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To address this issue of lack","page_number":27,"box":{"x":70,"y":719,"width":831,"height":11}},{"id":"7304296a-0022-4701-aef1-a97709b3903b","block_type":"box","text":"of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":27,"box":{"x":69,"y":734,"width":832,"height":11}},{"id":"c10c35d6-9d32-461c-801f-f6643cdb2143","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to Rule 4.5 to","page_number":27,"box":{"x":70,"y":749,"width":803,"height":11}},{"id":"0cc2fc9b-38fc-4917-9411-f4d98f525f29","block_type":"box","text":"delay registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional","page_number":27,"box":{"x":69,"y":764,"width":836,"height":11}},{"id":"f1e267b1-0fe6-41ca-b2d2-52e786538687","block_type":"box","text":"guidance on the treatment of CFTC Derivatives held by underlying funds. 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For","page_number":28,"box":{"x":68,"y":166,"width":801,"height":11}},{"id":"c992f25e-cab1-448c-b71b-3e14ca25e178","block_type":"box","text":"purposes of this limitation, a security is considered to be issued by the entity (or entities) whose assets and","page_number":28,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"1a3d70ba-4573-44bb-9d70-ef747b3fca39","block_type":"box","text":"revenues back the security. A guarantee of a security shall not be deemed to be a security issued by the guarantors","page_number":28,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"0a1908e4-a906-473f-9668-64a3202f0a26","block_type":"box","text":"when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund, does not exceed","page_number":28,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"ff2c424b-0ddd-4f0c-8ce2-35cd68d74828","block_type":"box","text":"10% of the value of the Fund’s total assets.","page_number":28,"box":{"x":70,"y":226,"width":310,"height":9}},{"id":"9b177690-b648-4cfa-a275-de9f5b3a67d6","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":28,"box":{"x":102,"y":249,"width":463,"height":11}},{"id":"d24058dd-bdd2-4dd6-a93e-6b6a6d27d8b2","block_type":"box","text":"1. 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Issue senior securities, borrow money or pledge its assets, except that the Fund may borrow from banks or","page_number":28,"box":{"x":102,"y":415,"width":785,"height":11}},{"id":"e1adc565-1b49-4076-9376-8902bdc32506","block_type":"box","text":"enter into reverse repurchase agreements or dollar rolls in amounts aggregating not more than 33","page_number":28,"box":{"x":69,"y":430,"width":700,"height":11}},{"id":"007cb8f6-e338-4088-8f3d-c2dc2af1b07d","block_type":"box","text":"1⁄","page_number":28,"box":{"x":771,"y":430,"width":5,"height":6}},{"id":"1a1d93ec-b65a-42fa-b77d-0a86ca832eb3","block_type":"box","text":"1⁄3","page_number":28,"box":{"x":774,"y":430,"width":8,"height":9}},{"id":"a361f0b6-747f-4be0-b701-fea91e602b30","block_type":"box","text":"⁄3","page_number":28,"box":{"x":780,"y":434,"width":6,"height":5}},{"id":"c3c0293c-cb8e-4cb5-ad8f-5582085cb593","block_type":"box","text":"% of the value of","page_number":28,"box":{"x":787,"y":430,"width":118,"height":9}},{"id":"2e803506-bb98-4510-bd06-80314bfcf64b","block_type":"box","text":"its total assets (calculated when the loan is made) to take advantage of investment opportunities and may pledge up","page_number":28,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"3c944ac7-da31-430f-91ba-25d019dd4f69","block_type":"box","text":"to 33","page_number":28,"box":{"x":68,"y":460,"width":38,"height":9}},{"id":"7bf5a59f-c92a-408f-a33b-f6e9299e9b0c","block_type":"box","text":"1⁄","page_number":28,"box":{"x":108,"y":461,"width":5,"height":5}},{"id":"cd01fa14-7f16-49d3-9dc4-cec246fe4a71","block_type":"box","text":"1⁄3","page_number":28,"box":{"x":111,"y":461,"width":8,"height":8}},{"id":"86cedb86-f0d9-45cf-9709-6544d8e5df7e","block_type":"box","text":"⁄3","page_number":28,"box":{"x":117,"y":464,"width":6,"height":5}},{"id":"48662141-1e92-42e4-b3c6-e3e6885fbe78","block_type":"box","text":"% of the value of its total assets to secure such borrowings. 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Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development programs,","page_number":28,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"3a186d7d-5b3a-4876-950f-9244ddb0e1c5","block_type":"box","text":"except that the Fund may, to the extent appropriate to its investment policies, purchase securities of companies","page_number":28,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"61a460d5-005f-425b-8b65-9581d45d6366","block_type":"box","text":"engaging in whole or in part in such activities and may enter into futures contracts and related options.","page_number":28,"box":{"x":69,"y":778,"width":734,"height":11}},{"id":"033a0614-42ea-47c4-9cc7-700523f9e305","block_type":"box","text":"9. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment policies,","page_number":28,"box":{"x":102,"y":801,"width":788,"height":11}},{"id":"3e8977bd-054c-4c66-89bf-65e6f23f3abb","block_type":"box","text":"purchase securities of companies engaging in whole or in part in such activities, may engage in currency transactions","page_number":28,"box":{"x":70,"y":816,"width":837,"height":11}},{"id":"436b89f1-fe26-4417-8456-24d1b374746d","block_type":"box","text":"and may enter into futures contracts and related options.","page_number":28,"box":{"x":69,"y":831,"width":406,"height":11}},{"id":"d26bf72d-c0ac-4e69-8711-30a3518041f7","block_type":"box","text":"In addition, as an investment restriction that may be changed only by a vote of the holders of a majority of the","page_number":28,"box":{"x":102,"y":853,"width":783,"height":12}},{"id":"990bd316-f06c-48a5-a1b3-5626487779cc","block_type":"box","text":"Fund’s outstanding shares, the Fund may lend money or other assets to other persons in any form or manner","page_number":28,"box":{"x":70,"y":869,"width":780,"height":11}},{"id":"34f5e912-da82-41bb-a706-c161d41e1784","block_type":"box","text":"whatsoever to fullest extent permitted by applicable law. To the extent the following activities constitute loans within","page_number":28,"box":{"x":68,"y":884,"width":826,"height":11}},{"id":"abbc528c-e37c-4c02-b7ce-70805af4911b","block_type":"box","text":"the meaning of applicable law, this includes but is not limited to (i) acquiring floating rate instruments, corporate","page_number":28,"box":{"x":68,"y":899,"width":802,"height":11}},{"id":"4c4ce8e1-29c4-4074-928a-dc185b791de4","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a1b9e831-9766-45f9-aded-4aeaa216d01a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":28,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"be4bb394-f11b-4c69-b412-d9b8ec24f2c8","block_type":"box","text":"loans, bonds, debentures or other corporate debt securities, (ii) investing in government obligations, commercial","page_number":29,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"b17edc78-da50-44c1-a0ca-ac5de3815b7a","block_type":"box","text":"paper, pass-through instruments, certificates of deposit, bankers acceptances, repurchase agreements or any similar","page_number":29,"box":{"x":70,"y":60,"width":839,"height":11}},{"id":"cfe4a40b-6aab-467a-b5f3-11bda0f2af97","block_type":"box","text":"instruments and (iii) lending its portfolio securities.","page_number":29,"box":{"x":70,"y":75,"width":363,"height":11}},{"id":"5418ab13-c548-43d6-8054-93541da16be2","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"2165aaeb-df82-4e27-bae2-8755b0b120c2","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":29,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"563c9a30-6561-4dc5-be4f-cc97b1988fc9","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":30,"box":{"x":102,"y":45,"width":494,"height":11}},{"id":"4f1da4cd-90bf-428f-8292-bb51484a4312","block_type":"box","text":"The following notations are not considered part of the Fund’s fundamental investment restrictions and are","page_number":30,"box":{"x":101,"y":67,"width":757,"height":12}},{"id":"1d524815-0d55-46e5-a62c-d5d7161ac5dc","block_type":"box","text":"subject to change without shareholder approval.","page_number":30,"box":{"x":69,"y":83,"width":341,"height":11}},{"id":"63b75f6e-edc1-4336-9495-6bb9f75959db","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities in no. 2 above, the Investment","page_number":30,"box":{"x":101,"y":105,"width":754,"height":11}},{"id":"4c7f3942-ef4c-4d7a-8555-12b7bb746001","block_type":"box","text":"Company Act, including the rules and regulations thereunder, generally prohibits the Fund from issuing senior","page_number":30,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"75200f46-c14d-43ca-8552-2c4f72f383a9","block_type":"box","text":"securities (other than certain temporary borrowings) unless immediately after the issuance the Fund has satisfied an","page_number":30,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"a3e45d06-972d-4c34-8c22-13a4608ce22e","block_type":"box","text":"asset coverage requirement with respect to senior securities representing indebtedness prescribed by the Investment","page_number":30,"box":{"x":69,"y":151,"width":840,"height":11}},{"id":"3dee8a62-5b27-4e27-9a7a-96372db972ab","block_type":"box","text":"Company Act. Certain trading practices and investments, such as derivatives transactions, may be treated as senior","page_number":30,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"c1ff0e64-7dd4-470f-ba9a-d1fece48472e","block_type":"box","text":"securities. Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act, when the Fund","page_number":30,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"9b8992d5-e699-485f-8110-1ed23a17953b","block_type":"box","text":"engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff guidance and","page_number":30,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"f7f66720-512c-481f-893b-17bcf6e87032","block_type":"box","text":"interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting position, in","page_number":30,"box":{"x":70,"y":211,"width":830,"height":11}},{"id":"09d08c4f-8004-4957-960a-d048b1d1da28","block_type":"box","text":"an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of meeting","page_number":30,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"8a9678d6-b31d-4d78-a1d8-da3d32d0d857","block_type":"box","text":"the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The SEC","page_number":30,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"3abd131a-c4af-4716-a4ce-2f6bbb166943","block_type":"box","text":"staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and the Fund now","page_number":30,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"0b6370e8-93d4-4480-8be8-355ef5dcd10e","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing","page_number":30,"box":{"x":69,"y":271,"width":831,"height":12}},{"id":"083f3314-cf3b-44c0-beb4-718bc01f5212","block_type":"box","text":"senior securities in no. 2 above will not restrict the Fund from entering into derivatives transactions that are treated","page_number":30,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"0c74e0b2-45c5-4740-a5b5-f11133eedf1d","block_type":"box","text":"as senior securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives transactions.","page_number":30,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"2a6915e9-4bdb-4916-a442-a674c453ffb9","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":30,"box":{"x":101,"y":324,"width":793,"height":12}},{"id":"8949a4fc-5d5d-4a10-b647-350be0e4a5a1","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 6, 8 and 9 above,","page_number":30,"box":{"x":68,"y":339,"width":838,"height":11}},{"id":"6bb06b33-bd76-44d2-a97e-d0759a85993e","block_type":"box","text":"many swaps were treated as securities for purposes of the Fund’s compliance with applicable law. Accordingly,","page_number":30,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"4149dbea-08df-4184-b68e-1f966c4782d3","block_type":"box","text":"fundamental investment restriction no. 6, which does not restrict transactions in options on securities and securities","page_number":30,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"006bd0fd-a98d-48ae-8b58-9e86b3c7139f","block_type":"box","text":"indices, and fundamental restrictions no. 8 and 9 are being interpreted to permit the Fund to engage in transactions","page_number":30,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"94d067c8-c136-46bd-ac85-7aaffc7a5395","block_type":"box","text":"in swaps and options on swaps, as applicable, related to financial instruments, such as securities, securities indices","page_number":30,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"e4ebe4af-3421-4db2-9f1f-ffcb482c9dbe","block_type":"box","text":"and currencies, but not to engage in transactions swaps or in options on swaps related to physical commodities,","page_number":30,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"51e4b7f6-eee7-4c25-906f-6b2c8c6bb1a1","block_type":"box","text":"such as oil or metals.","page_number":30,"box":{"x":69,"y":430,"width":153,"height":9}},{"id":"217c8f9b-c8b1-4e52-b41b-bee2e5ec4c4b","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":30,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"7072ef48-eac6-4bf5-b5de-416373ea9efb","block_type":"box","text":"approval, the Fund may not:","page_number":30,"box":{"x":69,"y":468,"width":197,"height":11}},{"id":"0d6e5b65-6de2-45bc-ba6a-93bd957884eb","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":30,"box":{"x":102,"y":491,"width":747,"height":11}},{"id":"62400bfe-2134-4913-b328-73791e41e811","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":30,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"4bc53a55-f01f-412f-8feb-21daf9795df5","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":30,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"7b03c3bf-73f1-4177-98fa-d87d3a775a66","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":30,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"ddd09e2d-d85c-4155-aee8-04e17d1ecc26","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":30,"box":{"x":69,"y":551,"width":763,"height":11}},{"id":"ff79a632-3371-43c0-b9f4-12ad860b2d10","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":30,"box":{"x":102,"y":574,"width":770,"height":11}},{"id":"6f9905f0-aa84-49df-a8df-b0283c93d28f","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":30,"box":{"x":69,"y":589,"width":741,"height":11}},{"id":"54276166-797f-41eb-9399-65f35f05667a","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":30,"box":{"x":102,"y":612,"width":744,"height":10}},{"id":"d8aed53f-7df0-4f1c-958e-33e1293528d9","block_type":"box","text":"restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s","page_number":30,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"64566853-13d8-4bc3-bc4d-280e06025fda","block_type":"box","text":"assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the","page_number":30,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"14f38149-c079-4fec-bdf7-2c9e4cfa1338","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until the adviser or sub-adviser determines","page_number":30,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"53ad55cc-f86c-4908-a5a9-3e51a5fdf9e0","block_type":"box","text":"that it is practicable to sell or close out the investment without undue market or tax consequences.","page_number":30,"box":{"x":68,"y":672,"width":708,"height":11}},{"id":"bbedf5cf-7b15-4bf5-a441-34a583e6f49a","block_type":"box","text":"III. Information on Trustees and Officers","page_number":30,"box":{"x":69,"y":702,"width":290,"height":9}},{"id":"f2861e17-0daf-4ac8-bf72-50ebce68448d","block_type":"box","text":"The Board consists of ten individuals (each a “Trustee”), eight of whom are not “interested persons” of the Trust","page_number":30,"box":{"x":101,"y":725,"width":807,"height":11}},{"id":"2285559f-ecd5-4b96-8c61-14aba46b4120","block_type":"box","text":"as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":30,"box":{"x":69,"y":740,"width":791,"height":11}},{"id":"6aacdb60-f959-4ed4-85ab-3bb07a17b36c","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":30,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"6debe78f-ffad-45d4-9e26-cd1801787f6c","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":30,"box":{"x":69,"y":770,"width":824,"height":11}},{"id":"064bbda4-c12a-4acb-901e-721df90f2004","block_type":"box","text":"Fund is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The Trustees","page_number":30,"box":{"x":70,"y":785,"width":817,"height":11}},{"id":"ec65c77e-4ea7-4fc9-95df-ca9927254de8","block_type":"box","text":"also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":30,"box":{"x":69,"y":801,"width":769,"height":11}},{"id":"1e654041-3be2-4bf8-b8a6-aeced83c64f3","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":30,"box":{"x":69,"y":816,"width":431,"height":11}},{"id":"db989c0b-9e2e-42a9-b95a-bf2832bc2322","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board and the","page_number":30,"box":{"x":101,"y":838,"width":789,"height":12}},{"id":"3762f54b-cbb1-4969-9a85-525feecc90d0","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":30,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"fa08d353-8f8e-41e6-b5aa-f16f0df18fce","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":30,"box":{"x":69,"y":869,"width":781,"height":11}},{"id":"92214108-aaef-4d8c-b95b-e513296b1874","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":30,"box":{"x":69,"y":884,"width":750,"height":11}},{"id":"0a16d406-abeb-4680-ab89-3061f33160ce","block_type":"box","text":"Performance Oversight Committee, a Securities Lending Committee and an Executive Committee. The role of the","page_number":30,"box":{"x":69,"y":899,"width":803,"height":11}},{"id":"0b300ca2-8e29-4faa-8cd8-dcc27e92e640","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"12f2e20d-0a5a-4d0d-a217-752b055e460a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":30,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bd74c137-3b36-4f3d-b111-08e670c3876c","block_type":"box","text":"Chair of the Board is to preside over all meetings of the Board and to act as a liaison with service providers, officers,","page_number":31,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"89d499ee-2576-49c9-8445-64e45d0bbe4d","block_type":"box","text":"attorneys, and other Trustees between meetings. The Chair of each Committee performs a similar role with respect","page_number":31,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"ac09c87c-1bc4-41c8-acab-e4afb02f7c9f","block_type":"box","text":"to the Committee. The Chair of the Board or a Committee may also perform such other functions as may be","page_number":31,"box":{"x":68,"y":75,"width":770,"height":11}},{"id":"aeab832a-8971-45bd-b5a2-031aaf3a1136","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":31,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"ef493194-38b3-4cfa-939d-4bbf82370b0f","block_type":"box","text":"presence of Fund management, in executive sessions or with other service providers to the Fund. The Board has","page_number":31,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"09a96e1d-b5ca-44de-bed4-ffe7b98db5e6","block_type":"box","text":"regular meetings five times a year, including a meeting to consider the approval of the Fund’s investment","page_number":31,"box":{"x":69,"y":120,"width":749,"height":12}},{"id":"b8d245fb-83c1-4801-b009-0e587360b4bb","block_type":"box","text":"management agreement, and, if necessary, may hold special meetings before its next regular meeting. The Audit","page_number":31,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"97b8eee9-43eb-4606-bad1-d0f815861f06","block_type":"box","text":"Committee, the Governance and Nominating Committee, the Compliance Committee, the Performance Oversight","page_number":31,"box":{"x":69,"y":150,"width":801,"height":12}},{"id":"ce2d06da-1c7a-4703-8949-48778536cf43","block_type":"box","text":"Committee and the Securities Lending Committee each meets regularly and the Executive Committee meets on an ad","page_number":31,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"552910b3-0539-43cd-90d2-7d2d7d31faec","block_type":"box","text":"hoc basis to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":31,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"3d3e6ebf-933f-4e48-9574-06a4aa93269d","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":31,"box":{"x":70,"y":196,"width":773,"height":11}},{"id":"f7bc1f16-2f21-47a1-bf4c-e7d89baa998e","block_type":"box","text":"structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board","page_number":31,"box":{"x":69,"y":211,"width":838,"height":11}},{"id":"aec48152-1cae-4df3-b208-ef9cdba8aeef","block_type":"box","text":"to exercise independent judgment over management and to allocate areas of responsibility among Committees and","page_number":31,"box":{"x":68,"y":226,"width":823,"height":11}},{"id":"d70035ed-134e-4d19-9b5c-a2d53e1ed026","block_type":"box","text":"the Board to enhance oversight.","page_number":31,"box":{"x":68,"y":241,"width":227,"height":11}},{"id":"d70566aa-894c-4588-88a4-33f6a22b5af3","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":31,"box":{"x":101,"y":264,"width":805,"height":11}},{"id":"8980a845-1e94-4984-90bf-5f7fd407ad06","block_type":"box","text":"an independent Chair:","page_number":31,"box":{"x":69,"y":279,"width":155,"height":11}},{"id":"e3f7aaa5-4595-4160-bbf9-9f31a5599bce","block_type":"box","text":"•","page_number":31,"box":{"x":102,"y":302,"width":6,"height":5}},{"id":"fb917ae9-d534-4e1f-8dd2-3557f851ae24","block_type":"box","text":"increases the independent oversight of the Fund and enhances the Board’s objective evaluation of the Chief","page_number":31,"box":{"x":135,"y":299,"width":771,"height":11}},{"id":"179ad7d6-403e-42ef-8d8a-cff327c2f5d7","block_type":"box","text":"Executive Officer;","page_number":31,"box":{"x":135,"y":314,"width":121,"height":11}},{"id":"c47d8edd-6c05-4223-905b-7a1259a97534","block_type":"box","text":"•","page_number":31,"box":{"x":102,"y":337,"width":6,"height":5}},{"id":"50e1b85e-044e-4c40-8572-1936c6902bed","block_type":"box","text":"allows the Chief Executive Officer to focus on the Fund’s operations instead of Board administration;","page_number":31,"box":{"x":134,"y":334,"width":717,"height":11}},{"id":"910d9514-a6da-40d5-b2f0-7f781e875868","block_type":"box","text":"•","page_number":31,"box":{"x":102,"y":357,"width":6,"height":5}},{"id":"234abce4-3488-4eed-be3a-d05977ec9b68","block_type":"box","text":"provides greater opportunities for direct and independent communication between shareholders and the","page_number":31,"box":{"x":135,"y":355,"width":742,"height":11}},{"id":"d64b20d7-3ac9-47d9-85a6-0a4fff8a9102","block_type":"box","text":"Board; and","page_number":31,"box":{"x":135,"y":370,"width":76,"height":10}},{"id":"53952999-7583-456d-b00e-86517663730a","block_type":"box","text":"•","page_number":31,"box":{"x":102,"y":393,"width":6,"height":4}},{"id":"eb2b9ce5-ceb2-457f-ae7a-6dd5f7344207","block_type":"box","text":"provides an independent spokesman for the Fund.","page_number":31,"box":{"x":135,"y":390,"width":356,"height":11}},{"id":"ccc43c0f-2df1-414a-ae86-51afe2d4bef5","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":31,"box":{"x":101,"y":412,"width":777,"height":12}},{"id":"6283dda4-5f88-4418-b0ff-9c990f03a6e6","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":31,"box":{"x":69,"y":428,"width":832,"height":11}},{"id":"03e1809e-afab-45d6-88c5-714777937c5f","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s charter, and the Fund’s","page_number":31,"box":{"x":68,"y":443,"width":819,"height":11}},{"id":"21d74758-3e59-455c-99af-f749622b96d9","block_type":"box","text":"investment objectives and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations,","page_number":31,"box":{"x":70,"y":458,"width":825,"height":11}},{"id":"9fae1606-30b5-4369-8da4-08f144a48710","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":31,"box":{"x":69,"y":473,"width":819,"height":11}},{"id":"704baa5b-483d-472a-9e9c-d2599f50014f","block_type":"box","text":"the operations of the Fund.","page_number":31,"box":{"x":68,"y":488,"width":192,"height":11}},{"id":"41c14acf-a765-443c-a24f-4ac75919cf4d","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager, sub-advisers or other","page_number":31,"box":{"x":102,"y":511,"width":793,"height":11}},{"id":"171286ea-a0e5-466b-b9e1-68a324428b85","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":31,"box":{"x":69,"y":526,"width":787,"height":11}},{"id":"9395d0ff-d371-4f44-8582-ea46c43c253f","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":31,"box":{"x":69,"y":541,"width":832,"height":11}},{"id":"49e7741c-fe8f-47b4-8088-9e0d51be2d06","block_type":"box","text":"there are a number of risk management functions performed by the Manager, sub-advisers or other service providers,","page_number":31,"box":{"x":68,"y":556,"width":839,"height":11}},{"id":"fe4b9842-d32d-427b-84ca-c6d947ec3a2d","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight is part of the","page_number":31,"box":{"x":69,"y":571,"width":789,"height":12}},{"id":"73276bd6-a385-4023-85c3-fd697e9dcac2","block_type":"box","text":"Board’s general oversight of the Fund and is addressed as part of various Board and Committee activities. The","page_number":31,"box":{"x":70,"y":586,"width":790,"height":12}},{"id":"27267cca-a05f-4acf-a95c-c90b6ee8f55e","block_type":"box","text":"Board, directly or through Committees, also reviews reports from, among others, management, the independent","page_number":31,"box":{"x":70,"y":601,"width":799,"height":12}},{"id":"b69a3626-9fdc-4096-a4ae-92eaed048caf","block_type":"box","text":"registered public accounting firm for the Fund, the Manager, sub-advisers and internal auditors for the Manager or its","page_number":31,"box":{"x":69,"y":617,"width":833,"height":11}},{"id":"e4bfc8f1-a8eb-4e22-881c-45ec4ddc038f","block_type":"box","text":"affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s risk","page_number":31,"box":{"x":69,"y":632,"width":774,"height":11}},{"id":"0af46589-bcaa-46ba-9fb5-f35d8eba5090","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":31,"box":{"x":68,"y":647,"width":809,"height":11}},{"id":"ac0a0e86-9fe2-4854-8d57-f5e321f54f68","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities and","page_number":31,"box":{"x":68,"y":662,"width":818,"height":11}},{"id":"e2039979-5aff-439f-adee-c24abda5e49b","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":31,"box":{"x":69,"y":677,"width":831,"height":11}},{"id":"cf9c4510-bb27-41b0-b038-4c822177dc39","block_type":"box","text":"implementation and testing of the Fund’s compliance program and reports regularly to the Board regarding","page_number":31,"box":{"x":70,"y":692,"width":760,"height":11}},{"id":"3fac2f96-6ffd-482b-b2f4-3b99fea35703","block_type":"box","text":"compliance matters for the Fund and its service providers. The Independent Trustees have engaged independent","page_number":31,"box":{"x":69,"y":707,"width":804,"height":12}},{"id":"a68e4742-fc6a-4b83-a34f-3d3a6cbea9a7","block_type":"box","text":"legal counsel to assist them in performing their oversight responsibilities.","page_number":31,"box":{"x":70,"y":722,"width":524,"height":12}},{"id":"74d093b0-9fb4-453e-ad7c-d8f6f377be19","block_type":"box","text":"Audit Committee.","page_number":31,"box":{"x":101,"y":745,"width":122,"height":9}},{"id":"ea43ecf6-dbaf-4b41-8fca-05bd624e5ef6","block_type":"box","text":"The Board has a standing Audit Committee composed of Catherine A. Lynch (Chair), Lorenzo A.","page_number":31,"box":{"x":229,"y":745,"width":676,"height":11}},{"id":"2d16a096-29b9-4c3e-a38c-ba00e3b853e0","block_type":"box","text":"Flores, J. Phillip Holloman and Arthur P. Steinmetz, all of whom are Independent Trustees. The principal","page_number":31,"box":{"x":70,"y":760,"width":734,"height":11}},{"id":"287b12da-db1f-4737-9c09-43abc723ce84","block_type":"box","text":"responsibilities of the Audit Committee are to assist the Board in fulfilling its oversight responsibilities relating to the","page_number":31,"box":{"x":69,"y":775,"width":834,"height":12}},{"id":"b5af7353-c9b9-4629-a76e-f9d612de9520","block_type":"box","text":"accounting and financial reporting policies and practices of the Fund. The Audit Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":790,"width":832,"height":12}},{"id":"1f2ac0f7-217c-40e2-9e36-3eddb5624876","block_type":"box","text":"without limitation: (i) approving, and recommending to the full Board for approval, the selection, retention, termination","page_number":31,"box":{"x":68,"y":806,"width":840,"height":11}},{"id":"0b6e82a7-737c-4468-8e61-fae00801f804","block_type":"box","text":"and compensation of the Fund’s independent registered public accounting firm (the “Independent Registered Public","page_number":31,"box":{"x":69,"y":821,"width":823,"height":11}},{"id":"5d565d5c-c099-4196-b030-1da72f1366cc","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":31,"box":{"x":68,"y":836,"width":824,"height":11}},{"id":"9c2565d6-82c9-48b0-aea1-b177027db295","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Fund; (iii) reviewing the conduct and results of each","page_number":31,"box":{"x":70,"y":851,"width":822,"height":11}},{"id":"945bb017-f7bc-41c1-a99a-e13c31bc700e","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Fund’s Independent Registered Public Accounting Firm or management","page_number":31,"box":{"x":69,"y":866,"width":824,"height":11}},{"id":"e9cc909e-efe4-4c99-8407-339d43e05368","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund, its internal controls, and, as","page_number":31,"box":{"x":69,"y":881,"width":785,"height":11}},{"id":"97f5b14c-615e-4c04-b1eb-43e0e606e12e","block_type":"box","text":"appropriate, the internal controls of certain service providers and management’s response to any such issues;","page_number":31,"box":{"x":69,"y":896,"width":791,"height":12}},{"id":"626bee5c-b25c-4e59-9d99-77102b33d4d0","block_type":"box","text":"(v) reviewing and discussing the Fund’s audited and unaudited financial statements and disclosure in the Fund’s","page_number":31,"box":{"x":69,"y":911,"width":801,"height":12}},{"id":"1bf884c2-bee6-49da-991c-a47499f4ec70","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"3d7e39d5-2000-4173-9801-2072bf1cc0c3","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":31,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"155cb5fa-3adc-4d8e-a3ed-502070c5a6a9","block_type":"box","text":"shareholder reports relating to the Fund’s performance; (vi) assisting the Board’s responsibilities with respect to the","page_number":32,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"ccdae019-740e-42eb-8edd-b3482c3b353f","block_type":"box","text":"internal controls of the Fund and its service providers with respect to accounting and financial matters; and","page_number":32,"box":{"x":70,"y":60,"width":764,"height":11}},{"id":"1743e2fb-176e-444c-b051-338d09b1c303","block_type":"box","text":"(vii) resolving any disagreements between the Fund’s management and the Fund’s Independent Registered Public","page_number":32,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"039b60a4-a983-472d-8c3e-0736ef7bacc8","block_type":"box","text":"Accounting Firm regarding financial reporting. The Board has adopted a written charter for the Board’s Audit","page_number":32,"box":{"x":68,"y":90,"width":770,"height":11}},{"id":"75f9ebbb-ac40-4024-ad35-21c8f82d713e","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Audit Committee met nine times.","page_number":32,"box":{"x":69,"y":105,"width":662,"height":11}},{"id":"d75e45bf-1d12-433d-8b25-379fb886ad80","block_type":"box","text":"Governance and Nominating Committee.","page_number":32,"box":{"x":102,"y":128,"width":286,"height":11}},{"id":"3a8482f9-bf68-4d40-aa0c-dbd477c9d3f5","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":32,"box":{"x":394,"y":128,"width":471,"height":11}},{"id":"7d10d6b8-6a75-4b7d-b26f-1094e5ce4ce3","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman, R. Glenn Hubbard and Catherine A. Lynch,","page_number":32,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"21b6dd98-0ae1-4992-9176-6e5fdeb92d64","block_type":"box","text":"all of whom are Independent Trustees. The principal responsibilities of the Governance and Nominating Committee","page_number":32,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"46158510-13a2-4703-8dc9-cc293a6d77ee","block_type":"box","text":"are: (i) identifying individuals qualified to serve as Independent Trustees and recommending Board nominees that are","page_number":32,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"c089c43e-9f22-48c9-ac99-346f86176cf1","block_type":"box","text":"not “interested persons” of the Fund (as defined in the Investment Company Act) for election by shareholders or","page_number":32,"box":{"x":69,"y":188,"width":801,"height":11}},{"id":"8b5122e0-884d-4b87-96a2-a26cc9c218be","block_type":"box","text":"appointment by the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of","page_number":32,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"1626d227-c36f-4987-a6f1-6ce078340e08","block_type":"box","text":"the Board (other than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees","page_number":32,"box":{"x":68,"y":218,"width":829,"height":12}},{"id":"693518c2-708f-4bb0-9bca-63589e08e7b9","block_type":"box","text":"of the Board (other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent","page_number":32,"box":{"x":69,"y":234,"width":836,"height":11}},{"id":"9be5cbe0-c6d8-49dc-9c3c-ac49c5572a75","block_type":"box","text":"Trustee compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof","page_number":32,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"ddd78378-ddf8-4503-b457-3db5a76589bb","block_type":"box","text":"to the Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee","page_number":32,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"6ccbed52-8ea7-45dc-b17e-499422befaeb","block_type":"box","text":"policies and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent","page_number":32,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"48ba5e27-27d3-47b0-9b95-1f40500b13a2","block_type":"box","text":"Trustees; and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the","page_number":32,"box":{"x":68,"y":294,"width":816,"height":11}},{"id":"8fe1885c-fe55-4250-a6ae-935c165d6391","block_type":"box","text":"Independent Trustees. The Board has adopted a written charter for the Board’s Governance and Nominating","page_number":32,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"bd87d466-02b5-41a4-8108-27d19a7df764","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Governance and Nominating Committee met four times.","page_number":32,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"8854e456-5e4c-48a9-9939-4b9a2a969125","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":32,"box":{"x":101,"y":347,"width":803,"height":11}},{"id":"4b2a0c11-f049-4a6f-8fe8-3bd04bc13f0b","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":32,"box":{"x":69,"y":362,"width":825,"height":11}},{"id":"81247a05-0c3d-48eb-9c5d-255a53ff469f","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Fund’s activities. In so doing, the Governance and","page_number":32,"box":{"x":69,"y":377,"width":759,"height":12}},{"id":"e3af56b2-71a4-4f58-8a0a-c9c0e2197885","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":32,"box":{"x":70,"y":392,"width":833,"height":12}},{"id":"1fa0d50a-deed-4d45-a5c8-1f9fb509262c","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Fund in determining","page_number":32,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"2c3b1f18-2a4a-4928-ac01-cf506cc77094","block_type":"box","text":"whether one or more new Trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":32,"box":{"x":68,"y":423,"width":839,"height":11}},{"id":"e1ddb2c6-4109-4d84-92bf-d8e9cbced48a","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":32,"box":{"x":68,"y":438,"width":775,"height":11}},{"id":"c4247d6b-1a96-4618-a41c-d1c3f43bbb6c","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Fund. The","page_number":32,"box":{"x":68,"y":453,"width":801,"height":11}},{"id":"b3e07c68-79b4-493c-b31f-8164eb877780","block_type":"box","text":"Trustees biographies included herein highlight the diversity and breadth of skills, qualifications and expertise that the","page_number":32,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"b1e81cc1-9f16-4319-9a68-8959f848b5a3","block_type":"box","text":"Trustees bring to the Fund.","page_number":32,"box":{"x":68,"y":483,"width":191,"height":11}},{"id":"caeac861-0c8f-4ab0-bc7c-e116a4b93719","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Fund’s","page_number":32,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"0e20c3f8-529d-4c10-941d-0f7c70bc60d9","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow certain procedures to","page_number":32,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"c957d3e0-9184-4aa2-b681-4f3082521a03","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":32,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"7d1a663a-e161-4459-b0c4-0d8677f02c00","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":32,"box":{"x":68,"y":551,"width":801,"height":11}},{"id":"dc458b06-843f-4186-86f2-774790ca5214","block_type":"box","text":"Secretary of the Fund at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":32,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"b04e323f-83d5-4d65-bf01-d797b805acb3","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":32,"box":{"x":68,"y":581,"width":784,"height":12}},{"id":"71732427-e193-4f03-b285-7d5d769cc206","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":32,"box":{"x":69,"y":596,"width":302,"height":12}},{"id":"26e1fb63-9791-4b3a-af81-3a6947a8b3e4","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about the","page_number":32,"box":{"x":101,"y":619,"width":769,"height":11}},{"id":"5f7e3e59-fdc2-41f4-950a-871e6f325a71","block_type":"box","text":"shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":32,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"730e8c36-d5d5-4832-b9c5-95126e0a3d74","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":32,"box":{"x":69,"y":649,"width":615,"height":12}},{"id":"05e7f9c3-945c-4d0d-a71c-b6f821df6e86","block_type":"box","text":"Compliance Committee.","page_number":32,"box":{"x":102,"y":672,"width":168,"height":11}},{"id":"ca711506-2075-4868-953e-e3e9c277bae6","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":32,"box":{"x":276,"y":672,"width":628,"height":11}},{"id":"b91a571d-84a7-40ee-a011-bbbd9dd7038d","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":32,"box":{"x":70,"y":687,"width":813,"height":11}},{"id":"c3eb2cba-4d29-4398-9842-85612c2b723d","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":32,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"4e8be170-69ac-411f-bff6-fe643adf13ba","block_type":"box","text":"compliance matters involving the Trust, the fund-related activities of BlackRock, and any sub-adviser and the