"box","text":"5","page_number":214,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"c1d9a93e-89d3-46c5-8263-4d6e2d683390","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":79,"y":770,"width":822,"height":12}},{"id":"d3d36213-6c1b-48fc-ab8d-cecf993b6475","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":786,"width":835,"height":11}},{"id":"ea116c8d-063a-4685-8066-0a9422349255","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":801,"width":827,"height":11}},{"id":"b13d72be-ad93-4123-b61f-fbd5e7e1c1a6","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":816,"width":826,"height":11}},{"id":"6394fa4f-96bc-42ee-b671-ecc20f40802e","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":831,"width":774,"height":11}},{"id":"ac2c0902-afd4-417c-91a6-405fc21db14f","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":846,"width":823,"height":11}},{"id":"c9dc8221-7c7b-4497-bfde-f82a95f93fe8","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":861,"width":777,"height":11}},{"id":"b7dea4a0-663d-40af-a6e0-caaaf29b712e","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":876,"width":833,"height":12}},{"id":"f73ddc0f-6fdf-490d-a631-be45397a76a1","block_type":"box","text":"sound governance framework.","page_number":214,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"afff7c95-6c79-44b3-9183-0761a59b3e6f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d68b3060-a4c9-491b-af62-54d21393615b","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7888ae2e-6a82-434a-923d-5ba8e2763ede","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"571f9483-98e7-4299-929e-9a4464af79b8","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":215,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"86375e03-3608-47f4-b326-142915974218","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":215,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"0599b916-08a2-41bc-bad2-6fe2814f8b4e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fd5810da-2b51-45df-a4ad-bd34453d7e83","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"840beccc-7494-447d-af91-81c983e50a3f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"974a8e93-813f-456e-acba-576d62b3148c","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":216,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"b3edb00a-159c-4e06-ae51-2f0708a3767d","block_type":"box","text":"Oversight","page_number":216,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"c4bfd3d7-cf5d-40eb-bbf2-e82be1988e25","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":86,"width":793,"height":11}},{"id":"91949884-3812-43ea-b8d4-0f00db57ac49","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":216,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"8a67e13c-375f-4ad5-916a-9609b57da906","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":216,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"3d95980b-ff22-484a-a466-2d52a5bacbb4","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":131,"width":825,"height":11}},{"id":"e0cbfcbc-a620-439e-9cdc-eda0308d367f","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":216,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"dd628d9a-b005-41a8-a4d6-9435ea26ec1c","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":216,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"8687188f-4b23-4d9b-97e8-d25641cf26dc","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":216,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"0da13a22-8df6-42f7-9841-32b764bfc58f","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":216,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"9ff242b2-6052-4b2b-b332-cda589f344e3","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":216,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"3f7b49a9-3771-46da-af62-c3fdc515dd4c","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":216,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"7eed5e42-9b9f-4659-a457-3353969ba7cb","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":216,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"1d02011a-ae9f-4873-8bf4-5f08f15e2c56","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":216,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"d1421ca1-dfe0-48ba-a90d-fe05fc445303","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":216,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"9689885e-7bcc-4998-8d56-8ac1cd53544a","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":216,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"591ed84f-61a1-4fb8-8239-6cd11446c4ce","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":305,"width":797,"height":12}},{"id":"20f619d6-a247-4f7b-af33-50a8791db38e","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":320,"width":810,"height":12}},{"id":"ed700e2b-add1-48a7-8387-24c6dc711ef9","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":335,"width":832,"height":11}},{"id":"698de86c-4ea6-415f-823e-a32077eac683","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":350,"width":801,"height":11}},{"id":"e5e4c31a-1d8b-47f1-9a77-ffbe7ae311e0","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":365,"width":836,"height":11}},{"id":"3ed1f5fc-f0cf-45d8-86d4-3f62a610c699","block_type":"box","text":"third-party vote services providers” below).","page_number":216,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"f3281318-5f52-446e-b1e4-c302ce65394e","block_type":"box","text":"Voting guidelines and vote execution","page_number":216,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"8544fcf1-2c3c-47b0-a4da-1d29328a3ca5","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":421,"width":790,"height":11}},{"id":"cdd17b71-b564-4744-84ed-bda7b0bfdabf","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":436,"width":838,"height":11}},{"id":"a12e215c-c98b-4e3e-b1e6-89b2013a24f1","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":450,"width":831,"height":12}},{"id":"5407f593-28ff-4458-b119-42f0d4a6004f","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":465,"width":809,"height":12}},{"id":"cf8f5237-eb46-4d28-86b3-225f409a8aa0","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":480,"width":749,"height":12}},{"id":"2220c3d5-4a03-4e4d-88c0-fc9d763709d0","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":495,"width":825,"height":11}},{"id":"f2117d91-08b2-42d7-ab76-579f909079c2","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":216,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"8b285e44-1ef1-421f-9dee-a417c8d2ae6f","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":529,"width":803,"height":11}},{"id":"d0b209e2-42dc-4d77-acc0-3f8c70e6e84e","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":543,"width":806,"height":12}},{"id":"8a4e7519-44ea-4873-9562-7e0678151d02","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":558,"width":752,"height":12}},{"id":"2abd9102-fdec-4ce6-9ddf-6be82190eeb4","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":577,"width":782,"height":11}},{"id":"af472201-cf4a-4587-9c3d-df8fd360d40b","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":592,"width":837,"height":11}},{"id":"f4fecb5f-23f5-4830-9f20-33600332bbe2","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":607,"width":830,"height":11}},{"id":"227636a5-ec60-493f-a4d1-898aaae78379","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":216,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"49fb6471-23bb-4419-a3b6-399749d02b6f","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":636,"width":829,"height":12}},{"id":"42bcba2a-49a2-4cd0-98dc-5a1736898331","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":651,"width":802,"height":12}},{"id":"0f9b8a68-5e37-48e7-8f9d-0af8ff3fe145","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":666,"width":718,"height":11}},{"id":"9dcdcc66-e113-444d-aea9-553d6a71d996","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":685,"width":792,"height":11}},{"id":"c89b288b-2cb5-42d4-ab5b-77fbfbaf70a0","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":216,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"42818f9c-a0ed-4fb4-bf0e-dbd0e46014dc","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":216,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"306cc1ab-3bf8-48b6-89a0-d76a00ed8819","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":216,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"391522b6-b35d-4d39-acf1-65e6f7a0a6e7","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":216,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"fe50f7dd-1519-4300-8d0e-fbdc87b317e9","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":216,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"00a9cad4-34c3-45ed-942f-bdc5f9fce1e1","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":216,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"1a1307ef-e56f-4760-a132-ad87a518a9d4","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":216,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"63fe92c8-3aaa-4fa5-9cb3-8d70b8c0a322","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":216,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"772280a2-cadb-4d4f-a269-7a43c2b3ff5e","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":216,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"d8e87f2d-4c8c-4b17-9375-30403cc8ffe5","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":216,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"5fcf37b6-d47f-4e3c-af70-b73acbab89d3","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":216,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"b40a28eb-fcad-434e-8e44-47063d611691","block_type":"box","text":"Voting Choice","page_number":216,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"0cf81be3-d530-4d06-9679-94c9cad70d0f","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":216,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"1e502d6b-e0fe-4d28-b805-5ddc95753846","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":216,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"23b97cb0-ce41-47a1-844b-b441664aebf7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e789ad59-85cc-4eb5-a54f-0c0cad3413ba","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ce799417-2f57-4f94-af25-3384866d8809","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c085b59-3d04-44ae-a7a4-21a04697cc11","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":217,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"2ad46d74-c10a-4c49-8c19-bdeeea591515","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":217,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"02a23736-05cc-489b-900b-1e3cf49ad972","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":"1ab4c5ed-7a85-4ebd-9c2b-8ad330b85813","block_type":"box","text":"strategies.","page_number":217,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"44fdf1d4-878e-4bb0-9cbb-20eaf2131151","block_type":"box","text":"6","page_number":217,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"0e151ad8-c914-4045-8384-778e7fc21218","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":"568a6874-8b06-4484-a9d4-1f59f8c1c8e1","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":"c6726a5b-a44c-47a9-8a3d-c98e086d1d4f","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":217,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"c6ed0602-6832-4308-a927-f0e33ed2b69e","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":217,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"b8170104-ac40-4159-9552-8a5ec11f00d5","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":217,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"16250834-107a-4452-a373-975b3c77cfab","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":217,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"e72d7d66-c833-4aee-93e7-5249058c47ab","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":217,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"9ddd841c-d53f-48aa-957c-75aae99e5b27","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":217,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"0621b755-5eac-4cc2-9b62-29123471ce63","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":217,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"d0fbdb49-9d5d-4317-81be-042efeeec49f","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is important to","page_number":217,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"259d3ee7-378f-47d2-b7d1-dd3d3ac4c12c","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":217,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"5f86d7ee-e17c-45cd-91b3-13a71c2f598b","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":217,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"4ac711b5-93b6-4909-a713-b5414d5c54e9","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":217,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"02582236-ff5e-4a0a-a605-b724779ccf7c","block_type":"box","text":"clients.","page_number":217,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"609e1851-5106-458a-a287-de569ca20d45","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":331,"width":795,"height":11}},{"id":"6206d2e8-1d28-4619-8e8c-4339a20f9782","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":217,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"e5db2fa5-61bc-4acc-a135-0b029afaa001","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":361,"width":799,"height":11}},{"id":"40a8e118-d71d-4232-b141-3d48b24b9c2f","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":376,"width":819,"height":11}},{"id":"67320165-7cf4-4c15-bbf7-05c2d23e0146","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":391,"width":785,"height":11}},{"id":"ac94f39c-9e8f-49cc-a99f-a2b2c28f6dc3","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":217,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"b3f39d5d-26a1-48c2-8b9a-d9bd707dddf1","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":420,"width":775,"height":11}},{"id":"cfbd41b6-db2c-4bd4-95f0-49baeb2353b9","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":439,"width":807,"height":11}},{"id":"bcb94974-b5be-43ee-9d46-7d91bcef5750","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":454,"width":788,"height":11}},{"id":"fde53029-179d-4a52-8388-075f21a47925","block_type":"box","text":"interest. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":217,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"e7145f20-092c-4d2c-9a17-f7ee48975418","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":217,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"1f644b09-9932-4be6-9851-ce21ad2fa323","block_type":"box","text":"BlackRock employees. 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While this has occurred in a limited number of cases, the decision to","page_number":218,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"8cb356cb-5618-4b15-9d2d-c2facef98cfa","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":218,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"283f4e24-a035-42cf-9b88-ec649c49b373","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":218,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"1f3967dc-ec31-46e4-a586-a3a8e2ee68d1","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":218,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"69ea8e9c-38a1-471b-9fb5-3bc25e3c7a9d","block_type":"box","text":"of recall consideration). 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All other trademarks are those of their respective owners.","page_number":219,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"f904eac5-aae6-4bc1-aaa6-04a4bf3ca8de","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"333e3889-df4a-4513-97be-0ecb18e281e1","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b3456751-da5a-43a5-be5c-d2f2b966f67e","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bda0d489-ef4b-4790-aeea-28daa7ca2dfa","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":220,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"5e619f59-dde4-4996-a690-7b4b8c3e46b1","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":220,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"6e113d19-e38a-4d75-8c90-f9332d9f2187","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":220,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"fed1bccf-4e79-4a84-80b5-a88b6e1babe7","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":220,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"d188fc48-3407-408d-a777-6f3e24ba4a00","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":220,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"53338bd2-352d-4da8-a8dd-d2482972b92f","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":220,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"6f12051e-74e3-4769-a85f-7965628c0973","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":"105a6d08-bd6d-4151-8f1e-94570f4b30e6","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":"9998d65c-e816-47ab-bc6a-839a838bea48","block_type":"box","text":"Appendix A.","page_number":220,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"f7739aa2-03bd-4d8d-8123-a66bf9940dd6","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":"101de603-577a-4044-8855-72ba4e0fb4e0","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":"13a97e0a-4181-44ca-b94b-895b1998750f","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":"58c24098-8315-4401-90e3-38d92684e119","block_type":"box","text":"Conflicts Management","page_number":220,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"33cc5e07-3ce5-4656-8c42-f778ec45986f","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":"230be5a7-60b0-4c5d-81e6-d3eccb549ebc","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":"65169b8a-c435-4584-a019-aaa30d9fc5fa","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":"b87153d4-6fbf-4d48-b0c4-768f533b16a4","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":"ec25e89e-3c99-44c0-b4d3-ed7fa406e22f","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":"a00d607d-3e21-4587-bb9e-b1ba5b926efe","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":220,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"fcc3f515-7d18-4582-957e-dd2301f11d03","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":220,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"a7ba71c6-d4e8-41c5-8109-450b31caeb19","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":220,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"b8561096-e97a-480f-b23e-5ab8b9cf1de9","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":220,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"37c50354-d666-413b-bcfd-bf924463ddde","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":220,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"1a4e85a4-fe4d-4733-bf2f-603b0a62decb","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":220,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"a94dd14c-6350-4f9b-8e16-e063124a85f8","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":220,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"c257eec8-828c-456b-923c-dea806c0a63b","block_type":"box","text":"in clients’ financial interests. 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":"51082b46-d461-46fa-8ceb-7b007a1dd1b6","block_type":"box","text":"connection with proxy voting.","page_number":220,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"d0518635-082d-4bb2-aca1-18212bf265e8","block_type":"box","text":"Reports to the Board","page_number":220,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"47924cf8-bcdc-4d60-9000-acfb05304d51","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":"2090a358-b979-40ea-b63e-a2f1c829de47","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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BIS’ Benchmark Policies –","page_number":224,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"b84ad5d0-b0b5-4d37-85a3-65ca6907b291","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":224,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"396564d6-276e-47df-85c4-f3cfa99f20aa","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":224,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"e07f1156-d8a0-48bf-aea5-cc3f1af5ef92","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":224,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"942d91c9-33ae-42ec-8499-7beb978cb8bd","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":224,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"3938a36b-960b-4000-80fe-2e2d1e24c09b","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":224,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"f4574920-a04c-495d-b531-1104278d5168","block_type":"box","text":"2","page_number":224,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"f40af139-921f-47ef-af53-ec89507d35dc","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":224,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"ffe527ec-8057-49cc-ab48-e3f8ee0a8573","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":224,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"7699eb2f-16c2-4fa6-897c-3759e3dd2284","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9cb3d106-1603-4282-8c51-780af0b85ef5","block_type":"box","text":"Global Principles | 3","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4e9f0bc4-2b96-4c4e-8735-91a37ae1e021","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3a12730-5af1-490d-9d95-f7d013ce35b9","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":225,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"0f9f1b5a-27cf-4ad4-b1c7-f8e720dad74f","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":225,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"23eae754-802a-456c-b2cd-476db3fe6ded","block_type":"box","text":"this balance.","page_number":225,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"eefc57bc-01ba-4523-831c-f07cee17e726","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":225,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"c2990180-7f30-48d0-8cbe-89aef2fcb0aa","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":225,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"0afa621f-2260-437c-beab-70b1310804de","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":225,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"88a59591-3318-4a55-a073-729815e8945c","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":225,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"89a6662b-7dc4-4364-bdeb-497264e7e430","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":225,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"56366e76-fbba-4aac-8b7d-00b478860f12","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":225,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"fb56c2e5-f5b4-4197-8b54-082baaf4f825","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":225,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"b00f964e-9f31-493d-b350-78253822d7f9","block_type":"box","text":"about, a company’s performance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":225,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"f2875295-2a4c-4ef4-9b58-ab77d91c5afa","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":225,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"dc86d087-6bba-4669-a0b0-dbc03188616c","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":225,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"ff6db731-bf5e-4f1d-ac43-7b609abad9a6","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":225,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"dd15b8f2-75ea-42a0-a297-5380e8b3c9e0","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":225,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"3dcc5528-e7be-4b72-bac2-ed1a89c7f7c5","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":225,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"d3d21628-b415-4bc5-9510-7987f6519496","block_type":"box","text":"industry peers.","page_number":225,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"0453bf8c-ef56-4478-987a-7735b2023f65","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":225,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"17b88373-edfb-43fb-98ec-11a72efda09f","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":225,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"ccec7e23-2bb8-4869-a160-35732af34a16","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":225,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"a7a313a8-0a14-401e-aa16-f25fc2214a29","block_type":"box","text":"opportunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":225,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"bb6a9fe9-6b26-4b75-b4db-06b3e007e07b","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":225,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"b608ead0-e126-4853-affd-c788fd2d0a01","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":225,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"dfc09f2c-c087-4710-b10e-78f9847c4d1b","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and opportunity set, and management’s plan to deliver","page_number":225,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"2f2785ee-9af0-400c-b078-c3852da46963","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":225,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"51cdf73f-3114-4dbe-9239-9edd0cd82359","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":225,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"ad5a280d-2fd8-4280-add7-cfe2467cb827","block_type":"box","text":"drivers of long-term financial performance.","page_number":225,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"e4c8eb2d-ed59-45f4-bd78-53d703d173f8","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":225,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"e28db51f-9847-4625-ba74-5285d95a34a6","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":225,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"89cb84a2-a68f-4b23-b599-6626a69f8199","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":225,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"500ccac6-100d-4872-8cb8-70ab161e7a37","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":225,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"f7ccae05-5183-404c-9f64-aae999a651ec","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":225,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"41adfaf4-c507-4112-a450-3cce4ad8208b","block_type":"box","text":"KEY THEMES","page_number":225,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"da6bec2a-95cd-45fd-9769-1557ac476f88","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":225,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"4f8a1a66-1ab5-45e6-9d63-98f0e368cfad","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":225,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"757ff841-878d-4cb4-aaac-3c031e0fb442","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":225,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"dde7e217-5d66-4ca9-a062-cb35d2ca7765","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":225,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"0b7ab941-52ad-46d9-a01e-6890a32c5b90","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":225,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"388fa7fa-342c-4cd0-b3de-66ec28ed6b53","block_type":"box","text":"their domestic market,","page_number":225,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"e466ff72-c28e-48d5-9e9c-7fd5a738e152","block_type":"box","text":"3","page_number":225,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"d627bcdb-0bdd-4f86-8a74-3439133c0786","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":225,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"740c1018-f39c-4517-bb0c-6969bb0957ee","block_type":"box","text":"term financial value creation.","page_number":225,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"e7dbd4d7-0cb1-46d4-a3e1-5a313fc1b3aa","block_type":"box","text":"These Principles cover seven key subjects:","page_number":225,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"2bc82aa7-4a59-43f5-ad31-b7c516d92143","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"f92dca57-62b5-4dfd-b635-f1d4052bae81","block_type":"box","text":"Boards and directors","page_number":225,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"580cfb7c-23ba-4b36-ac5e-a8c066fdc20a","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"f95a15ff-32ef-4067-8723-2c83ad7ad444","block_type":"box","text":"Auditors and audit-related issues","page_number":225,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"79f3804a-8b95-44d7-837c-81980357a282","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"d4656539-55d4-4851-95fd-6c406ac720a2","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":225,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"ed983428-917a-4a54-a10d-0fdbda9d0f0d","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"1c2b657d-9c3a-40a9-98db-d1fb796bd32c","block_type":"box","text":"Executive compensation","page_number":225,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"12c3c87d-4b5f-4111-ac8f-6df7dab5007c","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"1b9e9aed-cf6c-44e7-a656-5ecc89f0ce45","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":225,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"259da00f-4b9c-46ce-9e1b-1ee5cb664ccb","block_type":"box","text":"3","page_number":225,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"91e15142-8aef-4673-8f8a-ade07d0c9633","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":225,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"481f4f31-09c2-4a49-8635-2979b0592711","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":225,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"d9aadf2f-f335-4b4a-8004-08e01f39c0f2","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":225,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"941be5b0-7538-4451-86b8-7cbddae7767a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dfd61b83-9526-4d62-9e34-a8bb032898a4","block_type":"box","text":"Global Principles | 4","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c76e3595-6740-4570-98ab-8f3b7e24f9e6","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4ba2241-5761-477b-a316-c150e9260e1f","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"be83e083-3fdb-41ef-acab-b6ed8a1e9e88","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":226,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"aba51bbd-1720-4ea6-b809-9034d078b4db","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"3032c461-c213-4ad0-9330-a40cd0e06e0d","block_type":"box","text":"Shareholder proposals","page_number":226,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"c5e7a6df-52a6-41e5-8110-c12533154117","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":226,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"78d549b9-57c0-451e-b320-bebb7a623e6e","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":226,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"0a831152-b095-43a9-abaa-f1b52c1f3e9e","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":226,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"68895876-e9bb-499d-a183-88e3d69996d5","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":226,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"4fe9d176-d5db-4e59-9abe-6547603ed8f5","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":226,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"27f3c49e-240a-4159-9766-3fbb23a38035","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":226,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"7ed51ab9-b565-47c0-89d0-1df2ff5753a4","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":226,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"e0007abe-3853-4b59-b8bc-161e0f4b5fcd","block_type":"box","text":"environment within which a company is operating.","page_number":226,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"39acaac4-d9b4-4c90-b9cd-177e8907b6b5","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":226,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"7d31529a-d4db-4fd2-8bdd-c0859a93008e","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":226,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"85d9c9e9-06f3-469a-a465-f8091b6aed3e","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":226,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"d59ba916-70d4-46be-a83c-d5d8226c8ef3","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":226,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"50b7a79c-dd3f-4082-8530-b5775ee27865","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":226,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"1221cca5-0528-482a-a0a8-8c0ac6321a4e","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":226,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"1ea58c46-1707-49f7-8f4f-13e5a32c4cc7","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":226,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"5283f4f4-bfac-43b6-a09d-9052dc4230c1","block_type":"box","text":"have always started with the performance of the board of directors, and why we see engagement with, and the","page_number":226,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"3cbb6e10-3783-4190-aa47-dc77665d61ff","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":226,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"8b3adff6-7528-470d-b799-2d1ffe16b6f1","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":226,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"fac49561-b0be-4c9a-b6a3-3feb4d3a500f","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":226,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"a76c9603-ada0-44da-92e4-4edda5d5002b","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":226,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"13697fee-8a75-4662-93f7-1f3693708966","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":226,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"219803b1-e676-4829-b020-2ac340ddddb6","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":226,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"6d8309bb-6751-4666-8142-b645cf545bcd","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":226,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"4faf634a-59fd-46fd-b5bf-2eb2f92c8733","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":226,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"66c03e96-9c21-4f35-a4fd-b30052e95769","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":226,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"001b568d-f309-489e-91f5-3557304157f7","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":226,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"79dc7e48-b3d6-429b-be78-59319d7f5859","block_type":"box","text":"managing, and mitigating such risks.","page_number":226,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"e7083dc6-6663-498d-ace9-0adb58af5048","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":226,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"4e878065-9be7-458e-8d70-5a8641d1dd07","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":226,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"d0edd903-7041-4f9f-8862-12cfc3854ad6","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":226,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"521f3bbc-5ced-4aa4-ba51-67539113b844","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":226,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"28b6fd8f-6020-410a-bacb-d51057fc2c21","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":226,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"25286cea-ddbd-4cc2-9e86-92e8c4f2a1c6","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":226,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"23ea592a-d495-47d2-b9b2-e2a93dec919c","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":226,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"7d4490c2-ed9b-44e3-9578-2758d130574e","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":226,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"d49cf1f7-2a90-40bd-99b0-786e4a520c1b","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":226,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"bf200788-00f1-4f70-9a7d-124ec9276ea0","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":226,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"10beb501-4dba-4750-9bac-487c615065ef","block_type":"box","text":"consideration.","page_number":226,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"e3e3d36e-48b5-4a03-a62d-72581bc895e9","block_type":"box","text":"Regular accountability through director elections","page_number":226,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"b8d772ae-d7a5-4dff-84bb-04129cc77610","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":226,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"1949a73d-94ec-4ea2-a075-49bac10853e2","block_type":"box","text":"regular basis, ideally annually.","page_number":226,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"4a5d70bf-067b-4b87-9f8d-c03227fe78da","block_type":"box","text":"4","page_number":226,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"0dd3150f-135c-4fbc-b059-1ecdcc3c604d","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":226,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"83b3bd8c-774f-4600-9f1d-a9a9872cd3bb","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":226,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"900b2b2f-a066-4fc6-a0ce-145e199295dd","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":226,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"ae9df536-d90f-4e60-80d8-cf7e8847f50b","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":226,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"e4d9ac70-f467-4f43-b61b-71390d1dad3c","block_type":"box","text":"election at each annual general meeting.","page_number":226,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"ec9fd8ec-a482-4231-9f9c-4be38f2f400d","block_type":"box","text":"4","page_number":226,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"32bd14b3-96f4-4aff-abfe-dfddf9a9665c","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":850,"width":790,"height":11}},{"id":"460fe32f-c140-438b-9120-60468cdb2754","block_type":"box","text":"market regulation or voluntary best practice.","page_number":226,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"8b0680a2-22b4-4a32-98c0-c8255b25ea88","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9fb93541-b633-49f2-9b57-bc24345ffced","block_type":"box","text":"Global Principles | 5","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"9d9e9a32-64f3-4593-8e5b-5587868cbedd","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"935f83b5-0732-47ee-9b02-d4f5bdf15948","block_type":"box","text":"Effective board composition","page_number":227,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"50f024d6-ccc7-4e81-b1ba-9360560e1d8a","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":227,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"da2b4490-6af1-42b6-86eb-7b9994aeac34","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":227,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"003f3e83-a69c-421f-9757-93d1e420ab5c","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":227,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"c3ea1620-7d0c-491f-bea0-e4b143210a69","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":113,"width":819,"height":11}},{"id":"55349813-f9c0-4910-a5e5-1b30f8e630f3","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":128,"width":809,"height":11}},{"id":"ccd13fea-4489-46e0-8354-52c4ef10e756","block_type":"box","text":"recently.","page_number":227,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"afc1d035-db75-47fd-bb0f-83024b592c59","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":227,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"4fbf9e7c-52cd-44f0-abad-dd8ad538f432","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":227,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"7af74276-b17f-466b-941e-d261e0c47865","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":227,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"76b3b521-e71e-4fd3-9707-af0ed7cbcf72","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":227,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"b4fcbc82-b68e-4704-93e0-7e3390958949","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":227,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"112904ac-4303-4d8d-9369-97b671c925e8","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":227,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"570f9d9e-4c11-4277-9391-9954f68da978","block_type":"box","text":"of sound corporate governance across markets.","page_number":227,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"b21e68e5-dcb0-4222-b7eb-a722301407cd","block_type":"box","text":"5","page_number":227,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"87d2bcbc-31e0-4e80-9f2e-373415b83325","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":227,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"7aa252c7-4e2f-4ee2-9947-a1844464a8cc","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":279,"width":825,"height":11}},{"id":"705bf724-21d8-4f31-b45f-ee29d7002d1a","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":294,"width":813,"height":11}},{"id":"a45ba5ed-f402-467b-a228-094d0ea2251c","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":309,"width":566,"height":11}},{"id":"04474f09-00fd-4d35-96f7-7cd3529cba3a","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":227,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"e5cfafdf-bb17-4a83-a418-52be3b976993","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"21291ae4-ea5f-4a7e-a03e-9bd1fb690e7f","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":227,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"9a241297-d452-4a61-9cb3-69afb820c44f","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"0c33205c-1223-4ee3-882f-68bf79b4471b","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":227,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"eaeccb69-f13f-437d-b699-606658e203f5","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"7aebf977-bfed-4d23-8641-824ae7a01859","block_type":"box","text":"Interlocking directorships","page_number":227,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"0286245e-a27d-4a70-8d6e-8113860c1726","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"e3992bac-2865-4030-a604-c753cd24be86","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":413,"width":761,"height":11}},{"id":"b8bc5bbd-8341-4d64-9ce9-689e9c663d6d","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":428,"width":738,"height":11}},{"id":"1d8a6f80-fa41-4ff5-adbb-3302921f3726","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":450,"width":775,"height":12}},{"id":"1056b3b9-067f-496d-bdb5-225dbd0a13f6","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":466,"width":827,"height":11}},{"id":"24c3c6d4-ffe3-4de7-87c2-0f0e95b1ad00","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":227,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"697a276a-9026-438a-83fe-37d1aee3e99e","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":227,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"40cde59d-ce44-47df-ae27-f9c0cf54deb7","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":227,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"916451e6-0bf4-4420-b799-05b9466690b4","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":227,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"e87e89d5-54e1-4a1a-932a-85daa5a15705","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":227,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"8ddc5dce-8039-4a63-8236-7b79f2b95d75","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":227,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"e42cae6f-2f12-485f-8811-13d756ec134a","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":227,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"f426ea71-5fd7-4214-a614-f7f8ebbcaa59","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":227,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"fa5215d7-5636-4115-8d69-714a17144b80","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":227,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"5818edb3-9e95-4eb5-9a47-1f84be8138da","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":227,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"0dc615e0-2366-4beb-b5f9-2140c49e9400","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":227,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"81b2959b-0dae-452e-915f-db273247fd12","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":662,"width":802,"height":11}},{"id":"6bfb138e-e988-4734-a2a6-37cb0db3b01e","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":677,"width":818,"height":11}},{"id":"07239291-84a9-44ab-93ee-8b8c678c9d26","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":227,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"4b81b357-4d16-47d4-a678-add40fef56d3","block_type":"box","text":"and expertise of the board, as well as the particular skill sets of individual directors, aligns with the company’s long","page_number":227,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"6e49893d-1277-4c08-9fab-25c9f353403e","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":227,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"677cecc2-e2e1-44b1-8103-2706c2201061","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":227,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"e74f11b5-99b0-4c1c-9861-05645d85c257","block_type":"box","text":"board discussions.","page_number":227,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"ba975bb1-828e-4caf-8321-dce2a3edab4a","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":227,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"ed51c1d5-806f-4333-a583-ab885a04db46","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":227,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"deea7cf9-1559-4923-a108-107dd0bf9c1a","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":227,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"12adf68c-81fe-4499-8455-ee8eaae39eb6","block_type":"box","text":"5","page_number":227,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"94b44bb0-8631-4cb6-8a2a-05786e4c047e","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":227,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"0f87a918-fc4f-4877-be95-a7bf4d07e258","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":227,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"94c69070-9d9f-4fe5-a514-fadba3f7bbc1","block_type":"box","text":"Principles