Trust’s","page_number":32,"box":{"x":69,"y":717,"width":825,"height":12}},{"id":"054566f0-4718-4474-bdda-64eaebc65ced","block_type":"box","text":"other third party service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":32,"box":{"x":69,"y":733,"width":765,"height":11}},{"id":"aafb93ac-04bf-4c91-b129-13b43c1819d8","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Trust and its service providers and recommending","page_number":32,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"f6501b88-19ab-4b18-bd94-77895e461f9a","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":32,"box":{"x":69,"y":763,"width":762,"height":11}},{"id":"55bc5650-23d2-4301-8dca-5c3f380e2b9b","block_type":"box","text":"recommending policies concerning the Trust’s compliance with applicable law; (iii) reviewing information on any","page_number":32,"box":{"x":69,"y":778,"width":792,"height":11}},{"id":"5f443feb-cac0-49a6-8376-a604a84843b3","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Trust’s","page_number":32,"box":{"x":69,"y":793,"width":820,"height":11}},{"id":"d4af2855-86be-45c4-9abb-92417fa72a5d","block_type":"box","text":"and any employee complaints or published reports that raise concerns regarding compliance matters; and","page_number":32,"box":{"x":69,"y":808,"width":756,"height":11}},{"id":"3c798317-b177-431e-94f7-e5b4383504db","block_type":"box","text":"(iv) reviewing reports from, overseeing the annual performance review of, and making certain recommendations in","page_number":32,"box":{"x":69,"y":823,"width":814,"height":12}},{"id":"cdecf687-8f6b-40fa-a44b-68aca429a608","block_type":"box","text":"respect of, the Trust’s CCO, including, without limitation, determining the amount and structure of the CCO’s","page_number":32,"box":{"x":69,"y":838,"width":774,"height":12}},{"id":"39c86cb6-388f-4718-aefe-c39b303ce00f","block_type":"box","text":"compensation. The Board has adopted a written charter for the Board’s Compliance Committee. During the fiscal","page_number":32,"box":{"x":69,"y":853,"width":806,"height":12}},{"id":"e269ef3d-3b81-4246-9a96-ef54a2efd895","block_type":"box","text":"year ended July 31, 2025, the Compliance Committee met four times.","page_number":32,"box":{"x":68,"y":869,"width":499,"height":11}},{"id":"2a054a21-e40d-4ba1-a89c-e6daf1f45bf8","block_type":"box","text":"Per formance Oversight Committee.","page_number":32,"box":{"x":102,"y":891,"width":248,"height":12}},{"id":"3b8d0ca3-c344-4f7e-b3cd-2cb6163a6ae9","block_type":"box","text":"The Board has a Performance Oversight Committee composed of Arthur P.","page_number":32,"box":{"x":356,"y":891,"width":530,"height":12}},{"id":"ef737235-8429-4edc-be48-6d86cdcad136","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl","page_number":32,"box":{"x":69,"y":906,"width":835,"height":12}},{"id":"ddd5daea-1ae2-4559-9ae7-ea89993a35b7","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cb1e6b0e-b15e-4d30-bd2b-314f8a8063bd","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":32,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"baadcaa4-fd58-44c7-9b41-61be757dc25e","block_type":"box","text":"Kester and Catherine A. Lynch, all of whom are Independent Trustees. The Performance Oversight Committee’s","page_number":33,"box":{"x":70,"y":45,"width":793,"height":11}},{"id":"017125cd-d206-4a8c-8b77-65440c68c906","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to","page_number":33,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"be5c04f4-d98d-4a4f-aad5-acb7e972e20b","block_type":"box","text":"the Fund’s investment objective, policies and practices. The Performance Oversight Committee’s responsibilities","page_number":33,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"5271457c-5bc6-4941-8a06-ceeff17c1a8a","block_type":"box","text":"include, without limitation: (i) reviewing the Fund’s investment objective, policies and practices; (ii) recommending to","page_number":33,"box":{"x":70,"y":90,"width":827,"height":11}},{"id":"33ef5833-bcc5-48c8-9d31-51cf04ec4bf3","block_type":"box","text":"the Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":33,"box":{"x":68,"y":105,"width":809,"height":11}},{"id":"9a91ba3f-0ac2-4817-9d95-e217bb1d62ed","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Fund’s investment","page_number":33,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"0c82de3a-9011-47c3-8a1e-ea29048ed9e8","block_type":"box","text":"performance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment matters;","page_number":33,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"78d0c333-6397-46ea-80dc-6cceb01eca15","block_type":"box","text":"(vi) reviewing whether the Fund has complied with its investment policies and restrictions; and (vii) overseeing","page_number":33,"box":{"x":69,"y":151,"width":782,"height":11}},{"id":"4ce5eb97-3cc8-4d15-8777-5d5897a3803d","block_type":"box","text":"policies, procedures and controls regarding valuation of the Fund’s investments. The Board has adopted a written","page_number":33,"box":{"x":70,"y":166,"width":809,"height":11}},{"id":"57cbdeec-ae2c-4c0a-9d63-ed9597531bdc","block_type":"box","text":"charter for the Board’s Performance Oversight Committee. During the fiscal year ended July 31, 2025, the","page_number":33,"box":{"x":69,"y":181,"width":759,"height":11}},{"id":"819d4540-0810-4398-a878-8197d7bccd34","block_type":"box","text":"Performance Oversight Committee met four times.","page_number":33,"box":{"x":69,"y":196,"width":358,"height":11}},{"id":"f0ce5273-e0fc-407c-b849-0ac88e51ff47","block_type":"box","text":"Securities Lending Committee.","page_number":33,"box":{"x":102,"y":219,"width":217,"height":11}},{"id":"b5495dcb-4670-444a-a34e-458fa7922a8f","block_type":"box","text":"The Board has a Securities Lending Committee composed of Catherine A. Lynch","page_number":33,"box":{"x":325,"y":218,"width":570,"height":12}},{"id":"71c69fb8-b7d3-43bc-bd47-0aae078f12c5","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, all of whom are Independent Trustees. The principal responsibilities of","page_number":33,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"8eeac9cf-6004-4f40-ad4a-0db4958ea3d6","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) supporting, overseeing and organizing on behalf of","page_number":33,"box":{"x":68,"y":249,"width":820,"height":11}},{"id":"4602551e-8101-447b-a3f4-8bd0842d59dc","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":33,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"6ad531f6-b047-43fe-9044-5794566c31d4","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":33,"box":{"x":68,"y":279,"width":827,"height":11}},{"id":"b565eef7-c97d-4679-9d14-b1640d68c335","block_type":"box","text":"the lending agent. The Board has adopted a written charter for the Board’s Securities Lending Committee. During","page_number":33,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"ea27fad4-3634-4b33-a939-93497aaa6a54","block_type":"box","text":"fiscal year ended July 31, 2025, the Securities Lending Committee met two times.","page_number":33,"box":{"x":68,"y":309,"width":587,"height":11}},{"id":"291ed7ff-5286-4378-ba11-90bf31feac42","block_type":"box","text":"Executive Committee.","page_number":33,"box":{"x":102,"y":332,"width":152,"height":9}},{"id":"3b16f609-87eb-434d-87a0-b4484a042d80","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":33,"box":{"x":260,"y":332,"width":645,"height":11}},{"id":"f0c6e46f-e2c1-40e8-83ad-f21e5a9c1498","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":33,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"4a99d379-2b17-408a-83a6-5d4a36ac6d1d","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":33,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"17e7cd0c-a79d-45de-8e32-f83983d99b0b","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":33,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"7467c4ff-f828-4b49-9387-af6fefa1588c","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":33,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"596678c0-8c19-4507-acfc-bfb1db4af87e","block_type":"box","text":"The Board has adopted a written charter for the Board’s Executive Committee. During the fiscal year ended","page_number":33,"box":{"x":68,"y":407,"width":764,"height":12}},{"id":"48d83dba-7078-4860-8252-443e950ade12","block_type":"box","text":"July 31, 2025, the Executive Committee did not meet.","page_number":33,"box":{"x":69,"y":423,"width":384,"height":11}},{"id":"a467c9ee-f430-4293-b5f0-551269183d6d","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":33,"box":{"x":101,"y":445,"width":775,"height":11}},{"id":"3b4b73d6-6f30-4463-a593-715a4b077f98","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":33,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"01da4389-87a8-4097-86de-9e3583d80887","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":33,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"50577a0b-af7e-4eb3-8141-9b596692efb2","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":33,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"dd586495-093b-4992-a2d2-ca7ab71fa7cc","block_type":"box","text":"standards set forth in the Trust’s Bylaws. Furthermore, in determining that a particular Trustee was and continues to","page_number":33,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"a95f1089-7a68-4099-8e00-478dfb455482","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":33,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"e8cb19a1-0870-42f2-9a76-05dc630a3b6c","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":33,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"8ef9cc77-8bac-4a81-b03d-45b6cf3fbf7d","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Fund and protecting the","page_number":33,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"4f70607e-aa14-4c0e-8253-5bf0fb46e091","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":33,"box":{"x":70,"y":566,"width":814,"height":11}},{"id":"80bdd965-bd97-439e-baf1-f98123d5bc56","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":33,"box":{"x":69,"y":581,"width":796,"height":12}},{"id":"59853779-f5e8-4c1a-85c6-ed92156004c1","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":33,"box":{"x":69,"y":596,"width":744,"height":12}},{"id":"0241464f-d93d-4fc5-a5d2-793e4f4f32eb","block_type":"box","text":"performance of their duties as Trustees. Each Trustee’s ability to perform his or her duties effectively is evidenced by","page_number":33,"box":{"x":70,"y":612,"width":840,"height":11}},{"id":"d3bbcc4f-923b-46e1-af0b-56d8b35f7b90","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":33,"box":{"x":69,"y":627,"width":768,"height":11}},{"id":"1fb6047d-a4d0-437b-8464-62ce9224d65c","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":33,"box":{"x":70,"y":642,"width":771,"height":11}},{"id":"426b36f8-a8e4-454f-afbd-9ccab4b644cf","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":33,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"84f46beb-b6f3-4694-bd94-258bb1ae41f4","block_type":"box","text":"organizations; ongoing commitment and participation in Board and Committee meetings, as well as his or her","page_number":33,"box":{"x":69,"y":672,"width":782,"height":11}},{"id":"1349e0a4-240d-49ec-b1d9-df81c408af19","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":33,"box":{"x":70,"y":687,"width":719,"height":11}},{"id":"385ea5ea-f0b1-4536-b5b9-52d32498af07","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"051c05d1-3da3-4528-b2ed-260284816a8e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":33,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"573cb057-ebb5-4e01-a85c-68adb694c8ad","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that support the","page_number":34,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"67591927-8d32-4fb1-8912-ef5fe2c183a2","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":34,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"80cd3f4a-7a12-4753-8fef-fb3a52c0f8eb","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"94cddecd-60c0-4a85-98b3-8e81c6917311","block_type":"box","text":"Independent Trustees","page_number":34,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"94d95198-3492-43c1-a9a7-27fea487b3ee","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":34,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"5be0167c-a23c-4997-a891-eafc40bebd06","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":34,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"5497f7ea-f383-4b8d-8839-743cca9ec0dd","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":34,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"c8c16326-6670-4172-810d-997a0b2296b3","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":34,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"105f1861-442a-4e7a-b2e4-4e80db02cc8e","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":34,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"e5f4715e-da65-48dc-9b81-36ad3fab767c","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":34,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"6318d0af-58f1-42e7-b588-b8ce1e99534d","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on","page_number":34,"box":{"x":265,"y":210,"width":595,"height":12}},{"id":"09d1055c-1933-4961-b3a3-a77d3eea9733","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":34,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"6a3a0767-8264-408f-a1ae-d3b71ecdda2a","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":34,"box":{"x":265,"y":241,"width":581,"height":11}},{"id":"0e2a7343-7d38-4471-8324-403b1111da49","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":34,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"2225e496-9ec6-45ea-bc46-25ad4e4daee2","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":34,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"44c098b0-c484-4a23-887b-0f8956d171b3","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Fund, its","page_number":34,"box":{"x":265,"y":286,"width":573,"height":11}},{"id":"bbe4b90b-b5b4-4560-a3f6-2146d77c0375","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s","page_number":34,"box":{"x":265,"y":301,"width":589,"height":11}},{"id":"4befe472-8161-49e3-84b0-41147268c310","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Chair of the","page_number":34,"box":{"x":265,"y":316,"width":595,"height":11}},{"id":"14b6b85f-bff9-4fd7-81ed-9fd0c6b80d4e","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":34,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"db8aaf3e-46ed-4a2f-af31-c16ef2042ae3","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Performance Oversight","page_number":34,"box":{"x":265,"y":346,"width":592,"height":12}},{"id":"df00b706-9bdb-4b63-a944-6b9e2109ebc1","block_type":"box","text":"Committee.","page_number":34,"box":{"x":265,"y":362,"width":80,"height":8}},{"id":"bfe47237-60d6-4db0-ac90-286da93f3c22","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":34,"box":{"x":68,"y":384,"width":786,"height":11}},{"id":"f4794ac0-a939-4a29-844f-d9494977cbca","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":34,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"3b850373-c3e4-486b-9b79-9c4912a22f27","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":34,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"17260718-522c-42b3-a323-81ef8671c63f","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":34,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"0c9817b7-f3c7-4dd9-8218-7392da7e7d27","block_type":"box","text":"expertise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":34,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"03e3773b-dd11-44d3-a7b6-c7b19bc1fc48","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":34,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"650e1be9-399a-458d-8421-bb88c67428c3","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":34,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"fe552923-8574-46bc-a544-afd62a03a0fa","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":34,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"810b9d05-d48b-44ea-a6bd-8eb1d7bde5f8","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":34,"box":{"x":265,"y":505,"width":613,"height":11}},{"id":"c0c782b2-f56d-442a-b925-074d7e24eaa2","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Kester’s","page_number":34,"box":{"x":265,"y":520,"width":576,"height":12}},{"id":"9d1b427e-463a-4d0a-bc58-d6b604dbcef1","block_type":"box","text":"independence from the Fund and the Manager enhances his service as Vice Chair of the","page_number":34,"box":{"x":265,"y":535,"width":630,"height":12}},{"id":"4c87278b-311d-400e-be5d-1fb827774e15","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee and a member of the","page_number":34,"box":{"x":265,"y":550,"width":576,"height":12}},{"id":"f79f8a71-f74a-4e54-8885-c4c64bad8ca3","block_type":"box","text":"Executive Committee, the Compliance Committee, the Performance Oversight Committee","page_number":34,"box":{"x":265,"y":566,"width":634,"height":11}},{"id":"20091732-fef6-40e1-bb29-89c5e8c47402","block_type":"box","text":"and the Securities Lending Committee.","page_number":34,"box":{"x":265,"y":581,"width":275,"height":11}},{"id":"55f71487-46fe-45b3-a984-52ea6c02cac8","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment","page_number":34,"box":{"x":69,"y":603,"width":775,"height":12}},{"id":"dbb370c0-4f8e-4f52-9881-6b8f0fd30a48","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":34,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"037a510f-f884-47d3-b2ac-617c602b0545","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":34,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"5a02c0ba-2848-4b35-abca-8150d79de48f","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":34,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"3485a1b4-e779-40ca-8841-628b07916bc9","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":34,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"aa364419-bc79-4449-b1c7-f2f8f753e00a","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":34,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"f27d0d7a-3147-4fa9-afb1-1156d2453ab7","block_type":"box","text":"Department of Treasury as an expert in domestic retirement security. Ms. Egan began her","page_number":34,"box":{"x":265,"y":694,"width":642,"height":11}},{"id":"59d75b80-325e-47e5-953b-3527db64bc03","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":34,"box":{"x":265,"y":709,"width":608,"height":11}},{"id":"b241047a-1745-43e9-9a1c-43631a298cfa","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":34,"box":{"x":265,"y":724,"width":620,"height":12}},{"id":"b7fce6e4-64a0-48eb-9667-ff2a5ec7dcb6","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":34,"box":{"x":264,"y":739,"width":643,"height":12}},{"id":"6743669e-911d-4578-a251-e1f6aebd9c20","block_type":"box","text":"the Board of The Hanover Group, a public property casualty insurance company. Ms. Egan","page_number":34,"box":{"x":264,"y":755,"width":640,"height":11}},{"id":"5c122dac-c41c-4c32-8cfa-eca7bf6b7d12","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":34,"box":{"x":265,"y":770,"width":583,"height":11}},{"id":"8c574975-3d9c-4f2c-8884-4130cd5b5ab6","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":34,"box":{"x":265,"y":785,"width":643,"height":11}},{"id":"4564e39c-1f1e-4d6d-b3e3-d8442c683cb5","block_type":"box","text":"Ms. Egan’s independence from the Fund and the Manager enhances her service as Chair","page_number":34,"box":{"x":265,"y":800,"width":636,"height":11}},{"id":"844598f4-d83b-4a23-b179-8325be60ba06","block_type":"box","text":"of the Compliance Committee and a member of the Governance and Nominating","page_number":34,"box":{"x":265,"y":815,"width":571,"height":11}},{"id":"e66fac1a-e36e-4928-8bb3-a95aed692227","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":34,"box":{"x":265,"y":830,"width":641,"height":11}},{"id":"f41ef19e-009e-4ea0-be82-24c4b1149b9d","block_type":"box","text":"I-12","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7f50c7b2-9056-4a19-b939-c001ccc3581c","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":34,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"01cdb63f-e50b-466e-ba0f-33f0d35c5be0","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"86a928c4-5bd7-4f8e-b1ef-47c066247e31","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and","page_number":35,"box":{"x":70,"y":65,"width":796,"height":12}},{"id":"61e403a2-ae2d-43b2-bed6-5806f0f7095d","block_type":"box","text":"financial experience in his roles at various public and private companies. In particular,","page_number":35,"box":{"x":264,"y":81,"width":612,"height":11}},{"id":"1046e857-a13e-4250-83c3-d79596bdbc10","block_type":"box","text":"Mr. Flores’s service as Chief Financial Officer of Lattice Semiconductor Corporation, a","page_number":35,"box":{"x":265,"y":96,"width":611,"height":11}},{"id":"cacbb07c-b67a-470d-9085-37c7ba75e37e","block_type":"box","text":"semiconductor company that designs, develops, and markets programmable logic","page_number":35,"box":{"x":265,"y":111,"width":582,"height":11}},{"id":"f1879cbe-6645-4d4e-9fe1-de92bea4ab78","block_type":"box","text":"products and related software, Chief Financial Officer of Intel Foundry, a semiconductor","page_number":35,"box":{"x":265,"y":126,"width":622,"height":11}},{"id":"8514a715-cfed-4236-8fcd-ca9527461f87","block_type":"box","text":"manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller of","page_number":35,"box":{"x":265,"y":141,"width":639,"height":11}},{"id":"ed3ccf7f-995a-496e-8035-f6669505338e","block_type":"box","text":"Xilinx, Inc., a technology and semiconductor company that supplies programmable logic","page_number":35,"box":{"x":264,"y":156,"width":622,"height":11}},{"id":"d68d468a-1e00-4c70-802f-4e5aad2ce0ee","block_type":"box","text":"devices, and Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory","page_number":35,"box":{"x":265,"y":171,"width":631,"height":11}},{"id":"8f3834e0-83a7-4014-99b9-bd322c07d352","block_type":"box","text":"and solid state drives, and his long experience in the technology industry allow him to","page_number":35,"box":{"x":265,"y":187,"width":610,"height":11}},{"id":"dccdf8a9-86f5-45e5-9c46-afea49cc4ec3","block_type":"box","text":"provide insight to into financial, business and technology trends. Mr. Flores’s knowledge","page_number":35,"box":{"x":265,"y":201,"width":628,"height":12}},{"id":"fe276ca4-2aa7-4df7-8f1b-dabb4c227042","block_type":"box","text":"of financial and accounting matters qualifies him to serve as a member of the Audit","page_number":35,"box":{"x":265,"y":217,"width":596,"height":11}},{"id":"f689791f-ab28-4625-8f90-ba9e9d95eba7","block_type":"box","text":"Committee. Mr. Flores’s independence from the Fund and the Manager enhances his","page_number":35,"box":{"x":265,"y":232,"width":605,"height":11}},{"id":"731a9f3e-ce4c-4e47-9a1c-53749fcd2696","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":35,"box":{"x":265,"y":247,"width":450,"height":11}},{"id":"7f493364-ba13-4f94-9c1a-f2d5a8e87c37","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained","page_number":35,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"91fa6c58-2d8d-4339-bcf9-89e0cc319589","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":35,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"7b32ad9d-6e2e-4e99-9883-9f5384f37344","block_type":"box","text":"United States Air Force. In her most recent role, Ms. Harris reported to the Secretary and","page_number":35,"box":{"x":265,"y":300,"width":637,"height":11}},{"id":"a6d2445d-8bbb-47bd-99aa-c5d790e3086a","block_type":"box","text":"Chief of Staff of the Air Force on matters concerning Air Force effectiveness, efficiency","page_number":35,"box":{"x":265,"y":315,"width":617,"height":11}},{"id":"99f236e7-fd81-477f-b7b4-c73bd22ba973","block_type":"box","text":"and the military discipline of active duty, Air Force Reserve and Air National Guard forces.","page_number":35,"box":{"x":265,"y":330,"width":635,"height":11}},{"id":"225d6396-06ca-4c02-8030-de3fa0d7288a","block_type":"box","text":"Ms. Harris’s experience on governance matters includes oversight of inspection policy and","page_number":35,"box":{"x":265,"y":345,"width":643,"height":11}},{"id":"e9510dad-15fc-4854-8bae-7b3555829faf","block_type":"box","text":"the inspection and evaluation system for all Air Force nuclear and conventional forces;","page_number":35,"box":{"x":264,"y":360,"width":614,"height":11}},{"id":"9d1d97de-23fb-4f49-8dae-48972b8ba4b9","block_type":"box","text":"oversight of Air Force counterintelligence operations and service on the Air Force","page_number":35,"box":{"x":265,"y":375,"width":573,"height":12}},{"id":"b6ae83dc-0f38-407f-b4bd-57f50b670cfc","block_type":"box","text":"Intelligence Oversight Panel; investigation of fraud, waste and abuse; and oversight of","page_number":35,"box":{"x":265,"y":390,"width":612,"height":12}},{"id":"74ceeea9-82a6-41e1-967a-18d885df89b5","block_type":"box","text":"criminal investigations and complaints resolution programs. Ms. Harris is also a director","page_number":35,"box":{"x":264,"y":406,"width":630,"height":11}},{"id":"43429072-9e8f-4137-8aab-a706d48a1abe","block_type":"box","text":"of The Boeing Company. Ms. Harris’s independence from the Fund and the Manager","page_number":35,"box":{"x":265,"y":421,"width":599,"height":11}},{"id":"00b285e0-8ccb-4d0d-b0f2-97067cd1179e","block_type":"box","text":"enhances her service as a member of the Compliance Committee and the Performance","page_number":35,"box":{"x":265,"y":436,"width":623,"height":11}},{"id":"8c3fe5b2-cb09-4286-864b-602dda3db726","block_type":"box","text":"Oversight Committee.","page_number":35,"box":{"x":265,"y":451,"width":151,"height":11}},{"id":"3c75341a-b944-416b-a7c8-d9d818c1eb25","block_type":"box","text":"J. Phillip Holloman The Board benefits from J. Phillip Holloman’s many years of business and leadership","page_number":35,"box":{"x":69,"y":474,"width":800,"height":11}},{"id":"400e8614-b6f2-46c0-921e-a9cfa8efc1ad","block_type":"box","text":"experience as an executive, director and advisory board member of various public and","page_number":35,"box":{"x":265,"y":489,"width":612,"height":11}},{"id":"08722925-49c8-454d-a4ae-e35977045bf1","block_type":"box","text":"private companies. In particular, Mr. Holloman’s service as Interim Executive Chairman,","page_number":35,"box":{"x":265,"y":504,"width":624,"height":11}},{"id":"ec52950d-1160-4bc9-93e5-829660c16e99","block_type":"box","text":"President and Chief Executive Officer of Vestis Corporation, President and Chief Operating","page_number":35,"box":{"x":265,"y":519,"width":640,"height":11}},{"id":"c366f246-ff06-4bd4-a530-d41c6fc75448","block_type":"box","text":"Officer of Cintas Corporation allows him to provide insight into business trends and","page_number":35,"box":{"x":265,"y":534,"width":593,"height":11}},{"id":"f10f454c-05ef-41fc-8cf6-2fc7745536a2","block_type":"box","text":"conditions. Mr. Holloman’s knowledge of financial and accounting matters qualifies him to","page_number":35,"box":{"x":264,"y":549,"width":642,"height":11}},{"id":"ec221554-c3ef-4602-9c6e-2e59b523ba90","block_type":"box","text":"serve as a member of the Audit Committee. Mr. Holloman’s independence from the Fund","page_number":35,"box":{"x":265,"y":564,"width":633,"height":11}},{"id":"0b1b543b-c3eb-458f-9902-936f384755f0","block_type":"box","text":"and the Manager enhances his service as a member of the Governance and Nominating","page_number":35,"box":{"x":265,"y":579,"width":628,"height":12}},{"id":"7f9475d7-abb6-4aed-ad96-78d95f7a0052","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":35,"box":{"x":265,"y":595,"width":389,"height":11}},{"id":"ebbd2bdb-a783-4855-8f34-f310d8a2201e","block_type":"box","text":"Catherine A. Lynch Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment","page_number":35,"box":{"x":69,"y":617,"width":792,"height":11}},{"id":"287f58bd-14e4-498a-a63d-7f2b83c77e7d","block_type":"box","text":"Officer of the National Railroad Retirement Investment Trust, benefits the Board by","page_number":35,"box":{"x":265,"y":632,"width":591,"height":12}},{"id":"876016be-452f-4f63-84d3-5a2e6c728c93","block_type":"box","text":"providing business leadership and experience and a diverse knowledge of pensions and","page_number":35,"box":{"x":265,"y":647,"width":624,"height":12}},{"id":"31014b02-0274-43d3-93ee-4094de888c7d","block_type":"box","text":"endowments. Ms. Lynch is also a trustee of PennyMac Mortgage Investment Trust, a","page_number":35,"box":{"x":265,"y":663,"width":605,"height":11}},{"id":"6e94e9a3-fae1-4891-88cb-d6695ec212c5","block_type":"box","text":"specialty finance company that invests primarily in mortgage-related assets. Ms. Lynch","page_number":35,"box":{"x":265,"y":678,"width":618,"height":11}},{"id":"aad1fa83-2d63-46db-8277-3954c539e623","block_type":"box","text":"also holds the designation of Chartered Financial Analyst. Ms. Lynch’s knowledge of","page_number":35,"box":{"x":265,"y":693,"width":601,"height":11}},{"id":"4ef15ad7-0986-49a0-bc5e-51aa1b46fd65","block_type":"box","text":"financial and accounting matters qualifies her to serve as Chair of the Audit Committee.","page_number":35,"box":{"x":264,"y":708,"width":626,"height":11}},{"id":"743d2447-1e2f-46cd-a8a8-9a54dfa60fe0","block_type":"box","text":"Ms. Lynch’s independence from the Fund and the Manager enhances her service as the","page_number":35,"box":{"x":265,"y":723,"width":627,"height":11}},{"id":"9496af14-b3c4-4ffd-98cc-0f95fee7c7c8","block_type":"box","text":"Chair of the Securities Lending Committee, and a member of the Governance and","page_number":35,"box":{"x":265,"y":738,"width":580,"height":11}},{"id":"f0d896f4-f826-4c8e-be5c-1a792ec60750","block_type":"box","text":"Nominating Committee and the Performance Oversight Committee.","page_number":35,"box":{"x":265,"y":753,"width":475,"height":12}},{"id":"19fd1312-6c18-439d-bfdc-51defe743891","block_type":"box","text":"Arthur P. Steinmetz The Board benefits from Arthur P. Steinmetz’s many years of business and leadership","page_number":35,"box":{"x":68,"y":776,"width":808,"height":11}},{"id":"ce78a88e-af9e-4c60-b637-304d4eb3d5cf","block_type":"box","text":"experience as an executive, chairman and director of various companies in the financial","page_number":35,"box":{"x":265,"y":791,"width":624,"height":11}},{"id":"1ac02117-c642-4050-b619-0bf53e8a09a8","block_type":"box","text":"industry. Mr. Steinmetz’s service as Chairman, Chief Executive Officer and President of","page_number":35,"box":{"x":265,"y":806,"width":622,"height":11}},{"id":"d36983ff-e047-41f6-a765-526762784cf6","block_type":"box","text":"the OppenheimerFunds, Inc. and as Trustee, President and Principal Executive Officer of","page_number":35,"box":{"x":264,"y":821,"width":629,"height":11}},{"id":"28811e01-3c7d-4a9a-8e41-36be598f62ee","block_type":"box","text":"certain OppenheimerFunds funds provides insight into the asset management industry.","page_number":35,"box":{"x":264,"y":836,"width":621,"height":12}},{"id":"375a0c80-78c4-413a-b6ff-8444a0fa1336","block_type":"box","text":"He has also served as a Director of ScotiaBank (U.S.). Mr. Steinmetz’s knowledge of","page_number":35,"box":{"x":265,"y":852,"width":604,"height":11}},{"id":"9bd0d179-535a-4d07-98c0-42fa48de517c","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":35,"box":{"x":264,"y":867,"width":579,"height":11}},{"id":"b6796866-5e58-4f9d-bcb5-445b441e1c65","block_type":"box","text":"Committee. Mr. Steinmetz’s independence from the Fund and the Manager enhances his","page_number":35,"box":{"x":265,"y":882,"width":632,"height":11}},{"id":"d8424347-9318-4866-b184-68bb2a91c362","block_type":"box","text":"service as Chair of the Performance Oversight Committee.","page_number":35,"box":{"x":265,"y":897,"width":415,"height":11}},{"id":"43c553e8-69d5-4711-b784-1e8868a45f50","block_type":"box","text":"I-13","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"29900243-5ad4-4b61-a603-e937295e947d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":35,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4cef6dac-e874-4342-b77b-7c3ecbd00412","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":36,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"2a1f7a55-1bc7-457a-aa67-7e97cbfb361d","block_type":"box","text":"Interested Trustees","page_number":36,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"8f615447-1841-422e-9e5b-89ebb2dafc25","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":36,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"20b2d72f-9916-44da-9c4b-42e852450f42","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":36,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"d23d7f33-3152-4166-8d73-590d667a7095","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":36,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"eb2199cb-decf-4a64-9457-4b9df7c7a210","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":36,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"b14c74ab-467f-4d76-b754-d7caae80da83","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":36,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"d1b07304-1c8d-473e-9169-4ccbdbcc780b","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":36,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"1c390109-bbd3-45bd-9044-3863dc00fd85","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":36,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"c45efd2c-08a0-449b-9528-84d72808d307","block_type":"box","text":"and iShares","page_number":36,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"a40d0eb3-5dfd-4c99-aa0e-e0cd575b3085","block_type":"box","text":"®","page_number":36,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"d253bdc2-5867-441f-93c8-d524cb2fa464","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":36,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"793cbf27-d7c5-4a7d-9a41-303935990323","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":36,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"2792648f-e327-4d74-9b96-75c8daa87eec","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. 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As of December 31, 2024,","page_number":39,"box":{"x":69,"y":780,"width":823,"height":12}},{"id":"847de8c9-2546-4549-9701-2e210cd8c386","block_type":"box","text":"none of the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":39,"box":{"x":69,"y":795,"width":834,"height":12}},{"id":"603cf631-e460-4686-9e00-7b618f828cc6","block_type":"box","text":"securities of the Fund’s investment adviser, sub-adviser, principal underwriter, or any person directly or indirectly","page_number":39,"box":{"x":69,"y":811,"width":801,"height":11}},{"id":"5525eaf4-90c1-4bd6-9e2b-2b97b6ea20b3","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":39,"box":{"x":69,"y":826,"width":495,"height":11}},{"id":"e1aca82b-4eed-49d1-a7b6-a871222cb383","block_type":"box","text":"Compensation of Trustees","page_number":39,"box":{"x":69,"y":856,"width":190,"height":11}},{"id":"9e0b29c7-da0a-47e5-a9eb-b8117514da76","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":39,"box":{"x":102,"y":878,"width":775,"height":12}},{"id":"34db4b94-c3da-4a0d-83aa-e769caa39790","block_type":"box","text":"member of the BlackRock-advised Funds, including the Fund, together with out-of-pocket expenses in accordance with","page_number":39,"box":{"x":69,"y":894,"width":836,"height":11}},{"id":"c33d2b2e-83e7-4467-8911-019626fc50a1","block_type":"box","text":"a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair of the","page_number":39,"box":{"x":69,"y":909,"width":838,"height":11}},{"id":"b31be7bd-f45a-497b-8726-bb6aa868eb86","block_type":"box","text":"I-17","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"442dd186-d71c-40ec-af4e-7e8b39ea9b68","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":39,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1f46d38b-2f22-40d2-bdb3-90c69335a6f5","block_type":"box","text":"Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000, respectively.","page_number":40,"box":{"x":70,"y":44,"width":835,"height":12}},{"id":"38afbbf7-19d2-4844-89f1-51fee20c8fb3","block_type":"box","text":"The Chairs of the Audit Committee, Performance Oversight Committee, Compliance Committee, Governance and","page_number":40,"box":{"x":68,"y":60,"width":801,"height":11}},{"id":"01dfb40a-0fcd-4fc9-9297-7f5a05506f3e","block_type":"box","text":"Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of $55,000,","page_number":40,"box":{"x":70,"y":74,"width":780,"height":12}},{"id":"05ec4d3c-f3a8-4e86-8427-ad0f694c6c55","block_type":"box","text":"$42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit Committee,","page_number":40,"box":{"x":69,"y":89,"width":779,"height":12}},{"id":"1360be92-139b-4802-a479-f410515ce515","block_type":"box","text":"Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an","page_number":40,"box":{"x":69,"y":105,"width":798,"height":11}},{"id":"ec0eaa22-f54f-42df-b882-07b8fdf5ffaa","block_type":"box","text":"additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service on such","page_number":40,"box":{"x":69,"y":120,"width":826,"height":11}},{"id":"002e975a-1e3c-4b53-afcd-4101831f84ed","block_type":"box","text":"committee. An Independent Trustee may receive additional compensation for his or her service as a member or Chair,","page_number":40,"box":{"x":69,"y":135,"width":839,"height":11}},{"id":"06bcd8c2-a1ed-4fe9-9585-82b95d6185d2","block_type":"box","text":"as applicable, of one or more ad hoc committees of the Board. The Fund will pay a pro rata portion quarterly (based","page_number":40,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"7ee679ea-5eb4-45ab-babb-c2f76dca0d49","block_type":"box","text":"on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed-Income Complex.","page_number":40,"box":{"x":69,"y":166,"width":789,"height":11}},{"id":"874b9976-be77-4979-825c-590e395526b2","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":40,"box":{"x":101,"y":188,"width":711,"height":12}},{"id":"673c7021-91d4-47c3-8a81-c2f1b3150ff7","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":40,"box":{"x":69,"y":203,"width":801,"height":12}},{"id":"4a4909dc-3212-42c2-bf4a-8c6f25211556","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":40,"box":{"x":70,"y":218,"width":833,"height":11}},{"id":"6f5b2e8e-91c5-4dee-8135-a4b914c99a52","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of certain","page_number":40,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"0d443f4d-5e38-4eb8-806b-8d9625e2a35f","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":40,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"b73eec78-0a30-49dd-b57c-8387e686a023","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":40,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"60afd7d0-a587-440d-8ca6-eb22a714d14c","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":40,"box":{"x":68,"y":279,"width":800,"height":11}},{"id":"010c8081-cdd7-4746-ba82-45ff6777dc9b","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":40,"box":{"x":69,"y":294,"width":760,"height":11}},{"id":"0cc72e8e-2d1b-442e-81f1-f5c3b8408952","block_type":"box","text":"accounting purposes.","page_number":40,"box":{"x":69,"y":309,"width":151,"height":11}},{"id":"4158960d-ab4d-4836-82f4-ecc71c23baed","block_type":"box","text":"The following table sets forth the compensation paid to the Trustees by the Trust on behalf of the Fund for the","page_number":40,"box":{"x":101,"y":332,"width":786,"height":11}},{"id":"dfc54a24-18ce-42a4-a493-7e06da2040a1","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation, including deferred compensation amounts, paid to","page_number":40,"box":{"x":68,"y":347,"width":834,"height":11}},{"id":"d5e23a83-d8b7-40a0-ae7f-b59a5683ada4","block_type":"box","text":"them by all BlackRock-advised Funds for the calendar year ended December 31, 2024.","page_number":40,"box":{"x":68,"y":362,"width":618,"height":11}},{"id":"2ad34e2a-d642-4163-b27b-ac71ad1656ee","block_type":"box","text":"Name","page_number":40,"box":{"x":69,"y":441,"width":32,"height":7}},{"id":"924597a1-9c67-44b7-aae7-1d613d26d19e","block_type":"box","text":"1","page_number":40,"box":{"x":102,"y":441,"width":4,"height":3}},{"id":"3818a4c9-6407-4bdc-a7de-1fac8a4f8a52","block_type":"box","text":"Compensation","page_number":40,"box":{"x":608,"y":421,"width":83,"height":8}},{"id":"6ed59f34-195e-4d01-a237-51aa18cb3e36","block_type":"box","text":"from the","page_number":40,"box":{"x":625,"y":431,"width":49,"height":7}},{"id":"40283798-0e87-41c2-9c0e-346949618efe","block_type":"box","text":"Fund","page_number":40,"box":{"x":636,"y":441,"width":27,"height":7}},{"id":"8f5cb9b7-3918-4b83-abdc-1501b3040cf1","block_type":"box","text":"Estimated","page_number":40,"box":{"x":725,"y":401,"width":57,"height":7}},{"id":"b34ffe83-9981-4aab-8194-eaf99cfb6896","block_type":"box","text":"Annual","page_number":40,"box":{"x":734,"y":411,"width":39,"height":7}},{"id":"2d992cf6-c637-4012-a52c-4fa849f44875","block_type":"box","text":"Benefits","page_number":40,"box":{"x":730,"y":421,"width":47,"height":7}},{"id":"ed0b72bb-cd48-41b4-9334-7004015a2ae9","block_type":"box","text":"Upon","page_number":40,"box":{"x":739,"y":431,"width":29,"height":8}},{"id":"f2521a8a-ae72-407d-bde1-f22488245d3c","block_type":"box","text":"Retirement","page_number":40,"box":{"x":722,"y":441,"width":64,"height":7}},{"id":"e5cc8a90-d816-40bb-9666-6c448a4798f0","block_type":"box","text":"Aggregate","page_number":40,"box":{"x":832,"y":391,"width":61,"height":8}},{"id":"f8d2a219-259b-4d34-a496-85cb7ac5df19","block_type":"box","text":"Compensation","page_number":40,"box":{"x":821,"y":401,"width":83,"height":8}},{"id":"e74298d8-55a6-443c-a178-c91d59950f0f","block_type":"box","text":"from the Fund","page_number":40,"box":{"x":822,"y":411,"width":81,"height":7}},{"id":"9f9ce677-d6fd-41f3-ae11-bf01b4d4e5eb","block_type":"box","text":"and Other","page_number":40,"box":{"x":834,"y":421,"width":57,"height":7}},{"id":"305b76bc-07b1-441d-9b47-c0f739618f06","block_type":"box","text":"BlackRock","page_number":40,"box":{"x":830,"y":431,"width":66,"height":7}},{"id":"be18389d-205a-4277-8fb0-c6d03f086c88","block_type":"box","text":"Advised Funds","page_number":40,"box":{"x":816,"y":441,"width":83,"height":7}},{"id":"33dd8723-b51d-4455-a320-79d0168afce0","block_type":"box","text":"2,3","page_number":40,"box":{"x":900,"y":441,"width":9,"height":4}},{"id":"ae878856-32d2-4281-9f82-2bd4e33f0e45","block_type":"box","text":"Independent Trustees","page_number":40,"box":{"x":70,"y":459,"width":154,"height":10}},{"id":"fdee3955-f5bc-4ebe-be51-7ac58403e3fe","block_type":"box","text":"Cynthia L. Egan","page_number":40,"box":{"x":79,"y":474,"width":108,"height":11}},{"id":"36cea48f-8b3c-4ad0-b7b9-560b28ed20eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,395","page_number":40,"box":{"x":192,"y":473,"width":484,"height":11}},{"id":"28ae9a70-4c58-45ab-a4b0-0178de1a6149","block_type":"box","text":"None $655,000","page_number":40,"box":{"x":736,"y":473,"width":163,"height":11}},{"id":"61f15055-a16a-47ea-8b66-4934347f11c1","block_type":"box","text":"Lorenzo A. Flores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,900","page_number":40,"box":{"x":79,"y":488,"width":597,"height":11}},{"id":"7a5f347e-cb05-4578-b6d1-520842d197ca","block_type":"box","text":"None $420,000","page_number":40,"box":{"x":736,"y":488,"width":163,"height":11}},{"id":"384d76a9-1473-41ec-a8cb-04bad43eaf70","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,544","page_number":40,"box":{"x":79,"y":503,"width":597,"height":12}},{"id":"9b14de3a-a0bb-4c1a-9341-d1989c37b45e","block_type":"box","text":"None $395,000","page_number":40,"box":{"x":736,"y":503,"width":163,"height":11}},{"id":"980215d6-cf39-45f7-8cb1-46e6a9a643fe","block_type":"box","text":"J. Phillip Holloman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":78,"y":519,"width":467,"height":11}},{"id":"ff8af359-2d7d-4acc-9280-2ed59a28dab6","block_type":"box","text":". . . . $5,971","page_number":40,"box":{"x":551,"y":518,"width":125,"height":11}},{"id":"eddc1d04-44ac-4620-86a6-4e7e42ad4577","block_type":"box","text":"None $425,000","page_number":40,"box":{"x":736,"y":518,"width":163,"height":11}},{"id":"a0e29efa-37e1-4fc8-a27e-b0f9453b124c","block_type":"box","text":"R. Glenn Hubbard . .","page_number":40,"box":{"x":79,"y":534,"width":140,"height":9}},{"id":"28f9c43f-028a-4764-b81e-e20acf583bf1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,178","page_number":40,"box":{"x":225,"y":533,"width":451,"height":12}},{"id":"c7d79638-1ea0-4b02-840a-87bd5023cfa7","block_type":"box","text":"None $600,000","page_number":40,"box":{"x":736,"y":533,"width":163,"height":12}},{"id":"9ffe3672-f291-4be1-a418-82971aba70bb","block_type":"box","text":"W. Carl Kester","page_number":40,"box":{"x":78,"y":549,"width":102,"height":9}},{"id":"bf70a709-6160-4635-8d77-6d27ca6c9118","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,484","page_number":40,"box":{"x":184,"y":549,"width":492,"height":11}},{"id":"615ce4e6-97a4-4988-89ac-5ef90baeb28f","block_type":"box","text":"None $746,500","page_number":40,"box":{"x":736,"y":549,"width":163,"height":11}},{"id":"1c605d33-2d1a-47fb-83c0-bd76e9ea302a","block_type":"box","text":"Catherine A. Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,679","page_number":40,"box":{"x":79,"y":564,"width":597,"height":11}},{"id":"c0c005ba-e81d-4819-9387-3bf64e138f41","block_type":"box","text":"None $695,000","page_number":40,"box":{"x":736,"y":564,"width":163,"height":11}},{"id":"d418e6c0-576b-4641-a75a-c60fd460d827","block_type":"box","text":"Arthur P. Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,505","page_number":40,"box":{"x":78,"y":579,"width":598,"height":11}},{"id":"6afccbf0-0f55-47b4-9407-72d4a328883b","block_type":"box","text":"None $534,206","page_number":40,"box":{"x":736,"y":579,"width":162,"height":11}},{"id":"425e9b2d-c501-4d23-9ea8-3980d069c90f","block_type":"box","text":"Interested Trustees","page_number":40,"box":{"x":70,"y":595,"width":138,"height":9}},{"id":"1807fa1b-5e0c-4211-8151-44f24a47a514","block_type":"box","text":"Robert Fairbairn .","page_number":40,"box":{"x":79,"y":610,"width":123,"height":9}},{"id":"5666a7f1-d73f-4ec1-a174-492abe162afb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":40,"box":{"x":209,"y":610,"width":459,"height":9}},{"id":"8ae18cb4-e229-497e-8061-388fad53a746","block_type":"box","text":"None None","page_number":40,"box":{"x":736,"y":610,"width":144,"height":9}},{"id":"3b56dc5f-6f19-4235-a4e3-c81c8ce4a5cd","block_type":"box","text":"John M. Perlowski","page_number":40,"box":{"x":78,"y":625,"width":127,"height":9}},{"id":"0eab10f1-8d89-436d-84d3-4acfa41f63ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":40,"box":{"x":209,"y":625,"width":459,"height":9}},{"id":"11b0f6b7-05ce-40ae-93b0-02b55f03af15","block_type":"box","text":"None None","page_number":40,"box":{"x":736,"y":625,"width":144,"height":9}},{"id":"0a61e632-1ee0-4ab8-ac72-af67b38ac34e","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":649,"width":3,"height":4}},{"id":"a5d084bc-8486-4349-af44-0781b454bbd9","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information Chart beginning","page_number":40,"box":{"x":94,"y":649,"width":811,"height":9}},{"id":"25b49ee6-7fe5-44a5-9608-7981b3fe7880","block_type":"box","text":"on page I-14.","page_number":40,"box":{"x":93,"y":660,"width":74,"height":8}},{"id":"4b71fc70-5d80-46ab-a977-2fb9f2f49b9c","block_type":"box","text":"2","page_number":40,"box":{"x":69,"y":672,"width":3,"height":4}},{"id":"222ff837-561a-4d01-9b5e-f45c48f1c1bf","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned from the funds in the BlackRock Fixed-Income","page_number":40,"box":{"x":94,"y":672,"width":782,"height":9}},{"id":"186285d0-446a-47a5-9b43-cce20932e508","block_type":"box","text":"Complex during the calendar year ended December 31, 2024. Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester,","page_number":40,"box":{"x":93,"y":682,"width":801,"height":9}},{"id":"eda56e6c-c301-4c0e-bd47-81c1bb6f7e5e","block_type":"box","text":"Ms. Lynch and Mr. Steinmetz deferred $210,000, $197,500, $212,500, $300,000, $58,641, $34,750 and $266,957, respectively,","page_number":40,"box":{"x":94,"y":692,"width":761,"height":9}},{"id":"1af73efc-a719-45f4-b9b1-b5670f9ef47d","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":40,"box":{"x":94,"y":702,"width":457,"height":9}},{"id":"3643e08c-ac03-4ab1-83f1-7c6a4a079b8b","block_type":"box","text":"3","page_number":40,"box":{"x":69,"y":715,"width":3,"height":3}},{"id":"405e4e1d-17a0-47b6-b426-d20dc60883e4","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":40,"box":{"x":93,"y":715,"width":810,"height":9}},{"id":"ede7dd62-0e7d-40e1-ae76-74e8c500a38c","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $743,845, $726,494, $773,663, $5,010,835, $2,155,608, $631,953 and $278,737,","page_number":40,"box":{"x":94,"y":724,"width":752,"height":10}},{"id":"b6656761-73d5-4243-8688-e561fa0af647","block_type":"box","text":"respectively, as of December 31, 2024. Ms. Egan did not participate in the deferred compensation plan as of December 31, 2024.","page_number":40,"box":{"x":94,"y":735,"width":748,"height":9}},{"id":"00469753-da5f-43d1-a7ea-cb2bc07024f3","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":40,"box":{"x":69,"y":763,"width":432,"height":11}},{"id":"e0ae138e-2e1e-4451-bcf4-b8faeeff36b6","block_type":"box","text":"Management Agreement","page_number":40,"box":{"x":69,"y":794,"width":180,"height":11}},{"id":"a36d982c-62fe-4301-9bfe-ac9aa616fb3b","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":40,"box":{"x":101,"y":816,"width":708,"height":12}},{"id":"e451b2fb-ca4d-4775-856a-482c91581650","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides at","page_number":40,"box":{"x":70,"y":831,"width":824,"height":12}},{"id":"348eed25-e6e1-4bae-ac37-31e46ebca485","block_type":"box","text":"the end of each month.","page_number":40,"box":{"x":68,"y":846,"width":165,"height":10}},{"id":"b413c5af-6dd0-4fef-933a-63bafed3bc37","block_type":"box","text":"The Manager has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":40,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"d75fc23a-07ad-4278-af3c-349ea2c7f3a3","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":40,"box":{"x":69,"y":884,"width":799,"height":12}},{"id":"01fc08ec-d796-469f-acfa-ebd01cc0225a","block_type":"box","text":"traded funds managed by the Manager or its affiliates that have a contractual management fee, through","page_number":40,"box":{"x":68,"y":899,"width":742,"height":12}},{"id":"59e45172-0081-4efd-8d88-7a9fd4e30fbe","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"46b6fbd8-9487-4428-9c8c-52d8e2649460","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":40,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a4762f3c-cfdc-4c29-8894-46cc625a48a6","block_type":"box","text":"June 30, 2027. In addition, the Manager has contractually agreed to waive its management fees by the amount of","page_number":41,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"d5541e02-c1a5-43e4-a1ba-7d1366437271","block_type":"box","text":"advisory fees the Fund pays to the Manager indirectly through its investment in money market funds managed by the","page_number":41,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"c9ae96b1-e755-4a93-8db3-96b67d2807a4","block_type":"box","text":"Manager or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’","page_number":41,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"7ffbabb8-178d-470a-9545-284afb880fee","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":41,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"8b49b59b-cf0a-402d-91bb-22408e108e19","block_type":"box","text":"Fund.","page_number":41,"box":{"x":70,"y":105,"width":36,"height":9}},{"id":"8bcd30f1-82b5-4f19-94af-3da6a0dc3ac8","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":41,"box":{"x":101,"y":128,"width":792,"height":11}},{"id":"220fd4a2-b5eb-49f6-a4bc-09581a0d1e27","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":41,"box":{"x":68,"y":143,"width":787,"height":11}},{"id":"1f3ac0ba-7ac2-460d-abc7-39933d9bed74","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and certain other Fund expenses (as defined in the","page_number":41,"box":{"x":70,"y":158,"width":811,"height":11}},{"id":"e2521726-6cab-40e3-86cf-cf2157681898","block_type":"box","text":"Fund’s Prospectuses)) to 1.05% (for Investor A Shares), 1.80% (for Investor C Shares), 0.70% (for Institutional","page_number":41,"box":{"x":70,"y":173,"width":784,"height":11}},{"id":"a3f8dfb4-ca73-45c9-b65d-2b3458ff9482","block_type":"box","text":"Shares) and 0.65% (for Class K Shares) of average daily net assets through June 30, 2027. The contractual","page_number":41,"box":{"x":69,"y":188,"width":771,"height":12}},{"id":"eca20ea3-4a51-49d4-ba40-8b0cc92b3144","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a","page_number":41,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"08fac57d-d2d2-420e-98b4-80981f01c90e","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":69,"y":218,"width":400,"height":12}},{"id":"d23d8d59-3871-434b-bd9e-557f6a2fb268","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":41,"box":{"x":102,"y":241,"width":800,"height":11}},{"id":"4fb93855-e9d4-41ce-bd40-3df70a50d37b","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":41,"box":{"x":70,"y":256,"width":834,"height":12}},{"id":"bf6611b1-0e9a-4760-8a2a-508287257097","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":41,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"fa233256-533e-4888-b460-bef4c3091cf3","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":286,"width":801,"height":12}},{"id":"e076180e-bf26-4536-b499-3519795a55bf","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":41,"box":{"x":70,"y":302,"width":823,"height":11}},{"id":"6b227334-a0de-4e02-a175-caeeb87e4c55","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":70,"y":317,"width":508,"height":11}},{"id":"b781824c-5527-4cc6-a86f-da6d32b427c3","block_type":"box","text":"The Manager has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”)","page_number":41,"box":{"x":101,"y":340,"width":807,"height":11}},{"id":"867e6e08-60ba-4eea-9515-ea0598c67aeb","block_type":"box","text":"with respect to the Fund pursuant to which the Sub-Adviser receives for the services it provides for that portion of the","page_number":41,"box":{"x":68,"y":355,"width":838,"height":11}},{"id":"3bfdd4fa-405d-4c6f-a04a-de9b60bf5600","block_type":"box","text":"Fund for which it serves as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee","page_number":41,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"caf5dcfd-84dd-42a4-ab20-33b462b9499f","block_type":"box","text":"paid to the Manager under the Management Agreement with respect to the Fund.","page_number":41,"box":{"x":70,"y":385,"width":575,"height":11}},{"id":"5639a3b1-f969-443e-987b-6e5708530fa8","block_type":"box","text":"For the periods indicated, the Fund paid the Manager management fees (which includes amounts paid by the","page_number":41,"box":{"x":102,"y":407,"width":775,"height":12}},{"id":"d9d65112-a869-4032-8e18-c0846cec38c7","block_type":"box","text":"Manager to the Sub-Adviser), and the Manager waived management fees and reimbursed expenses, as follows:","page_number":41,"box":{"x":70,"y":423,"width":792,"height":11}},{"id":"b864d6b4-6fb6-424c-abdb-b89ddf6d77d9","block_type":"box","text":"Fees Paid","page_number":41,"box":{"x":593,"y":451,"width":56,"height":7}},{"id":"78d57773-5e3e-4e9d-bd4c-3f088823f4d2","block_type":"box","text":"to BlackRock","page_number":41,"box":{"x":581,"y":461,"width":80,"height":7}},{"id":"4484dae3-d813-4a67-be75-c67622a52ae1","block_type":"box","text":"Fees Waived","page_number":41,"box":{"x":704,"y":451,"width":72,"height":7}},{"id":"ba03aaad-be4b-45fb-9881-27386c39d7b8","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":700,"y":461,"width":80,"height":9}},{"id":"4f33ed98-7165-4974-b3ab-1a4cbea33f17","block_type":"box","text":"Fees Reimbursed","page_number":41,"box":{"x":810,"y":451,"width":99,"height":7}},{"id":"5ccd1913-fbe2-4e43-b6ea-cb1de76f976b","block_type":"box","text":"by BlackRock","page_number":41,"box":{"x":820,"y":461,"width":80,"height":9}},{"id":"3cd47db9-f478-4dc1-9fd5-1dbbff15f866","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":479,"width":325,"height":11}},{"id":"cf467f7c-5430-44b0-a069-c5a08201234f","block_type":"box","text":"..................","page_number":41,"box":{"x":401,"y":486,"width":140,"height":2}},{"id":"b13db8d5-6a12-444f-ae94-d19f476a9755","block_type":"box","text":"$20,113,278 $333,360 $0","page_number":41,"box":{"x":573,"y":478,"width":295,"height":11}},{"id":"d3226839-27d0-47ba-90ce-30883952eed3","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":494,"width":325,"height":11}},{"id":"d7c2438d-0ee8-4001-9aab-f743011eb40f","block_type":"box","text":"..................","page_number":41,"box":{"x":401,"y":501,"width":140,"height":2}},{"id":"a501750e-5813-447a-b454-3c2e4f16556c","block_type":"box","text":"$20,178,122 $498,219 $0","page_number":41,"box":{"x":573,"y":493,"width":295,"height":11}},{"id":"df17715f-6ad0-48c5-b4a7-090db207b920","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":41,"box":{"x":70,"y":509,"width":242,"height":11}},{"id":"0061bced-cfab-43f5-ba16-e9232ee25a8d","block_type":"box","text":"1","page_number":41,"box":{"x":313,"y":509,"width":4,"height":5}},{"id":"bba55771-cb1b-4ff0-b4ac-ddb7a94fcc89","block_type":"box","text":"............................","page_number":41,"box":{"x":319,"y":516,"width":222,"height":2}},{"id":"cbe42a2b-d1c2-4190-8013-7821f7328a44","block_type":"box","text":"$19,845,432 $456,230 $0","page_number":41,"box":{"x":573,"y":508,"width":295,"height":11}},{"id":"1ae7b14c-3c4e-4b10-8ab2-0ceb8aef49eb","block_type":"box","text":"1","page_number":41,"box":{"x":69,"y":534,"width":3,"height":3}},{"id":"948f89c6-8cc8-4217-8a37-75fdef6a1491","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":41,"box":{"x":94,"y":533,"width":802,"height":9}},{"id":"a16f0feb-2dd4-41c9-ac74-9ebbf061cc35","block_type":"box","text":"to July 31.","page_number":41,"box":{"x":93,"y":544,"width":58,"height":8}},{"id":"a859887c-a33d-44cd-8b0e-66c27f80ad74","block_type":"box","text":"Administration Agreement","page_number":41,"box":{"x":68,"y":572,"width":191,"height":11}},{"id":"4acbaf55-4680-4818-aec8-5378f23e73c8","block_type":"box","text":"BlackRock serves as the Fund’s administrator pursuant to an administration agreement (the “Administration","page_number":41,"box":{"x":102,"y":595,"width":771,"height":11}},{"id":"405665d8-245d-459d-a3ec-b962fdf80dda","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Fund; furnish the Fund with clerical,","page_number":41,"box":{"x":68,"y":610,"width":761,"height":11}},{"id":"6bcaacb4-19bb-4364-ab1a-d3244edfc667","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Fund’s net asset value;","page_number":41,"box":{"x":69,"y":625,"width":819,"height":11}},{"id":"87ede35a-d8f2-428b-87eb-05aa56bf8a4e","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports required by","page_number":41,"box":{"x":69,"y":640,"width":830,"height":11}},{"id":"e2c2858c-f340-4720-8eba-89a53151b5b6","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":41,"box":{"x":69,"y":655,"width":822,"height":11}},{"id":"62037b13-0200-49ce-a397-81c6cc48e0df","block_type":"box","text":"available for payment by the Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":41,"box":{"x":69,"y":670,"width":800,"height":11}},{"id":"eeb09109-0c18-424f-bb87-0101ab7beba3","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":41,"box":{"x":69,"y":685,"width":830,"height":11}},{"id":"6357c1d6-9e88-48c9-ad3c-4f1611054d0e","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":41,"box":{"x":69,"y":700,"width":825,"height":12}},{"id":"bc0414fb-b84f-4826-9262-98bfeacdab39","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of the Fund and","page_number":41,"box":{"x":69,"y":715,"width":824,"height":12}},{"id":"88373a1f-f732-4941-8839-665c87a32e8b","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":41,"box":{"x":69,"y":731,"width":773,"height":11}},{"id":"f64d37df-e20a-4061-8ad9-7c94ff57271c","block_type":"box","text":"administration fees with respect to the Fund and may voluntarily reimburse the Fund for expenses.","page_number":41,"box":{"x":69,"y":746,"width":700,"height":11}},{"id":"2e58b223-259c-4edc-bf57-e93145d97ccc","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Fund, pays to BlackRock a fee,","page_number":41,"box":{"x":102,"y":768,"width":789,"height":12}},{"id":"4cdb35e5-6377-4a82-9540-1babb98827b4","block_type":"box","text":"computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":41,"box":{"x":69,"y":783,"width":792,"height":12}},{"id":"a4d5ddaf-f30c-48a6-9e16-007389b8996e","block_type":"box","text":"Fund’s average daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of","page_number":41,"box":{"x":70,"y":798,"width":838,"height":12}},{"id":"eaed87e8-d787-4586-8d94-8edd2aa1c262","block_type":"box","text":"the next $1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily","page_number":41,"box":{"x":68,"y":813,"width":821,"height":12}},{"id":"64e46647-cd3a-4a87-942f-8b85d34982a8","block_type":"box","text":"net assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily","page_number":41,"box":{"x":69,"y":828,"width":816,"height":12}},{"id":"bfa4b191-02f6-49d7-999f-d273abedff2c","block_type":"box","text":"net assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":41,"box":{"x":69,"y":843,"width":833,"height":12}},{"id":"88161c1f-40d6-44db-9157-85c6a4572f3a","block_type":"box","text":"shares of the Fund.","page_number":41,"box":{"x":69,"y":859,"width":137,"height":9}},{"id":"f7254209-ae4f-4bf2-9aaa-0f14fea5e012","block_type":"box","text":"The table below sets forth information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":41,"box":{"x":101,"y":882,"width":798,"height":11}},{"id":"8c1c839e-1730-4e39-8fdf-d4d6833cfd9b","block_type":"box","text":"BlackRock, and the amounts waived, for the past three fiscal years.","page_number":41,"box":{"x":70,"y":897,"width":480,"height":11}},{"id":"f90737f5-0c27-400f-976e-1e478c4d1fdf","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3a6ef2c8-8099-4de6-a094-fecce579298c","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":41,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"08aa4449-743c-4927-b77e-b886086b3719","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":728,"y":49,"width":56,"height":7}},{"id":"e9c98367-ff43-4d30-b074-b24189446774","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":716,"y":59,"width":79,"height":7}},{"id":"a979019d-3bda-4acb-af82-28930d379c5e","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":49,"width":72,"height":7}},{"id":"8cfefd08-eeca-44b6-b3a5-fdc07033fe7c","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":59,"width":80,"height":9}},{"id":"1f28697a-9bc3-4234-b862-8494933e8211","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . .","page_number":42,"box":{"x":70,"y":77,"width":252,"height":11}},{"id":"f7021280-c7f4-4dc5-b056-2378cee2db59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":42,"box":{"x":328,"y":76,"width":407,"height":11}},{"id":"97cb4105-5aa4-495f-a8b2-1268564a8476","block_type":"box","text":"326,671 $ 12","page_number":42,"box":{"x":737,"y":76,"width":158,"height":11}},{"id":"21d0dcf0-efce-46b2-b992-7763bebbcd1d","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . .","page_number":42,"box":{"x":70,"y":92,"width":252,"height":11}},{"id":"0d09e4fa-0b42-4765-8f50-8801bbbbab6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":42,"box":{"x":328,"y":91,"width":407,"height":11}},{"id":"3762b8fb-d13f-4c22-b51b-b54f5497169f","block_type":"box","text":"336,042 $ 827","page_number":42,"box":{"x":737,"y":91,"width":158,"height":11}},{"id":"ec006900-c136-4337-96f2-89d0977a1ef5","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":42,"box":{"x":70,"y":107,"width":242,"height":11}},{"id":"6a67ef54-96ba-4ecb-9aa3-b4c68f4fe60e","block_type":"box","text":"1","page_number":42,"box":{"x":313,"y":107,"width":4,"height":5}},{"id":"1818e574-a449-494c-8146-fd3cebffc627","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":42,"box":{"x":320,"y":106,"width":415,"height":11}},{"id":"2d9b5ed6-e265-4068-9629-3f8fe053987d","block_type":"box","text":"300,050 $8,305","page_number":42,"box":{"x":737,"y":106,"width":158,"height":11}},{"id":"15efbca7-d8e4-4c45-9bdd-6ff7a1fe8929","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":132,"width":3,"height":3}},{"id":"4b76efe7-21ee-4783-9200-aa824d869049","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":42,"box":{"x":94,"y":131,"width":802,"height":9}},{"id":"432762b1-44f1-4203-a88d-52d1b00012e1","block_type":"box","text":"to July 31.","page_number":42,"box":{"x":93,"y":142,"width":58,"height":8}},{"id":"0ea7aa8d-214a-4d70-a142-5c0643e82988","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":42,"box":{"x":101,"y":163,"width":708,"height":11}},{"id":"a7b8671c-aa1c-4606-83de-1fc9d59975c7","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":42,"box":{"x":69,"y":178,"width":838,"height":11}},{"id":"dcdbab98-4e03-4568-ba41-aea1744cbcc1","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":42,"box":{"x":68,"y":193,"width":800,"height":11}},{"id":"5b87bd6e-70e4-4f24-a6e3-8c8783343599","block_type":"box","text":"shares of the Fund.","page_number":42,"box":{"x":69,"y":208,"width":137,"height":9}},{"id":"9e0d6ff0-c54a-44f4-8d3f-3dba3b6edabf","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain","page_number":42,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"1c0757e4-c545-49a0-be4a-ee9353f24282","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":42,"box":{"x":69,"y":246,"width":824,"height":10}},{"id":"057c4248-26f5-4a6f-8141-5b86f717301b","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":42,"box":{"x":69,"y":261,"width":787,"height":11}},{"id":"f718bf0c-0f15-466e-be1c-bfcf1db08850","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":42,"box":{"x":69,"y":276,"width":531,"height":11}},{"id":"036ee62a-ccff-41f0-a60d-89a6112c97d2","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, paid to BlackRock fees for shareholder liaison services","page_number":42,"box":{"x":102,"y":298,"width":794,"height":11}},{"id":"24eb06eb-aebb-46c2-9584-a83427ddf01b","block_type":"box","text":"pursuant to such agreement as follows:","page_number":42,"box":{"x":70,"y":314,"width":280,"height":11}},{"id":"c92b9a21-3182-4d30-92da-3b1383ec655d","block_type":"box","text":"Fees Paid","page_number":42,"box":{"x":732,"y":342,"width":56,"height":7}},{"id":"794ef69d-0603-4f82-9d30-c3d03b875900","block_type":"box","text":"to BlackRock","page_number":42,"box":{"x":720,"y":352,"width":80,"height":7}},{"id":"120af602-e43d-4257-a52f-638c6829d461","block_type":"box","text":"Fees Waived","page_number":42,"box":{"x":833,"y":342,"width":72,"height":7}},{"id":"4ba77c25-96a1-476b-bea1-38a13d82ecc0","block_type":"box","text":"by BlackRock","page_number":42,"box":{"x":830,"y":352,"width":80,"height":9}},{"id":"db076655-7eb9-494c-b5f2-092f5a0b2bae","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":42,"box":{"x":70,"y":370,"width":269,"height":11}},{"id":"9f481894-8877-4e0f-ac9b-5bcfaefa9e7b","block_type":"box","text":"...........................................","page_number":42,"box":{"x":345,"y":377,"width":345,"height":2}},{"id":"82b50bd7-c579-446d-a1c9-479b22772f8a","block_type":"box","text":"$15,322 $0","page_number":42,"box":{"x":729,"y":369,"width":149,"height":11}},{"id":"794de4b1-42f4-47da-b3c1-feb387d3e605","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":42,"box":{"x":70,"y":385,"width":269,"height":11}},{"id":"3ad4c461-b595-4a34-a05f-b6e45dd4a12e","block_type":"box","text":"...........................................","page_number":42,"box":{"x":345,"y":392,"width":345,"height":2}},{"id":"1d0c7b57-4647-473a-ac6c-32a1e4df1181","block_type":"box","text":"$19,758 $0","page_number":42,"box":{"x":729,"y":384,"width":149,"height":11}},{"id":"a0459567-59c6-4853-bbd4-559183b8c70c","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":42,"box":{"x":70,"y":400,"width":242,"height":11}},{"id":"d9c14832-80f8-412c-b5ef-822dbb42fa2c","block_type":"box","text":"1","page_number":42,"box":{"x":313,"y":400,"width":4,"height":5}},{"id":"116cda6e-8d53-493c-9270-7a2a2242c6d7","block_type":"box","text":"..............................................","page_number":42,"box":{"x":321,"y":407,"width":369,"height":2}},{"id":"5740fb32-c145-40b4-baa2-958fbb18af72","block_type":"box","text":"$27,996 $0","page_number":42,"box":{"x":729,"y":399,"width":149,"height":11}},{"id":"2dec216f-dc01-4ce4-983d-2e3eea4776a0","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":425,"width":3,"height":3}},{"id":"dc214334-948c-40a4-9868-c169c3a44123","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":42,"box":{"x":94,"y":424,"width":802,"height":9}},{"id":"5253591c-8de1-4372-aef9-538428bc09d0","block_type":"box","text":"to July 31.","page_number":42,"box":{"x":93,"y":435,"width":58,"height":8}},{"id":"7575e2de-550e-4ca9-b81c-2a964b22e35d","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":42,"box":{"x":69,"y":463,"width":335,"height":11}},{"id":"b7c17fb5-5935-404d-b9fb-cd766787c293","block_type":"box","text":"David Delbos, Mitchell Garfin, CFA, and Carly Wilson are the portfolio managers and are jointly and primarily","page_number":42,"box":{"x":102,"y":486,"width":769,"height":11}},{"id":"87fa5b15-936e-4535-aa9a-6bb0b8eda232","block_type":"box","text":"responsible for the day-to-day management of the Fund.","page_number":42,"box":{"x":69,"y":501,"width":395,"height":11}},{"id":"b9eebb16-cef4-4cc0-9726-97bbbbe9ea57","block_type":"box","text":"Other Funds 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Assets","page_number":42,"box":{"x":653,"y":597,"width":222,"height":7}},{"id":"38f719f5-390f-4e9c-8917-eda3b942c5af","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":42,"box":{"x":631,"y":607,"width":265,"height":9}},{"id":"efaf0ad6-2a0a-42e6-a2a9-a1a974ba3316","block_type":"box","text":"Name of Portfolio 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Pooled","page_number":42,"box":{"x":432,"y":630,"width":74,"height":7}},{"id":"8293864d-6cf1-4bc3-8c2d-34d33344cd41","block_type":"box","text":"Investment","page_number":42,"box":{"x":437,"y":640,"width":64,"height":7}},{"id":"29852d61-a64b-4532-a1df-681d586b4b2b","block_type":"box","text":"Vehicles","page_number":42,"box":{"x":445,"y":650,"width":48,"height":7}},{"id":"a5283470-3769-46b2-867d-c30899c56130","block_type":"box","text":"Other","page_number":42,"box":{"x":552,"y":640,"width":31,"height":7}},{"id":"22c0349b-35d6-4f98-af9e-29a5a18e6ef7","block_type":"box","text":"Accounts","page_number":42,"box":{"x":540,"y":650,"width":54,"height":7}},{"id":"2046dcb0-b204-4aba-9077-3c5b4d17a97d","block_type":"box","text":"Other","page_number":42,"box":{"x":645,"y":620,"width":31,"height":7}},{"id":"9911f155-313f-4619-a32b-2b3e017e0dee","block_type":"box","text":"Registered","page_number":42,"box":{"x":629,"y":630,"width":62,"height":9}},{"id":"b4d746af-c77d-45f2-8a1b-890af9d5e097","block_type":"box","text":"Investment","page_number":42,"box":{"x":628,"y":640,"width":65,"height":7}},{"id":"51a21869-d0a7-4de7-a43e-a01b8ebbebbb","block_type":"box","text":"Companies","page_number":42,"box":{"x":628,"y":650,"width":64,"height":9}},{"id":"092b0b7d-b7c7-4c5c-b2ca-1544502cdaa6","block_type":"box","text":"Other Pooled","page_number":42,"box":{"x":713,"y":630,"width":75,"height":7}},{"id":"66261f00-ea0a-4289-b553-0487d09cc631","block_type":"box","text":"Investment","page_number":42,"box":{"x":718,"y":640,"width":65,"height":7}},{"id":"bb5d9a79-c043-4ad4-a5a4-8131c8b3b8a3","block_type":"box","text":"Vehicles","page_number":42,"box":{"x":726,"y":650,"width":48,"height":7}},{"id":"5f873e23-821f-48ee-972c-46678db3c8a9","block_type":"box","text":"Other","page_number":42,"box":{"x":838,"y":640,"width":32,"height":7}},{"id":"0e201e00-8647-4d3a-b27b-121a515d24ae","block_type":"box","text":"Accounts","page_number":42,"box":{"x":826,"y":650,"width":55,"height":7}},{"id":"869910c8-d9c6-4896-a6b2-71b74ce459f3","block_type":"box","text":"David Delbos 28 21 119 0 0 5","page_number":42,"box":{"x":74,"y":664,"width":783,"height":7}},{"id":"a419cf4d-aa05-4b53-9353-0672c33fa273","block_type":"box","text":"$40.82 Billion $9.29 Billion $18.54 Billion $0 $0 $731.99 Million","page_number":42,"box":{"x":331,"y":676,"width":568,"height":8}},{"id":"6e178337-6e92-444c-95de-d6597376f8fb","block_type":"box","text":"Mitchell Garfin, CFA 30 22 128 0 0 5","page_number":42,"box":{"x":74,"y":689,"width":783,"height":8}},{"id":"193a7bba-c29d-4fd5-aa21-66736d0473b3","block_type":"box","text":"$42.40 Billion $9.46 Billion $18.85 Billion $0 $0 $731.99 Million","page_number":42,"box":{"x":331,"y":701,"width":568,"height":8}},{"id":"11b07475-e47c-4e37-9ffb-4377f2875ac6","block_type":"box","text":"Carly Wilson 13 8 14 0 0 0","page_number":42,"box":{"x":74,"y":714,"width":783,"height":9}},{"id":"4ae4e3e1-1a80-418e-8210-f88af34f3e53","block_type":"box","text":"$5.46 Billion $1.34 Billion $3.19 Billion $0 $0 $0","page_number":42,"box":{"x":335,"y":726,"width":526,"height":9}},{"id":"e693de1a-bc7a-4f45-bddd-00d80116944b","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":761,"width":304,"height":11}},{"id":"f75549e3-642a-48be-b6f6-9664b453b4c6","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of July 31, 2025.","page_number":42,"box":{"x":101,"y":783,"width":653,"height":12}},{"id":"682631f6-cfe5-42c3-b613-e74ea2b1ff9c","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":806,"width":774,"height":11}},{"id":"4c240b38-8cfc-4155-a6b4-5a0889bec925","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":821,"width":837,"height":12}},{"id":"f04de2cb-6b2c-4953-aadf-f3241b4b2833","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":42,"box":{"x":69,"y":836,"width":823,"height":12}},{"id":"81c08c7e-56aa-41bc-a835-b3ff11ab7b6c","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":42,"box":{"x":69,"y":852,"width":799,"height":11}},{"id":"e11d507f-7e8e-44d5-85c9-9006ac0afc7c","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":42,"box":{"x":70,"y":867,"width":670,"height":11}},{"id":"f346fcc8-fce2-448c-99fb-9aa9959b1013","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":889,"width":148,"height":11}},{"id":"1730e436-270e-4cf3-95f4-02bed7420a89","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":889,"width":640,"height":12}},{"id":"ca99985d-29e0-4b14-9a1b-00c29aa0a4fc","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":904,"width":32,"height":9}},{"id":"bf6df225-b366-485d-9660-7ba130fdb46a","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f59ab04b-96f5-4150-8a66-a2fbd8c67681","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":42,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"405aa541-58d1-49d5-ad36-8ad0e2c75d6a","block_type":"box","text":"Discretionary Incentive Compensation","page_number":43,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"e88e57f3-d017-415a-9168-4dd7b2e8694a","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc.,","page_number":43,"box":{"x":102,"y":67,"width":792,"height":11}},{"id":"6d3a1afe-d3bf-44f7-8e43-c658a326e7e8","block_type":"box","text":"the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk","page_number":43,"box":{"x":68,"y":82,"width":800,"height":12}},{"id":"1f961032-9ead-443f-900f-f0ee84c05c8e","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to","page_number":43,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"2007e8ce-38c3-4147-bde5-31af57a94f9c","block_type":"box","text":"predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these","page_number":43,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"2d0c9a56-8f5e-46df-a6ea-4cbc30bcde6a","block_type":"box","text":"portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":43,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"96050c25-2de1-44f1-89df-2a8b2a7dee7b","block_type":"box","text":"which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among","page_number":43,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"2f65d4d7-9ab0-45cf-a1b7-b78b13972479","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio","page_number":43,"box":{"x":69,"y":158,"width":819,"height":11}},{"id":"91b9b357-6871-45c4-8ca3-8a45ac3ce0f2","block_type":"box","text":"manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio","page_number":43,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"ebee1aec-a21e-4478-b98e-9b2b2dfe670b","block_type":"box","text":"manager relative to the various benchmarks. Performance of fixed-income funds is measured on a pre-tax and/or","page_number":43,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"7a81494f-6fb3-4af8-9499-cb7358612e43","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":43,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"c6045866-dfaa-43ea-9d8d-771bfd91a2b9","block_type":"box","text":"portfolio managers, such benchmarks for the Fund and other accounts are:","page_number":43,"box":{"x":70,"y":218,"width":534,"height":12}},{"id":"77c5fe8d-74b5-487d-9343-65d630f8cc63","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":43,"box":{"x":69,"y":247,"width":267,"height":9}},{"id":"6b9f90a1-964c-4462-a0fd-d8e8e2945749","block_type":"box","text":"David Delbos","page_number":43,"box":{"x":70,"y":263,"width":91,"height":9}},{"id":"82a74439-7acd-431c-b9dd-f0095f840b79","block_type":"box","text":"Mitchell Garfin, CFA","page_number":43,"box":{"x":70,"y":278,"width":139,"height":11}},{"id":"1084cebc-897d-441a-99cf-89a3666f6f70","block_type":"box","text":"A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2%","page_number":43,"box":{"x":264,"y":263,"width":642,"height":12}},{"id":"bee5e35b-824e-4884-95f8-fcedc68ff0f4","block_type":"box","text":"Issuer Cap Index), certain customized indices and certain fund industry peer groups.","page_number":43,"box":{"x":265,"y":278,"width":602,"height":12}},{"id":"555085ec-0215-41a8-99b6-10756dd13fe3","block_type":"box","text":"Carly