for US Listed Companies.”","page_number":227,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"60bcea44-5022-4561-9ca2-c841a7f44443","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0221dd3c-d9a9-403e-b0ee-54c9412686b0","block_type":"box","text":"Global Principles | 6","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"057ed02c-319a-4396-b8df-e0c60483eab7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bacc05b-83d1-4aa8-9896-d186fd71b218","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":228,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"abc23fe2-ea71-4e80-9f8a-86733f46794d","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":228,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"60373e08-35ba-4578-851d-c46f53d59291","block_type":"box","text":"composition supports the company’s governance practices.","page_number":228,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"fa58ea2e-1358-44be-b69b-36b8191c8368","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":228,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"59247277-adb9-4c02-adc1-285ae2c461bd","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":228,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"188fd66a-8d61-489f-af75-d2becc9c703f","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":228,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"61dc10fb-ace8-497e-a3c9-da422f7a6927","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":228,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"aa947109-3710-4561-9abf-ed2eb24a484f","block_type":"box","text":"6","page_number":228,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"bda729e8-b0e4-4f6d-96e5-793f10c95cf9","block_type":"box","text":"Sufficient capacity","page_number":228,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"2dbd8bcb-d33e-41fa-a107-853f3e387a2f","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":228,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"2f9861fb-f651-45d4-ab71-02f5fc97f112","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":228,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"664dc676-0dac-4f28-8d18-9175ae8a1ed2","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":228,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"65538ad3-986e-453c-af34-2f1ac9c87c27","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":228,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"1deed9b6-23cf-45ea-9b0a-abeea9b7e183","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":228,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"6f785c94-7bef-4d92-b438-ea2625881172","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":228,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"d315567b-12c4-49f2-a237-3f99089703ed","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":228,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"08749609-7dfa-48c4-9761-edf48c2cff0d","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":228,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"190f9119-a912-4e13-bb5f-f1828bb4da92","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":228,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"6ccf5e53-6f3a-4b03-84ba-52bd977f7ee2","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":228,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"b6ef1599-5c5c-4719-a18c-1132022357aa","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":228,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"7e5fa5ef-6d19-4e47-ac1f-2d22d4f9e002","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":228,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"dd90b2d3-2a96-4afb-98c4-60bc92fff043","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":228,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"2dbe3f41-8721-408c-8473-d1f2f4ca59c9","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":228,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"40e57860-0887-432c-bdae-ee655b06ef8c","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":228,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"68bb13dd-7b18-4b61-b52c-372f2069d00b","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":228,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"29f96009-01da-4a00-ba76-96c97f371073","block_type":"box","text":"their guidance to companies.","page_number":228,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"3e734708-d5cf-4e74-9e7e-41d2cf155445","block_type":"box","text":"7","page_number":228,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"4a3da338-4b4a-4d3d-9177-3350deab1041","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by","page_number":228,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"3439fb9e-5fb1-4f3f-a39c-7eda915d004b","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":228,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"34d2bd0d-aac9-433a-963d-bb9548af16b3","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":228,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"92348467-8dea-466c-aae6-f5c7ce17b3d9","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":228,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"be470ece-a099-41b7-a1e9-1f26036d1998","block_type":"box","text":"8","page_number":228,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"cfa05228-620d-4706-a623-a7eedd80a06e","block_type":"box","text":"In our view, effective audit committee","page_number":228,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"9d19f572-d766-4c01-a38d-446fd8584918","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":228,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"011d8c17-d8bd-47da-b6db-03288e3d865c","block_type":"box","text":"of reassurance to shareholders.","page_number":228,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"fbf67b48-00a7-4028-a2c0-6b0119adb8aa","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":228,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"e56e943e-241d-47f0-afed-0bbd47e3b7a5","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":228,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"ea063574-a369-4615-96c2-bbed6a5a0403","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":228,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"dd6be4f3-263e-4a52-b587-729461542c94","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":228,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"b189975f-36f3-4d0b-9721-51175ab482ad","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":228,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"24db18e2-4cda-4b3d-b699-92dbd4e45fe9","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":672,"width":780,"height":11}},{"id":"d9c64f53-0e98-406a-80a1-b6a0b1439b3c","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":228,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"937857da-aab7-404b-842a-3603428fca8a","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":702,"width":831,"height":11}},{"id":"4a08ea34-10ad-43ba-9b87-b3e9c290b07e","block_type":"box","text":"or internal audit function.","page_number":228,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"d272d6b9-1e44-4ca1-baee-a374acf01c4e","block_type":"box","text":"6","page_number":228,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"51fe1e80-0de8-452a-a8cd-93d44a161964","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":228,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"a6cba438-3951-4ed2-84d1-02ce825ceda0","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":228,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"bd9f5789-5242-4710-94f2-0e322761ab51","block_type":"box","text":"7","page_number":228,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"78109189-c98d-45f7-bec5-68e3dc88198b","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":228,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"519f5306-e8f6-4c92-805f-71e9223764f3","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":228,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"aa0d3f3e-65b3-4cd7-9b2a-a42de32d1134","block_type":"box","text":"August 2023.","page_number":228,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"31284fff-5116-4b71-915c-755185ee0768","block_type":"box","text":"8","page_number":228,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"86408676-a18d-47ee-9d9a-38dec1e6e416","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":827,"width":779,"height":12}},{"id":"d5fe9abe-5844-47df-9d1a-b7e1815ca6a5","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":842,"width":834,"height":12}},{"id":"076ed9bc-6338-4579-aabb-6f367c5e5e16","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":858,"width":841,"height":11}},{"id":"9d8c121c-c8c4-48b0-a117-39f5575252f6","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":873,"width":763,"height":11}},{"id":"4a7e32cd-4acb-4e8c-a782-e66c220a4a09","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":228,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"d6433cfa-cef6-4066-92f4-1e82d18be38a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6754c56b-2821-4780-9fe6-7de352bc99d9","block_type":"box","text":"Global Principles | 7","page_number":228,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"8eef3b0d-d81e-4f50-af31-4222e86a1bcf","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7b5d52b-178d-4bfa-a6a1-91d4746c091b","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":229,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"a920e3b6-2515-47fe-a8eb-a673d2ea3243","block_type":"box","text":"check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an","page_number":229,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"eb07e760-b70f-42e3-9209-737d1806e699","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":229,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"e41f2025-cc91-4c75-9b60-b23944e011da","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":229,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"eb587294-57f6-48ad-8e34-70c1afac3bef","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":229,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"cac1bc82-1fb3-4350-85e4-37b5ee10751f","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":229,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"aea9be53-70d8-4377-bca5-8c0f860493fb","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":229,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"eb338573-7229-4ca5-ac3f-04dc1a6ead84","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":229,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"40c926bd-ecdc-406c-a98f-dfef725989ac","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":229,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"e3e5c4d3-5e46-4a68-9449-acaf3c0fe88a","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":229,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"176ae742-79a3-4c77-ad36-b04c91b5a506","block_type":"box","text":"adequately managing risk.","page_number":229,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"60482812-559d-48fc-a5d0-2c08fae1195d","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":229,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"0272348e-7928-4820-bf20-394b6fe899cd","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":229,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"d7a36e7c-ad4b-48e4-adca-b939ef03ef42","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":229,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"6760247c-e0d3-4e16-9782-e7ddddf1ad74","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":229,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"2836c399-f520-4085-8cae-18acdcc1e9f2","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":229,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"6b81bfb3-4b67-49c1-a598-8a958100f288","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":229,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"17b23946-37e6-4811-8ff7-630563df814a","block_type":"box","text":"and voting rights should match economic exposure,","page_number":229,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"32772798-4512-46ba-9e12-e9fd5d0bb779","block_type":"box","text":"i.e.","page_number":229,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"8bb3701c-2022-412a-a9af-4dd0100ebeb1","block_type":"box","text":"one share, one vote.","page_number":229,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"dd164663-cd22-4665-9eb9-d814e728eea4","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":229,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"9927bdd3-8cee-4c9c-974d-cfc1db6d36e1","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":229,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"4061888e-3080-41ec-a29d-6c2f458450c0","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":229,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"85e853d1-ddf3-4762-90f1-2b6312b4a387","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":229,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"24b29570-3c75-433a-814d-ea38f8524a40","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":229,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"f83ee48e-da9b-4673-bc6f-e27c620fada7","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":229,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"709d6016-9da7-4de6-bb45-fb8f9d20d8df","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":229,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"1d593761-9f62-413d-85c9-89d273f670e3","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":229,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"2914a507-7ea4-44d2-84bc-be06ad6648ab","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":229,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"da881149-8e16-4c34-92c7-d5a2b45262a3","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":229,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"992c3788-af8b-44d3-ba4b-8b63ce91129f","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":229,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"f91363f1-9639-4bc5-9c35-bd317e5b009c","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":229,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"549edff7-efef-4675-982a-a6a77254c177","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":229,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"a98fc2a5-e74f-41fa-b80c-c2fd8573aa60","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":229,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"49ccfa6b-adfe-4bda-8714-b3b01d8b3f96","block_type":"box","text":"transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek","page_number":229,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"7c047c0b-773a-4043-8d7b-6bb3d3caee41","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":229,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"2e1d9aaa-9034-4571-8fe5-189ecaffc1cb","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":229,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"34c8fc0f-1e55-4869-b8e1-bb2354afc538","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":229,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"8945ab56-2dcd-40f2-a43b-a0a38885de4b","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":229,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"b83f1fd3-1399-470f-a9f7-15a2f4c19dc4","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.","page_number":229,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"89b97fa5-0f53-4d0d-be42-9ca7af3c8efc","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":680,"width":806,"height":11}},{"id":"b76342b4-c6e8-4cea-8f15-a761607d5d25","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":695,"width":801,"height":11}},{"id":"71ea669d-3cc5-4113-ab92-231074757edd","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":710,"width":829,"height":11}},{"id":"0fafe55c-75f3-47a3-97f3-c25bef2567c1","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":725,"width":826,"height":11}},{"id":"44626f98-8b72-4ecf-a3c2-c2c80645427f","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":229,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"7b1a9a98-3ff3-4f6a-9d96-d41da356e9b8","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":229,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"8708ebce-c49b-4b12-8dc0-256360582de8","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":229,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"409e9745-efda-49ba-9f49-699adf7a1f5b","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a","page_number":229,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"971dec56-7da4-4ebd-8823-3cb0d86700a1","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":229,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"7e934e69-5d14-4163-b9e2-c353c4bbaf51","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":229,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"e9eb451f-5393-42e4-a7a2-209d135b052a","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":229,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"492d54e3-8877-4f9e-a32c-7ba20bb3fd7b","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":229,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"17f2eb71-f33b-4f05-8a62-53eea4c7100d","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":229,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"a727b1e2-7fc9-4d25-a3d6-902d23de9a06","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":229,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"0f639eb0-baed-4312-bcb9-e5c7b8fa47d1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"39078abe-d444-4521-8f2b-c5640dca439e","block_type":"box","text":"Global Principles | 8","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"dfc8d161-4ff4-45f1-868c-cefc2fe1aaf3","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12819d52-1eb4-4c12-bedd-edcc29dcaedc","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":230,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"bcc26628-b74d-48dd-855b-bb318861dc45","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":230,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"6ee45659-84c0-4f5a-b730-c54ad6131a2d","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":230,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"357542c1-b744-4145-9409-8182f43d3609","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":230,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"340cc02f-bbec-4dea-b218-e244f340628b","block_type":"box","text":"period of years.","page_number":230,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"bcd0e70d-ba0e-4692-a7a8-21fd9d52664d","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":230,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"5c45447b-5a21-46e4-8d71-fc6028b592c6","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":230,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"5c51e9d3-9716-44e4-a0ad-e81d01034da6","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":230,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"0895520a-74e4-4b67-b006-8f92935d1909","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":230,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"0804d4cf-9aa5-4f59-b7aa-894671745aa1","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":230,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"11ed2962-ccbf-4b00-b0cf-407aa31426a0","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":230,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"7931b457-b9bb-4660-bd48-28c62fa7904d","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":230,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"2a5e6961-b4bc-4e2c-8f3a-0916e484db82","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":230,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"63c90005-7dd6-4957-b736-98ee1e03dded","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":230,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"6e58fd7b-f92d-472d-b125-83d0839fed73","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":230,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"fae39867-a314-4482-a084-b37b47911e21","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":230,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"5855a6b2-c068-4f10-a059-aff486ed0e3e","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":230,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"75b70997-d8cd-4db4-ba0f-14aab022389e","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":230,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"d7e99e8e-2db2-47de-8dda-87cac7640165","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":230,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"2bd181b5-12b7-46f2-93b5-4dde0be3433a","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":230,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"a9b2a775-4bdd-452d-be73-0d03dc9bfa50","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":230,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"31ce28d7-3360-4479-bc67-70509fff9c83","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":230,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"cdc01884-d853-4869-bba6-0cc2866c7941","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":230,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"eed977ff-82b3-4171-9732-2c299d22b5f0","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":230,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"b0e73509-496e-4a07-ba2f-3207a5a42dbf","block_type":"box","text":"restatement of past results.","page_number":230,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"ae2884e9-253b-423d-9441-79d9a7ed75b9","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":453,"width":803,"height":11}},{"id":"526c0b1b-ebd9-4345-8551-938f6810f0b0","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":230,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"39c819bf-d84e-442f-9816-6db63d449a9c","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":483,"width":825,"height":11}},{"id":"2a8a6b2f-adc8-498b-b30b-3d6306221d8b","block_type":"box","text":"whom they are charged with overseeing.","page_number":230,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"854af6d9-9a64-4223-a0e9-8d7c98280a5d","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":230,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"17e18516-993f-4fe2-812f-418e38fb2f0e","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":230,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"3c50a313-f609-45f6-bc94-21bad9c0ff9a","block_type":"box","text":"for poor compensation practices or structures.","page_number":230,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"4aa9d8ab-fafb-46d3-a52a-c93a6776e0bd","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":230,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"8de8eeea-ee3b-47d9-bb1b-e524870f4bc0","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":230,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"b7b7bf45-a498-4d4f-9341-cc128279e926","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":230,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"f3432ef2-18b0-42c1-a523-e63c0163a658","block_type":"box","text":"9","page_number":230,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"f9a70e44-e5e5-4c3c-b391-f27891269b92","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":230,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"8d2cd5a7-4dd8-4c18-9f82-9bc841f60284","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":230,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"755e6e78-91df-467a-8252-6b1a13867c4f","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":230,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"770b8b00-4df2-454a-881b-0d3a0ee8843c","block_type":"box","text":"9","page_number":230,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"8df02d54-fefa-4b88-8aa2-9e6206856430","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":230,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"62e90d63-7ebc-4144-90fb-6feddcdf5e27","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":230,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"861a31ec-d3ce-4177-bfc6-5c528cd6fdaf","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":230,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"dd3eddff-6308-487f-89ca-9fff035187a6","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":230,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"44999457-d9a1-4252-8d81-41a83807aff8","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":230,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"f3725aac-168b-4f90-8d4e-69573cc5961d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"83cec5a1-a4c5-4f76-81d1-512178ba909c","block_type":"box","text":"Global Principles | 9","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d0a7d737-076a-46f5-8204-f961cd0068ed","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02f679d8-b543-4af3-9324-a6957380100d","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":231,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"dd9ea4eb-c958-4fb5-9906-ab512b5c970d","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":231,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"22ff64e8-bbec-4449-9b2f-a9706eb7147c","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":231,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"86d11bc2-ccc5-4a11-a88f-fd508bb7c3bf","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":231,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"414aad71-8459-4dde-8c30-4bc6c8c1b41b","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":231,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"1ffbdf9e-1cc4-48d8-9e46-907d814b7654","block_type":"box","text":"10","page_number":231,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"b4f8a39e-59f4-4464-9a4b-839cc4730d01","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":231,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"b15f8636-2c99-470f-abe7-d580f4fef1e0","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":231,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"edea051a-369d-490f-b975-be3e06471055","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":231,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"5dc54a8a-7d65-451b-9e38-3f2f23e017d1","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":231,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"87c47be5-d6dd-4c98-8d3a-cc76b58c1150","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":231,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"866e9fe2-3af7-4232-8a18-ff6d79a20470","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":231,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"24e766dc-6dc3-4010-862f-a6a2bd240f22","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":231,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"cb19731c-12c4-4e0d-a8b1-3b17746caa04","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":231,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"100abf18-a8bd-4005-95d4-3b7e604e574a","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":231,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"e2e6e570-73fa-4735-abdd-1dbe50daee0f","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":231,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"c586ae9a-68a4-4fca-afdd-94cebfd38e68","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and report this data to investors. That said, while we do not prescribe","page_number":231,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"b50b2bf6-6864-4d23-b070-0c1fa2df8124","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":231,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"ee20e569-7223-4e14-bec1-ff390421740b","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":231,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"53391792-1202-4acd-bd54-7773408f4b07","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":231,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"7e89cdc8-dfdd-472c-aa6b-570c401899c2","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":231,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"1e38aa32-eb5a-43f4-9431-e539bac30abe","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":231,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"387ac816-2a47-4448-bf2e-006c16062fa1","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":231,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"a1aa074f-019c-4428-9349-a9f186b18e44","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":231,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"93277076-339a-4cf1-aec4-44d5e31aea1b","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":231,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"5c3dd5ce-6f00-47ec-b5f3-d3d7c8bba1a7","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":231,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"d0007af8-b07e-4192-9643-77a30116215e","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":231,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"d21cb882-f74d-4d30-a3ee-95840c2300a3","block_type":"box","text":"10","page_number":231,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"c543d84c-95e0-447a-b77b-5f141494699b","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":231,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"da7fce7a-8d5a-4d1e-bb69-8f2d7b73adae","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":231,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"3d600f44-9580-4144-98ac-8e15aca88f8d","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":231,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"2528339b-0034-419e-932c-dac5adbce7d1","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":231,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"5a19f678-5d18-4585-b1b5-e92fa5a7f493","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":231,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"d76f88bb-e373-4054-b4a0-105f5681e0cf","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":231,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"165b0226-2bc9-4de1-9f31-c6f82fc8c869","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"727ff699-78fc-4eae-b646-8a10b3b49784","block_type":"box","text":"Global Principles | 10","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e70ce754-1e64-4429-aca5-2e17092efdd7","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2abb62fb-21ec-4b26-87f8-b86ea6c3ef6b","block_type":"box","text":"Climate and nature-related risk","page_number":232,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"2792c6fe-8981-4aa1-82d4-ee899dc446fc","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":232,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"808b1bd2-a974-4707-a3e7-42d73368d4aa","block_type":"box","text":"11","page_number":232,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"6394145a-611d-49da-afe0-6d1d64e399c1","block_type":"box","text":"Our","page_number":232,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"33fe386c-55f9-4e6e-b8c2-1e5f22541887","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":232,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"2a6ee9b8-f485-4931-9327-a9a62e6bff7e","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":232,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"bcbd0a2a-8bec-4630-a582-13e001d56a25","block_type":"box","text":"companies.","page_number":232,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"151b6e66-2760-42da-ab25-4d3cd0c23093","block_type":"box","text":"12","page_number":232,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"82540d9f-1cfb-440b-81f1-f4418fbc01b4","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":232,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"f931bcd4-43be-4af6-a413-af89a604f0e7","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":232,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"2bb057ba-08ce-4ad5-808d-7bdf2f68baa0","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":232,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"9ac5833b-6158-4305-aca0-782e12fe0ca5","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":232,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"d342db94-77b7-4de9-acde-32ba8788549a","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":232,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"711edce6-3327-47d3-ace3-34960a024593","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":232,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"768286b9-a0b9-4244-b3df-0d879b33648c","block_type":"box","text":"economy, including where available, their transition plan.","page_number":232,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"5adc3558-1823-4600-9312-2095560f2166","block_type":"box","text":"13","page_number":232,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"d52af533-36ce-4a00-8e3e-a6f3c2fe0cac","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":232,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"e4a8d32a-2b95-454a-8352-638037af9e2c","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":232,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"3b6ef150-c2ba-4d25-8911-695d93ca2015","block_type":"box","text":"14","page_number":232,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"17f9772e-f6ef-439d-9db1-f2b47abc5816","block_type":"box","text":"Such","page_number":232,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"5f7fb79b-8ef9-44fb-93be-540c80809319","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":232,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"0dab0cb2-806b-45d9-afd8-de95328a2b1d","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":232,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"42041aee-9bdd-4960-9c61-71ae2b110844","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":232,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"37fd0de0-fd27-4343-8c25-ac0a40f0d413","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":232,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"f270423a-2f5a-4191-ac8c-cc13a2cc81a0","block_type":"box","text":"as best practice in the market.","page_number":232,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"ac72929d-d019-45a7-854c-4fffabdfdb95","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":232,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"6a27ea87-fb35-4bdc-a598-e5277d6d9e31","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":232,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"68f536bb-fb73-495a-b20a-5ec379efbf0c","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":232,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"8dd2fe66-83da-43ae-a029-b27a88e84748","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":232,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"f2279e38-2c10-4b10-a98a-b3010b90ba72","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":232,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"8d3d2dcf-fdde-40c4-a8da-136c71a8262e","block_type":"box","text":"15","page_number":232,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"0467c009-a628-4c6c-b4eb-a8d8a6543177","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":232,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"a2d87b77-c50a-4e85-a221-da6d51cbdb3a","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":232,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"109949ef-e529-41fa-900c-dc06168e7602","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":453,"width":773,"height":11}},{"id":"d9a4dc81-390c-46ea-b883-564b0061172b","block_type":"box","text":"interests of their investors.","page_number":232,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"f32f4a72-9575-487c-8aff-d99da15a0a55","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":491,"width":784,"height":11}},{"id":"4289b5c8-1af5-40e0-b15f-f8cbf38388f8","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":506,"width":832,"height":11}},{"id":"afe54028-3fb4-4381-944d-ccb5095f65f0","block_type":"box","text":"11","page_number":232,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"8147fe14-feb1-438c-a390-2c6e2cbf93e4","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":232,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"1308124a-5e00-4322-bdd7-a8a788c31fcc","block_type":"box","text":"12","page_number":232,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"9c1c001d-490e-46df-9759-3b752d0e0b01","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":232,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"d64fe56c-f6f6-403a-9c73-fc74c8e01e06","block_type":"box","text":"13","page_number":232,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"71dc85b3-2abc-4dfc-8512-2944af32aaa6","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":232,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"86d7c186-459a-4efd-abdd-7f9cf8b51c47","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":232,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"e74adef6-b6b5-4982-a720-55028b56e6cb","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":232,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"dd35aff0-8555-4458-a9ea-15f163e13011","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":232,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"a3f8c6a6-e50a-42e5-811a-65d4f6dd547d","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":232,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"0d6d619f-4688-4dec-8ec2-37e338dc9350","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":232,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"1977e679-8fae-47ba-8116-36dba358a2df","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":232,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"fb1fd1a5-8c37-4561-9554-def0076f28d1","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":232,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"a562c9f5-fc35-4ae7-a832-f45e2fe24b15","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":232,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"c868625d-6974-4fbb-9cb8-4d8a2134a1e0","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":232,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"fed463da-ac22-4681-a4cc-875bd009005d","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":721,"width":813,"height":11}},{"id":"a6d9e4b0-75db-4a73-b287-94c7f3925af1","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":737,"width":819,"height":11}},{"id":"c980a90a-885a-44f5-b781-43da6f332fac","block_type":"box","text":"actions and resource implications.","page_number":232,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"09b70acd-9659-496d-ac15-0ddff5dbe967","block_type":"box","text":"14","page_number":232,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"9fb79d33-f7f0-4011-839b-3e07703dab20","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":232,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"caef7903-e532-4f47-9e18-9f87ec17cacd","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":232,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"ab434e5d-d24a-49e8-8375-f7a8b828caea","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":232,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"ec97b327-35a4-495e-b0ac-ac6fe98de2a3","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":232,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"e5873abd-2d13-4444-870a-026ca5d7c10b","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":232,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"afdc40e6-e84d-4586-ba81-3c9b5117ca5f","block_type":"box","text":"that are industry- or company-specific.","page_number":232,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"0bb57374-339e-46aa-bf9a-65f936f614a9","block_type":"box","text":"15","page_number":232,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"3a32c94a-3414-4cfa-aa75-8e95cdeeb219","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":232,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"28a843f5-2dcc-4500-9023-0b1124b2c5d8","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":232,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"35fbc6d1-1986-4487-9980-c74a6ad7b701","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":232,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"832f4b87-7378-4a7f-aa3a-ee7bad40a1af","block_type":"box","text":"about two-thirds of the world population.","page_number":232,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"a50093da-c7d1-4922-af95-3160518b3549","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1206b54b-aaff-4f54-b914-2d61ec52bc65","block_type":"box","text":"Global Principles | 11","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"df3e4c23-8fe5-40f7-8522-4c3fa3177618","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00f8d457-18e6-45a1-bb47-ba535d8b84e5","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":233,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"3003dc4e-7971-4eed-89c7-5f1e3891ebcd","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":233,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8d913a1e-2633-4f74-807e-24f64f241784","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":233,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"1a408ca9-8cfa-4c66-8385-a85dddd27f27","block_type":"box","text":"climate-related risks and opportunities.","page_number":233,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"e159838b-990a-4d19-9b91-55467773b17f","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":233,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"6081305c-e584-4716-8232-058f9ea2d389","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":233,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"3048c1de-5045-4e2c-85eb-7197aef9de71","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":233,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"094496d5-529c-42b2-98d6-ab6521117e8f","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":233,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"bd6cdf31-998d-48c6-af4f-0ff7359dd424","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":233,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"531f1b0d-5b82-425d-a613-c38a13af5dcc","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":233,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"5fcf342f-6691-4a83-a631-414f76b55843","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":233,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"88dbdc06-393d-41e1-8801-c221883fce87","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":233,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"3524be24-61de-4faf-9841-07c4830e3d64","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":233,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"f2a7c731-2423-44bb-99c4-508bc6c6e566","block_type":"box","text":"16","page_number":233,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"438e285e-925c-4118-88de-958be9c0bd44","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":233,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"1e93b1b3-169f-45b8-8bc4-d7c32494e63d","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":233,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"65fab083-3ab1-4f6b-bde4-6adb2e125331","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":233,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"9e5c9858-6c23-42c4-9ed8-8b00aef27281","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":233,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"384838c2-2784-404d-9953-34cd7cdf077e","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":233,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"61912e74-b3d0-4733-82d2-82096550701a","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":233,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"7497a3be-3493-4390-8ad2-10052f7d9874","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":370,"width":783,"height":11}},{"id":"70508419-07de-49e9-babc-7bcd17aa31a2","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":385,"width":755,"height":11}},{"id":"57c05c96-2b5b-4215-b2b7-1b8169091d29","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":400,"width":831,"height":11}},{"id":"b15141a8-bb1e-489a-bb57-19f13f18bbf5","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":233,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"92a1a630-676b-4312-8eba-1596deb6b55d","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":233,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"f3b939a0-b195-4181-aebd-e3505233fee1","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":233,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"bda62b9b-10fb-4d78-ad11-d2f6a1c8f5ab","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":233,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"a6bc4a10-96ce-40fd-8e05-5dff21f4f3a5","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":233,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"b6653543-1195-4c35-b97a-a6459663f6bc","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":233,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"30126634-571d-4907-9f69-8d511f6dd088","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":233,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"eadad8ea-3ef1-4288-946c-0f9a9d7b9d03","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":233,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"939388f7-e45c-493e-9ac7-b42ecb943537","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":233,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"4b207bbf-98ab-4f7d-b6c3-a9d013f656b2","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":233,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"8beb1c27-3f20-4068-9175-fcc059514c3c","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":233,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"3d3159c6-c4ef-423a-9329-9a8ed1ac1161","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":233,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"b590dab2-a282-442e-a663-5dd959bdec94","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":233,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"7b2c15d3-ee6c-448f-b473-b1035be8a7a8","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":233,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"355731a2-1d34-45fa-965f-f6a8e66cb1b7","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":233,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"5956b9bc-10e7-4e91-aa9a-c22ffa71868c","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":233,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"2eebb5d5-734d-4387-a06f-6d69ea999478","block_type":"box","text":"16","page_number":233,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"e7b17b18-0084-43f2-bf50-5dabf992d817","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":233,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"4417d40e-61c1-4cb5-8390-c743939f6ce8","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":233,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"aabee126-0fd7-44be-8cc0-542b3d409457","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":233,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"83cbc365-4dad-4b3c-afba-35d677aede3b","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":233,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"2fed1563-1da8-4961-9c16-2cb100f1eabe","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":233,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"55a86cec-2cbd-4e66-ae33-15dd49101d33","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"88d8f032-a983-41e9-85ce-20a77c7b78c3","block_type":"box","text":"Global