Wilson A combination of market-based indices (e.g., ICE BofA 3-Month U.S. Treasury Bill Index).","page_number":43,"box":{"x":69,"y":301,"width":822,"height":11}},{"id":"cc6589ad-4b38-47ae-a01d-f8a225169627","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":43,"box":{"x":102,"y":325,"width":389,"height":11}},{"id":"dfb62aa3-066e-4d0e-8af4-c873030e6096","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":43,"box":{"x":499,"y":325,"width":383,"height":11}},{"id":"1142564e-c7d0-4f78-9bff-10fec5fe493a","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":43,"box":{"x":70,"y":340,"width":815,"height":11}},{"id":"aff9b85a-8da5-4450-9771-0c97b37bd66f","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":43,"box":{"x":68,"y":355,"width":522,"height":11}},{"id":"3896e525-ff24-400e-9acd-17447db36b34","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":43,"box":{"x":102,"y":378,"width":760,"height":11}},{"id":"fc5d46e6-2b48-4b06-a824-fb23fb90ee60","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":43,"box":{"x":69,"y":393,"width":795,"height":11}},{"id":"b3d30e79-df8d-4dc8-9a16-6cd458105944","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":43,"box":{"x":69,"y":408,"width":805,"height":11}},{"id":"f71329b3-c6b4-4d03-af56-a21453843363","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":43,"box":{"x":69,"y":423,"width":822,"height":12}},{"id":"61d2b95e-3893-4a0a-9ad6-b5bd773ee1ea","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":43,"box":{"x":68,"y":438,"width":839,"height":12}},{"id":"5d4046cc-3b21-4834-abb9-2c45cf616566","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":43,"box":{"x":69,"y":453,"width":802,"height":12}},{"id":"5648f22b-396b-4c40-8d85-03bae9614819","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":43,"box":{"x":70,"y":469,"width":820,"height":11}},{"id":"05e3374e-37cb-4168-a001-d4a6332b9a59","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":43,"box":{"x":70,"y":484,"width":801,"height":11}},{"id":"414d323f-4daf-49ee-ab3d-12698c44501c","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":43,"box":{"x":70,"y":499,"width":831,"height":11}},{"id":"b101d1bc-8dad-4317-a76b-f0f72d7f4388","block_type":"box","text":"managers of the Fund have deferred BlackRock, Inc. stock awards.","page_number":43,"box":{"x":69,"y":514,"width":476,"height":11}},{"id":"c56766ca-95b0-478f-a932-a5f90af8f709","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":43,"box":{"x":102,"y":537,"width":785,"height":11}},{"id":"f258658b-1dd3-4525-94d9-5be84a09f9b0","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":43,"box":{"x":68,"y":552,"width":836,"height":11}},{"id":"1a8d45e5-f9a6-4182-ae7e-b09e2b9fa2c6","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":43,"box":{"x":68,"y":567,"width":821,"height":11}},{"id":"b215403f-6657-498f-b189-27f5395260df","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":43,"box":{"x":69,"y":582,"width":829,"height":11}},{"id":"c8ac5acc-7f81-4328-8886-37259056829f","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":43,"box":{"x":70,"y":597,"width":835,"height":11}},{"id":"1aec40ea-48e9-499f-bdb9-2e5404c3fd99","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":43,"box":{"x":69,"y":612,"width":414,"height":11}},{"id":"2802f04a-be15-44ae-a816-ae00661ce3f7","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":635,"width":218,"height":11}},{"id":"63140608-733a-4cde-88e2-16e0f870e756","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":43,"box":{"x":327,"y":635,"width":552,"height":11}},{"id":"10ff79b5-b71b-4750-b2f7-27f983eac4c3","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":43,"box":{"x":69,"y":650,"width":582,"height":11}},{"id":"805fe277-4090-48ec-8eda-ab5dbb2e30a2","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":673,"width":167,"height":11}},{"id":"a87ff75b-275d-4060-b908-8a1c47a49f7f","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":673,"width":614,"height":11}},{"id":"407b6237-3956-4d61-a875-75178af262d9","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":688,"width":831,"height":11}},{"id":"32dbda5c-3af5-45fa-bfad-5f3faaf34c81","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":703,"width":785,"height":11}},{"id":"a523e008-30fb-4650-ab53-fcbfdc12b979","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":43,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"d69b8774-4ffa-429e-a488-debccfe5b410","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":733,"width":799,"height":11}},{"id":"6fdf46ec-1f80-4a24-b88b-fdbece07370b","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":748,"width":831,"height":12}},{"id":"65b7982b-3f02-4a34-a809-1855ac5f7e26","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":763,"width":798,"height":12}},{"id":"79b5c6c4-a229-4158-890b-155e0a5fca2b","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":778,"width":809,"height":12}},{"id":"9dacafd2-83ea-427c-aeeb-38bf0dc8115d","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":43,"box":{"x":68,"y":794,"width":793,"height":11}},{"id":"a2b7b69c-1fee-414f-8b35-a4ce871e3763","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":43,"box":{"x":70,"y":809,"width":832,"height":11}},{"id":"44b7e571-fbbd-49b3-b714-d1f2bdbcc1cd","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":43,"box":{"x":68,"y":824,"width":805,"height":11}},{"id":"58cbdeb3-52a8-4a02-bca6-bb5dc52a6d90","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":43,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"55936948-2692-468c-ba27-a54ec380a9c2","block_type":"box","text":"participate in these plans.","page_number":43,"box":{"x":70,"y":854,"width":185,"height":11}},{"id":"941066c1-3a2d-4a13-9307-294ea92f19fd","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c11a63b0-779a-4a4f-896d-933166e28bc1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":43,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ae431034-7c1e-4d28-b539-523285016377","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":44,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"edb25910-ccad-45b9-8a35-9371928cf7f7","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":44,"box":{"x":101,"y":67,"width":728,"height":12}},{"id":"f6737263-2f72-4b3b-a42c-13abb8008d81","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":44,"box":{"x":69,"y":82,"width":519,"height":12}},{"id":"b5407d8b-5866-4215-b267-ce526cf54cbb","block_type":"box","text":"Portfolio Manager","page_number":44,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"66c7c5f1-f1df-48f8-b662-d249be462d56","block_type":"box","text":"Dollar Range of Equity","page_number":44,"box":{"x":757,"y":111,"width":129,"height":9}},{"id":"fefb7499-8b3b-41b7-b13f-844a0dc0a1fd","block_type":"box","text":"Securities Beneficially Owned","page_number":44,"box":{"x":732,"y":121,"width":173,"height":9}},{"id":"af50d7af-7463-48e1-a9f1-4f6cb78acfe2","block_type":"box","text":"1","page_number":44,"box":{"x":906,"y":121,"width":4,"height":3}},{"id":"4a9914b4-f41f-4b66-a960-c7e76f34fecf","block_type":"box","text":"David Delbos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":139,"width":631,"height":8}},{"id":"cb8daa59-8d38-45ac-924a-94869d6ef939","block_type":"box","text":"$100,001 - $500,000","page_number":44,"box":{"x":742,"y":138,"width":158,"height":11}},{"id":"36b08959-cd89-4394-a47d-806dd8c0fc5f","block_type":"box","text":"Mitchell Garfin, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":154,"width":631,"height":10}},{"id":"b809f6be-d174-4c72-b9a4-01dd0c2b2361","block_type":"box","text":"$100,001 - $500,000","page_number":44,"box":{"x":742,"y":153,"width":158,"height":11}},{"id":"2b7ecfb8-aa65-4dcc-9527-643b97c95b8b","block_type":"box","text":"Carly Wilson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":69,"y":169,"width":632,"height":11}},{"id":"0f1702c4-aa59-4111-8793-37462d254fae","block_type":"box","text":"$100,001 - $500,000","page_number":44,"box":{"x":742,"y":168,"width":158,"height":11}},{"id":"c2502ed8-bdf5-4c45-b070-4ef0276883e6","block_type":"box","text":"1","page_number":44,"box":{"x":69,"y":193,"width":3,"height":4}},{"id":"d6e54375-7cec-473d-8f6d-77b90e54ea7a","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement programs.","page_number":44,"box":{"x":94,"y":193,"width":746,"height":9}},{"id":"1f3a4efe-f886-4b8c-8112-f282a17d64f4","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":44,"box":{"x":69,"y":222,"width":403,"height":11}},{"id":"9c7bbb06-be8e-4c0b-ae3e-9c8aeaa33352","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":44,"box":{"x":102,"y":244,"width":727,"height":12}},{"id":"cebd06c4-b2f6-454b-bac1-bcf3913c6607","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":44,"box":{"x":70,"y":259,"width":814,"height":12}},{"id":"d96c1b2a-6279-4b0e-9345-648005e0dadb","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":44,"box":{"x":70,"y":275,"width":837,"height":11}},{"id":"e8a21e0e-c2d0-4097-95ff-2c3b79f13a6a","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":44,"box":{"x":70,"y":290,"width":810,"height":11}},{"id":"22419dfd-476a-4110-b031-a15f0da11a5f","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":44,"box":{"x":69,"y":305,"width":782,"height":11}},{"id":"6c67eb8f-f18c-4a78-ac19-8434ca02ad3b","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":44,"box":{"x":69,"y":320,"width":830,"height":11}},{"id":"b4428fab-d146-4046-89da-2b3908cad1a0","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":44,"box":{"x":69,"y":335,"width":828,"height":11}},{"id":"7de8bb3a-98f6-44c3-b4d6-e12dfca80012","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":44,"box":{"x":68,"y":350,"width":834,"height":11}},{"id":"18f9d4d4-ec96-4368-8809-40d138bd9e0b","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":44,"box":{"x":70,"y":365,"width":777,"height":11}},{"id":"90c1656e-f676-4d39-8130-46b10472143e","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":44,"box":{"x":70,"y":380,"width":821,"height":12}},{"id":"c2a5abf9-7581-448a-8f3d-c98d202c3dfd","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":44,"box":{"x":69,"y":396,"width":819,"height":10}},{"id":"b3b08473-764e-4e81-ae29-34c01883ac0d","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":44,"box":{"x":69,"y":411,"width":832,"height":11}},{"id":"65879978-08d6-4efd-ab0b-9568ff9630a6","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":44,"box":{"x":68,"y":426,"width":804,"height":11}},{"id":"5eaf43ac-af60-40f1-b85d-8e635ebc94ad","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":44,"box":{"x":69,"y":441,"width":760,"height":11}},{"id":"c9feb27a-6fe8-4112-8396-d7b41a90493a","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":44,"box":{"x":69,"y":456,"width":834,"height":11}},{"id":"2b74fc9e-ee94-4b44-99d4-25d6b4a084bf","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":44,"box":{"x":69,"y":471,"width":836,"height":11}},{"id":"804b84eb-58c0-44b8-82fa-37987980115b","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":44,"box":{"x":69,"y":486,"width":822,"height":11}},{"id":"58263a38-cd78-4014-b7a7-f17e4c49d6bc","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":44,"box":{"x":70,"y":501,"width":835,"height":12}},{"id":"6cd82c7e-f403-4b63-a654-9f34b47b6504","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Ms. Wilson and Messrs. Delbos and","page_number":44,"box":{"x":69,"y":516,"width":807,"height":12}},{"id":"7f934d03-e4ff-421f-a52b-4eca1b39bbcd","block_type":"box","text":"Garfin may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/","page_number":44,"box":{"x":69,"y":532,"width":834,"height":11}},{"id":"78512748-4235-4d01-a1c7-9a017067bbb6","block_type":"box","text":"or long only accounts, subject to incentive fees. Ms. Wilson and Messrs. Delbos and Garfin may therefore be entitled","page_number":44,"box":{"x":69,"y":547,"width":836,"height":11}},{"id":"d1e21797-2d92-422b-94f3-761a8891aa84","block_type":"box","text":"to receive a portion of any incentive fees earned on such accounts.","page_number":44,"box":{"x":68,"y":562,"width":480,"height":11}},{"id":"a8595e23-afe6-4b63-9026-a60027e1f25d","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":44,"box":{"x":101,"y":584,"width":788,"height":12}},{"id":"366b5e8b-db1f-405d-b2d8-f7c0e9532b5a","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":44,"box":{"x":70,"y":600,"width":839,"height":11}},{"id":"030012df-e45e-4e45-aa2c-752ebd116e39","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":44,"box":{"x":68,"y":615,"width":823,"height":11}},{"id":"3644f6e8-2977-401d-9609-2881399e3afc","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":44,"box":{"x":68,"y":630,"width":812,"height":11}},{"id":"37d8b252-816d-4c9e-964f-6906de9d7e61","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":645,"width":777,"height":11}},{"id":"12bf650f-64ee-47e6-8be8-4cb42e552d35","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":660,"width":826,"height":11}},{"id":"b896fd08-889d-4d9a-87e1-9c14b70bf5ca","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":690,"width":150,"height":11}},{"id":"373f03bc-09b8-43f8-a848-f39ea4a778cf","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. JPM records","page_number":44,"box":{"x":101,"y":713,"width":757,"height":11}},{"id":"351e9509-3b2f-4297-af3c-9363f5d76aa6","block_type":"box","text":"investment, capital share and income and expense activities; verifies and transmits trade tickets; maintains","page_number":44,"box":{"x":70,"y":728,"width":769,"height":11}},{"id":"6b0a38a0-ef87-44d0-a63f-5f0b9d306b0c","block_type":"box","text":"accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Fund’s custodian; reports","page_number":44,"box":{"x":69,"y":743,"width":823,"height":12}},{"id":"1c1c9b6e-2135-4d59-b2fa-ad4a9ebb6279","block_type":"box","text":"cash balances to BlackRock; prepares certain financial statements; calculates expenses, gains, losses and income;","page_number":44,"box":{"x":69,"y":758,"width":830,"height":12}},{"id":"ca547385-0e58-416f-98f1-359433ad59cb","block_type":"box","text":"controls disbursements; works with independent pricing sources; and computes and reports net asset value. In","page_number":44,"box":{"x":69,"y":774,"width":795,"height":11}},{"id":"91e481fc-07ce-4c5d-9e89-fb1cc217591a","block_type":"box","text":"connection with its accounting services, JPM also provides certain administration services to the Fund.","page_number":44,"box":{"x":69,"y":789,"width":735,"height":11}},{"id":"3c273bb9-8dd4-4cf0-8223-19e35b813349","block_type":"box","text":"The table below shows the amount paid by the Trust, on behalf of the Fund, to the JPM, for accounting services","page_number":44,"box":{"x":101,"y":811,"width":795,"height":12}},{"id":"4723b12f-01fd-40f6-a8d8-9cfb59ab0483","block_type":"box","text":"for the periods indicated:","page_number":44,"box":{"x":68,"y":826,"width":178,"height":11}},{"id":"29ade77e-d42a-4070-9f42-bff7673d8b26","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":845,"y":855,"width":56,"height":7}},{"id":"654542c3-3dad-495b-b201-85aadcae6a84","block_type":"box","text":"to JPM","page_number":44,"box":{"x":853,"y":865,"width":39,"height":7}},{"id":"574f553e-6fbd-4aa5-bfd2-db26e851dbaf","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":883,"width":442,"height":11}},{"id":"2e3a88ff-33d0-4586-ba46-43cb78123405","block_type":"box","text":"....................................","page_number":44,"box":{"x":518,"y":890,"width":287,"height":1}},{"id":"ec60ba6e-3c86-4c4a-bb77-dead3d1d8de0","block_type":"box","text":"$608,533","page_number":44,"box":{"x":837,"y":882,"width":72,"height":11}},{"id":"df16d40e-b7ec-4752-9105-aec94c76b978","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":898,"width":442,"height":11}},{"id":"7d8dcc3f-2408-4d68-8ada-bc434a630c61","block_type":"box","text":"....................................","page_number":44,"box":{"x":518,"y":905,"width":287,"height":1}},{"id":"5c8c2e3b-0f4b-4093-8580-4546dda97893","block_type":"box","text":"$551,314","page_number":44,"box":{"x":837,"y":897,"width":72,"height":11}},{"id":"a66332c3-be97-4926-b0af-31e3fc9297c5","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"5f0d1882-13d6-4e0f-be10-06ab50906010","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":44,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"925fa48f-2927-4379-9961-9cc179b45f51","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":845,"y":49,"width":56,"height":7}},{"id":"796786be-74d0-4567-9332-3f94a62c0a38","block_type":"box","text":"to JPM","page_number":45,"box":{"x":853,"y":59,"width":39,"height":7}},{"id":"c3f768a5-c337-4286-933d-93d242321284","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":45,"box":{"x":70,"y":77,"width":242,"height":11}},{"id":"a489a379-92b5-48ae-9440-2a3c77ed07d8","block_type":"box","text":"1","page_number":45,"box":{"x":313,"y":77,"width":4,"height":5}},{"id":"85629c5d-0788-4f13-96ce-87e26a4336e8","block_type":"box","text":"............................................................","page_number":45,"box":{"x":323,"y":84,"width":482,"height":2}},{"id":"cee26d87-b4a8-429b-a049-ccf3a3098657","block_type":"box","text":"$520,281","page_number":45,"box":{"x":837,"y":76,"width":72,"height":11}},{"id":"4c04cb38-6383-4fdb-9188-c7cb52050112","block_type":"box","text":"1","page_number":45,"box":{"x":69,"y":101,"width":3,"height":4}},{"id":"ec3c583d-d66d-443c-b696-6b66d0c449e1","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":45,"box":{"x":94,"y":101,"width":802,"height":9}},{"id":"92138d4c-8e3b-42bc-a529-97477ad1424e","block_type":"box","text":"to July 31.","page_number":45,"box":{"x":93,"y":111,"width":58,"height":9}},{"id":"6e989c80-afac-4a0f-9ecb-252a54f8e467","block_type":"box","text":"Custodian","page_number":45,"box":{"x":69,"y":140,"width":72,"height":9}},{"id":"f007ef18-0f8f-4a27-9afb-c6ac1fac05f9","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, serves as the","page_number":45,"box":{"x":101,"y":162,"width":736,"height":11}},{"id":"0bf91f86-0b40-4e84-9982-c819aa95682a","block_type":"box","text":"custodian for the Fund. Among other responsibilities, JPM maintains a custody account or accounts in the name of","page_number":45,"box":{"x":69,"y":178,"width":818,"height":11}},{"id":"2c3d6be5-ac13-43c2-ba5d-e266afae4b37","block_type":"box","text":"the Fund, receives and delivers all assets for the Fund upon purchase and upon sale or maturity, and collects and","page_number":45,"box":{"x":68,"y":193,"width":811,"height":11}},{"id":"e323f639-e6aa-468a-98df-3068339681fb","block_type":"box","text":"receives all income and other payments and distributions on account of the assets of the Fund.","page_number":45,"box":{"x":69,"y":208,"width":680,"height":11}},{"id":"57ecb888-5569-41e2-9675-6da41dd6c4fe","block_type":"box","text":"Transfer Agent","page_number":45,"box":{"x":68,"y":238,"width":107,"height":11}},{"id":"36022b03-4f67-42ab-9110-85740c387143","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 301","page_number":45,"box":{"x":102,"y":261,"width":765,"height":11}},{"id":"30da756e-aeaf-4359-b6c6-ebe9054580d6","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the","page_number":45,"box":{"x":70,"y":276,"width":820,"height":11}},{"id":"321ac6f7-74bb-4727-a4e3-b4f027592476","block_type":"box","text":"Fund.","page_number":45,"box":{"x":70,"y":291,"width":36,"height":9}},{"id":"2131e2c8-65d2-46bd-9a8f-e0f4ff328b69","block_type":"box","text":"Credit Agreement","page_number":45,"box":{"x":69,"y":321,"width":129,"height":11}},{"id":"b95c2649-0b6f-4cd6-8530-d20e41a50ce3","block_type":"box","text":"The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates","page_number":45,"box":{"x":101,"y":344,"width":757,"height":11}},{"id":"0cd0a131-8232-449a-add8-8b0b8552173b","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":45,"box":{"x":69,"y":358,"width":817,"height":12}},{"id":"f2c2a503-7a26-4550-888b-e630e388b152","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":45,"box":{"x":68,"y":374,"width":743,"height":11}},{"id":"a41e7464-b1a8-4fbc-bf11-efc9ee589311","block_type":"box","text":"commitments designated for certain Participating Funds, the Participating Funds, including the Fund, can borrow up","page_number":45,"box":{"x":69,"y":389,"width":825,"height":11}},{"id":"878563be-2873-4e10-a061-59b05130228e","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding subject to asset coverage and other","page_number":45,"box":{"x":68,"y":404,"width":813,"height":12}},{"id":"67a25ac1-dce3-40f0-a364-b335ce61af8b","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":45,"box":{"x":70,"y":419,"width":761,"height":12}},{"id":"c7f6090f-f346-4fee-ae5c-f8f7605955ae","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":45,"box":{"x":69,"y":435,"width":768,"height":11}},{"id":"8a82c203-461c-4cf9-9ffb-c88d549de016","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under the Fund’s current","page_number":45,"box":{"x":68,"y":450,"width":781,"height":11}},{"id":"adbbcf5d-8f7c-46cb-82c8-12cec0e49bcd","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":45,"box":{"x":69,"y":465,"width":812,"height":11}},{"id":"2a441e94-447e-4fe1-b3a5-c2321b6eeae0","block_type":"box","text":"expense and other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of","page_number":45,"box":{"x":69,"y":480,"width":774,"height":11}},{"id":"7f0a5bdf-55c4-46f1-afae-29713cf97dcf","block_type":"box","text":"borrowing may reduce the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees","page_number":45,"box":{"x":69,"y":495,"width":836,"height":11}},{"id":"0bf28112-8a89-44b9-b112-5ac1efb6e87a","block_type":"box","text":"on the aggregate commitment amount based on its net assets. If the Fund borrows pursuant to the Credit","page_number":45,"box":{"x":69,"y":510,"width":756,"height":11}},{"id":"1ebb5d14-a9fb-4b39-8bea-7fb4db9fade6","block_type":"box","text":"Agreement, the Fund will be charged interest at a variable rate.","page_number":45,"box":{"x":68,"y":526,"width":449,"height":11}},{"id":"c89f0eb1-01c5-436a-9981-8011b0eadb59","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":45,"box":{"x":68,"y":556,"width":491,"height":11}},{"id":"34a865c8-f52b-4341-9106-5d8242371240","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":45,"box":{"x":102,"y":578,"width":421,"height":11}},{"id":"b1b5ea5e-524b-473e-8445-67712698c9a5","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":45,"box":{"x":529,"y":578,"width":368,"height":11}},{"id":"9fd3f693-bdda-47b2-9b0d-fbdbeda287b5","block_type":"box","text":"with BlackRock Investments, LLC (previously defined as “BRIL,” or the “Distributor”) under which BRIL, as agent,","page_number":45,"box":{"x":68,"y":593,"width":803,"height":12}},{"id":"4ac83e91-c295-4a6a-9c73-5f859ead439c","block_type":"box","text":"offers shares of the Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the","page_number":45,"box":{"x":69,"y":608,"width":815,"height":12}},{"id":"0c237faf-f6e4-4d14-a9b5-bc7bba539eab","block_type":"box","text":"shares, but it is not obligated to sell any particular amount of shares. BRIL’s principal business address is 50","page_number":45,"box":{"x":69,"y":623,"width":786,"height":12}},{"id":"e8e2de98-2e8b-41dd-a3df-4abf56f11c63","block_type":"box","text":"Hudson Yards, New York, New York 10001. BRIL is an affiliate of BlackRock.","page_number":45,"box":{"x":70,"y":639,"width":542,"height":10}},{"id":"798ea1cc-131a-4e22-bca9-3032788770c6","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":45,"box":{"x":101,"y":661,"width":805,"height":12}},{"id":"0928210c-7f4d-48e1-812f-40b15668b94a","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":45,"box":{"x":68,"y":676,"width":808,"height":11}},{"id":"fadbd0ad-2784-4fa7-a750-037707eaa5e1","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":45,"box":{"x":69,"y":692,"width":791,"height":11}},{"id":"c7b48eff-c965-4e8c-bf9e-482e6e3c0b34","block_type":"box","text":"Organizations”) for certain support services rendered by Service Organizations to their customers who are the","page_number":45,"box":{"x":69,"y":707,"width":786,"height":11}},{"id":"fb89e59f-a18e-4c86-b59c-65e6dde87352","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Fund.","page_number":45,"box":{"x":69,"y":722,"width":470,"height":9}},{"id":"61d8b7f2-fba3-401c-a917-6a3a7387fb2a","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":45,"box":{"x":102,"y":744,"width":773,"height":12}},{"id":"9b9daaad-2e6e-4eb5-be7b-109bde4e51e5","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of BlackRock, for the period indicated.","page_number":45,"box":{"x":69,"y":760,"width":712,"height":11}},{"id":"aa57d64f-6154-4e8a-818f-fbd17966be3a","block_type":"box","text":"Investor A and Investor C Shares Sales Charge Information","page_number":45,"box":{"x":70,"y":790,"width":419,"height":11}},{"id":"14a58218-327e-4334-9178-2f13c0d37eba","block_type":"box","text":"Investor A Shares","page_number":45,"box":{"x":645,"y":818,"width":102,"height":7}},{"id":"79067ff9-c167-4ea4-a2fb-01436fbd1c08","block_type":"box","text":"Gross Sales","page_number":45,"box":{"x":485,"y":844,"width":68,"height":7}},{"id":"c565f777-c38d-4064-ab38-d7136ffa258c","block_type":"box","text":"Charges","page_number":45,"box":{"x":496,"y":854,"width":47,"height":9}},{"id":"3bcd80d7-3358-48e3-8ffb-7c39a329f665","block_type":"box","text":"Collected","page_number":45,"box":{"x":492,"y":864,"width":54,"height":7}},{"id":"f1422b02-bc8d-4f0e-afb6-c239dcc06afc","block_type":"box","text":"Sales Charges","page_number":45,"box":{"x":585,"y":844,"width":84,"height":9}},{"id":"3b29138a-4d9f-4b0c-9bf0-c1c1665b0f10","block_type":"box","text":"Retained by","page_number":45,"box":{"x":593,"y":854,"width":69,"height":9}},{"id":"20c95a04-54a5-4d3a-9f6d-00cd464a8c26","block_type":"box","text":"BRIL","page_number":45,"box":{"x":614,"y":864,"width":27,"height":7}},{"id":"4551b97a-0f64-4d29-b04f-5427a2398504","block_type":"box","text":"Sales Charges","page_number":45,"box":{"x":699,"y":844,"width":83,"height":9}},{"id":"2a737aa6-2fa9-4ed4-92a6-7f70d1ce5dff","block_type":"box","text":"Paid to","page_number":45,"box":{"x":721,"y":854,"width":40,"height":7}},{"id":"eac48db2-ff39-4919-9db8-27f93b072669","block_type":"box","text":"Affiliates","page_number":45,"box":{"x":715,"y":864,"width":51,"height":7}},{"id":"b5522d78-6519-45c7-ac17-024c12e9aa72","block_type":"box","text":"CDSCs Received","page_number":45,"box":{"x":812,"y":834,"width":97,"height":7}},{"id":"c0558794-3e82-434f-9930-ffad8a07a2bc","block_type":"box","text":"on Redemption","page_number":45,"box":{"x":817,"y":844,"width":87,"height":9}},{"id":"219e0298-9c7e-4c2b-8b69-d81415bab568","block_type":"box","text":"of Load-Waived","page_number":45,"box":{"x":817,"y":854,"width":87,"height":7}},{"id":"931b7f7d-931c-4f08-bf10-1ae0b1f00b5e","block_type":"box","text":"Shares","page_number":45,"box":{"x":841,"y":864,"width":39,"height":7}},{"id":"d984822e-6bb0-4b61-b95c-aae595754eb6","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . $155,170 $21,815 $21,815 $ 3,398","page_number":45,"box":{"x":70,"y":881,"width":822,"height":12}},{"id":"cc3279f8-1ef3-4a96-b333-8b5b7834e6e2","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . $119,485 $14,884 $14,884 $13,595","page_number":45,"box":{"x":70,"y":896,"width":822,"height":12}},{"id":"19c6ad17-5592-4f3e-ab0e-63df6bd349e8","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"64f57c83-33e7-4d73-bd00-6abfcea3a4ce","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":45,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e20d8dbd-0142-4d02-877c-5cc859c50c98","block_type":"box","text":"Investor A Shares","page_number":46,"box":{"x":645,"y":49,"width":102,"height":7}},{"id":"384606a9-faf0-4f1f-b976-144ef41fb4c1","block_type":"box","text":"Gross Sales","page_number":46,"box":{"x":485,"y":75,"width":68,"height":7}},{"id":"bcf74e10-5e92-435d-b290-9f02b7a875fe","block_type":"box","text":"Charges","page_number":46,"box":{"x":496,"y":85,"width":47,"height":9}},{"id":"8ff5e42d-0048-4cd7-a416-45f119dd2507","block_type":"box","text":"Collected","page_number":46,"box":{"x":492,"y":95,"width":54,"height":7}},{"id":"95c333ed-b5eb-4dcd-ac6a-cd5fd04152ee","block_type":"box","text":"Sales Charges","page_number":46,"box":{"x":585,"y":75,"width":84,"height":9}},{"id":"dc87518f-c144-4cfd-9136-a799f33cca0c","block_type":"box","text":"Retained by","page_number":46,"box":{"x":593,"y":85,"width":69,"height":9}},{"id":"c4d898dd-ad28-4d23-a801-c06e20a74f53","block_type":"box","text":"BRIL","page_number":46,"box":{"x":614,"y":95,"width":27,"height":7}},{"id":"4b746249-e67c-4c4d-9a2b-f1cbe1e1752a","block_type":"box","text":"Sales Charges","page_number":46,"box":{"x":699,"y":75,"width":83,"height":9}},{"id":"ceeb838d-19e4-4009-b695-31cd68870524","block_type":"box","text":"Paid to","page_number":46,"box":{"x":721,"y":85,"width":40,"height":7}},{"id":"c16a46cf-f7d7-4f38-8f4a-f11e4c616104","block_type":"box","text":"Affiliates","page_number":46,"box":{"x":715,"y":95,"width":51,"height":7}},{"id":"0ac272f2-6d35-4d35-8681-2b9c00123e10","block_type":"box","text":"CDSCs Received","page_number":46,"box":{"x":812,"y":65,"width":97,"height":7}},{"id":"a3c508c9-8536-4d93-af93-009242e3a8ca","block_type":"box","text":"on Redemption","page_number":46,"box":{"x":817,"y":75,"width":87,"height":9}},{"id":"652c24c8-3542-40bf-adb9-8456a445d5c7","block_type":"box","text":"of Load-Waived","page_number":46,"box":{"x":817,"y":85,"width":87,"height":7}},{"id":"8e8fb2ea-83cb-480b-b22e-ad55d198d026","block_type":"box","text":"Shares","page_number":46,"box":{"x":841,"y":95,"width":39,"height":7}},{"id":"d1d40b55-4b5e-4b22-87a1-b55824094699","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":46,"box":{"x":70,"y":113,"width":242,"height":11}},{"id":"27b35b5d-dcbf-4c4a-9c0d-e8dcc1da7d61","block_type":"box","text":"1","page_number":46,"box":{"x":313,"y":113,"width":4,"height":4}},{"id":"7bb42890-4c0a-473d-b613-22b21f36afb6","block_type":"box","text":". . . . . . . . . . . . . . . . . $ 99,250","page_number":46,"box":{"x":320,"y":112,"width":235,"height":11}},{"id":"3c066c4f-c452-4561-b213-8829e4ad522b","block_type":"box","text":"$12,912 $12,912 $29,271","page_number":46,"box":{"x":596,"y":112,"width":296,"height":11}},{"id":"beed1e9e-3191-46a1-b1c7-1d4a340423e5","block_type":"box","text":"1","page_number":46,"box":{"x":69,"y":137,"width":3,"height":4}},{"id":"67505732-ba4b-4ecf-847d-f27e259002b3","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":46,"box":{"x":94,"y":137,"width":802,"height":9}},{"id":"c86496c8-680e-42b8-93f2-b49260a605cd","block_type":"box","text":"to July 31.","page_number":46,"box":{"x":93,"y":147,"width":58,"height":9}},{"id":"c0a4a1bb-8573-4cef-a7ba-cb3595ac2806","block_type":"box","text":"Investor C Shares","page_number":46,"box":{"x":752,"y":170,"width":103,"height":7}},{"id":"c2935f2f-aa21-4659-adbc-b4110dbadf0d","block_type":"box","text":"CDSCs Received","page_number":46,"box":{"x":698,"y":186,"width":96,"height":7}},{"id":"4ada91b2-2ef4-4cdb-945a-0a5e28db4e9e","block_type":"box","text":"by BRIL","page_number":46,"box":{"x":724,"y":196,"width":44,"height":9}},{"id":"2cdd277f-f597-4555-9cc6-04d640c4fe68","block_type":"box","text":"CDSCs Paid to","page_number":46,"box":{"x":824,"y":186,"width":85,"height":7}},{"id":"f10191a9-706c-4e67-9fb3-ee632c3c0fe3","block_type":"box","text":"Affiliates","page_number":46,"box":{"x":841,"y":196,"width":52,"height":7}},{"id":"b3769f5e-dece-4896-ad8c-a24e18c23150","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":46,"box":{"x":70,"y":214,"width":270,"height":11}},{"id":"d6d5cd80-98de-4136-b85d-1461fe5575e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,191 $6,191","page_number":46,"box":{"x":347,"y":213,"width":546,"height":11}},{"id":"654f6e27-4ff4-46a4-87a3-13e0f4cf86cf","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":46,"box":{"x":70,"y":229,"width":270,"height":11}},{"id":"81b06cb9-83fe-45f9-b44a-04a003c12f19","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,602 $3,602","page_number":46,"box":{"x":347,"y":228,"width":546,"height":11}},{"id":"6191ae4f-0d82-4299-83c2-18235d879238","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":46,"box":{"x":70,"y":244,"width":242,"height":11}},{"id":"6c7cc92d-25a2-46e5-9a14-f1c0ee5a3557","block_type":"box","text":"1","page_number":46,"box":{"x":313,"y":244,"width":4,"height":4}},{"id":"6b72b177-8ffd-447b-b154-4dcc79ed8d67","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,536 $7,536","page_number":46,"box":{"x":322,"y":243,"width":571,"height":11}},{"id":"16d8bc55-8b66-4f05-ad05-f33d1ef5a0db","block_type":"box","text":"1","page_number":46,"box":{"x":69,"y":268,"width":3,"height":4}},{"id":"4a15f2d7-bfe2-4215-afb5-a8d9bd2a428a","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":46,"box":{"x":94,"y":268,"width":802,"height":9}},{"id":"b21197cc-c9c3-472f-b761-d467cc6099e9","block_type":"box","text":"to July 31.","page_number":46,"box":{"x":93,"y":278,"width":58,"height":9}},{"id":"02071c54-eb67-46dc-87a2-746d5d9bb6cb","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":46,"box":{"x":101,"y":299,"width":802,"height":11}},{"id":"97443fea-d861-48e6-a224-e267f06e5948","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plans. A significant amount of the fees collected by BRIL were paid to affiliates for","page_number":46,"box":{"x":68,"y":314,"width":816,"height":12}},{"id":"e4b385fe-0e77-440f-9558-c877030e01a5","block_type":"box","text":"providing shareholder servicing activities for Investor A shares and for providing shareholder servicing and","page_number":46,"box":{"x":70,"y":329,"width":754,"height":12}},{"id":"b77bdc9f-c9d4-49ba-9c6e-2c0c32da3055","block_type":"box","text":"distribution-related activities and services for Investor C and Investor C1 shares.","page_number":46,"box":{"x":69,"y":344,"width":572,"height":9}},{"id":"d6dd5512-ecc5-4a6d-95af-10480b466c0b","block_type":"box","text":"Class Name","page_number":46,"box":{"x":69,"y":383,"width":68,"height":7}},{"id":"56d97b30-e978-491b-a8e9-b7b250942590","block_type":"box","text":"Fees Paid","page_number":46,"box":{"x":845,"y":373,"width":56,"height":7}},{"id":"9fc786ca-cd81-4acb-80ca-2f9c77006859","block_type":"box","text":"to BRIL","page_number":46,"box":{"x":851,"y":383,"width":44,"height":7}},{"id":"9b1814d7-7293-45da-ad63-97145ab6e71d","block_type":"box","text":"Investor A Shares . .","page_number":46,"box":{"x":70,"y":401,"width":140,"height":9}},{"id":"dcce1217-c08a-4918-852e-c677a137a9fd","block_type":"box","text":".........................................................................","page_number":46,"box":{"x":217,"y":408,"width":588,"height":1}},{"id":"22ebff9d-b78a-48f3-a9ea-1aa0c535f400","block_type":"box","text":"$823,754","page_number":46,"box":{"x":837,"y":400,"width":72,"height":11}},{"id":"5c667278-aa48-4b48-aa05-5c84d204ddd3","block_type":"box","text":"Investor C Shares","page_number":46,"box":{"x":70,"y":416,"width":125,"height":9}},{"id":"84389dd5-b3ca-4531-80be-ba7903bb51f6","block_type":"box","text":"...........................................................................","page_number":46,"box":{"x":200,"y":423,"width":605,"height":2}},{"id":"546f6398-3d87-493f-801a-4faa21d97037","block_type":"box","text":"$317,359","page_number":46,"box":{"x":837,"y":415,"width":72,"height":11}},{"id":"c85026d1-2fcd-412e-9daa-604e45990347","block_type":"box","text":"See “Purchase of Shares” in Part II of this SAI for more information on sales charges and other distribution","page_number":46,"box":{"x":102,"y":440,"width":766,"height":11}},{"id":"7ccc0bfe-4349-43ff-bab7-5cec18b2d34d","block_type":"box","text":"related expenses.","page_number":46,"box":{"x":69,"y":455,"width":126,"height":11}},{"id":"71c9b225-be78-4777-b2f0-ea783b1c5b15","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":46,"box":{"x":68,"y":485,"width":318,"height":11}},{"id":"59c47cbb-043b-4ee2-b3e9-f7e5db7d31dc","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":46,"box":{"x":101,"y":508,"width":790,"height":11}},{"id":"d85cf6fa-58c0-4956-8148-4252aa19ef38","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of July 31, 2025","page_number":46,"box":{"x":68,"y":523,"width":826,"height":11}},{"id":"872f8944-7bf3-42d7-ba8e-5424aa5689fa","block_type":"box","text":"follows:","page_number":46,"box":{"x":68,"y":538,"width":53,"height":9}},{"id":"694d08d4-c38f-4133-b908-102a6c2ca1d1","block_type":"box","text":"Investor A Shares","page_number":46,"box":{"x":805,"y":566,"width":102,"height":7}},{"id":"4330cdb0-c727-4ee4-a29e-af12b89670b6","block_type":"box","text":"Net Assets","page_number":46,"box":{"x":70,"y":584,"width":76,"height":9}},{"id":"4aa3da15-0eb7-4f89-b934-4bc2881e9373","block_type":"box","text":".............................................................................","page_number":46,"box":{"x":150,"y":591,"width":621,"height":2}},{"id":"da38e1b4-8bbb-4351-974b-0b81b5e5d834","block_type":"box","text":"$323,195,803","page_number":46,"box":{"x":803,"y":583,"width":106,"height":11}},{"id":"5713a822-1b0e-454f-b618-887a5f27c799","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":46,"box":{"x":70,"y":599,"width":245,"height":11}},{"id":"fe72577f-c4c2-4a80-ab8a-7b7798dde27f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,","page_number":46,"box":{"x":321,"y":599,"width":524,"height":10}},{"id":"5d47788c-388b-4093-b54e-3e1b2f36243c","block_type":"box","text":"592,715","page_number":46,"box":{"x":847,"y":599,"width":62,"height":10}},{"id":"a146ae96-bcd8-45d7-8bf0-b24791146148","block_type":"box","text":"Net Asset Value Per Share (net assets","page_number":46,"box":{"x":70,"y":614,"width":271,"height":11}},{"id":"9504f352-1d16-4d22-bfa5-678da854dd25","block_type":"box","text":"divided by number of shares outstanding) . . . . . . . . . . . . . . . . . .","page_number":46,"box":{"x":79,"y":629,"width":439,"height":11}},{"id":"143883f9-3b72-40ca-824d-385a84b3416f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.62","page_number":46,"box":{"x":525,"y":628,"width":384,"height":10}},{"id":"edad1edb-d346-464e-adc3-162a36cb454c","block_type":"box","text":"Sales Charge (2.50% of offering price; 2.57% of net","page_number":46,"box":{"x":69,"y":644,"width":369,"height":11}},{"id":"bb085a5a-cd7c-458f-8b24-05a1fe4de7ef","block_type":"box","text":"asset value per share)","page_number":46,"box":{"x":79,"y":658,"width":158,"height":11}},{"id":"2c861772-65bf-48ab-b794-71b419b5e2cb","block_type":"box","text":"1","page_number":46,"box":{"x":239,"y":659,"width":4,"height":4}},{"id":"a4ed4e52-e330-4744-92f9-03b4dd423eb6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.25","page_number":46,"box":{"x":248,"y":658,"width":661,"height":10}},{"id":"1bcb30f5-e2f7-46a1-9e93-f37939d37150","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.87","page_number":46,"box":{"x":69,"y":677,"width":839,"height":12}},{"id":"682ede18-6533-46d2-85f4-e3f023ccb144","block_type":"box","text":"1","page_number":46,"box":{"x":69,"y":710,"width":3,"height":3}},{"id":"42715d81-3d96-48fd-896e-b8045ec79464","block_type":"box","text":"Assumes maximum sales charge