Principles | 12","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"fbf3d0c8-4581-452e-af66-13402816b59f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49200e5e-6b56-48da-83ce-e01f69635e4e","block_type":"box","text":"Corporate form","page_number":234,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"84fa9fa5-49e3-4361-8291-375dee85e2f8","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":234,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"3bfb000c-9f3f-4b9b-82cf-f6b027db8917","block_type":"box","text":"the company’s purpose and business model.","page_number":234,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"ae7618a8-bad5-4a1f-bbc8-d458e89c4c47","block_type":"box","text":"17","page_number":234,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"adc14386-ef25-48f9-9df9-c055f2697bd7","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":234,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"47d8b8f1-d816-406a-b397-1b495e16d535","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":234,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"6f5fc584-2d8d-4645-98df-b82799b0e226","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":234,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"bf39cc8b-6e84-4440-9e30-582c8ad8e60c","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":234,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"bf588625-ba02-4ba9-a08d-4e79cd28b627","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":234,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"440b468b-2c20-49e9-9f52-3c958d244af8","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":234,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"b421815b-1011-4821-b171-f14f1634c4f2","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":234,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"7a3498e0-c209-49bf-a64b-8cc30d00c8d5","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":234,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"1fc8603d-03b4-4de9-aa0e-9046a0ede10e","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":234,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"8b567390-4898-467b-97fd-579a6f37dd83","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":234,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"d5dd136a-dc81-49e4-8f37-7590eb34cf32","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":234,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"38386bce-ae82-4d30-be44-42c26bc53cc0","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":234,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"4abde3d9-2151-4274-97e1-b83706d80317","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":234,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"e5dacbbc-b044-48c9-9e67-988cb8ac93f1","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":234,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"0af27934-b54d-417d-b785-11273615d0b3","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by","page_number":234,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"0fe8a048-3d1e-47ba-bd1b-7823a17cc6ab","block_type":"box","text":"others.","page_number":234,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"cc8ceaf8-d2e0-4dc3-8f6a-f145b308e0bb","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":234,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"2c7a8c6a-7f52-4e04-a6f5-073a0ff00ec7","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":234,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"0598e9ea-22a0-4472-8122-d7d0152365b1","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":234,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"0330848d-cbde-444b-bf08-6dea8011eadd","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":234,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"39b6d6a3-9ef1-4e85-a5f0-3ea9d638f642","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":234,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"8b4f72b8-ee57-4bd7-88ea-604100b25bca","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":234,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"7145dd15-96aa-44b9-932b-3b74d99f5f00","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":234,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"500c4d98-f669-4bc0-8ad1-4cfdcc99d7ee","block_type":"box","text":"of their peers.","page_number":234,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"6cb9256a-d921-4b97-9d20-c3c0057119d3","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":234,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"b6325bcd-40e6-4998-8b59-5150f074ff64","block_type":"box","text":"submitted or advised on the proposal.","page_number":234,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"b3233185-73df-497b-ade1-6481c1a65ca5","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":234,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"53a870ca-bf3b-4509-a66f-6ec9534fa9b0","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":234,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"5249c1e4-7124-4ee6-bab5-b29ee36ea4e1","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":234,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"0c28fae4-26a7-4a2e-aa8e-28403542dad9","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":234,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"fc9e306f-c9cd-43a5-854d-d15dbdaa8aed","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":234,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"2e530cb6-e272-4b70-90c6-3130f83bd960","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":234,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"514b0fb6-2578-45fd-ab63-361ab23ce4c0","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":234,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"57113827-7793-4d48-8948-d7a532b64196","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":234,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"3ae00229-f8ca-4198-ae49-6748da08217e","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":234,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"c06f7a1b-9368-4f66-9592-4df36de51fea","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":234,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"34b6fbaa-116c-4b46-889d-18566462afde","block_type":"box","text":"supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":234,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"319bebcc-8bc1-4743-9136-c5ca70cda859","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on","page_number":234,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"ada5faea-1ddd-43ae-84e9-503345f46b4d","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily","page_number":234,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"a67af20f-d119-4e09-8ce0-c7ec689e84c9","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":234,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"677c12c1-ffa3-4d65-942f-b7c0fe1d7265","block_type":"box","text":"may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it","page_number":234,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"dfb70aa3-1a76-4479-974f-22dcd6f3685f","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":234,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"5b8b589a-a935-4eb7-9fad-fd342879998a","block_type":"box","text":"such proposals.","page_number":234,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"50e094b5-8380-4ffe-8c99-c9b2c2fa3068","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":234,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"6fffad5e-2cb5-44f5-93dc-cb49f202a7c5","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support","page_number":234,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"bca50e2b-9f7a-4bde-824f-68c93b8d51bf","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a","page_number":234,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"a3ec832d-1958-44d8-a056-0f0986d0bdb0","block_type":"box","text":"material risk.","page_number":234,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"6d42af1e-c948-48cf-80fe-37ae7620b9ea","block_type":"box","text":"17","page_number":234,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"a47ca214-d457-4d64-8066-4c8ea062eb5a","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":234,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"861d0137-56fa-40b7-a92e-63b05d984b61","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6d580daa-1b36-4e2c-aadb-b2111e037f06","block_type":"box","text":"Global Principles | 13","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b8c1d129-2834-4e2c-a3f7-623e24454362","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4967aa5d-8872-41e0-8b4c-446a1314ce7e","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":235,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"304b8b89-e2be-4176-a7a0-b407de08a12f","block_type":"box","text":"Oversight","page_number":235,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"85389dae-16a0-4b34-8512-4048f2691c98","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":235,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"9bf668ec-c4aa-4c56-bb94-f46726b7f4f4","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":235,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"f856705b-071e-4458-8b06-a2387a415bc8","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":235,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"847b3d2f-4315-4953-b5b0-494dc0d415a7","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":235,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"393cee56-708a-4a9b-b44c-5b301ff8d44c","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":235,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"a1643e42-5073-4563-9f38-028f7eddfdd4","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":235,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"8060b952-5f1e-4c43-93dd-396c0c05dead","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":235,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"06517c7f-3a42-46fb-bd9f-3c5ac931f0d7","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":235,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"b627ece9-cc43-4ce2-acb6-66ca117d0192","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":235,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"aaeb8902-f47b-48c0-ab1a-bfc6a090ebdd","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":235,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"aa92e998-837a-4791-aee2-9c6c751ae19e","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":235,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"7a04d5ac-37af-44f6-818a-e41a05b0e878","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":235,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"1149f63e-faca-415c-bd45-81d0f24bd05c","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":235,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"448ded4e-fc88-4eee-84c6-e0f0b4eb29d2","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":235,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"af94e4e7-b3c4-41f9-8968-7a7429f69cd1","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":235,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"df0d6398-d27c-4807-822f-928765e2eea5","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":235,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"8efe11ec-9ad9-4b7e-90da-8bd02a2a1574","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":235,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"81578dd2-3df4-44c6-b200-d49acaa5e1a5","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":235,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"e31dcb05-f967-4c7c-9d6d-694b47a1e074","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":235,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"f119b23f-7b28-47d5-8ad9-1bfe49fd5928","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":235,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"4c783e4d-3309-47ce-812e-0e4c4425b864","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":235,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"e7c9574b-8b2d-461d-8d9d-4ee0952ad9fc","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":235,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"42c35191-0b29-47aa-abfc-94d380ce83e0","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":235,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"60fb16ec-8fdc-4a15-ba4f-784f14783755","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":235,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"f87e9136-b999-427e-bf60-8f814a006c28","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":235,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"5bcd44d1-ed3f-4ac3-8608-63efa7d59e0e","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":235,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"d23ca909-95f8-401d-a477-89fedc3115e8","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":235,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"e76f9437-a40e-4bd4-8904-5cb64699a159","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":235,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"ed4c90d6-8277-483e-9180-80f96e0970bd","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":235,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"602d22d4-e13a-455f-8833-8881e5abfcba","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":235,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"d5a10816-e302-4e5b-8ec2-e1c0780cc972","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":235,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"d48c3186-e63e-4e1b-8103-7430cd1f23d3","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":235,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"b5972a8f-d559-430f-af3a-899a4e3ca189","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":235,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"6a326ae2-3845-425a-8c02-6bf9283c34a9","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":235,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"85280026-626b-426d-91db-0065f4ef470a","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":235,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"6470594c-231e-47d1-a80f-362c3e162025","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":235,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"727b752d-1cf0-4e03-9d7c-1b69b9ddda07","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":235,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"0a565bfa-1164-4910-9b99-a55ebaf45620","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":235,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"835f796a-16dd-43e4-aaca-e94caa87b82a","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":235,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"05038cd7-44f7-4a14-8e8c-3e5043256cd0","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":235,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"0c404ad5-8f03-41aa-bdd8-22bf99a62265","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":235,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"d3718aee-05b8-401e-8113-e40193a2bee5","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":235,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"9bc56d75-35c3-4147-8475-9a3e21da6d08","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":235,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"509e41e8-41b8-42cb-9691-126e6fb23798","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":235,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"e05d5bd7-3e52-44f8-a568-11cf6780d20b","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":235,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"a3b214a1-2ba7-4322-ad15-32ef47786dfa","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":235,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"6f89686b-f865-479e-9583-f500e501fc7c","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":235,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"359a76d3-faa6-4075-ae0a-7c89f9d2e701","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":235,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"4c61ac37-1f6e-4260-966a-2fddfdd78d89","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":235,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"8e4decf3-eabe-42f4-90ca-57e741f887f2","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":235,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"a7c20cad-67f4-4a54-9fed-8ccbbd868b37","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"84ef282d-cdcf-4a83-9c6b-95e7946dad4e","block_type":"box","text":"Global Principles | 14","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"265dc71b-9378-4003-b1d4-c39a5d0212b3","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68efe89b-2169-49e7-b0eb-365936b2fe5e","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":236,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"74d79ba0-57c3-402c-ba94-acd7175ea4ed","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":236,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"26d592ff-f462-480d-a10c-fd19d8341140","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":236,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"d0ef3617-0c70-4932-9d12-0ef08389ee36","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":236,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"0d9fb0ad-2132-434c-8953-ad0588a65e73","block_type":"box","text":"VOTING CHOICE","page_number":236,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"0058e910-135f-4b4a-b504-7e5d3bdaf57f","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":236,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"67f90cf1-4e99-44eb-bf13-d96c45f64f1f","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":236,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"976f65f7-173e-45b9-9efd-28762fc345f5","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":236,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"5cd850f9-d26e-4b05-8028-d34b61f614ad","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":236,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"6d319868-7efe-477a-954f-1c11985d8e17","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":236,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"ea87fc4d-f639-4ce6-a9f6-9e8071556568","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":236,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"69055110-f2bc-450c-98d6-32a782f4e8e4","block_type":"box","text":"regardless of their investment strategies.","page_number":236,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"18567134-1d9c-46a0-85da-011f63d4db3e","block_type":"box","text":"18","page_number":236,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"be93f7c9-6df3-4678-a3c3-e36a5c914347","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":236,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"3affb926-6d60-4c27-906f-a84b73000695","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":236,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"71979cee-e07c-419f-82cb-ff4afa64fc4b","block_type":"box","text":"19","page_number":236,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"cbbd8420-2107-40a0-b74a-1908cf2b0ab8","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":236,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"6f9e8659-a4f5-429b-8bc3-3c1fc720fffb","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":236,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9ff425ee-ef7f-4dd8-a05c-97216c71194b","block_type":"box","text":"third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":236,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"302ceec6-6e3b-4ea0-941d-3f41f1fe24dc","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":236,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"009f348a-408b-4981-b457-723181b7bb05","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":236,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"a3995c54-f4eb-49df-85a1-b3af43b59e45","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":236,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"19a90376-40eb-4346-afa5-3d4e83887c29","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":236,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"79afb7b4-dd54-4e53-b7a6-dda3f32f50d3","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":236,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"4822ef6a-ddb5-4a70-b2e6-ae049e3c8033","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":236,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"68e241fb-fc40-4aea-a2f4-fa560e2e8b0a","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":236,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"1d986072-67b4-4095-a404-4bca8abdc0aa","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"a905e4d0-2dae-4be3-8d20-2ff3e0736218","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":236,"box":{"x":102,"y":458,"width":660,"height":11}},{"id":"6a013baa-dbb0-4103-abea-c98baf3f6d1b","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":481,"width":6,"height":4}},{"id":"7f61aee9-6910-4415-8a10-ff69834efd19","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":236,"box":{"x":102,"y":478,"width":772,"height":11}},{"id":"99f088ef-16a3-4679-a333-d71581eafee1","block_type":"box","text":"resolutions","page_number":236,"box":{"x":102,"y":493,"width":78,"height":9}},{"id":"a40cbd25-a15b-475b-acc6-e7ee67dfe2a5","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":516,"width":6,"height":5}},{"id":"d969d1f3-87e7-4922-813d-7a2d886cb553","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by 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The Global Committee appoints and reviews the performance of the independent third-party voting","page_number":237,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"9fa32c92-a6f1-4ff6-98d4-c6e198f4dfdb","block_type":"box","text":"service providers, generally on an annual basis.","page_number":237,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"697a8895-1215-48f2-b852-9921dff8dcd9","block_type":"box","text":"SECURITIES LENDING","page_number":237,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"32141bd5-d72a-4865-87ce-3f4978171015","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":237,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"af04e400-e81e-4b55-89e1-f122d7500102","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. 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While this has occurred in a limited number of cases, the decision to","page_number":237,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"509da599-e708-4904-9782-0793728d49eb","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":237,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"8e8a0605-7ca6-453a-8b33-6199384ff202","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":237,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"477008a5-8138-46e7-b633-f4ff5f98c547","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":237,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"03abb62f-d9e2-418c-876e-7a1b0758c04c","block_type":"box","text":"of recall consideration).","page_number":237,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"e2bf1fa5-a778-4298-8758-b8813ca296e0","block_type":"box","text":"20","page_number":237,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"b37db3dd-176d-4608-ab45-3abe9ce02c1d","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":237,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"9e48c967-0628-47e3-85e0-b3d3c639ae40","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":237,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"1aaf06b7-69c7-48a9-b203-c60447d686a6","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":237,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"606fd5a1-f1c6-4e70-9f46-fb74158bd816","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. 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In the U.S., for example, the record","page_number":237,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"c83fb722-9906-4fd0-a0c4-4278c0300bb5","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":237,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"14f7abf2-2525-4243-a407-bd9a36b8e161","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":237,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"fe59eb95-d83f-4f7e-ba60-9af7cfec87d7","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":237,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"1b66fcbc-dd37-49ac-976e-f6540732b554","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":237,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"82497ba2-6937-4b0d-a567-def651b99e25","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":237,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"deb7773a-1e86-4597-bb85-0c9d97b4785a","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":237,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"f272bd75-d85d-4f1c-b611-aff82dfaccb3","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":237,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"b972c72b-58e3-49e7-a9de-b38c0274a71e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"df5b2c1a-84f7-4b71-b84f-265fff816250","block_type":"box","text":"Global Principles | 16","page_number":237,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1cd9bf7c-4706-4942-91ae-7f2f7925e7e2","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"224cc30e-85e8-4a5e-935a-6a5adc2899a7","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":238,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"a9df76ae-4a28-4749-bda4-f4ca64755981","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":238,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"e43b3539-be10-45b5-87c1-1ff32a2ea49b","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":238,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"3b3f9339-60c0-4253-b06a-4a245e3699fc","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":238,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"3c4df102-f74b-4d4f-9fe3-2dc701c647e9","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":238,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"96dda7d9-9271-49d0-bbee-0fb97aa883e4","block_type":"box","text":"and emerging key themes.","page_number":238,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"17d4ad8c-3b9a-41a0-bcf8-c60474cec4e4","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a","page_number":238,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"7a61d9fd-51a9-449e-8614-5662c6666af7","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":238,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"b6d476a0-e9d5-46f9-94b6-99b0cfa522c7","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":238,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"afe4bc81-98c1-4895-8574-0e4c26d8da34","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":238,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"9d24150a-100e-4649-8205-983c45b8a26e","block_type":"box","text":"explaining our vote on key proposals. 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All rights reserved.","page_number":239,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"bdd2eb13-05f1-433a-88db-482bf1999f20","block_type":"box","text":"BLACKROCK","page_number":239,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"1802b2a3-6f24-44a8-bbb6-7352d60823ae","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":239,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"63c5d5bf-1c8d-4e32-84c0-3f980bfbce33","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":239,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"4689545b-0f36-4b6f-b08b-4c9b4384e4f4","block_type":"box","text":"BlackRock","page_number":239,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"30fbcfc3-ff04-4a27-89c7-64028ae52e0f","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e706e44-cbd7-43f1-949f-4bc39ae5b3eb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"874be3e4-329a-430b-893c-d82b51d2bfa0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":240,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"33799f06-c358-4917-b25c-5ecfb732ac99","block_type":"box","text":"Published July 2024","page_number":240,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"2ca80fd3-bae7-4dd6-8db6-e8dc5e0ec0c9","block_type":"box","text":"BlackRock","page_number":240,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"b36bdf1e-c614-4903-8d10-46ea7bcf51eb","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aca5b570-d723-4ecf-8b4e-978bc725273e","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":241,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"8399b32f-c0c1-42e7-9522-7b0c78eb208b","block_type":"box","text":"1","page_number":241,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"ecf1cd38-dd6c-408e-a7a6-6d7d4d491779","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"2cb1a113-a6e0-4dfb-ac9c-050bd777e79d","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our","page_number":241,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"6f892575-13fc-4019-a092-be588044aa8a","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":241,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"a6b0054a-41ff-43b3-b830-ede43d3e9031","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":241,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"25595c02-0791-4c0d-a74d-ac9913be45c6","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":241,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"1bcba565-5b4d-4941-a372-bfbf1fc71509","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship efforts,","page_number":241,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"9a7cfa99-0a19-4b80-ab47-89102d0c5967","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":241,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"8388075c-0313-4c9a-b9b5-b7c799698eb3","block_type":"box","text":"1.","page_number":241,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"51f31fed-63ed-4c1c-9bc7-f3e4fb637164","block_type":"box","text":"Engaging with companies","page_number":241,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"3a4fd878-e3f5-40e5-8ca6-f13e24f47b5a","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":241,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"d07bf1f3-7707-43ba-87e3-f72bb847bbe1","block_type":"box","text":"our voting decisions.","page_number":241,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"3db9d5f2-1870-4be0-a294-410eb764aba9","block_type":"box","text":"2.","page_number":241,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"e99230e8-3d69-4641-a629-0b47d0468cf1","block_type":"box","text":"Voting at shareholder meetings","page_number":241,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"3bbcc66d-b746-41bc-be4c-801207c6a015","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":241,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"a1b6759c-3ce4-401d-9df4-555a17845ea4","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":241,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"eecda438-44c7-497f-a374-28fb9a0ed471","block_type":"box","text":"3.","page_number":241,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"07f2c11a-a7a4-4c37-bdba-10722ecdfd80","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":241,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"9267f89a-26e0-4ee7-9d46-54febe7fba82","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":241,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"e92a57ab-863a-489b-b8a6-8a8fa92f2064","block_type":"box","text":"clients’ investments.","page_number":241,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"b94e3d74-0200-48c9-a62a-3c46edbb30a5","block_type":"box","text":"4.","page_number":241,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"38e906d2-7fcb-4ca3-817b-1f03558621de","block_type":"box","text":"Reporting on our activities","page_number":241,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"28e20c31-0f01-4a8c-8a55-22b4cd73d6ea","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":241,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"0112686c-23e1-416f-a049-4a9620810cf9","block_type":"box","text":"publications and direct reporting.","page_number":241,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"e1901db1-83eb-4cbc-b29f-89205a8744a7","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":241,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"8861a2a5-9fc1-4f6c-85c6-438837a2b536","block_type":"box","text":"2","page_number":241,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"076b69b0-f66d-46d5-9ec4-bfeb89f04d26","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied","page_number":241,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"31940601-ce56-402e-8be2-66a785f90eac","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":241,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"327df3dc-887b-47f2-9eed-af8ae5292dd1","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":241,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"1e79fa0e-e51c-437b-831a-ef2f7580e2d4","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":241,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"aaf075f6-e88a-41c0-8d54-0ead7680a44c","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":241,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"f4fa0810-8b74-4739-b952-83161d05e19f","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":241,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"bf280cd8-30a8-4eef-86c9-c50838806c56","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":241,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"262fcc75-75bf-4b2d-8d05-f289e88fb519","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":241,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"1842e498-ec26-4293-baf6-7eeb120dc480","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":241,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"80d68b83-b92e-404e-9075-955ec7f4fb96","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":241,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"ccc5ecf9-dddc-4100-8e52-2dfdc90146bd","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":241,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"07c973a2-522b-43ab-91e8-40d7e020e00c","block_type":"box","text":"3","page_number":241,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"7fad15fd-25a4-48d7-b863-6b3960b60336","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":241,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"effc4a34-477e-4e68-bd4a-438583e2339c","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":241,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"cb382971-c084-42ab-aaec-86f570628304","block_type":"box","text":"4","page_number":241,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"9a34ace9-f74f-4bd0-ac63-f99b9a3ef3a6","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":241,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"d7b1fd01-2320-41ea-853e-5653d4ebca69","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":241,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"41e47e43-90d0-4c5a-b0b2-543720d78330","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":241,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"7857f9dd-af7e-4c33-8e9b-ca5e8b9fb835","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":241,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"bc023e32-3bdc-4aec-ac0c-b50677663994","block_type":"box","text":"1","page_number":241,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"a2a2b5a8-8e25-4340-a7d2-b9fadfefbace","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":241,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"08606df2-ff2e-4459-9666-969ce1fad9fc","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":241,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"95e38702-6495-4317-baea-34f5ac6df48f","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":241,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"46b344f5-a59f-4f0f-85e4-56e6da2d5440","block_type":"box","text":"commitment to offer clients choice.","page_number":241,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"2d606277-3638-4921-b247-a1eb90e9d802","block_type":"box","text":"2","page_number":241,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"6a4522a2-238c-48f7-a0a7-3454119c311d","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":241,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"dbe72b9c-44f2-4d36-b439-df06cd24e02f","block_type":"box","text":"appendix 1.","page_number":241,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"f29a6184-3e54-4557-a91b-f6901e05fd25","block_type":"box","text":"3","page_number":241,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"a85ea3e0-dde1-40bd-8f14-98e763d45fa1","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":241,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"59e46b62-c76c-4b5d-89e5-c5d6fb6a2850","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":241,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"3ad53e46-fd17-4679-8165-458aa4fb2548","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":241,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"78d59a8b-467a-4e43-a8e4-0ada5dc895fd","block_type":"box","text":"4","page_number":241,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"6bae205e-b749-4989-9b2e-13ff9ffa33f8","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":241,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"de96d8a0-0395-4762-8f2f-9fefb8f4dada","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1c6a381b-d3f4-4344-b679-3853f19b4e30","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":241,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"eb224b8c-c8d0-4b84-93bf-de864364fb31","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7246dec9-3081-4616-a901-3eb8a6e50492","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":242,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"d31dd25d-05de-4029-b1cd-f946214ba957","block_type":"box","text":"5","page_number":242,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"e70a8337-0250-4e2c-804a-e23cce5ae9e2","block_type":"box","text":"and are focused on matters","page_number":242,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"9a1a0b1e-1dfc-4cd8-9f2a-dee0eb6f3d11","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":242,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"8bb9bf78-0a32-482d-bcb6-f86e6f67e650","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":242,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"b1514d14-c7f4-4b69-a6d6-50984ee772d9","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":242,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"07611fe8-62e3-48f7-97de-08c8176dce0f","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":242,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"786eba69-6ec5-4c2b-a211-b01326980b9e","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":242,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"6aa915dc-66ad-4f5e-94af-967a4a25a21b","block_type":"box","text":"Agreement,","page_number":242,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"f7c14c8f-6662-4f8f-a75d-f459ebd94147","block_type":"box","text":"6","page_number":242,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"21324a82-fa5e-43b2-8a3b-952251248881","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":242,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"9afdd153-3f2f-48bf-bae8-5eaad05b90d7","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":242,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"135fb494-7d82-40ba-b66f-86d67487a31d","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":242,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"d92beb09-1c70-45b6-9f63-b56224f44ff8","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":242,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"90c9f8d0-2831-41dc-be13-3dd905084284","block_type":"box","text":"7","page_number":242,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"7fa4a263-06e0-4618-bcc1-3bf996ff9305","block_type":"box","text":"We estimate these companies","page_number":242,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"5269a428-aef4-47e4-a853-a3075da088f9","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":242,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"af9372a9-c5d1-4e03-9fa3-0feb0793d22d","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":242,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"c8fd2eb4-3cc9-43ca-bea3-5998af7bf6f4","block_type":"box","text":"apply.","page_number":242,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"39f19495-f1c6-47c7-8a0e-dbd56a06c06b","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":242,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"686e7fc6-bb63-45d2-8de4-d871089becf3","block_type":"box","text":"benchmark policies.","page_number":242,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"e2bc94f2-fb97-4f3b-9140-12c9d8761206","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":242,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"bc991446-abc0-4491-afbb-d795d39ec75e","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":242,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"c4fb3e53-7f4f-4012-8476-d432fbb1974c","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":242,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"07742615-f93b-412e-9a3e-7647f9aeaafa","block_type":"box","text":"risks and opportunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":242,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"4070bc1f-add9-4c0b-a11d-dae8f4da9cd3","block_type":"box","text":"financial returns.","page_number":242,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"682d7cb9-8717-47fe-b13c-480369f7f228","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":242,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"6ed051da-3b34-4862-82d1-cc500cf3d18d","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":242,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"4031487a-ca4b-4539-b471-f073a9598f22","block_type":"box","text":"5","page_number":242,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"fa89ebbd-ca4e-415c-bd70-cff526d1755d","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":242,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"68e30f9f-b7a3-47cc-b3b1-0770ad246276","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":242,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"b6dac773-6a51-4609-b11f-9d6124351a79","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":242,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"d7787971-4242-4f73-ae3d-c16976a69758","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":242,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"8bfb5283-5374-4a9a-9adf-7abade50d74f","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":242,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"91018936-7ed1-4619-b7b3-fb8d3f0e625a","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":242,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"84937c79-a912-45e7-8830-0fc563502875","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":242,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"5d85bb24-8209-422e-9e0c-e7bd9ad187ea","block_type":"box","text":"are relevant, as these can be a source of material business risk or opportunity. The BIS policies are applied on