applicable.","page_number":46,"box":{"x":93,"y":710,"width":253,"height":9}},{"id":"03090b6c-32c4-4d7f-95ce-80864c7394ca","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":46,"box":{"x":101,"y":731,"width":787,"height":11}},{"id":"6bc60e9c-60cb-467b-87c2-5d210ac47599","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":46,"box":{"x":69,"y":746,"width":833,"height":11}},{"id":"77322c31-5db8-48c0-8e49-387112b79f5a","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":46,"box":{"x":69,"y":761,"width":813,"height":11}},{"id":"30d80d83-8117-4e1b-a1c6-55a6e7b39aae","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":46,"box":{"x":69,"y":776,"width":377,"height":11}},{"id":"36196494-8c53-4da7-8209-984b3ad86e83","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":46,"box":{"x":68,"y":806,"width":302,"height":11}},{"id":"78b709d2-9cd3-4a27-a060-bbf3a0fc8790","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":46,"box":{"x":102,"y":829,"width":609,"height":11}},{"id":"98707929-9ba2-4e17-b8dd-617ddc08b58f","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"109beed0-e73e-407a-b09e-59208b1f2bab","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":46,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"eee2f0c4-d31d-491d-83b0-4bcf69448274","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates of the","page_number":47,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"534f501d-d81f-4d11-b4b8-e285fe73c74f","block_type":"box","text":"Manager, is set forth in the following table:","page_number":47,"box":{"x":70,"y":60,"width":304,"height":11}},{"id":"7f7b3303-f6a5-4acb-b2ed-9e74c688df60","block_type":"box","text":"Aggregate Brokerage","page_number":47,"box":{"x":613,"y":88,"width":125,"height":9}},{"id":"c8eaa6d9-7b0d-4e63-a4d5-71ffa9b94f15","block_type":"box","text":"Commissions Paid","page_number":47,"box":{"x":623,"y":98,"width":106,"height":7}},{"id":"570b8ebd-16f8-4b20-87b7-32c98e3d846f","block_type":"box","text":"Brokerage Commissions","page_number":47,"box":{"x":769,"y":88,"width":140,"height":9}},{"id":"ad8924aa-ac43-47c7-b5c3-6a480faee993","block_type":"box","text":"Paid to Affiliates","page_number":47,"box":{"x":791,"y":98,"width":96,"height":7}},{"id":"42be1e8f-7896-42b7-84f4-2a344b76cba9","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":47,"box":{"x":70,"y":116,"width":268,"height":11}},{"id":"c37b53c0-0ad6-43c3-ba00-c334bf404ebe","block_type":"box","text":"..............................","page_number":47,"box":{"x":344,"y":123,"width":238,"height":2}},{"id":"ecc8885f-914c-4e33-8712-4a9a7e2785b6","block_type":"box","text":"$185,563 $0","page_number":47,"box":{"x":640,"y":115,"width":208,"height":11}},{"id":"f147a976-6db6-47fd-a6f4-9886b1c32049","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":47,"box":{"x":70,"y":131,"width":268,"height":11}},{"id":"a01efb7d-8fd1-4821-ba76-aa9627dd7fa7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,321 $0","page_number":47,"box":{"x":344,"y":130,"width":504,"height":11}},{"id":"840a00e1-9640-448f-847e-2c6865fc81a0","block_type":"box","text":"Fiscal Period Ended July 31, 2023","page_number":47,"box":{"x":70,"y":146,"width":242,"height":11}},{"id":"be34f474-47ac-40b3-8b07-e131d1463e4d","block_type":"box","text":"1","page_number":47,"box":{"x":313,"y":147,"width":4,"height":4}},{"id":"e9f4c3b5-205e-4bf4-b9ef-cdf8fc31bbed","block_type":"box","text":".................................","page_number":47,"box":{"x":320,"y":154,"width":262,"height":1}},{"id":"ae9a4644-2043-4029-9669-f5ecc42de28e","block_type":"box","text":"$119,036 $0","page_number":47,"box":{"x":640,"y":145,"width":208,"height":12}},{"id":"d7ce41f4-51a5-437a-90db-a2ef912fab8c","block_type":"box","text":"1","page_number":47,"box":{"x":69,"y":171,"width":3,"height":3}},{"id":"51eaa6c6-8524-4a18-bf07-0c19c2f80abe","block_type":"box","text":"For the period from September 1, 2022 through July 31, 2023. Effective July 31, 2023, the Fund changed its fiscal year end from August 31","page_number":47,"box":{"x":94,"y":170,"width":802,"height":10}},{"id":"df3053c9-d2ed-4c7b-ba14-e806cb06e5c6","block_type":"box","text":"to July 31.","page_number":47,"box":{"x":93,"y":181,"width":58,"height":9}},{"id":"26410288-4662-452c-8816-a9dda1d37254","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing third-party","page_number":47,"box":{"x":101,"y":201,"width":790,"height":12}},{"id":"cc554844-3358-4083-bb4d-68a0d23be323","block_type":"box","text":"research services and the approximate dollar amount of the transactions involved for the fiscal year ended","page_number":47,"box":{"x":69,"y":217,"width":760,"height":11}},{"id":"b0b3ea85-fb0a-4b72-b0c7-c28de35d6297","block_type":"box","text":"July 31, 2025. The provision of third-party research services was not necessarily a factor in the placement of all","page_number":47,"box":{"x":69,"y":232,"width":799,"height":11}},{"id":"5c48a183-8183-426b-af27-870cb8265bc9","block_type":"box","text":"brokerage business with such brokers.","page_number":47,"box":{"x":69,"y":247,"width":274,"height":11}},{"id":"031c64bf-fe24-4fd9-810a-b400c7f223d5","block_type":"box","text":"Amount of Commissions","page_number":47,"box":{"x":277,"y":275,"width":141,"height":7}},{"id":"aa1124d2-320b-4e8e-bf4a-8617d36789f1","block_type":"box","text":"Paid to Brokers for","page_number":47,"box":{"x":293,"y":285,"width":109,"height":7}},{"id":"418fd424-1bf7-4641-8ca4-9ae9deb7dc83","block_type":"box","text":"Providing Research Services","page_number":47,"box":{"x":265,"y":295,"width":165,"height":9}},{"id":"c4f8f20c-0964-4b90-bf62-53ae41ada891","block_type":"box","text":"Amount of Brokerage","page_number":47,"box":{"x":588,"y":285,"width":124,"height":9}},{"id":"9d303be1-e0d3-46cd-b2e9-4327060898a5","block_type":"box","text":"Transactions Involved","page_number":47,"box":{"x":587,"y":295,"width":126,"height":7}},{"id":"30346173-b38f-480c-9e73-bbf295e27750","block_type":"box","text":"$0 $0","page_number":47,"box":{"x":339,"y":312,"width":321,"height":11}},{"id":"4e5355d9-098d-4e15-9586-d23f47bfcbb3","block_type":"box","text":"As of July 31, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":47,"box":{"x":101,"y":337,"width":756,"height":11}},{"id":"dc711656-e541-4ae9-aa1a-a0212e372355","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act) or their parents, if any portion of such holdings were","page_number":47,"box":{"x":69,"y":352,"width":791,"height":11}},{"id":"373625bc-a4fb-4c58-adef-d123b160af11","block_type":"box","text":"purchased during the fiscal year ended July 31, 2025, is as follows:","page_number":47,"box":{"x":70,"y":367,"width":482,"height":11}},{"id":"7f705d1c-ea78-40a4-9434-11e63f65ad3e","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":47,"box":{"x":69,"y":395,"width":840,"height":9}},{"id":"17e322a8-46de-498f-94a4-b927dedadf3d","block_type":"box","text":"Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $4,928","page_number":47,"box":{"x":69,"y":412,"width":785,"height":12}},{"id":"edda4bcc-a7d2-4931-a718-8c49134133dc","block_type":"box","text":"Securities Lending","page_number":47,"box":{"x":68,"y":445,"width":135,"height":11}},{"id":"c018948a-9157-4741-a91c-ee250dba076c","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":47,"box":{"x":101,"y":468,"width":807,"height":11}},{"id":"86b5ab6c-0dd1-483b-9c64-5d84c2d70869","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":47,"box":{"x":69,"y":482,"width":817,"height":12}},{"id":"7c4bf389-2e22-4a74-acfa-634159561370","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":47,"box":{"x":69,"y":498,"width":813,"height":11}},{"id":"175f1c36-0c71-4da0-8e9e-21ec35b78b96","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager, acts as securities lending","page_number":47,"box":{"x":70,"y":513,"width":800,"height":11}},{"id":"8d06f44c-86f0-4b71-92f0-b4275ffac62f","block_type":"box","text":"agent for the Fund, subject to the overall supervision of the Manager, pursuant to a written agreement (the","page_number":47,"box":{"x":69,"y":528,"width":760,"height":11}},{"id":"3845cd85-29d8-4355-b4a2-0c605c12ed15","block_type":"box","text":"“Securities Lending Agency Agreement”). BIM administers the lending program in accordance with guidelines","page_number":47,"box":{"x":70,"y":543,"width":773,"height":11}},{"id":"47bdb74e-f0df-4fc8-80a6-34efba3bf693","block_type":"box","text":"approved by the Board.","page_number":47,"box":{"x":69,"y":558,"width":163,"height":11}},{"id":"c063db63-aa4d-4e8c-a1ab-fb381007ea71","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a portion of the securities lending income","page_number":47,"box":{"x":101,"y":581,"width":800,"height":11}},{"id":"3f08e261-e5ca-4d3c-9231-76e4fee4ab15","block_type":"box","text":"and remits the remaining portion to BIM as compensation for its services as securities lending agent. Securities","page_number":47,"box":{"x":69,"y":596,"width":802,"height":11}},{"id":"fa8380ac-8f23-4917-bc05-819b64153026","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":47,"box":{"x":70,"y":611,"width":774,"height":11}},{"id":"f18928a4-3e9f-4346-84d2-a0b186627f1d","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":47,"box":{"x":69,"y":626,"width":801,"height":11}},{"id":"56b9c92e-412c-4ca6-a0b9-078d1456d2b0","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":47,"box":{"x":69,"y":641,"width":837,"height":11}},{"id":"4c833dad-4ed6-4dfe-a4b6-ee534d2985c9","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":47,"box":{"x":70,"y":656,"width":834,"height":11}},{"id":"7c211f99-3650-425d-8503-239c4c0a94dd","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":47,"box":{"x":69,"y":671,"width":802,"height":12}},{"id":"4d24510e-3dc0-41fd-96a8-2b3e6df4c949","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":47,"box":{"x":69,"y":686,"width":778,"height":12}},{"id":"1f7bb788-76c6-4a62-8fe1-d4191c6a6f5c","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":47,"box":{"x":70,"y":702,"width":828,"height":11}},{"id":"1670e9f5-84a5-475e-8843-7efc4df4ef6b","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":47,"box":{"x":69,"y":717,"width":296,"height":10}},{"id":"d4d4ee63-8cd7-49b1-b02e-8be12f62c52e","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":47,"box":{"x":101,"y":739,"width":776,"height":12}},{"id":"bc5a245c-2af2-485f-831c-bd738fd19e96","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":47,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"a9c971c9-4d9a-4ffb-bf06-42bea65581c0","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":47,"box":{"x":68,"y":770,"width":812,"height":11}},{"id":"06387fcf-a772-429e-9b34-24fbb6c77663","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":47,"box":{"x":69,"y":785,"width":799,"height":11}},{"id":"22674424-f474-43c0-9968-5df3eec8a686","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":47,"box":{"x":68,"y":800,"width":835,"height":11}},{"id":"889d5514-b206-4d01-8c74-a5e96c4b03a0","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":47,"box":{"x":69,"y":815,"width":818,"height":11}},{"id":"7e134cfb-c209-4d55-9f89-8fa78819d63e","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":47,"box":{"x":68,"y":830,"width":789,"height":11}},{"id":"efc5edad-2a9f-4769-a17b-7b76d0e3843b","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":47,"box":{"x":69,"y":845,"width":829,"height":12}},{"id":"5ee9316d-31d3-4205-9d4b-9b6b10221153","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":47,"box":{"x":69,"y":860,"width":839,"height":12}},{"id":"dda8f6db-e6e7-4072-8576-dfa674d1c7a1","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":47,"box":{"x":69,"y":875,"width":802,"height":12}},{"id":"030057a4-5390-4d52-bc77-94c7ea3c4f03","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":47,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"58595cb1-d247-41b7-a48f-dd5496695501","block_type":"box","text":"I-25","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"48c0aca0-d887-424d-ad36-1cb23665fc7d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":47,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d7a4a7d1-8831-4096-bbd3-5ecb1097d776","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":48,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"cb402020-9da7-4bcd-bc04-7ddf065cd0fd","block_type":"box","text":"Fund’s returns on securities lending.","page_number":48,"box":{"x":70,"y":60,"width":258,"height":11}},{"id":"472a66e8-7674-4134-8ec8-c9eeb4511255","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":48,"box":{"x":102,"y":82,"width":774,"height":12}},{"id":"5d85f12a-0203-4c2e-afc6-370bcd5f68c9","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":48,"box":{"x":69,"y":98,"width":790,"height":11}},{"id":"e4fd0d23-32d3-41bd-9d3b-1b1c0c109e09","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":48,"box":{"x":68,"y":113,"width":809,"height":11}},{"id":"fa50dd7a-f786-410a-8973-31e6d7281db7","block_type":"box","text":"Trust and BIM.","page_number":48,"box":{"x":68,"y":128,"width":103,"height":9}},{"id":"760d669c-c90e-4201-959d-e81de3b7595c","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 81% of securities lending income","page_number":48,"box":{"x":102,"y":150,"width":761,"height":12}},{"id":"386e1e86-e4c4-40c5-b272-2eb4eb245abf","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":48,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"03720a08-f602-43f9-93e9-f38cd1134f2d","block_type":"box","text":"lending income plus collateral investment fees.","page_number":48,"box":{"x":70,"y":181,"width":334,"height":11}},{"id":"33bed880-a5eb-4a83-93a4-ae2fe37f0db7","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":48,"box":{"x":102,"y":203,"width":753,"height":12}},{"id":"9c32d857-b527-40f4-8d64-3ca22deb23cc","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":48,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"64a8b94b-88ab-40e7-b520-f0b071559b87","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":48,"box":{"x":70,"y":234,"width":817,"height":11}},{"id":"53a30ca0-543a-40cd-b553-0145863aa278","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":48,"box":{"x":70,"y":249,"width":794,"height":11}},{"id":"236ca68b-5ab0-485b-9c91-7f6f6e0adf34","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":48,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"fcb27bfd-b4c0-4a7b-834f-9cfb2d29fff9","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":48,"box":{"x":69,"y":279,"width":690,"height":11}},{"id":"bee541b6-7646-4f4a-93b5-11f9aed731dc","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended July 31, 2025, primarily included","page_number":48,"box":{"x":101,"y":302,"width":800,"height":11}},{"id":"818c7d15-142b-4ee3-a1be-5e7985b823ad","block_type":"box","text":"the following:","page_number":48,"box":{"x":68,"y":317,"width":93,"height":11}},{"id":"28bb7c7b-60ba-4a8a-80a1-f073b1ed6885","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":48,"box":{"x":69,"y":337,"width":818,"height":11}},{"id":"c9eaae48-cca3-4cda-97fe-08ddfd833664","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":48,"box":{"x":102,"y":352,"width":333,"height":11}},{"id":"36e6b9a0-6359-4645-896e-11f2ee6d706e","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":48,"box":{"x":69,"y":372,"width":538,"height":11}},{"id":"9db2668b-1a6f-49a9-8be3-fae6956e69ca","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":48,"box":{"x":69,"y":392,"width":330,"height":12}},{"id":"3f91bf40-24f8-445e-ba7e-90a4820c4f85","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":48,"box":{"x":69,"y":412,"width":834,"height":12}},{"id":"53fdabfe-5dce-4bc2-a249-2c704abbe6cb","block_type":"box","text":"of excess collateral, as necessary;","page_number":48,"box":{"x":102,"y":428,"width":246,"height":11}},{"id":"28afdcd1-efc3-491d-bb27-e223f89fef18","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":48,"box":{"x":69,"y":448,"width":562,"height":11}},{"id":"07db43ec-a528-4902-b7db-604b969a79f1","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":48,"box":{"x":69,"y":468,"width":665,"height":11}},{"id":"6a742a58-9fec-4e19-9f7f-1992624b0e30","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":48,"box":{"x":69,"y":488,"width":822,"height":11}},{"id":"88a1462b-9554-4e38-a32f-6e35c0dd391c","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":48,"box":{"x":101,"y":503,"width":803,"height":11}},{"id":"67518522-3ca4-4397-919f-6c7d69297889","block_type":"box","text":"of the loaned securities; and","page_number":48,"box":{"x":102,"y":518,"width":203,"height":11}},{"id":"c4618ba8-8c46-4f37-af63-6a5d96196a02","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":48,"box":{"x":69,"y":538,"width":808,"height":12}},{"id":"3346bcdc-025a-4b60-a023-cc957473f841","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":48,"box":{"x":101,"y":561,"width":805,"height":11}},{"id":"3b3b65ff-1554-4c75-9153-2feaf4d52bb2","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended July 31, 2025.","page_number":48,"box":{"x":69,"y":576,"width":544,"height":12}},{"id":"2fb618e5-14e6-419b-a445-466f995a45bf","block_type":"box","text":"Gross income from securities lending activities","page_number":48,"box":{"x":69,"y":604,"width":343,"height":11}},{"id":"28a3f029-14ba-4b2c-9e17-35c99160f156","block_type":"box","text":"................................................","page_number":48,"box":{"x":416,"y":611,"width":385,"height":2}},{"id":"2422508f-f3bf-499a-9ec8-33e7ba93d554","block_type":"box","text":"$2,774,334","page_number":48,"box":{"x":822,"y":603,"width":87,"height":12}},{"id":"68d68ce9-f879-4724-abc2-11bc0ff35ad1","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":48,"box":{"x":70,"y":623,"width":565,"height":12}},{"id":"bb693b3b-3a9e-4ca1-b202-e3cd5d6ddbed","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent . . . . .","page_number":48,"box":{"x":79,"y":639,"width":599,"height":11}},{"id":"95054ae8-891a-429e-b924-62719c090262","block_type":"box","text":". . . . . . . . . . . . . . . $ 50,117","page_number":48,"box":{"x":685,"y":638,"width":223,"height":11}},{"id":"ddb05b4c-8aec-4782-b4ad-c6309642f14d","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM. .","page_number":48,"box":{"x":79,"y":654,"width":673,"height":11}},{"id":"dc495955-8e74-4767-95b9-403df376608f","block_type":"box","text":". . . . . . $ 23,342","page_number":48,"box":{"x":758,"y":653,"width":151,"height":11}},{"id":"5c022357-f275-4142-a74e-551da0faf08b","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM . . . .","page_number":48,"box":{"x":78,"y":669,"width":551,"height":11}},{"id":"fbcc16cd-68a1-4f36-860f-ad2b83ffcea3","block_type":"box","text":"..................... $ 0","page_number":48,"box":{"x":636,"y":668,"width":273,"height":11}},{"id":"70307667-42a3-4b41-8a3f-67f767f1a38f","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM . . . . .","page_number":48,"box":{"x":79,"y":684,"width":567,"height":11}},{"id":"e1763dff-e70c-4b7c-ab67-bdf9e914eedd","block_type":"box","text":"................... $ 0","page_number":48,"box":{"x":652,"y":683,"width":257,"height":11}},{"id":"1e132d70-99eb-4e86-aa73-3f331ddd63eb","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . .","page_number":48,"box":{"x":79,"y":699,"width":289,"height":11}},{"id":"ce5ccdf5-f40b-432c-831c-1717392abaf2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":48,"box":{"x":375,"y":698,"width":470,"height":12}},{"id":"fc030251-41c5-44ed-8d33-77b165fffca3","block_type":"box","text":"486,209","page_number":48,"box":{"x":847,"y":699,"width":62,"height":11}},{"id":"ced7976b-2573-44c5-9c27-c56e5a91950b","block_type":"box","text":"Other fees not included in securities lending income paid to BIM. . . . . . . . . . .","page_number":48,"box":{"x":79,"y":714,"width":542,"height":12}},{"id":"365fc9a8-44b3-473e-9895-d274679673c2","block_type":"box","text":"...................... $ 0","page_number":48,"box":{"x":628,"y":714,"width":281,"height":10}},{"id":"e60a693b-d0de-4107-9917-6b233c98fe3e","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":48,"box":{"x":68,"y":729,"width":455,"height":11}},{"id":"fa658ab8-db3f-4e21-b60c-15f5c6ca6410","block_type":"box","text":"..................................","page_number":48,"box":{"x":530,"y":737,"width":271,"height":1}},{"id":"834872ea-c47e-4e44-80de-abc3460481dd","block_type":"box","text":"$2,559,668","page_number":48,"box":{"x":822,"y":729,"width":87,"height":11}},{"id":"d16b0fa6-9485-4a20-86fd-5b10024ffc1c","block_type":"box","text":"Net income from securities lending activities","page_number":48,"box":{"x":69,"y":749,"width":327,"height":11}},{"id":"5a0b380d-ce7f-4f0d-ac41-8c7ed7922d0d","block_type":"box","text":"..................................................","page_number":48,"box":{"x":399,"y":756,"width":402,"height":2}},{"id":"62c68113-b995-4701-961e-ee0743100e50","block_type":"box","text":"$ 214,666","page_number":48,"box":{"x":822,"y":748,"width":87,"height":12}},{"id":"d6079a27-5501-4ca3-bc42-19007705fab4","block_type":"box","text":"VIII. Additional Information","page_number":48,"box":{"x":68,"y":785,"width":195,"height":9}},{"id":"4c4d7247-902b-476c-b10a-941ca5de1544","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018 and is registered under the","page_number":48,"box":{"x":101,"y":808,"width":760,"height":11}},{"id":"dec9420e-ccf8-4efa-82af-0a811e464443","block_type":"box","text":"Investment Company Act as an open end, management investment company. The Fund is diversified. The Trust and","page_number":48,"box":{"x":70,"y":823,"width":820,"height":11}},{"id":"5dd4d78d-31a3-490a-9c99-7857f62263e5","block_type":"box","text":"its series were organized for the purpose of acquiring the assets of corresponding series of BlackRock Funds II in","page_number":48,"box":{"x":70,"y":838,"width":807,"height":11}},{"id":"fd69b2f1-bf1e-4194-bc93-fc900e0be263","block_type":"box","text":"reorganizations that occurred on September 17, 2018. On September 17, 2018, the Fund acquired all of the assets,","page_number":48,"box":{"x":69,"y":853,"width":835,"height":11}},{"id":"45c6fd02-793d-4b3d-810e-ff77562bfd84","block_type":"box","text":"subject to the liabilities, of BlackRock Floating Rate Income Portfolio (the “Predecessor Fund”), a series of BlackRock","page_number":48,"box":{"x":69,"y":868,"width":837,"height":11}},{"id":"ba879f43-e9f8-4a39-a4fe-f96f62663c9a","block_type":"box","text":"Funds II (the “Predecessor Trust”), through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is","page_number":48,"box":{"x":70,"y":883,"width":830,"height":11}},{"id":"0fc07fb5-62e8-4a1f-b70d-63b3c5d471d6","block_type":"box","text":"the accounting survivor of the Reorganization, which means the Fund adopted the performance and financial history","page_number":48,"box":{"x":68,"y":898,"width":829,"height":11}},{"id":"2df1e735-5840-4006-bdc0-5cac64e3643c","block_type":"box","text":"I-26","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3db55ab1-e055-43e4-8ecb-c0d39e38a4a4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":48,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5f257f9a-1a20-4fa0-b890-053650683fa6","block_type":"box","text":"of the Predecessor Fund as of the date of the Reorganization. The Reorganization resulted in the Predecessor Fund","page_number":49,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"35cbdc97-233d-4e80-a5c8-7a4332765de6","block_type":"box","text":"effectively becoming a series of the Trust. The Fund had the same investment objectives, strategies and policies,","page_number":49,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"3f7891b1-6f80-4be4-8272-d0da20e801e4","block_type":"box","text":"portfolio management team, service providers and contractual arrangements, including the same contractual fees","page_number":49,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"15b1cab7-05c8-4775-807c-8f80dcc097a9","block_type":"box","text":"and expenses, as those of the Predecessor Fund as of the date of the Reorganization.","page_number":49,"box":{"x":69,"y":90,"width":615,"height":11}},{"id":"e90d7b32-5d4e-4e7d-b501-954bf9786c68","block_type":"box","text":"Shares of each class of the Fund bear their pro rata portion of all operating expenses paid by the Fund, except","page_number":49,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"c085cabc-5081-4018-ade1-6c330a959ab9","block_type":"box","text":"transfer agency fees, certain administrative/servicing fees and amounts payable under the Trust’s Distribution and","page_number":49,"box":{"x":68,"y":128,"width":821,"height":11}},{"id":"a9155633-36b3-4b43-b61c-f4d0ef6b13e1","block_type":"box","text":"Service Plan. Each share of the Fund has a par value of $.001, represents an interest in that Fund and is entitled to","page_number":49,"box":{"x":69,"y":142,"width":829,"height":12}},{"id":"1f557c70-1efb-4ff3-8258-bf91a279db7b","block_type":"box","text":"the dividends and distributions earned on that Fund’s assets that are declared in the discretion of the Board of","page_number":49,"box":{"x":68,"y":158,"width":795,"height":9}},{"id":"30fb06f7-5ba9-4365-b18a-404ebfaeb139","block_type":"box","text":"Trustees. The number of shares in each series of the Trust, and class thereof, is unlimited. The Trust’s shareholders","page_number":49,"box":{"x":68,"y":173,"width":835,"height":11}},{"id":"3714d044-bf9a-4e12-be24-dec480a1be46","block_type":"box","text":"are entitled to one vote for each full share held and proportionate fractional votes for fractional shares held, and","page_number":49,"box":{"x":69,"y":188,"width":802,"height":11}},{"id":"91e4bc58-f71a-4fc1-b87d-92d24f077c18","block_type":"box","text":"shares of each series will be voted in the aggregate and not by class, except where otherwise required by law or as","page_number":49,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"0a75adf8-01c7-4288-9659-d940f9f6c0e1","block_type":"box","text":"determined by the Board of Trustees. Effective on the close of business on February 24, 2020, all of the issued and","page_number":49,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"76483e2c-d081-47e4-9b3e-9df6229c4e4c","block_type":"box","text":"outstanding Investor C1 Shares of the Fund converted into Investor A Shares of the Fund.","page_number":49,"box":{"x":69,"y":234,"width":637,"height":11}},{"id":"6a3eaa81-7a32-47dd-aac6-e9bf8486b277","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":49,"box":{"x":102,"y":256,"width":765,"height":12}},{"id":"81449340-e4e3-4602-8fcd-928c16c9a9b1","block_type":"box","text":"Trust’s outstanding shares (irrespective of series or class) may elect all of the Trustees. Shares have no preemptive","page_number":49,"box":{"x":68,"y":271,"width":830,"height":12}},{"id":"dbe1a344-7c33-4eb3-b4fc-26f67de19719","block_type":"box","text":"rights and only such conversion and exchange rights as the Board may grant in its discretion. When issued for","page_number":49,"box":{"x":69,"y":286,"width":784,"height":12}},{"id":"55c794ff-9605-4268-b14d-8f705d97e1ae","block_type":"box","text":"payment, shares will be fully paid and non-assessable by the Trust.","page_number":49,"box":{"x":70,"y":302,"width":476,"height":11}},{"id":"d7dc0137-cc9f-484c-a167-2d21f53e78c4","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":49,"box":{"x":101,"y":324,"width":781,"height":12}},{"id":"ba136b54-f391-4811-b36c-4ff482ea3415","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":49,"box":{"x":68,"y":339,"width":816,"height":12}},{"id":"0e459ddd-a267-46a2-a4a6-ad7a124d313a","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":49,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"22324a48-dfa7-46b1-b41e-afbb6f3846e7","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":49,"box":{"x":68,"y":370,"width":817,"height":11}},{"id":"54405317-a54b-4e43-986e-9c530c996a70","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":49,"box":{"x":69,"y":385,"width":744,"height":11}},{"id":"115f4015-f5b1-4e9e-991f-3caeee1d0f10","block_type":"box","text":"Rule 18f-2 under the 1940 Act provides that any matter required by the provisions of the 1940 Act or applicable","page_number":49,"box":{"x":102,"y":407,"width":799,"height":12}},{"id":"b84ba701-5da8-4b60-8482-776afa670c12","block_type":"box","text":"state law, or otherwise, to be submitted to the holders of the outstanding voting securities of an investment company","page_number":49,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"b5f64aeb-94da-4479-b942-6ea516c39156","block_type":"box","text":"such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a","page_number":49,"box":{"x":69,"y":438,"width":794,"height":11}},{"id":"83006cef-a5ce-4e76-94a6-a0ff3de7a9c0","block_type":"box","text":"majority of the outstanding shares of each investment portfolio affected by such matter. Rule 18f-2 further provides","page_number":49,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"2679aae3-dda7-4b1c-bbe6-98b645b8a151","block_type":"box","text":"that an investment portfolio shall be deemed to be affected by a matter unless the interests of each investment","page_number":49,"box":{"x":68,"y":468,"width":803,"height":11}},{"id":"e494bd70-f260-4189-8282-a6187dbfab02","block_type":"box","text":"portfolio in the matter are substantially identical or the matter does not affect any interest of the investment","page_number":49,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"cef38390-40d2-45f8-b085-f52aec746057","block_type":"box","text":"portfolio. Under Rule 18f-2, the approval of a management agreement, a distribution plan subject to Rule 12b-1","page_number":49,"box":{"x":70,"y":498,"width":795,"height":11}},{"id":"16f11a51-77d6-4f28-8612-ed8864d5e82c","block_type":"box","text":"under the 1940 Act or any change in a fundamental investment policy would be effectively acted upon with respect to","page_number":49,"box":{"x":69,"y":513,"width":837,"height":12}},{"id":"397bb9f3-fe32-4b89-bec8-9f191a1f6b7c","block_type":"box","text":"an investment portfolio only if approved by a majority of the outstanding shares of such investment portfolio.","page_number":49,"box":{"x":69,"y":528,"width":775,"height":12}},{"id":"29eda771-c061-491b-9673-91ca4f9b738b","block_type":"box","text":"However, Rule 18f-2 also provides that the ratification of the appointment of independent accountants, the approval","page_number":49,"box":{"x":70,"y":543,"width":824,"height":11}},{"id":"b581e416-7973-401b-bff7-57fd0e23fd0e","block_type":"box","text":"of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the","page_number":49,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"5b2a986d-e9b1-4612-bad5-466f9dfa2dcd","block_type":"box","text":"Trust voting together in the aggregate without regard to a particular investment portfolio.","page_number":49,"box":{"x":68,"y":574,"width":631,"height":11}},{"id":"c9f3c2c2-f4ad-4032-b334-1cc9875b91f4","block_type":"box","text":"The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized","page_number":49,"box":{"x":101,"y":596,"width":792,"height":12}},{"id":"6b442ce3-9da6-47e6-af1d-3ff08677bfb3","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":49,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"471d23bf-1ad9-4597-8259-a0903f05a2d6","block_type":"box","text":"constitute the underlying assets of that Fund. The underlying assets of the Fund will be segregated on the books of","page_number":49,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"9c35da5a-772b-437a-a2e3-0ce4678b8035","block_type":"box","text":"account, and will be charged with the liabilities in respect to that Fund and with a share of the general liabilities of","page_number":49,"box":{"x":69,"y":642,"width":815,"height":11}},{"id":"60e06b33-66f5-43cc-a888-0e4b28190f97","block_type":"box","text":"the Trust. As stated herein, certain expenses of the Fund may be charged to a specific class of shares representing","page_number":49,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"375f4261-af5d-4c3a-b699-6a52ce14808e","block_type":"box","text":"interests in the Fund.","page_number":49,"box":{"x":70,"y":672,"width":149,"height":9}},{"id":"080206f2-7c73-45f7-9f86-220feec48a3c","block_type":"box","text":"The Trusts’ Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":49,"box":{"x":101,"y":695,"width":736,"height":11}},{"id":"5d85bb33-571e-4709-a886-073083d2e8cb","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a series of the Trust to another","page_number":49,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"a300c25d-8c46-4399-bc7f-d01dcf4ae92a","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":49,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"a72fb94f-1830-4349-a388-e76b1ebbed99","block_type":"box","text":"connection therewith, to cause all outstanding shares of such series to be redeemed at a price which is equal to","page_number":49,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"46eba12a-a97a-418f-9dbc-d0a132d43904","block_type":"box","text":"their net asset value and which may be paid in cash or by distribution of the securities or other consideration","page_number":49,"box":{"x":68,"y":755,"width":777,"height":11}},{"id":"5923d145-c1e3-4c11-918a-09957dc169fb","block_type":"box","text":"received from the sale and conveyance; (ii) sell and convert the assets belonging to one or more series into money","page_number":49,"box":{"x":69,"y":770,"width":821,"height":12}},{"id":"06586833-e046-4488-849a-27069552e872","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such series to be redeemed at their net asset value;","page_number":49,"box":{"x":69,"y":785,"width":835,"height":12}},{"id":"45734a62-ad20-4482-877b-62a27cec3098","block_type":"box","text":"or (iii) combine the assets belonging to a series with the assets belonging to one or more other series, if the Board of","page_number":49,"box":{"x":69,"y":801,"width":840,"height":11}},{"id":"3c2a91e3-6664-4981-a1c5-03ee1d4a6953","block_type":"box","text":"Trustees reasonably determines that such combination will not have a material adverse effect on the shareholders of","page_number":49,"box":{"x":68,"y":816,"width":839,"height":11}},{"id":"636e73c8-8087-48c5-bb8c-456d0e245fb3","block_type":"box","text":"any class of shares participating in such combination and, in connection therewith, to cause all outstanding shares","page_number":49,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"72a86aec-f827-46f8-806b-f1f7d5c91c8a","block_type":"box","text":"of any such class to be redeemed or converted into shares of another class of shares at their net asset value. The","page_number":49,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"81423cf8-0b85-47ac-9a08-d32837089dd7","block_type":"box","text":"Board of Trustees may authorize the liquidation and termination of any series. Upon any liquidation of the Fund,","page_number":49,"box":{"x":70,"y":861,"width":793,"height":11}},{"id":"25bd4006-8f89-4dd9-9656-e11945c5f86f","block_type":"box","text":"shareholders of each class of the Fund are entitled to share pro-rata in the net assets belonging to that class","page_number":49,"box":{"x":69,"y":876,"width":781,"height":11}},{"id":"05ef3dd5-07a0-41bf-9340-968eae878aea","block_type":"box","text":"available for distribution.","page_number":49,"box":{"x":69,"y":891,"width":174,"height":9}},{"id":"13f3bc5a-7004-404b-a8b0-b2476c88f063","block_type":"box","text":"I-27","page_number":49,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"fe61f606-602d-442c-b65b-8e1d08d00ec9","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":49,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"434787a9-70eb-40d7-9d8a-c624852674c3","block_type":"box","text":"On March 21, 2011, the Predecessor Fund acquired substantially all of the assets and certain stated liabilities","page_number":50,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"628d022b-f224-4e76-bec7-9249b54ebfb0","block_type":"box","text":"of the BlackRock Senior Floating Rate Fund, Inc. (“Senior Floating Rate”) and BlackRock Senior Floating Rate Fund II,","page_number":50,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"19bde491-751e-4249-b09d-f831c4f61f06","block_type":"box","text":"Inc. (“Senior Floating Rate II”) (collectively the “Target Funds”) pursuant to a plan of reorganization approved by the","page_number":50,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"c4d24a89-a357-435b-8be4-b247b728c0d3","block_type":"box","text":"board of directors and shareholders of each of the Target Funds (the “2011 Reorganization”). The Predecessor Fund","page_number":50,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"9bd41822-16ac-49cd-8ae7-4582d1266cd3","block_type":"box","text":"was the legal surviving entity in the 2011 Reorganization, while Senior Floating Rate was the accounting or continuing","page_number":50,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"6f1c57fb-22da-4c82-881e-f209607a7aed","block_type":"box","text":"portfolio for purposes of financial and performance history in the post-2011 Reorganization fund.","page_number":50,"box":{"x":70,"y":120,"width":692,"height":12}},{"id":"98e1ee0d-3a19-4c83-bb7a-3e9e42971e60","block_type":"box","text":"Shareholder and Trustee Liability of the Trust.","page_number":50,"box":{"x":101,"y":143,"width":333,"height":11}},{"id":"5ec88d2b-609f-4888-b1b3-f434dcdef6f5","block_type":"box","text":"Under Massachusetts law, shareholders of a business Trust may,","page_number":50,"box":{"x":441,"y":143,"width":465,"height":11}},{"id":"d4302c21-d7fa-488e-bdd6-77f8eb761a61","block_type":"box","text":"under certain circumstances, be held personally liable as partners for the obligations of the Trust. However, the","page_number":50,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"f73dc4ac-2897-4fd9-a550-7571822d4b48","block_type":"box","text":"Trust’s Declaration of Trust provides that shareholders shall not be subject to any personal liability in connection with","page_number":50,"box":{"x":68,"y":173,"width":837,"height":11}},{"id":"e67b34be-e427-4098-930e-bea45f8bc778","block_type":"box","text":"the assets of the Trust for the acts or obligations of the Trust, and that every note, bond, contract, order or other","page_number":50,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"deb95be9-cabf-470e-9416-2c8daa9c0e18","block_type":"box","text":"undertaking made by the Trust shall contain a provision to the effect that the shareholders are not personally liable","page_number":50,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"e446f8c9-af28-4680-b809-715c547d0f41","block_type":"box","text":"thereunder. The Declaration of Trust provides for indemnification out of the Trust property of any shareholder held","page_number":50,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"889af67d-ff23-438c-886a-7c7bc0a8f9ea","block_type":"box","text":"personally liable solely by reason of his being or having been a shareholder and not because of his acts or omissions","page_number":50,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"ae4de7b9-b079-4e3b-bfc3-f08ab9115aa0","block_type":"box","text":"or some other reason. The Declaration of Trust also provides that the Trust shall, upon request, assume the defense","page_number":50,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"af1add95-881d-459d-acad-16a051e50a46","block_type":"box","text":"of any claim made