a","page_number":242,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"69f3336c-3844-478a-96a3-dbee4e8a22a0","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":242,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"07581f02-dc02-4ffd-87a6-8c7b01c7a50d","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":242,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"6216de11-4ef4-487c-a73b-959606f42418","block_type":"box","text":"6","page_number":242,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"64fe6075-09c9-4877-8639-c6fad0082031","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":242,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"6575f89d-e105-42d4-a599-78518744cfb3","block_type":"box","text":"7","page_number":242,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"fb74243d-e1bd-4a9f-b513-21b97623a8fa","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":242,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"99a840b5-9e7d-4328-ac24-caf6e4b22af1","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":242,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"6a349e5c-4fc2-4d33-bbff-562d2be96707","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":242,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"7e17e041-b7ff-4fb0-96cf-6e3f20ae69ff","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4605d126-c1d6-4d96-b623-747f9c7b18f4","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":242,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"36f5ab0f-9dd9-4198-9dd9-09fd4893b6e5","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2af69ee5-985c-446c-973c-3e58dd6f1a55","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":243,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"4364ce42-39b2-41f7-969f-f8f61f377005","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":243,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"e2936a80-6956-44ed-9063-1fe2ff628a03","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":243,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"9bd50a3d-1cea-4c0a-bbf8-320d5e36eba7","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":243,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"0b421b8a-6051-44e4-b1c0-13c80acf514a","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":243,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"346f8521-b86a-4029-93cb-692861465bec","block_type":"box","text":"alternatives exist. We have heard from certain clients that they see the low-carbon transition as a series of shifts","page_number":243,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"994f46b3-d33f-40aa-aa6a-60ce032f73fe","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":243,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"85077aba-e731-43d5-be71-3a20f989e76e","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":243,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"c8f9065a-7e46-41f8-b225-ec7fdd88aa25","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":243,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"f240d0ba-76ad-426d-983b-e7d7a13572ba","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":243,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"d6ee58a6-0c4d-4373-8018-f4dabb030aa7","block_type":"box","text":"by Aladdin","page_number":243,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"a994d0e4-15c3-43fd-a553-c25195d19cd4","block_type":"box","text":"®","page_number":243,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"15e58261-c002-4042-95e0-1dc52f02a13b","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":243,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"81c4e060-ce57-4c4e-b463-d3b156fdaac8","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":243,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"94ad5c28-3d57-41f7-a2be-7bdd17ab9620","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":243,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"adbbdd0f-938b-4f39-875f-b3135a5720e2","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":243,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"51b57b66-6fc2-491d-8e41-cdfc7c2932a8","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":243,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"8faa1908-392b-4d03-be43-5e49861b9ad8","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":243,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"85aaea92-7012-47ab-9b29-006a4d9bee6c","block_type":"box","text":"®","page_number":243,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"06021731-5993-485c-9acc-4a8827bf127c","block_type":"box","text":"Climate,","page_number":243,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"0085654c-383a-4044-aed6-3c004afe63ff","block_type":"box","text":"8","page_number":243,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"eb5d9492-894a-410d-9c75-221f5f445fa4","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":243,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"23fcecae-482a-4da5-a007-553545f4d7d3","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":243,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"fed5cb3a-d75c-4bb2-91bc-b8d606620861","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":243,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"5e4af939-f028-4409-8f4f-4c648cd49526","block_type":"box","text":"increasing number of jurisdictions.","page_number":243,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"7b0933d4-ca41-4cba-ad27-cc68b8111c06","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":243,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"5ad211e0-83ea-4d67-af72-651c53b53071","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":243,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"00d1977e-da27-4458-814f-a32a87cb0df3","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"9069f5f9-7639-43ab-9bb3-787b6a2e6c57","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":243,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"047ec49f-292c-4c7d-a337-bb588ce2a67e","block_type":"box","text":"This includes","page_number":243,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"2c371f28-c3ba-4f02-8979-2287babb3338","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":243,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"13c44493-b3d6-41a8-9830-430a7a24080c","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":243,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"53b43c55-e5b0-4a50-8619-13f9d64daec5","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"2a3f9492-9eb5-425c-8cdb-eb3a53970936","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":243,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"e40a245c-3454-43e1-bc42-9963307041b1","block_type":"box","text":"across sectors and markets:","page_number":243,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"624e607c-4a0a-47d5-8113-905430493d4a","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":243,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"65efe578-bd65-42f5-bdc8-75cfade8fb0d","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":243,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"c3098f7d-5929-4824-8384-f2edbc053e47","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":243,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"31b5b4c0-7148-4360-a20b-2ae050966b71","block_type":"box","text":"evolve our approach as necessary.","page_number":243,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"9cde2776-be1a-4cfa-bf14-5f3a35bd9285","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"a641b729-8aa2-41f7-9148-63bef51334bb","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":243,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"58766f48-bf60-4ea6-bceb-142e1cfe7701","block_type":"box","text":"their key stakeholders:","page_number":243,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"a3fc287a-3194-455b-bd0a-5ca54f26f9f8","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":243,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"4e0917b2-53fd-4aee-8e8d-764db9f3287d","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":243,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"bc58cf45-f6b1-41d0-a83c-53ba2f251fb2","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":243,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"d86bf24a-317f-42a9-9a16-5df6944398c1","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. 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We make decisions on how to","page_number":243,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"36ee4c1d-db15-4bfa-b47d-8f8401321a07","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":243,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"def79535-d245-4a73-ba4e-7147e0b59a7b","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":243,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"faf70ab8-0b82-4c34-87a7-daf91cb3f530","block_type":"box","text":"8","page_number":243,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"88aafa0d-b43e-4afd-becd-4f19b47f0aff","block_type":"box","text":"Aladdin","page_number":243,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"624784b4-e576-4c0b-8ecf-7063719d9540","block_type":"box","text":"®","page_number":243,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"773ca4e2-25e9-4275-8c75-358de724c8e6","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":243,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"0d01ae2d-67f4-4b2a-b57d-0ee2170c0867","block_type":"box","text":"analytics. 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As a general","page_number":244,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"9905e032-d4a7-478f-be66-322f86033fb5","block_type":"box","text":"point, we would expect companies that have disclosed their aim to participate in the transition to a low-carbon","page_number":244,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"19dfdc47-115b-4868-a092-8ae7152e0d51","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":244,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"02380a90-2fb8-4a2b-b1d2-35dfbb3a0e0b","block_type":"box","text":"appropriate, which may include:","page_number":244,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"a9e0904b-746a-48af-8ea6-7840fbb1e6c2","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":244,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"64793389-42fd-4c22-827f-8d9b3c942618","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":244,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"28e70b35-826c-467c-a93e-e972ba001032","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":244,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"f93d3e2c-f2c4-48bc-9b10-6efa01dd2ed3","block_type":"box","text":"milestones to assess their progress.","page_number":244,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"cc3a7dc6-fa54-4ca1-8dea-316bfef61ae6","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":244,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"0a390d6f-e66d-430a-a6f7-ed63c0978c0f","block_type":"box","text":"Standards Board (ISSB).","page_number":244,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"5fb37aac-e517-464b-8930-22834b3ac55b","block_type":"box","text":"11","page_number":244,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"ce95e414-ec16-4b6f-a86a-79a2d83f05cf","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":244,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"1131b912-cbb4-483f-b276-83a9fefad37a","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":244,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"e9311a3c-88d0-4cb3-90e2-09710818e94f","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":244,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"3b60d0b1-a33e-4936-966a-94acc229673b","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":244,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"8596ae97-97a9-49e9-9341-87b1dc3f26d3","block_type":"box","text":"independent, third-party assurance.","page_number":244,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"c216fd70-bf5d-4921-8dbf-131384595723","block_type":"box","text":"9","page_number":244,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"daf5cf65-b088-4f12-8c83-676181ea26d2","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":244,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"2060034d-3f97-4ab2-9e97-dd34a49a69a0","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":244,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"18be5571-b6ee-4c4b-b899-c71f25892de4","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":244,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"cc342510-eb30-4926-9472-ed71b5967d7a","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":244,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"a7bcde2d-5dfe-4472-83e3-137f5299d03e","block_type":"box","text":"10","page_number":244,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"4d8d9145-f0b8-4da3-9350-b2aaf87a83d1","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":244,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"42df3f9d-12df-4065-aac7-45b98911f59b","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":244,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"2cac052f-aa6e-44a1-bb5a-1a7e0cf36dbc","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":244,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"ffb4b087-a716-47da-90fb-2b791ac6d13c","block_type":"box","text":"11","page_number":244,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"22433b0c-647a-40a4-82bc-23e5337cdb88","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":244,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"be05753b-d9ee-486d-af8e-da64f9eca175","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":244,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"fa5e8c64-83f5-499e-9999-a29b746852b8","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":244,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"f36723f3-7f19-4589-9640-987113798c98","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":244,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"67d5e876-9f29-417c-96e5-57b178003e0a","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":244,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"7ac7925e-c0b8-4913-bf9f-0a8a053b83f2","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":244,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"1c5244c8-dbf5-404d-9b9a-03cc6702e464","block_type":"box","text":"their reporting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":244,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"e9fd46c3-a2f8-4d65-939a-9e850481b05b","block_type":"box","text":"already committed to doing so.","page_number":244,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"45ee8ad5-5b93-4fc2-9625-78b6ab0df889","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f3c253f5-9b56-460e-b362-0fe3cf1d20ad","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":244,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"838ec81d-79ba-4623-b213-7d37dbd20ec9","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f75f33be-f3c2-4cda-80ac-15f5e79894cc","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":245,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"3e304c25-c45c-4a96-875d-cc23f82d4e2d","block_type":"box","text":"12 13","page_number":245,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"7ad8ff28-e4b4-4d7b-858d-16b5b9c19466","block_type":"box","text":"In addition, we look to companies to disclose","page_number":245,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"341a58b6-0960-4048-b81a-a9faab90631c","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":245,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"6347b08b-980f-4f76-b6dd-c5ef72db3988","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":245,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"ef551a63-69b5-4e42-bf30-4ff28ce861cb","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":245,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"e1705868-1904-40fb-b97e-7017df538b17","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":245,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"cd71a6ba-3eca-40d2-9607-81118e09f842","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":245,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"f2a2cd0d-bc83-40c3-ad4f-de2f8ee077c4","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":245,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"09c849f8-8eb4-4d7a-9f48-617f0d1e4add","block_type":"box","text":"14","page_number":245,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"102674b3-a0e4-454d-bf65-3aad45ece119","block_type":"box","text":"However, we recognize that","page_number":245,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"64c066ce-5683-426f-b91c-550d391af51e","block_type":"box","text":"companies have varying ability to influence the emissions across the different parts of their value chain and it is","page_number":245,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"62a3d911-0a6b-46f9-a02f-e7aaf25eff8e","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":245,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"f70d61d5-44af-4182-9e23-fc8888da6bd2","block_type":"box","text":"Transition plans","page_number":245,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"80234694-be8f-4c45-a1da-cb19e15e4f0e","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":245,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"50c2b286-05cb-4942-b046-e09c7c76fd82","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":245,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"dcaa4507-b143-42ba-9d93-5c5e15772687","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":245,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"5c77ba88-c472-461d-9690-a8bd4fb0c1b4","block_type":"box","text":"appendix 1).","page_number":245,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"e4e25dc2-a844-4c18-99fb-a73628a39953","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market","page_number":245,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"21143142-ef01-4942-9ba2-268feaa361a9","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":245,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"a1336cd2-e79d-4813-b64d-3ab61db64cb6","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":245,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"6374b3b9-2831-4664-b96b-6e33fcd891f1","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":245,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"d674f050-fd6a-49d1-88f3-4fdc9521b86f","block_type":"box","text":"Boards and directors","page_number":245,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"0d659aef-2e78-4dd3-979d-501c10113f0f","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":245,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"3036eead-e1a4-422e-9208-3a7b3735fd1c","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":245,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"6f17ec93-a391-4300-9f3b-58c97e345e2d","block_type":"box","text":"transition strategy.","page_number":245,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"d9264706-0f6a-472e-9b0a-af0cdca8e404","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":245,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"ad391f0b-91b0-42a4-a233-0f077fb9da49","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"0662ecff-f367-4cfd-aaca-cb2ec203d16f","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":245,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"5d51efe2-e8c8-4c48-ae24-c51d563b70b0","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":245,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"56be0c14-07b9-438c-89ad-e53f9b1ecd73","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":245,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"76a16a3a-e9eb-48d9-a4cc-8ed68c03fa99","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"4c4d74c2-4504-452e-bacf-e2016702b918","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":245,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"92cf39c6-56c3-4953-a010-8669589969d8","block_type":"box","text":"accountability for delivery by senior executives.","page_number":245,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"1c25b239-4b25-4cf7-8014-39b0b262a6e6","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"6de11df9-a706-4898-8a3f-f00842d29b2f","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":245,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"90af8f3f-e831-4f5e-9b6c-18450f26d393","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":245,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"b9cf74c7-3bf1-4cfb-918b-ff3b0dd28446","block_type":"box","text":"transition strategy.","page_number":245,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"d498a9b4-202a-4cfd-8660-8cd8c543bf25","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"4b1bf29d-5189-4ec4-adea-1c0c99972810","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":245,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"75d67b5c-5d28-4482-894d-43fe0f28597f","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":245,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"51a565bf-5f2e-47d8-86a7-b3748bfc6549","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"e1c3ab4c-5851-460c-8eba-d1b2627897ae","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":245,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"a0bf9d45-634b-46e5-8209-18823d329a09","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":245,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"edf5f7c5-2696-4069-ad4a-dec390eec922","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":245,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"2d581b81-9488-4970-a249-40c5dd705475","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"1c3f3bde-8e9e-4dda-8bd8-5931000f4fd4","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":245,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"da502e93-c159-490b-a415-8906f63f2033","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":245,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"0d1c7650-60ed-4901-bf94-b372b922a089","block_type":"box","text":"12","page_number":245,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"61ddbb14-66ba-4cf8-9e0a-13fae14e1e25","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":245,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"7bb4cb34-da75-4dc6-88f1-ad735344c8c9","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":245,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"436f644a-a122-467a-8b98-a44e585a8e9b","block_type":"box","text":"13","page_number":245,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"457fcc4f-196e-4fb2-8af4-7fab1407263c","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":245,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"50ddba5f-4c5f-4f7a-8cdb-b61fceacc16c","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":245,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"393d339a-b210-4bd1-be83-023fe933352b","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":245,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"d8daec5b-ba53-4425-8499-3d1d67b83066","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":245,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"b250a81b-0432-4bb3-8b01-78a79e2127d8","block_type":"box","text":"14","page_number":245,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"a3aea3d5-6622-4a9a-8b70-49bbe2c17eff","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":245,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"9162495e-c443-4940-89eb-9916a540f069","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":245,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"d9065bd5-a38f-4557-a261-8005400d4718","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":245,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"7235dc70-2cbe-40d8-b53b-9ad726b6d087","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":245,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"d09ad408-2739-4b59-aaee-8c0ae1f28857","block_type":"box","text":"business models.","page_number":245,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"ed2624c0-cacf-4218-8bab-7cc26012442d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"24ab09c2-0bc8-4fe9-9014-593e903c1711","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"e9920015-851b-4f9d-a117-318285704239","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b5dfc8b-fbdf-407b-9d4a-ed80396b7295","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"127fe63b-9097-4095-a1b1-7d8037c9c18b","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":246,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"baf93815-06d0-4eef-9399-ea66082ee23b","block_type":"box","text":"15","page_number":246,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"1515eff2-a5bd-4152-aebe-217cf3bcdb8b","block_type":"box","text":"and disclosing these where it is confident in the","page_number":246,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"fc792627-4d4a-4b14-8f35-4bb22a7b158c","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":246,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"a29ecbf3-674c-4d93-ae82-ed87e7b37bbc","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":246,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"f1fb24cb-60b3-4633-8974-b007190133d7","block_type":"box","text":"with the different constituents in their value chain.","page_number":246,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"c1e139ee-b5cf-469e-810a-92420f976c07","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"d8e4544c-c3b7-492b-996e-e50e78a93568","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":246,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"00418c1c-ae1c-4cd3-8237-70008fee9d08","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":246,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"97d3f002-ec2a-422f-9b97-c5d5e2880505","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":246,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"f68276fc-eb29-456e-988d-b46ac97cb849","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":246,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"8b182ba6-2d28-49f6-90c6-3af099a9dcc4","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":246,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"a120dc55-facc-4da8-bd7f-b6b9956981b5","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":246,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"65993ae2-77e5-4228-adf7-ab474bd133b0","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":246,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"86bddfec-eecc-4138-8dfe-63a3f0ca2c25","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":246,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"a2af358d-27f8-4990-a6b3-fe9cbb482b69","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":246,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"58a239a7-1acc-4075-bf8e-cad20d801f14","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":246,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"cca8c3f1-d7f6-4857-b296-d92234c49969","block_type":"box","text":"executive chair of the board. In certain markets, we may withhold support for the discharge of the supervisory board","page_number":246,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"a4120f42-8518-4bbe-8dd8-2ccb8dbe7c74","block_type":"box","text":"or equivalent.","page_number":246,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"743215e9-a1d8-49fc-b6ef-a275e998c148","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not","page_number":246,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"5559dd21-9ba1-4c17-b80a-409273a5c629","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":246,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"378dc317-0c47-4450-b0f7-4a47430d3745","block_type":"box","text":"16","page_number":246,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"de3dc15e-38da-4f51-b166-5c0adb8464c2","block_type":"box","text":"by","page_number":246,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"644e5d20-9d9a-4c0c-99c9-433050133baa","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":246,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"05e1c398-b028-4445-a9e8-3a6cdc820ddd","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":246,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"bb17dbf6-bccc-4394-b506-53d3214f5f77","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":246,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"a43da648-3fba-4937-a482-5637e5d264b5","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":246,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"080fe1b2-d0b4-416e-b9c6-8635b686edf9","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":246,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"7739e28b-3cfb-4d89-8379-8e8d9249f779","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":246,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"06477cbc-06fa-4dcf-a482-a559f8e1ea69","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":246,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"ede37d94-9824-4f87-abb0-fe49aa5af9a3","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":246,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"994d425a-ac85-4c73-b6ae-49377cd8afd0","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":246,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"b47413a4-aa79-40e9-8a34-6cc6a897d510","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":246,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"70d3d464-596c-4441-8d46-10b07907a560","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":246,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"30b1a611-c3ee-4602-891e-2de0b66e246c","block_type":"box","text":"company to:","page_number":246,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"93bd675c-b451-4be5-8010-6c583c4bed10","block_type":"box","text":"•","page_number":246,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"dd2a6f3e-681c-4e80-8d71-cd9501de3248","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":246,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"3d556cd2-3fee-4d95-bd92-ddad073dbb12","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":246,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"e2a96eae-ad28-456e-b7cc-20b31dec3cf1","block_type":"box","text":"•","page_number":246,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"1d9c6782-2064-44d8-b521-7bfc36a393b9","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":246,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"b7cd503c-531a-479c-a09d-8a73c1ffdb27","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":246,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"d2a50f9c-7199-47f1-8b71-085675b2de36","block_type":"box","text":"•","page_number":246,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"b5d00f29-7a8b-4521-b451-bdf6e4cec9c0","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":246,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"1b619472-1f62-445c-ae2c-29b22edb0912","block_type":"box","text":"•","page_number":246,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"b336adde-d8aa-4a26-823b-6f3e319ed4e9","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":246,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"fb1ef4cf-5bbb-4dcc-8298-62b8756de7d6","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":246,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"3771b67b-05bf-4ed1-97d2-5cba4e4c30c0","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":246,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"d5eac76b-a79e-4bec-8e77-e855bb403ccf","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":246,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"5d24d840-10a1-4b91-a091-7bbb95044d96","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":246,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"8cb2b5ea-e631-416e-9a7d-0093d1619b90","block_type":"box","text":"15","page_number":246,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"c847d5c5-f8a9-4753-ba8e-bf0dd93ea5d2","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":246,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"c97b0060-8fa8-484d-b2e2-ce8e963bab9b","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":246,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"28b0b28a-4f7e-44a1-8b44-c1670097c06a","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":246,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"d9b3a5a8-2bc8-4f1f-a708-51095dd2ff74","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":246,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"acf84757-bf38-448f-adb2-ff8cc69412c5","block_type":"box","text":"16","page_number":246,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"cd94f94e-9e36-4aa8-9999-a2f157ef0937","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":246,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"752ac3cd-e895-4ed8-b06f-2a5bdadd22e6","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":246,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"0fbe5e65-59c8-4560-a422-7dd1ef1085cf","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":246,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"608cddfa-6f78-4d04-903f-ba256609bc53","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":246,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"8b060c21-697f-4593-9a1c-aa6565b6eb00","block_type":"box","text":"BlackRock Investment Stewardship","page_number":246,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1ac99411-116a-4e9a-9bf8-1ad335bd32e2","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":246,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"1695fafd-5d41-48aa-af7b-47e635310d52","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4661aa5-9ce5-4b1f-8522-d6fdbed53cb5","block_type":"box","text":"RELATED MATTERS","page_number":247,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"fb605cca-6540-4448-becb-e0468de3fc53","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":247,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"ca07ffe7-38e3-47b6-90d3-292ac29108bc","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":247,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"3ea89a78-6cee-452e-9ae1-030997946261","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":247,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"3fe90603-8d3e-4889-9d83-9fcc68750012","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":247,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"fa21485c-a502-4684-b0d6-fbda31862081","block_type":"box","text":"Executive compensation","page_number":247,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"088a4494-7d55-4300-9f5b-8d9f78b64ce3","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":247,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"b0a1fa47-308a-4f65-9d88-e5dad64c76e7","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":247,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"572e9b2a-5bde-4f4d-8216-be78df21f686","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":247,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"c7b0de78-9e20-4b5b-9615-8253739086c6","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":247,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"b5223635-7b89-430c-b0af-cf9e0cd5b82e","block_type":"box","text":"Auditors and audit-related issues","page_number":247,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"29cc9413-28ba-491c-aac3-f786ef292a32","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":247,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"85008845-f262-4931-906c-1c82e7bc5508","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":247,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"7fabac17-5ca8-4949-9832-ffe5dac55126","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":247,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f9ca9ce0-f960-44e5-9bee-b6142bb392c1","block_type":"box","text":"audit report. We note that work is being undertaken to develop audit and assurance standards in relation to climate","page_number":247,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"136d6025-7354-4cd0-a9a8-200984642d83","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":247,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"b2bda923-c152-4b25-b099-28f0df11b54e","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":247,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"1e246d80-1722-4585-8f6a-5216ce9a8654","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":247,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"385b503a-ea9a-4b4f-b853-f2aad2c6d704","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":247,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"f2ba8541-702d-40e9-88d8-4eac3840a21b","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":247,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"fbfa4371-8c13-4667-9b3b-03b243707643","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":247,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"5e4ebf06-8cbd-4a1e-908c-b546e719d501","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":247,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"e2d06d5a-96fe-4bef-bc7f-734bfaccfebc","block_type":"box","text":"shareholder activism.","page_number":247,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"aec7a371-2ead-4e80-a446-5f44445bc08c","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":247,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"a05e8ec8-ea8f-45be-a3b3-cd5cad97c226","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":247,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"1703f817-faf9-44e9-a14c-4670d36befbd","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":247,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"f96dceff-b0d6-47ce-b143-d9ff9ac81ab8","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":247,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"8289a1b7-473c-4c43-862b-cab7b068108b","block_type":"box","text":"17","page_number":247,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"21218bf7-722b-4f78-af49-ef2dc46f5793","block_type":"box","text":"In the context of","page_number":247,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"4592a93b-3d37-4c3c-8d30-b87759ea8a15","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":247,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"03431048-1103-40f5-983d-38f26890737b","block_type":"box","text":"e.g.","page_number":247,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"1b790790-0ef2-4a9c-857e-4eb046a47d5f","block_type":"box","text":",","page_number":247,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"528a66de-064c-4c0d-accb-475cf41f1695","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":247,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"c7979c3c-f77a-4cff-bb6a-1058fcd6d92e","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":247,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"d44ea2c8-9ef2-4933-9f49-a41d01589a9d","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":247,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"39f6d4bc-c664-4bc9-840c-fe9a55e820f6","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":247,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"2674f4ba-7271-40d0-b16e-8cd2b153dbc2","block_type":"box","text":"17","page_number":247,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"b467ab9a-2ae7-42d8-8951-9171be426219","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":247,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"acc4003d-4799-48e2-85f0-5c20f4825163","block_type":"box","text":"capital management and human rights.","page_number":247,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"05fd70e7-df27-4eca-96c0-077573b65dd3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":247,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a7ff871d-9030-4b5f-8e99-cdd1bc4b89fa","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":247,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"f3bba821-4b1e-4874-ac34-a40e71a10bb8","block_type":"box","text":"BNM1026U-6032956-19204435","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aea1bdb1-537e-4276-a11a-98a63988ee37","block_type":"box","text":"Appendix 1","page_number":248,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"0c946f0a-21b4-40b0-b81f-985d8875338a","block_type":"box","text":"Terminology","page_number":248,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"eb5c3f1e-9968-4745-96dc-472c932c2c12","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":248,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"ccaa4d19-f736-418d-ad24-a3eab127291c","block_type":"box","text":"Climate risk:","page_number":248,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"f198796a-8697-4809-825e-1d6393b57197","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":248,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"9af92d2d-9c73-40eb-9a1a-aa530c1aa674","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":248,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"8508f3ea-a1f1-41a2-bb89-d9204e6db6d8","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":248,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"ed73fc9f-b213-4b10-8867-aa1ea2881599","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":248,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"cd33a5da-9d94-4f34-acbb-bf90d48dfee6","block_type":"box","text":"The global economic shift toward lower","page_number":248,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"f5628ce0-0679-4e64-bd44-86c24ca5f167","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":248,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"1bf5cf71-c565-4e65-9449-d13e40daae82","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":248,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"e981175d-0bd2-4cf6-9444-79fb65cc8d84","block_type":"box","text":"change (","page_number":248,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"8703e029-c13c-4ede-a7ed-c8ebfaf409c8","block_type":"box","text":"e.g.","page_number":248,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"9b0f4541-013a-4856-a2e2-fad12de35f59","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":248,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"15a91dcf-76a8-4a8e-b6f8-68f79c20c43f","block_type":"box","text":"Decarbonization:","page_number":248,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"cb3c8b29-f759-45fa-ac22-cec4bca2ef09","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":248,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"b15591c5-99d8-41c3-8af6-2b1d98c2b52b","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":248,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"22dfcbe9-9d77-40c2-bd3b-9ee5b08b3efc","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":248,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"81d6ddd4-2d3c-4a11-ab31-6ecd63348b0c","block_type":"box","text":"e.g.","page_number":248,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"7f8e632d-a3f0-4f06-ab25-a8c2ee7ad098","block_type":"box","text":", methane.","page_number":248,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"95e5547d-072e-43fa-a790-5230e058902a","block_type":"box","text":"Climate-related risks and opportunities:","page_number":248,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"aed61876-d33f-484a-9ec2-dc32538c4233","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":248,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"33eb9311-f04b-431f-93df-e4cb2435e8d2","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":248,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"5a42c9fa-1e51-4933-8c4b-3a93fa5bf892","block_type":"box","text":"to physical climate change.","page_number":248,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"1ca74023-1223-4ad8-9aa6-d1b253e36d82","block_type":"box","text":"Climate-related transition plan:","page_number":248,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"a3b5ea08-865b-4801-8f88-99f9d7393885","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":248,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"27de8505-0e12-42c3-b114-8d2a434db9ae","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":248,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"94c37eea-0edd-4351-ab71-8f19ef7d0f6c","block_type":"box","text":"greenhouse gas emissions.”","page_number":248,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"5773ebf4-3943-447d-aa54-797797fc31b8","block_type":"box","text":"18","page_number":248,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"f42b08fc-134b-4d32-81bc-52d0601dbd4f","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":248,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"7db903db-3ebc-4a65-ae91-223a67551c2b","block_type":"box","text":"Targets that “","page_number":248,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"a0929c23-db17-4108-ba96-f31e828ac8e2","block_type":"box","text":"are in line with what the latest climate science","page_number":248,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"50f39abb-cdcd-4a56-8acd-8ad9afe72570","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":248,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"2602d6e2-a749-4c3e-a4fb-82dbb38ebe26","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":248,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"5ac9ebff-da23-4368-ac18-1081a7a6bc19","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":248,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"dac807cb-81ee-44d0-97f2-eeb393b74c56","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":248,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"b4cf8d3e-21bf-4214-bec0-b68c27a3596e","block_type":"box","text":"19","page_number":248,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"c12b81b2-d482-4733-9d71-312f123e657f","block_type":"box","text":"18","page_number":248,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"63690745-0b40-47bd-b960-f6ef8cac3655","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":248,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"835738c0-0435-4c8e-b6d1-74ebe1d7b133","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":248,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"e475a441-3321-4340-9d40-3451e8889018","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":248,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"23df584c-a1fc-43b0-83f6-b1771479981e","block_type":"box","text":"19","page_number":248,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"9fa0f6d5-f168-47cd-9b53-19565bc06168","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":248,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"037f3c37-2575-4985-b344-18b57203bfa8","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. 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