against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment","page_number":50,"box":{"x":69,"y":264,"width":792,"height":11}},{"id":"dd9fb657-68bc-479d-9252-d2140c89fcbf","block_type":"box","text":"thereon.","page_number":50,"box":{"x":68,"y":279,"width":58,"height":9}},{"id":"a8445506-e590-474b-8fa2-3f3f91c18bb1","block_type":"box","text":"The Declaration of Trust further provides that all persons having any claim against the Trustees or Trust shall","page_number":50,"box":{"x":101,"y":302,"width":777,"height":11}},{"id":"9a5c5326-2795-4066-b006-36cc4b7eb6a5","block_type":"box","text":"look solely to the Trust property for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":50,"box":{"x":70,"y":317,"width":828,"height":11}},{"id":"1639d490-07d4-4541-a176-f427cb9a4cd5","block_type":"box","text":"of any contract, debt, tort, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":50,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"88b6c2e2-a6e3-4ba9-bf04-6df0dec5cab9","block_type":"box","text":"preservation of the Trust property or the conduct of any business of the Trust; and that no Trustee shall be","page_number":50,"box":{"x":70,"y":347,"width":762,"height":11}},{"id":"386100f7-4cc0-46da-882f-16010cb255db","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of his own bad faith, willful","page_number":50,"box":{"x":70,"y":362,"width":752,"height":11}},{"id":"d568e52d-a3bb-44be-a42a-44c3bc70e680","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee. With the exception stated, the","page_number":50,"box":{"x":69,"y":377,"width":787,"height":12}},{"id":"69f2340e-d83b-4fa3-9515-3250db977ff9","block_type":"box","text":"Declaration of Trust provides that a Trustee is entitled to be indemnified against all liabilities and expenses","page_number":50,"box":{"x":70,"y":392,"width":764,"height":12}},{"id":"982ce438-3cbb-46f9-8414-e4c3829613c2","block_type":"box","text":"reasonably incurred by him in connection with the defense or disposition of any proceeding in which he may be","page_number":50,"box":{"x":69,"y":407,"width":789,"height":12}},{"id":"34f7365f-343d-4e01-b462-bf4f640f0946","block_type":"box","text":"involved or with which he may be threatened by reason of his being or having been a Trustee, and that the Trust will","page_number":50,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"67579312-4b45-4525-84da-d05d013fb05f","block_type":"box","text":"indemnify officers, representatives and employees of the Trust to the same extent that Trustees are entitled to","page_number":50,"box":{"x":70,"y":438,"width":790,"height":11}},{"id":"853e2c48-55aa-44eb-ad8a-e86d99bcf5de","block_type":"box","text":"indemnification.","page_number":50,"box":{"x":70,"y":453,"width":110,"height":9}},{"id":"13dfd115-1e90-413b-9c87-e8819672839e","block_type":"box","text":"Counsel.","page_number":50,"box":{"x":101,"y":476,"width":62,"height":8}},{"id":"ed7d0a98-bbd7-4749-893e-6875ce805a28","block_type":"box","text":"Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, serves as the Trust’s","page_number":50,"box":{"x":169,"y":476,"width":718,"height":11}},{"id":"2960a024-e597-470c-9fa7-dc1cb9a803b8","block_type":"box","text":"counsel.","page_number":50,"box":{"x":69,"y":491,"width":58,"height":9}},{"id":"ba5f5863-df2c-4c0f-b15c-fc755d4b381e","block_type":"box","text":"Independent Registered Public Accounting 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Financial Statements","page_number":53,"box":{"x":69,"y":45,"width":179,"height":9}},{"id":"5b191909-4599-4df3-8e76-d410fdeb1e95","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":53,"box":{"x":101,"y":67,"width":726,"height":12}},{"id":"d2653f70-9379-4315-b372-556c2bdfe790","block_type":"box","text":"Statements and Additional Information for the fiscal year ended July 31, 2025, as filed with the SEC on Form N-CSR","page_number":53,"box":{"x":69,"y":82,"width":826,"height":12}},{"id":"d0186304-131e-4fae-b9a7-6012d77a7484","block_type":"box","text":"(the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other parts of the 2025","page_number":53,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"32058a3a-1aa4-481b-909d-8426c28d1473","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":53,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"3fa4d130-0731-4e42-870b-7b8647b94d99","block_type":"box","text":"audited by Deloitte & Touche LLP. The report of Deloitte & Touche LLP is incorporated herein by reference. Such 2025","page_number":53,"box":{"x":69,"y":128,"width":839,"height":11}},{"id":"532a74de-fe0b-4e1d-b95f-ba525502d6af","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the report of such firm given their","page_number":53,"box":{"x":68,"y":143,"width":790,"height":11}},{"id":"a6100813-18c7-4c8e-a4ee-b952cecf9fdd","block_type":"box","text":"authority as experts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual reports to","page_number":53,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"c67da0c4-280c-4945-8561-c860a4a96766","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":53,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"da5b52bf-9af2-4849-b668-c56c82dcf02c","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":53,"box":{"x":69,"y":188,"width":836,"height":12}},{"id":"bd509c67-5ed1-4d61-97f4-ec6930995a17","block_type":"box","text":"I-31","page_number":53,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b2f913b6-ee8c-4667-a7dd-c862f2befa0b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":53,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ab42faca-2b7e-4fec-8770-03bd8c853990","block_type":"box","text":"PART II","page_number":54,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"c5d2e15c-4ad0-4a10-a713-f1dcdbdf3efa","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":54,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"0455736e-98d9-4a26-87e5-b9011da62e87","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":54,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"07de99ba-9dff-4f98-8ed4-eb90527ae54b","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":54,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"4f555e60-5d24-4206-b659-c6d7f2c7d6f6","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":54,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"62310cf1-41fa-4c3b-905d-4ea3b02d0c42","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":54,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"e620ac2b-ab51-4f2e-a7e4-34ead6f4b2bd","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":54,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"a22baed1-b0bb-4e9f-8123-1a0f050f9498","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":54,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"a325fa0a-3a9d-4e9f-aa21-8bd9ac899842","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":54,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"2abbe2be-b1d8-4c36-9fc3-41c0cf1ed624","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":54,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"d941f5ae-5015-41f5-a533-1bdde5eaae35","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":54,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"a23c938b-1e1c-462d-a654-e97eb7fb73e5","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":54,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"3105a75c-b961-492c-bb17-fd6c12210a1f","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":54,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"c8f32ea1-afd3-495a-be9b-bdbd69152d02","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":54,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"e7bd825f-6af4-4d7a-94a5-f66b92787158","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":54,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"ad0ae1ec-e750-41a1-9213-917a6b2f2ca1","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":54,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"8a2cca86-8f30-4f17-9f5b-5441bb75da3a","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":54,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"aaed3e56-a980-4f29-9a84-1f4ac15d0e97","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":54,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"52f437a9-e862-4fc9-b717-362f1aa04c7c","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":54,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"bfcde6d4-e15c-425f-a6a7-53dbe836ebc6","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":54,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"54661572-c413-437a-8aee-55b42463afd9","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":54,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"e0be3fa6-5e78-4090-9f9f-7995adc10a8d","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":54,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"660a6769-d908-4ffa-b0f0-78e969d14bfd","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":54,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"b4ad7e62-d967-4b2e-8335-4217ee3ca873","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":54,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"4d3cd365-065a-4a28-b384-b7a9a5cbf952","block_type":"box","text":"particular Fund.","page_number":54,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"4f832c51-c576-4f51-a82e-8991378714c8","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":54,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"ff4425c4-1adc-4993-af31-d32f09b6f253","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":54,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"439869af-6538-45cd-be06-38761faaaa95","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":54,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"0dcd6092-3f33-482b-a594-53000c257ad2","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":54,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"b1f8e1a2-90f7-4fd8-b792-c428923061b1","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":54,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"d5de8143-e7e1-42bc-9ac4-c5074933eefd","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":54,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"6cc10be7-7dc8-4941-9c29-4b81769913da","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":54,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"c96d174b-3436-4fd8-8ea3-d7cb9b873feb","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":54,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"3f31a67a-b231-44d2-b11b-f7b03a51b7d3","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":54,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"eb3ce196-ce32-4da3-98ae-628548c62953","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":54,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"e5dc1497-26c0-444b-98df-0c69658303d2","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":54,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"3bcae50f-8e8f-4b04-b37d-aa02d0fa7ef4","block_type":"box","text":"Asset-Backed Securities.","page_number":54,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"b84cef60-8e9d-4c29-bc09-4b2e9f265871","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":54,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"249ccf18-5117-4e6c-8470-a2028a9a15af","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":54,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"c19d0111-e576-4625-9800-c025395f08eb","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":54,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"618015bf-a1d1-4aa0-93de-5fb822660626","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":54,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"6ee069fe-4ffa-4b84-a366-06ce47b5d7e4","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":54,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"b37df667-a5bb-4071-886a-61872719299d","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":54,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"bb80d1d9-f002-4da4-a4ba-b1e9182741ec","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":54,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"70725b4e-8756-46c0-bd30-cbc5c2894e3d","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":54,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"e7022191-629b-4e4b-a8f1-d46620780a48","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":54,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"2d9af6e9-e0b4-4fec-9c67-fe42db55b333","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":54,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"ee66e87c-113f-4c5b-bc6d-6f2f767241c6","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":54,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"d5563839-bffa-4159-8270-c9b12571e2a8","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":54,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"ecd5737b-2afc-4a01-bc4e-7e975bd6fc40","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":54,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"1ab52375-9a5c-4961-9ca6-6c020d833333","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":54,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"67569da9-4fa4-4480-8297-8295e058a38f","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":54,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"d580125e-a7c6-4f23-9ca8-5b813a696561","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":54,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"b227f659-a6b2-454d-95ad-04dcf7eb5c06","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":54,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"167f3ddb-7e06-4ce3-99c6-c810c5ff2c8a","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":54,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"a999a59b-eca1-439c-8792-86bbc7f48d5e","block_type":"box","text":"II-1","page_number":54,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"606bd2fc-2118-4973-9768-8b50a895ed15","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":54,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8c422e21-9615-4e21-9a8d-1b75fe0d7653","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":55,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"6a6024d6-9ce8-4e21-bbec-09aa31efdd98","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":55,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"4ca9bd61-004f-4a8b-a8c3-e0373b5ce4dc","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":55,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"7860771b-1a34-4a35-a8cc-c8b73fc18aa4","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":55,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"8022094f-ccdc-49bc-8edf-370406855e7b","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":55,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"b82a73c7-2077-4d6c-9f32-cc40dee1bf99","block_type":"box","text":"Asset-Based Securities.","page_number":55,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"47f30208-ae5a-4f28-b869-391eb27c76f1","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":55,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"7e68fb51-1e34-4ec0-a541-3617fda0a13b","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":55,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"f6efafde-2510-4436-802e-3c93a0ee2d52","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":55,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"3e0d61aa-9654-4715-ada0-1e5e358cd083","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":55,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"28bb5b58-fa59-4ca0-bf4b-00dad4345a08","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":55,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"c3490538-6105-4788-bb9f-e26e85f49892","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":55,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"4168b42b-a85d-48b1-99d2-80cf54f8d611","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":55,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"e3e9c2e4-aae2-4058-ab80-c56a8887d9e7","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":55,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"de4f060f-665a-46f8-a63f-cc3055ee7ae6","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":55,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"17bcf27c-b5e6-48d4-911c-b03aa1044c8b","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":55,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"caba1490-b9ab-4e33-a10a-659c5d170e36","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":55,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"46e8bfb6-78f8-43e0-8988-596f9c0c64c0","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":55,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"5a616e91-e761-4eeb-acb6-538c422e7bfa","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":55,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"937b9ad9-3068-457d-8775-d3d7367c6e75","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":55,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"eb3bbf7d-388d-488a-99a0-71b6f52eb57b","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":55,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"828d3130-50c4-47ab-85e6-dafb350ee2f8","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":55,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"feafb2dc-d826-441a-bd1c-fb9d48d42e52","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":55,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"337ac801-cad2-4080-918b-157d9eb7b4f9","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":55,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"63332ffa-d9de-4a02-89d9-ce4eeae92275","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":55,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"c53a0430-52ac-4c2d-8fb4-fe39de6a7310","block_type":"box","text":"appreciation in the underlying asset.","page_number":55,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"6d8292d9-1644-428c-a708-78fd96b9cbcb","block_type":"box","text":"Precious Metal-Related Securities.","page_number":55,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"f9515c22-288a-4f80-b615-63e9501300ff","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":55,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"015038b2-90f7-44ec-a14c-0ce06e39c81b","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":55,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"18541c90-d06b-49c7-bbd1-2b742981b879","block_type":"box","text":"e.g.","page_number":55,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"32cadc90-6ed9-4ec9-be1a-bdb63884b13a","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":55,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"d259beb4-f0fb-4135-b922-54f7a3a6bddd","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":55,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"7592ae49-5e31-43bd-8eb4-a74b70446dd4","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":55,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"8362070e-a1f5-4579-a2a7-b425f29fb129","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":55,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"ca78a235-f10b-427d-8766-d0353bd42256","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":55,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"3107aacc-37ec-4307-b7ee-7a3ba9d6116c","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":55,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"ce8d50f9-46cf-4ae7-8987-af484fe024bf","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":55,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"70923ef3-0466-48e2-b772-7feac384405c","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":55,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"9a0941e8-1f21-426a-bf4e-970cf1f3004f","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":55,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"ee51895f-e66f-4e7b-a05e-d6ec45571d67","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":55,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"6c475018-70ed-49a1-a138-5b250338d562","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":55,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"beaf7911-d7fd-4c74-96bc-deb163579bb6","block_type":"box","text":"South African gold production.","page_number":55,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"d1a77ca4-ac5b-4238-b295-d82e052493d8","block_type":"box","text":"Borrowing and Leverage.","page_number":55,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"3b1eb4b1-26ca-402b-951f-ad703d6e25d9","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":55,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"10fafd5b-4afb-40fd-9c1d-8cc6864309d8","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":55,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"f26b7230-a762-47c9-8bb1-59d73ec253d9","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":55,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"17ddb57d-d758-4a0e-9c2f-f9dacb9880f9","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":55,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"72f15b0c-1928-42cd-ad6d-170e69511eb7","block_type":"box","text":"other securities transactions.","page_number":55,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"c254596d-dbf9-4e10-82d4-1cbdde6fba1b","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":55,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"03e8f854-d9f6-41ce-8723-c49a5d1f8f1e","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":55,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"c77ec181-1b0e-46c3-a7d8-5a987aba8f41","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":55,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"c49bcb96-18a6-4752-ac6e-02d2a5431e8a","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":55,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"1c07c5b3-25df-46ce-9e86-49a164a5dbb1","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":55,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"0609a653-0681-44dd-bf7a-7719b502dc6d","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":55,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"18fc838a-3ef2-4cee-8085-3a6141b0a901","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":55,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"fc9e38bd-bafc-44e1-9e43-648694343694","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":55,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"26feb383-5f5d-4133-ad19-8d17fb54329b","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":55,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"83f7148c-8288-480b-b7e3-42b290e4eaf3","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":55,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"9881053f-8087-4a83-abc3-72fba702e2fd","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":55,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"18e333b7-3757-456a-b474-7e2a7db4a5cb","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":55,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"ef5b9c16-8a89-4cbd-80bc-6fb8f95a484e","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":55,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"810f60a2-b81b-472c-ad92-b6723bd700b2","block_type":"box","text":"II-2","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"37dd5410-8632-4230-8638-18a95b2a0b13","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":55,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"74c86b4e-e753-49cb-b46c-1b6f09bf5c32","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":56,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"a11f4e17-6bb4-4652-8ef7-7810addaee28","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":56,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"10e599d5-900f-4666-a0e9-29b088aecec6","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":56,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"3ed968b1-7a55-4a42-8ba1-aa92400d1fc2","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":56,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"fb06e327-90e2-4be5-804b-a9709f866373","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":56,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"9a201d57-cb56-4eea-886a-6ed200f84817","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":56,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"c1959fcc-3678-4b6d-be03-26aa07913ad9","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":56,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"462303f5-3d3e-4ace-a9db-3ac01a00f1d6","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":56,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"77b6f06f-e549-40ca-9059-a172b770a736","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":56,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"04ca037e-1f54-4088-b5f2-00e22dac9f32","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":56,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"2de3d85a-e835-4218-8d0a-4e0602420c36","block_type":"box","text":"Cash Management.","page_number":56,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"3d95d2e9-93e1-4e0a-9062-64bfafc7674d","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":56,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"a8d002ef-7a92-40cc-9d62-68d14e6b3dfb","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":56,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"5278932a-57b6-4533-a915-5a5f4ca93e05","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":56,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"02f35473-6eb3-4e11-811f-1ec137a986dd","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":56,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"eee96d88-5130-41fd-96cd-52e28412cdf9","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":56,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"6cf6656f-f498-4947-ab54-33eba1f8b150","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":56,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"9d84fcec-1d50-4dfb-9362-8238d7fb75ad","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":56,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"32d287d2-b69a-444d-b4e3-d5c44ad29719","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":56,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"33e71194-4429-4726-ae4c-de300083b30e","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":56,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"9f5ab3f2-b4c4-4b79-a16b-1aa0b1299afe","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":56,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"c7539b9b-f68c-4e87-909e-0fd7bf211827","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":56,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"1c07aff4-8070-4472-a4f8-cf19f37719d5","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":56,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"0b59226c-3a57-43c9-932d-8ea2e4c82da8","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":56,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"570121ae-d4ab-40d3-920e-c235d65709da","block_type":"box","text":"Collateralized Debt Obligations.","page_number":56,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"e2af59aa-d257-4a75-a761-6f2eb8d66f22","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":56,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"1d8d0463-0ea9-4b6e-b361-04f364011d2a","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":56,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"b36d3ff6-dd08-4b35-8152-bfc8117ad1b3","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":56,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"6b842d82-fa8a-4e07-a05f-59343269dacf","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":56,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"eccc28f5-ee5b-4396-97da-0168af9151ed","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":56,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"58ce47d5-1b13-4e07-a7c3-6f4f42fa057a","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":56,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"0aaacb15-c8be-4357-b90b-ff099ee7dff3","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":56,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"d8ff2dd4-d121-4a0b-a1ab-b48dd8500aa5","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":56,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"dbcc4f84-ac62-49d1-ad70-52261a5223a8","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":56,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"4926f593-e73e-42d3-bb7b-df130e324be7","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":56,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e87210ee-d32a-487a-ab06-561ef8b3882e","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":56,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"83c83f2f-e668-429c-b646-75b1e9d6060c","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":56,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"a8c46fc2-8ffe-43cb-bf5c-11960f123cc6","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":56,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"02f7a46c-37a4-4d2f-b20f-e6218fd61b43","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":56,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"4d965c93-faa2-4f1f-b31b-bd940b7e32dd","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":56,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"248f1dfa-d626-49c5-bc17-bf15bb36158f","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":56,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"8fec6279-0fba-43fd-8f3b-b10dd78eb6a8","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":56,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"901b18fd-668e-4367-a4de-710ece44ff2f","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":56,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"f1059dc6-c6c7-4770-969b-691a058af893","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":56,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"8d7c02a0-47bf-496d-8334-40d8fc3d5209","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":56,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"e438cfcb-ecf3-490d-aae3-3d6ed8e041f6","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":56,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"0b24477b-96b6-4e8f-ab0f-0a8b652f505a","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":56,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"74309d31-dbcb-4a1a-acc9-3544449851df","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":56,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"4fcd2788-6a33-4467-9dcb-d1ebe75aa28a","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":56,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"19b75e58-e4eb-4a47-8f3d-c0dd29736135","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":56,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"244a37b4-e271-4d21-8e70-feaf5e9f20c4","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":56,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"e2ac6c7e-cc2a-4df9-bd4c-d78eca6dad46","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":56,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"06606745-ca6b-40d3-9408-a5034d44750e","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":56,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"8bb18ec3-55ef-45b8-866b-3941bc9c8ea7","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":56,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"c3411f21-d258-49b4-9f94-5edba352c3df","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":56,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"870be532-55a0-4d50-b39a-ab401b02d8cb","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":56,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"dbd407e7-ef25-450a-b825-cbf91105cf25","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":56,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"135b69a0-61c4-4a49-9a0a-255f3cd37268","block_type":"box","text":"II-3","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c37870ed-746d-4478-bc7c-7e8d554c68f1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":56,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"383e4482-e077-4992-bb23-ee137972f0f8","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":57,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"f5e3b1bc-5050-4a33-aa28-c1c3bb18b601","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":57,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"19550d48-8315-41d5-8699-34ebf9b40aa6","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":57,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"3b5ec0a7-d34f-45c2-8d66-ba1270991b28","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":57,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"c707dec8-783d-42dd-88a7-d109c3b9efd8","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":57,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"fd42769a-d478-4f12-9f21-6f8b5a30ac0f","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":57,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"450a04f0-f22b-4f9f-9c12-5a48ac92a973","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":57,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"f0b6706d-e354-42af-9cbc-5ca399e91509","block_type":"box","text":"Commercial Paper.","page_number":57,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"a75f249f-c21c-461c-8e4f-b53daf5a9b2b","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":57,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"6c898310-2584-4cfb-8e77-d02295dbd65b","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":57,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"32bbb6ed-6aaa-4330-b642-780b88ab40e3","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":57,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"278a16a2-2a71-426f-a87a-78882dc88976","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":57,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"b522abdd-09f2-492e-89f5-3d7a386857b3","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":57,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"d6094c1e-2565-4c13-a231-bad69f50e603","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":57,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"ba0062a7-e518-4559-87f1-9886afbce0e3","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":57,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"06bee2f2-7cd5-46a7-8430-e78e77767029","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":57,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"28b1e0f8-286b-4836-8854-c497c24fd739","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":57,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"5a20d16f-1a2a-48ec-9b08-1e47703acc34","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":57,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"0c86e40c-e04d-4f52-9f2b-06ab8f41f836","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":57,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"19ab03b2-0b9d-40c1-8c11-7f213623de50","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":57,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"a131d981-8458-4f5e-a9f5-f322755c1f0f","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":57,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"f5b2cef4-ba9a-4e47-80f0-b37dfaedf5ed","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":57,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"d380639e-bfac-4fdb-aa13-89d13d360a48","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":57,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"e586d1d1-5196-41f6-a9f8-0143c35b9c48","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":57,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"cad13062-ec8b-4ea8-b51a-4a0005bc2c44","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":57,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"b74375fb-0e89-4f12-9e1d-ef049cda1769","block_type":"box","text":"variable.","page_number":57,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"bda293f8-2162-49fc-815a-b13ec9b12dde","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":57,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"fbce5b5d-ce89-49fb-acd4-779baf688fe0","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":57,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"4ba73ed1-aa24-4810-8d10-fc715516bcb0","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":57,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"36088752-50b0-4b99-920c-cc5e15ecbf72","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":57,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f8850352-b2b4-4986-a735-5a67dacd096b","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":57,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"88a71aa6-ac05-4247-98a8-46250aa0a400","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":57,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"3ec277de-72b5-4310-85ec-bb8636a3e682","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":57,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"8b71b311-de18-487c-980e-31de3d6df6df","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":57,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"7a0e9c10-c285-4822-995e-018f432bb006","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":57,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"8ccd7c46-bb16-4da8-8c2b-62e4cf85114b","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":57,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"06426c15-c095-4aba-8361-ce54c38471e4","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":57,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"4cb050ae-1541-4309-a9da-dc730dcbecdd","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":57,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"82aff66a-a69c-484b-95a6-4682789e49cb","block_type":"box","text":"correlation with stocks and bonds.","page_number":57,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"6fc388fb-ac97-491e-933d-dd7c842bf65d","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":57,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"5ca12aaf-65b3-476e-8047-47aa4585983c","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":57,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"21a21459-3b28-424d-854a-1a6357e3f286","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":57,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"fafdb38a-1fff-4f9c-b149-93e2b28a1c80","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":57,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"4d34ca1c-0a55-4962-ad00-ad9d2c3bc861","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":57,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"80de1251-b14d-4980-a32b-c53f464a3b1d","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":57,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"7fdc7f5e-feab-4055-9051-cf1eafb827b1","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":57,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"4a0a0a6c-4a71-4703-87b6-d20de2511ad7","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":57,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"0ca45358-edd6-4932-8de8-fa77c5818536","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":57,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"25ed54ba-18ec-4969-b54c-c6c78029b322","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":57,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"2d97d7c4-a71f-4dc3-8dbb-820f1865e086","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":57,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"02463d9c-9270-460c-8ac6-f2dd8bdac8ec","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":57,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"27fb38a3-b503-4ea5-8bda-c8129ace6b8a","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":57,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"e54ce441-1f9d-4215-b9a0-0d80c82ae0a3","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":57,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"fd8673ce-afc8-4441-8844-53e82046fca2","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":57,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"b6117577-9162-48eb-b2bb-3a0ace47cfa2","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":57,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"92825992-e409-4c5e-9d05-5d1cd7b44177","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":57,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"821a7703-de2f-4bad-a8d0-3297744b0fbf","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":57,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"e14a7b5c-915d-4975-bb87-21fdb7c78572","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":57,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"3450fbe7-8732-4af9-a1a5-c67d6e006d24","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":57,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"063ac37d-aefe-46a8-8363-70029374483b","block_type":"box","text":"II-4","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ec0424a1-8945-4139-abd2-fa3aef9cae71","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":57,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"94f207df-555d-4b58-bdfd-8865f9277529","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":58,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"b7c9c581-6cc4-41e8-ac3d-828a74cc4376","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":58,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"7a49ce0b-7a67-4c7b-8673-747b147ff6f7","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":58,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"16e3f656-ed7d-4c03-806b-f3fe5e86798d","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":58,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"a59590c5-5073-4f0c-83fb-27a1f470f483","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":58,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"d4476117-f72b-4349-9471-fd216727f335","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":58,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"86d04cb4-dca6-4361-aca9-0e4eca26dcfc","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":58,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"b41cb21f-d716-4f84-8c7c-ffb0b1ca74a4","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":58,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"5ca6f9fb-6db6-4e3b-a7b9-8c2bd4c8f907","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":58,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"ff0d4cc7-0293-46d4-85a0-3d445474afd9","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":58,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"c4c39603-5542-4b91-8cb8-30b3b359cc68","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":58,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"c93b8e88-d0db-426c-883e-f745b6896953","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":58,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"84582de0-44ce-4641-b687-a2deb7aaa604","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":58,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"5119aedf-9f1f-4d78-b24f-234d3d662ffa","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":58,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"28443d71-d7e6-4ad8-b545-08f8c0beaab3","block_type":"box","text":"the Manager believes are relevant.","page_number":58,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"4b5c29b0-cf1a-4914-8a38-8dcc722555a7","block_type":"box","text":"Limitations on Leverage.","page_number":58,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"186229fc-ba82-4291-941f-76a3780adf6f","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":58,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"a44cf841-fc33-49cb-a65f-edbab76c12a2","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":58,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"d527420d-c6a3-4075-8402-dc61080fa6bc","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":58,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"b8a281c5-fbf3-4cd0-9a97-13ad09d404a3","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":58,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"c0fb0e28-3854-4263-af9d-5c9cbc5a6f97","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":58,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"82801bb6-1349-47a4-94b5-c717387a1231","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":58,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"af251b34-5585-416f-97b3-3ff4a5c542fe","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":58,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"82ffdbf6-6bb0-4746-87a3-73ea404dbf2f","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":58,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"ff787000-cd03-46ef-a068-f071358c73bb","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":58,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"793d8e96-1fc5-4c0a-a829-46c6af70b69c","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":58,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"e5b265cd-c52c-4ed7-a5ce-cb6ed4857c1e","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":58,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"ea4f307b-0971-4f4e-81ba-f6ec0953cd15","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":58,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"f82e8e1c-fea3-4b32-b1f0-d8f7093f0fd0","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":58,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"a9531c53-ae8b-46bf-896b-3bcef8e26973","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":58,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"7d002a98-c415-414b-998f-d0098b440147","block_type":"box","text":"Counterpar ty Risk.","page_number":58,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"c3f132f2-ebba-4a3d-989f-0d1862bb76a6","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":58,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"605c2bbc-806a-4c21-b20f-625e9682870e","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":58,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"5ba19d3d-b554-4803-8dcc-94653927989e","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":58,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"ad2aaf38-87f1-49f8-a59e-c79a048524bf","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":58,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"44ae97f7-7998-4c0e-b426-decf1c605255","block_type":"box","text":"e.g.","page_number":58,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"0a1f84ff-3ca1-4a1a-b066-1941e6eeba6c","block_type":"box","text":",","page_number":58,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"2df31d74-9a53-4265-b207-7996e91e6393","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":58,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"faf241a3-83d8-4089-9030-8408dd838f74","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":58,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"a4559a29-5a19-4b08-8843-3db518fdba9c","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":58,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"ad5c4f39-9e7c-417a-9baa-098256f5cb0b","block_type":"box","text":"obligations under the structured note.","page_number":58,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"0276a92d-64cc-4b50-af31-a513a066367c","block_type":"box","text":"Convertible Securities.","page_number":58,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"fb4dc85d-6c3f-4f5c-be32-3f489874fe0f","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":58,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"f5e32ce0-1ae7-44ed-ac65-fc0941944074","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":58,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"fea432f8-2317-4cb3-b53d-2973a631dc99","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":58,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"db457caa-f69a-4bfc-901c-0b3a697d1892","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":58,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"6b3613ed-8f8d-4aaa-b9f4-932ab5fa7f51","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":58,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"d57b0a8d-4b4e-4d31-bc45-0daef78090aa","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":58,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"d701a32a-534f-467e-9144-749254cbfd1d","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":58,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"00aa735e-7352-4fab-affa-a574b8c53e6e","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":58,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"80a39858-822e-4eb0-95cc-1335ff8c2388","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":58,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"e47452fd-f32e-4629-8086-e00e42d9306e","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":58,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"4a95ff52-cff6-4326-a505-d125c498e078","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":58,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"f0d88d1f-9b33-467a-ae49-610712dadb12","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":58,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"48e4eeec-9a83-4b1d-89b0-ce6f0d791b72","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":58,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"e0a1980c-7332-4a7f-95ad-94470d8ff3e6","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":58,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"22c3604a-596d-477c-a347-d714f30bbc92","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":58,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"79349792-349f-4fd3-b91c-9f041a883c3e","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":58,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"f69a1499-0176-482d-b821-73135b198b09","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":58,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"918d73ea-9f91-430c-90b2-dfb29875bbdf","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":58,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"6f9c514a-9c94-48fb-a290-264f0715a854","block_type":"box","text":"II-5","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8dc4d21f-eff3-463d-959f-d5e8cfdcd28a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":58,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5eff10dc-1ed9-4327-a719-d21b38b58037","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":59,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"de11cb28-48b1-4244-bcb6-db6bb173edff","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":59,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"048f918b-9515-4b39-a232-23ecf481f583","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":59,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"57dd1f9d-fd11-4107-9e04-d356cf7cbae1","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":59,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"b658e91b-9ee0-40fa-8524-8dec545ee65b","block_type":"box","text":"things.","page_number":59,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"24a2c7a3-082a-4b0c-b9c8-5d33961eecc5","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":59,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"1032d93e-287b-4f1d-b887-b4b6250bf5f9","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":59,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"72891077-0c69-4003-a0ba-7032b560350b","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":59,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"db68c74d-72fe-4f56-b570-3bb712b88d01","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":59,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"51964be1-3164-473c-a4f9-0b650d5ab02b","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":59,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"55731373-4b8d-44dc-b4e8-c9b3b7058649","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":59,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"675d8ccf-16ce-46a8-91a0-971e951ea3a0","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":59,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"8d9f96bc-7de7-4580-ba61-4f70da580717","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":59,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"cd5fb9e8-fcf9-45bf-8374-939ce93892ea","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":59,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"14ddae55-bdfb-4e6f-b317-c84be18d9f49","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":59,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"16db9d75-2067-4c4a-9e3b-d3bbd6cbc32b","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":59,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"b0bfdab0-85e4-4785-aca0-b0d8b8d0823c","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":59,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"93444974-3aa4-4c67-aa6f-bf63dc6560e5","block_type":"box","text":"i.e.","page_number":59,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"558116f9-b220-4706-a49f-7920999ec1e2","block_type":"box","text":", strictly on the basis of its yield) is","page_number":59,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"60918485-521e-456f-a694-cf46467de9af","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":59,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"c737a312-d4d8-45d4-ba73-80059dbd0fd2","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":59,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"eafc0d90-9db8-45c3-8882-bed3d9177138","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":59,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"ec23ce5a-c37c-4294-af11-70b8f606f6d4","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":59,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"9a6a78cb-f517-42c8-9290-72bce26ad64c","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":59,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"f4f55e51-d6a3-467c-a98f-4743f4cd2c2a","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":59,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"062d7398-a8fa-454e-9b4c-a1ec695e3bf2","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":59,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"0a7197c7-611d-42e7-a985-3486d47acad6","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":59,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"30f8a707-3edc-4b04-bf59-444449940f15","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":59,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"a8c1ccee-3365-4e99-b1e0-5366554030bc","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":59,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"71e9164d-2144-4516-8250-887a2ab8b64d","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":59,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"066552eb-3b3d-4dbb-932b-59db9ad46966","block_type":"box","text":"than the securities’ investment value.","page_number":59,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"8aa9740f-e4bd-4a9a-b043-5255037232fe","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":59,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"01297c75-3b54-4463-9172-c5d0097b044e","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":59,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"1695c30e-49ca-4d45-a8b6-289c0eb0ad3a","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":59,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"d0640f95-7b5f-476e-a93b-3ba2eb1190ee","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":59,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"53bc10c7-9dbe-4ae7-a644-db57789625f5","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":59,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"59b75cca-dc98-482c-8588-e5578107dacd","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":59,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"3179cddb-121e-4da3-8e26-411ed7400498","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":59,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"2aa75ad4-a646-445a-b1c5-cfa9da1ce9b8","block_type":"box","text":"security under certain circumstances.","page_number":59,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"9070130a-0ca9-408d-9b13-ca43a6685159","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":59,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"eb5d18cf-02c2-4af7-b22f-a52c2f7555fc","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":59,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"47927d98-c0fe-4000-8e6f-0f68164fb033","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":59,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"f584e590-a89b-4d8b-9401-76c5405e00dc","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":59,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"e7dba7ce-38ee-4eed-8d98-67b0bddbcbfb","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":59,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"cdad4c04-715b-4d64-bae2-53c3f0d797c0","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":59,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"39665146-fe35-440c-ba8d-c1c0ee41772f","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":59,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"ced3501e-75c0-4fcb-ac8d-bff702e05722","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":59,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"8d5ff40d-85bd-4ed2-b954-8e225ca5744d","block_type":"box","text":"i.e.","page_number":59,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"495a8a51-4a23-43a5-9402-96bc7ba3f453","block_type":"box","text":", fixed-income (“fixed","page_number":59,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"4dbdde73-3594-4ec8-9223-be4a2a74c221","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":59,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"bb971720-1387-4f22-bfb0-c015e4648876","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":59,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"12389ae4-3000-4e32-9e93-e10ae92cdb66","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":59,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"386975cf-9dfa-4bb6-a99f-6fb2b5afbf78","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":59,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"84b6559c-4d64-4576-ac77-42fabc0802b8","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":59,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"fa757e20-8a30-4ac3-91ca-8a9b10669d03","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":59,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"bedc61d8-c6e5-4ec4-8ea3-184cc147d5c4","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":59,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"7a135c36-8ae8-4048-b45f-984591af5306","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":59,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"9baed9a4-4dd1-45a0-97ef-f9c08a54ca41","block_type":"box","text":"II-6","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2c6408e0-7d9c-4c46-b5d3-397cfe0b469a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":59,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4e1ce1fd-cf03-47f7-ab6e-49b41b4160e5","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":60,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"895ca111-17f0-40ce-9926-009e0e63f118","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":60,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"dc47cf59-2f0b-477a-86b1-d36c058e659a","block_type":"box","text":"component.","page_number":60,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"3f986ff1-7b91-4c8b-b3c8-401dd0f091dc","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":60,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"6b138b50-5512-4d65-8037-ad13bf4f5822","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":60,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"8a5e5aed-b079-4834-aec7-8d6c418bcc52","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":60,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"096e64b8-7ca8-4e97-930b-ac80d9138172","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":60,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"ec85c340-ca1b-488a-ab8b-c473dd0c975a","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":60,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"00c0bd3f-45e2-4f6c-86b1-92c2817cee39","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":60,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"6a3197af-8e2c-4ea5-b267-9b656f69ce00","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":60,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"505aa83f-9f07-45d5-8b54-6f3f060de539","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":60,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"c3c819f2-be60-471f-bbf5-7d2a00a120fd","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":60,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"4588bd1f-0e8c-4040-bc32-ca39cbbf0030","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":60,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"abcd1e94-db65-416a-b179-5830c131f2f3","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":60,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"0640763c-995c-4263-a229-63589b532900","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":60,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"5a56be1a-def4-4daf-8ae5-a13d79c2da53","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":60,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"23ef1c14-d219-458a-82c6-dc5a7c4482c5","block_type":"box","text":"favorable market conditions.","page_number":60,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"696deaad-fba5-4efe-8b8a-e5786352fcb7","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":60,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"11e15d37-f951-4656-93a5-46da9ec54c09","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":60,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"78e89e29-cfef-47d4-841a-7ead3f75f26b","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":60,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"a6a7cb10-aab3-4841-973f-84819eefe47c","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":60,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"bf8b8cac-18c1-4384-8ba0-678ca7fc496b","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":60,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"97d4d157-13a7-48c8-81c9-4ca437e0801f","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":60,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"02cf51cc-f9c6-4e02-af16-3a196ad4bc26","block_type":"box","text":"Corporate Loans.","page_number":60,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"e45edecc-e24a-4cb1-8e0f-b05373126998","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":60,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"630ca0a4-8a6b-4d90-9d21-4951f4991e49","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":60,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"45f8b1ce-4062-4413-9d4a-af2951483901","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":60,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"70dfee8b-35b7-46cb-a48b-89dfac40896f","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":60,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"c1309f8d-2def-4e87-9f9a-904ed36841c2","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":60,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"b66c9033-a595-4c65-a491-12f676f756b1","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":60,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"eeb354d0-6e5a-49df-bf59-2678404090a5","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":60,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"04246942-ed50-4997-84d7-1e3bd22f2b53","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":60,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"abdb9be2-42e1-4e05-9ce7-6b501773759a","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":60,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"6f322303-174e-4aa9-a671-b678b7e1f178","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":60,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"8e6b27cd-b0ed-4ea4-a3d9-0a29abea71b1","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":60,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"0cda5cb6-710d-495c-8601-4d3ee624116c","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":60,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"9c371a22-0904-4093-a189-186deb0ceeb6","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":60,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"8ec0d3b8-395f-4ed1-b3b8-e10241f548ec","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":60,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"704fbe1b-fbc5-4d10-b1a4-c1e2afcf6cec","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":60,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"171bfb30-a736-429e-a9c9-7cf644afeaad","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":60,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"5e790735-ef99-4d2b-bee8-63a637730f18","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":60,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"9befb70f-c9dd-4cbc-a7d9-a5111b69b46c","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":60,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"742e632c-2c86-4722-8b42-0382b9d015b4","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":60,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"d42c62eb-0915-4c4b-bd82-bc065a9d1ab0","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":60,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"2b583559-4175-4c70-bab0-fab72262cf3d","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":60,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"bd10db47-47bc-4da3-915a-1eeb29097a39","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":60,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"d2d5190e-f398-4781-8838-a2b001e09dd9","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":60,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"5a21bfd8-7680-4edd-a08c-ce2539d09bbf","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":60,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"facad9f7-d734-43f2-8965-020907b25d48","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":60,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"2920c375-8d63-4f6c-bec5-d1b641aafb61","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":60,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"fe58fef0-2c93-48d5-97ef-730c777c7f7d","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":60,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"24ae07ec-93a7-4be2-af59-a2bde4005a4a","block_type":"box","text":"of the borrower.","page_number":60,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"0f4cd570-d8ac-40f6-9b0a-346facf55516","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":60,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"badf36c5-4896-47e8-a96d-a1574cede0e2","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":60,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"82db436f-82a4-49ee-8c9e-2da5345ec4a0","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":60,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"e5a823cf-9fd3-4530-a63e-1ad5ee99dabe","block_type":"box","text":"II-7","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0c712db3-2a3c-4988-a0f5-b97f042c766b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":60,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6e4cf794-3262-4336-a769-d8a3c7404022","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":61,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"618f9dee-f654-42e4-8c88-8bfd69b67598","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":61,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"436cf7ef-8e31-47fa-ba34-ec46d1551fde","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":61,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"8f9d112f-004f-444e-942e-8fecb96f590a","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":61,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"30907294-6303-432d-b65e-1d636d22597c","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":61,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"6ca4c9b9-8fd3-4061-908f-c0ad59556b3c","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":61,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"deb0f85b-8a09-4e5d-b041-a963cf70584b","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":61,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"2e8835ff-b051-4052-a807-9bb1d63f664c","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":61,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"502e8c0d-0654-4a27-8013-17bf30a9699a","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":61,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"b07696ad-39cd-4dd4-bea5-8685dafd5815","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":61,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"c8e51446-bb49-49bf-9064-d6a8ba29e90b","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":61,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"87b8bc11-5650-49bd-bc9f-ee8feabd95a2","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":61,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"b4648d01-8e63-41ec-9503-e551cf8650e0","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":61,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"cd5b0198-6514-4c54-b030-8d8a399cbdbc","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":61,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"b90a4ac0-e9f5-4e14-a895-f64bdf4432c4","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":61,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"38a2292f-f77e-41f5-af39-88578f2b7b4a","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":61,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"89b91676-064c-4251-a9d2-08eee5b4ea7d","block_type":"box","text":"state law.","page_number":61,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"7dc1846c-d1b2-4b83-ba21-9713c1771238","block_type":"box","text":"Direct Lending.","page_number":61,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"3efdcaa6-d090-4625-8d97-5c6a1fdfc1dc","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":61,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"ff7e2423-dd53-4458-adf0-b0aeb13251e0","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":61,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"a3b26682-2a1f-4053-8be8-fa95a9eb05e7","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":61,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"d93e3ae2-4c4f-4e78-8972-60f49a15f0ef","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":61,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"708dd47f-5f32-437e-a6dd-af2f6d251cf6","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":61,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"ad8c7081-edd9-4690-8a4d-537ee145cedd","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":61,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"edbd662e-f80b-4117-ae52-c6941c6205cd","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":61,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"5942f5c8-604c-4d90-a60d-de0c3f19f8c8","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":61,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"263b71f0-384c-4769-a62a-f647358d5d1b","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":61,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"343e32d5-f8f6-4587-b4d5-75c8b82b4a77","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":61,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"abf8c893-4e82-4d6c-854d-23de67bd1694","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":61,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"9b9e9ee8-8ea3-47dc-89fe-83e7adcb3749","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":61,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"d85d211c-8088-4445-b028-da0c81f5ada9","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":61,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"184e408d-6811-4cdf-9266-b756718409d2","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":61,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"6b56cf52-ae62-47d1-829d-177bc9b97b9e","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":61,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"38521def-2ad4-4c70-8b29-a7d541e24959","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":61,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"979d498b-1fee-4356-a9aa-07780ca82c0e","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":61,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"a467f806-f746-47d4-8ba7-e891fa2aac8d","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":61,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"fb7a6ddf-0cd0-4c21-ac7d-3f7294bff383","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":61,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"3b7805ff-1be3-418a-92e8-e15366cf70ad","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":61,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"9a3dfed3-6c85-4d28-86bc-70fd1ea885ff","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":61,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"c5364a35-1aab-4754-a20c-b6eb7bc63522","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":61,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"61e0d51d-787d-43e9-9717-292f4cbf9570","block_type":"box","text":"Credit Linked Securities.","page_number":61,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"312adbab-0098-47b5-8750-7b582450b256","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":61,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"f06873c6-a1f8-4249-a685-5d2c56c937c0","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":61,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"9f68bb81-9895-449c-9708-7af2452d9c9f","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":61,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"b09689b0-a1d3-409f-b4c3-931344e1dcea","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":61,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"ef2c2543-5e8c-44d5-beab-ae98ac60069d","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":61,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"d9302cf7-bfd9-448f-872e-6e832c53573a","block_type":"box","text":"traditional income producing securities are not available.","page_number":61,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"e5112afe-daba-43af-845c-d64a945bc121","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":61,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"a067372f-ba52-4c31-a4ae-8a08850f5369","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":61,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"530cf476-299b-4f5b-8508-ccc940113193","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":61,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"d07597e6-01da-4636-acab-295159f4468e","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":61,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"9ec0403b-8121-4055-9c04-1547254d73b1","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":61,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"d7cafeed-fdc1-4cd4-be17-68f1c9143d63","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":61,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"14683ed1-cf55-46a6-96f0-7c5bd64a31df","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":61,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"551bf766-f119-4ef1-ad4f-4516f989ee56","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":61,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"b8c75c71-564c-43d1-8807-b12639d8b5f7","block_type":"box","text":"II-8","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5360816c-6757-43dc-ab09-bf24d4ff3386","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":61,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9dea490d-aacc-40aa-b963-d8cf53462b7b","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":62,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"823fd611-9df3-4996-9f08-77fa0cc677ea","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":62,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"64837976-1d96-4526-b8d9-70f297ebc536","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":62,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"a732993d-fc0b-4c40-9065-cddb5ce9d41b","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":62,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"7fff8875-0eee-46f8-9ce2-2c38ebb85563","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":62,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"4a11c9d4-47ce-42de-87ec-d6c0705051e2","block_type":"box","text":"investments.","page_number":62,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"39151e58-7e34-472f-bc69-827ba086faca","block_type":"box","text":"Cyber Security Issues.","page_number":62,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"d67d70f5-8965-40ed-8d97-b0ded4827de8","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":62,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"58409927-6230-4e28-8e2e-4c96acee0f06","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":62,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"6e60a77a-fb95-42d7-854d-c2f80c845589","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":62,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"3de8a943-fca2-425c-8d1d-ed5a0ff7f388","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":62,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"abcd9ae8-93e2-4bb4-a780-1d18d8dc5fa5","block_type":"box","text":"e.g.","page_number":62,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"65bd0a57-c758-4bdd-badd-fb13c90ea4c3","block_type":"box","text":", through","page_number":62,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"4fa511b5-4d67-405a-b227-3fbbb7016f17","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":62,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"5b602cc7-f18f-4fc9-996e-5de3ed31a38e","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":62,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"751e29f7-c8c3-49eb-8c42-6d31895ed2d1","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":62,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"2ac69599-7096-4fc5-829b-94b79971ac05","block_type":"box","text":"i.e.","page_number":62,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"9ba9cbf6-7b95-40f6-b449-16cdd72eb57c","block_type":"box","text":", efforts to make network","page_number":62,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"a898cc09-6f5f-4c4f-971d-0ef595ccea5d","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":62,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"845b7cd1-f3a8-4de5-8d21-a33ae6d314ea","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"cd5fbb02-fda9-4583-b494-36882decfc6a","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":62,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"3651283c-e37d-408a-b450-33b04c5d2e3b","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":62,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"67f39b5c-99e4-4d0f-92b9-0b727525440c","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":62,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"13775d5a-c58a-401e-b1af-406874beb1a1","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":62,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"2644b56d-dc0e-4845-966b-6c7f65f5b186","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":62,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"c4c956e7-cdb1-4085-8b60-5798501fe685","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":62,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"08b4776a-e922-4ca9-a200-09a809edb2b9","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":62,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"8752f174-31ff-45dc-8930-d98e143e3da8","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":62,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"29cacd18-a0ca-4f0d-8ffd-f474af638dfa","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":62,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"fc26c3db-58c8-490b-a650-91136ca7cffe","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":62,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"b7710e94-48c8-42bf-8a99-3f4e4872d403","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":62,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"0ae77361-a538-4185-a81a-5bc700488800","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":62,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"40b4776b-412d-4f4a-96b5-d4f97b960d38","block_type":"box","text":"Debt Securities.","page_number":62,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"88ca398a-89a0-41cb-8443-50ae9e7adced","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":62,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"d9e4cf79-8fda-4991-8538-62ac8d349278","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":62,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"21c146e1-98ab-45b5-bd54-47628d9beb21","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":62,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"f138248c-cb69-40fb-820a-376d43a47244","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":62,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"90ff9ca7-26e5-4a0b-b409-c010178cdb2e","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":62,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"dd22c906-543a-496f-ae21-9415bd601c78","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":62,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"7f02712b-6fda-40df-87fe-3d99127251c2","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":62,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"b390d68c-a9d7-4dfa-8c26-072f255c8f3f","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":62,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"74d8b1d3-386f-4b11-aeac-9b3f193532c8","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":62,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"c61048bf-4d00-4614-b6eb-b72ee33a5e5b","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":62,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"60de9b73-9eeb-4817-a5ce-92de11b3a706","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":62,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"17e262c5-4fd9-4094-9c3e-a9feebbb1ef0","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":62,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"c9d3d317-b9dc-46aa-b9a4-0e03c0f2d142","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":62,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"b8a2ae81-9884-494b-8632-34035da7487f","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":62,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"ffbae45c-c673-4d08-918b-180648c0b0e8","block_type":"box","text":"lose value. This is known as extension risk.","page_number":62,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"6679ae3a-9550-4fef-adfb-b62bc63e3841","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":62,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"d7383de1-6a61-4c6c-b2e8-c5ce0ce20f0d","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":62,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"e175ad26-6224-4b57-bbb9-d6413e29ecf3","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":62,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"62235c18-b168-4988-aca5-2fbbf0a31147","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":62,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"d60e1a2b-73f5-4e30-8cf5-ae336681b67d","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":62,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"c833d729-8916-4e08-8e7f-9a209a1f4317","block_type":"box","text":"Floating and Variable Rate Securities","page_number":62,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"0b104d33-a8aa-4321-9120-81f6be1162aa","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":62,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"7927857d-2556-4bf1-b3de-956118351e0f","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":62,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"03adaeac-beb6-417d-93bb-66898df02491","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":62,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"eec7430f-5b4e-4764-b873-fdb76243385a","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":62,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"02cecf94-7247-4338-8f6e-1aa0a213c256","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":62,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"e97cb7d4-dcde-4163-97f1-5e20c078f485","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":62,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"e4642807-9ab4-4fb8-8831-87e6dd20bde3","block_type":"box","text":"market interest rates.","page_number":62,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"4d8b2ae8-de29-4120-a088-5900b0fa58f1","block_type":"box","text":"II-9","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c5250564-59a9-45f8-a4d4-4071efdc3a99","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":62,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"608c7568-85d5-4605-8657-74270212b682","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":63,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"097b3e5b-1a46-4157-8c4a-c1196154903e","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":63,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"9fd866b0-abf7-4a14-9065-0a07b4dc1c66","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":63,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"4a8abfe3-a394-48cc-9b13-c8e38c582f54","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":63,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"7d2423f5-b96d-4c73-ae01-cead8519bab3","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":63,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"f9a34219-0fa3-474f-8de1-05ee5193649a","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":63,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"fc0e9fb5-a880-4ba9-b558-9949237a8101","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":63,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"ef23b168-5926-4627-92d5-35f43d038bef","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":63,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"000cfe3d-2296-48b7-8d3f-7556ccc9aae1","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":63,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"2a47d5cf-6d29-499a-8a11-0bde2ea34c59","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":63,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"c44568a2-b3e6-4039-9519-ae59e54f056f","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":63,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"eecccdbb-dec0-4c63-b403-8f6f470e190f","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":63,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"0c237618-5a7d-4a8e-93f5-c3cfa9adacd4","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":63,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"9bfc2ee2-9c00-4a18-84b0-259d5c52653d","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":63,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"7753e983-59f9-4ed2-9334-1042105c6481","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":63,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"96badceb-3107-4da5-a187-9d2b2d0241e7","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":63,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"a8fcddfd-bc9d-4d99-ab3a-411631cb0303","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":63,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"4a2dcaa4-dcd5-4dd0-81c4-a59de85d80bf","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":63,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"20fe324b-5e9a-4896-a6aa-ab19099cd680","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":63,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"cebef916-1aa7-4ab0-898f-fdfffd2f3149","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":63,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"d3db9e4d-4955-432f-9e6a-df94298cbdd7","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":63,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"3ac2b1d2-02c7-49e5-acac-3f17e7879822","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":63,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"4e13fd27-ad26-43a7-b3e0-571efb7d2ddc","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":63,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"7faf40a8-5fff-467d-b017-216a14b1db1c","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":63,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"742b793f-971a-4dac-a589-554518ee8ba7","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":63,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"7e88cda2-d807-42ea-a4dc-98800e02e8df","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":63,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"e16c469c-e5b9-4b6e-8f1d-78afec7cc11b","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":63,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"0009afcf-f929-407b-a8f2-8dcdf19bc7b9","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":63,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"f97c1ace-a65b-436e-9a68-5dfe45c7af94","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":63,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"98764b27-43c8-4951-ad6a-d5e3791b486d","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":63,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"f53447b0-ac09-4355-9b73-897d0f2233d0","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":63,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"4cec9fa7-aa98-41b4-92f6-ceb5019eaf1f","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":63,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"abff23f6-7ea0-4463-8ba5-3be5381079c9","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":63,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"03609236-81d0-4fd0-9314-ceac0ce8227a","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":63,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"942e1c0a-8e47-4480-9775-0ea1284134c1","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":63,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"bad8f81b-a6b2-45c3-a766-17fa2e45d617","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":63,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"4cdd9360-94d6-4944-9dd3-bef69f16aa3a","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":63,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"4bb7e9ed-f1fc-4ebc-8828-4a437cdf4542","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":63,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"f50c9d0e-e930-4775-abf8-1ab4c5c84e03","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":63,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"6a405426-2e1a-4b5a-a258-89fcebff9318","block_type":"box","text":"United States.","page_number":63,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"41045f31-6643-44fe-a005-edb78b7e30d7","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":63,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"0ccb5e7a-46c6-48ea-9b6b-034b94afa151","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":63,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"04354ac3-70d4-4d26-9f0c-b91fd15706eb","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":63,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"f0ce4754-e5c2-4236-b839-8cf95097bb64","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":63,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"ef6a0d7c-0c0f-43e2-b638-5d77e1d672ce","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":63,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"0166c36f-0710-4bbe-b475-8459c2e53d81","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":63,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"8e5cc4db-20d3-483a-ac54-143f18e264f2","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":63,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"b7fd6247-ee87-4fb1-b863-1837fca855ec","block_type":"box","text":"i.e.","page_number":63,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"41264041-51d5-4697-9486-119b84104f2c","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":63,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"7547fef6-492b-487b-8352-a526eb476be0","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":63,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"8cc73086-f3c6-4942-8b4c-926679ffa596","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":63,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"91ef29b6-9458-47de-a268-fb8fb035f7d6","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":63,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"3270e142-24c2-41d4-a17b-9a73cbef9d90","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":63,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"2e13a3bf-ffbe-414b-8628-3d04d455bc20","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":63,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"185ad635-0052-4af4-8679-b15c744e0d52","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":63,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"8e5fc7ab-c61f-4f63-89a8-b8d330df9ee8","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":63,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"ecd05f0a-5b5b-47ef-ba0e-5cad061509ee","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":63,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"868a1712-61ec-4e98-8709-8aca636490b5","block_type":"box","text":"II-10","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bde7aa0e-8555-4d6a-accd-d69da3745bc6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":63,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0cb8fb9c-6afe-4fa9-97b8-c70c46eac007","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":64,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"140796b1-74f7-4b16-8e88-ee05f34886a6","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":64,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"cbe1f51b-9255-42cf-b86c-356e8f88d3fa","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":64,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"7edb6328-bb52-42c3-afd4-f22ca5cd4b25","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":64,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"0952c25e-0261-45e4-988d-a317c7d0c517","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":64,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"5106f743-6c30-49f7-98f2-75861a4d01c6","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":64,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"45fc8bdb-e8c9-42df-a4ac-0e0bc80af78b","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":64,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"ad698cd0-2ac6-4808-86cf-2f5de5570cad","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":64,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"16489369-a5cd-4e76-9049-969d0bc55602","block_type":"box","text":"risk than higher rated securities.","page_number":64,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"66ab560b-3743-4da1-9d54-c5ff68f8fc27","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":64,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"0691f1a9-8728-451b-8b3b-83773a73656f","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"b5df59d8-4806-4c4b-ac0b-6756c6d41661","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":64,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"493f558a-3b2f-4dfb-9b95-079f4193efe2","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":64,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"3a5ccdce-efca-4abe-a77b-ebfe2bae3619","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":64,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"202d223d-f1d0-476d-a487-d2bb824112ff","block_type":"box","text":"unavailability of additional financing.","page_number":64,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"51929240-94a3-4020-9759-beacc032d2fa","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"a5d792a6-1303-41fa-83f2-f0082f22ef80","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":64,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"1202daad-47f4-432d-924f-fb66ebee09d9","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":64,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"ae8c7901-20cd-47d5-a1b6-b1a518eac244","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":64,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"39d79a21-0518-4268-b0ed-80edeaf643bf","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":64,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"21df4b71-3369-4ade-8cd1-f5c141a81035","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":64,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"5a296cf3-beeb-422e-bfda-71b29dbd4556","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"384108e5-2066-490a-9f90-0f80fbe552c6","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":64,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"c79226f5-92a5-4a2e-a23c-256652b9abba","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":64,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"77f449be-577d-4e2a-bd60-f554f5e03e95","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":64,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"9710962d-8c68-434e-a86b-5f560bda811a","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":64,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"d169b3e8-6a70-4a19-a3cb-672a7547b231","block_type":"box","text":"investors in higher rated securities.","page_number":64,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"9a2e4f0c-b9bd-4bb8-9fb4-40bf7d8e8503","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"6122a1bc-96f6-4d56-9291-15c2b2b121ad","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":64,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"9a5e3119-e28f-4d07-98b7-79d707588d47","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":64,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"a5430438-f9b0-4634-8031-4bddd5a993ff","block_type":"box","text":"lower yields and may lose income.","page_number":64,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"acbd439d-18ae-49f1-bf70-6c2000eb9526","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"01927e1e-ef5f-4124-b43c-fa2c3fa3d60d","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":64,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"d47abc02-ed0a-45b8-8293-4dc2d830c30e","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":64,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"54d959f0-8584-4967-8e2c-ec9bef454332","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"68b04175-d78d-4eb1-88b8-619ddb91a239","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":64,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"2bdc3e7d-6505-41e8-9fc6-4c79afb72827","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":64,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"0742a220-9991-466c-b597-63e29793091e","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":64,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"bfbf89f6-a583-44a6-8c9c-519c8ea8a482","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":64,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"98872200-5f95-4cb2-bd9a-8e4af8e62158","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":64,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"ed12dc99-03d9-478c-9559-73639654f27e","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":64,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"0bd5b7c7-8b00-48ed-9e21-21f4e73c6f64","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":64,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"407f3ab8-7406-42b8-a37b-7f2e6a83b520","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"75098909-c5a2-4dc7-a155-099d67979f3c","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":64,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"250c98c5-589d-4b43-bda5-166fa425986a","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":64,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"7a60a14f-e051-450a-a1a9-17eba8594e2c","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":64,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"897e522f-5d73-470d-9011-d208a87aade5","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":64,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"90d1ed39-ddb0-4850-9bd4-b4cd678703ae","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":64,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"a0d2692a-c619-4624-8d3d-79a143e5c257","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":64,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"c6bc26d1-f5e3-4209-b907-da06dc89877c","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":64,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"bb364418-1fa5-4688-b7b7-6f8da3b1c4ee","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":64,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"938b71e6-b6fc-4173-9b06-f3e583059649","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":64,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"2a8d170b-c7e8-4228-a2cc-fe39701b2725","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":64,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"5664324b-3cf5-4efb-bfdf-ff991583c1f3","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":64,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"8f51b115-3030-4bbf-8171-5c6de03acd01","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":64,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"edb1dd3a-4d2e-45b2-9689-de5d3b21eaf9","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":64,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"21815cfe-ea46-4889-9691-15ae3a7d72b7","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":64,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"3dc69c4f-45ba-4927-bdac-ce0e45079bc8","block_type":"box","text":"role in determining such valuations.","page_number":64,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"8314438f-1a30-41ba-958e-b87d854b7362","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"78ff3baa-b6a8-4bd2-9825-ec869899e46c","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":64,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"dd543a57-0aba-4afa-bf9f-2b7fce94052a","block_type":"box","text":"a defaulting issuer.","page_number":64,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"05baccd7-410d-4c05-947f-6d792e384bcb","block_type":"box","text":"II-11","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fd3d97f5-e676-4d00-bc75-253ae6983807","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":64,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f52e662d-7471-4078-8e5c-4831fc66accc","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a1411dab-967c-4c0d-b458-db2c06c56c6a","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":65,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"e4f984dd-dca8-400f-b6b1-4a0226992355","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":65,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"d2fc3a27-35f7-4b44-aecf-d4177ae594d9","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":65,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"5490e80e-2d24-4505-9adb-d835155c0819","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":65,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"ca1f07a6-a0cc-42d8-8966-4819ab434b32","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":65,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"80bdeda4-e5c7-486e-be4f-942f6c1b392e","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":65,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"a2fbb85e-dfd9-4da2-918d-95fe87ad51a3","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":65,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"8a424772-a914-4a3b-a91f-ae6f2196bb65","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":65,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"a8da80b9-cb9e-4692-a59a-7bd0bd07074c","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"4f38e22c-f16c-4b1e-a593-39ad0408e638","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":65,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"99e211ca-d14f-49cf-99e3-5624c4c359fc","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":65,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"99c34229-c118-44df-a022-6f38e85718da","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":65,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"6b380a92-c6e9-4397-9c9e-36cce70fc584","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":65,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"54680f03-6317-4462-bef0-17a6fce91974","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":65,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"1602eb8b-db87-495f-b3e0-2c09bb55298b","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":65,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"a3878010-e188-4bfd-aeda-04d8e9f3da23","block_type":"box","text":"higher-rated securities.","page_number":65,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"210f4c62-2dd0-4571-932b-ad1a39327afb","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":65,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"26abcbe8-cb65-4fbb-8ed4-f370f4c963af","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":65,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"d93f27a4-a414-4aaa-b350-cfa73398230a","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":65,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"9c4fb6aa-ad0c-4277-aef1-742c7b0c0158","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":65,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"89e23733-ca73-44d1-b445-cbaabe9e13b5","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":65,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"c0d68140-d955-472c-9679-226517a4f913","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":65,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"27f4cac6-56c9-49f4-8639-9b1e1044220c","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":65,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"b0bf961c-4db0-4811-9ee2-c211015222b8","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":65,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"12514f52-b324-4c28-8285-4a7f50c98498","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":65,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"a5b6cd2f-c558-482a-b6b4-0b727d0857a2","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":65,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"d0092bad-7860-43aa-9106-7d6c758c018c","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":65,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"1feb9f5f-b09e-47c6-8429-2a288498a35b","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":65,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"74d12717-0775-4877-b2c2-fc1186c0e46f","block_type":"box","text":"Mezzanine Investments.","page_number":65,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"d2199cc3-1e77-4e46-81c7-74c3418cb11a","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":65,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"15f416cb-0349-4912-9095-a1d189d5dc30","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":65,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"639737bd-4115-4ba3-ab75-875bcb9c3b59","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":65,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"8d500a21-2d6c-4f6a-bb34-813e9f8004c5","block_type":"box","text":"e.g.","page_number":65,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"28610221-9175-4810-8a92-779bf1642388","block_type":"box","text":", with","page_number":65,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"b63713ea-f02c-4099-93bb-7d5d478406a9","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":65,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"52fba3b7-04b3-48f2-b24b-7b8449e6d97c","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":65,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"373a751a-b3ba-4de1-ba69-69e07d0b82ca","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":65,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"3659bccd-4773-43ed-b92e-31d6a9ab75f3","block_type":"box","text":"other obligations of the issuer.","page_number":65,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"071392e7-24d5-4545-975b-10b333f5865b","block_type":"box","text":"Pay-in-kind Bonds.","page_number":65,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"1bd7602a-c583-4782-b964-3a3b218efb21","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":65,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"37f69f0f-5843-4582-833f-1159b62eebfa","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":65,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"86edad50-8cd8-4bd2-96d1-9df59561da84","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":65,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"f662cf35-1d3e-49e1-85ba-c4219eec93e7","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":65,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"2442aca8-70b7-4217-ac38-61818b2bf6b8","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":65,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"8c1d8efc-3714-45a2-96f9-4c361d880ec4","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":65,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"8cb48b08-4e90-4785-a036-9e0156a35dad","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":65,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"039fea50-2ed4-43c1-9050-f0f0707cebdc","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":65,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"c8276e43-346f-4b9c-9043-95b9215f0c52","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":65,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"fca711b3-1500-4475-822d-7edc8eecc5d9","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":65,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"8265e3da-4aa8-4388-bb45-dc757d2e661e","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":65,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"93616ef7-3069-4ae9-acfc-c06aa95b4254","block_type":"box","text":"Supranational Entities.","page_number":65,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"28e07551-a864-4dc9-97ea-58b8f91711c9","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":65,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"3f4a930f-8006-4cfc-81f5-ca5f3f7f2cbf","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":65,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"defdbde8-9fef-4321-b1fc-4a90ec140dca","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":65,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"41b4b4a6-6f78-4615-bc34-0de422998db1","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":65,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"aa58f085-21e6-4e25-bfbc-8f96873a4a6a","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":65,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"9d7ad3e2-66ad-402b-b4c6-179bf88b8230","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":65,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"ba547733-d593-4cf1-9b95-1dd61cd58df2","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":65,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"e42a7566-4c4c-43e9-8105-068c313c1767","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":65,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"b58fb1cd-9cb9-4377-abf2-2d5a2d5b846b","block_type":"box","text":"II-12","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16d6d83d-b53a-4a39-b80f-23c47fd4b6b4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":65,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6b4e50f6-1902-4e27-8e38-e9d3f8b4f9a6","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":66,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"7e9f4c6a-901d-4c32-9334-df764219e049","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":66,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"e7203fd5-4e00-4fba-8270-892edf2d0539","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":66,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"a168ed10-5444-4ef5-8f6b-223f1ef905e4","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":66,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"47727f7b-4f6e-49de-a954-1d893492017f","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":66,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"a301123c-34cd-4248-9e30-c63b9f8b598c","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":66,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"c22489f6-ed9f-48bb-8786-13021fd04552","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":66,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"3287b1ef-89eb-4f9b-8b9f-cec5427e7309","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":66,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"581dfcfb-2994-4516-98f0-6a919656dc4c","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":66,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"8aea9017-3c3c-49b9-927e-398de291be73","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":66,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"ee7077fb-fd8a-404a-a6cb-cf11406be263","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":66,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"ac2e2127-86d8-4d3f-88ab-a64197b074ae","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":66,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"a81fc0db-d03a-4fd8-8869-6bd2951d5fdb","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":66,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"803bc21a-b1bc-4d00-bba1-de9c65fee85f","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":66,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"fa398346-eb07-431c-bd13-88f5d37fc42f","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":66,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"12060cd6-f67f-49cc-a022-8b60db46739d","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":66,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"21cc8748-99a3-43ee-ba01-db04a107a718","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":66,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"ab4c3661-6305-4eb9-a085-604f9ade29ee","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":66,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"c4dc5d5b-56b1-4b19-9c07-f555c2345c58","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":66,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"5a90aaa9-c137-4f99-9434-348474161015","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":66,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"30e84520-5e5e-43d8-872f-0acb3b405bca","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":66,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"af0646ed-ccb4-4ead-a31a-0e39af6572d4","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":66,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"ddd12e5b-c325-40b7-a0c0-560d1cd10cbf","block_type":"box","text":"Derivatives.","page_number":66,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"5ccd2c76-7881-4e64-8814-e514c1d89c85","block_type":"box","text":"General.","page_number":66,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"cebfba43-8143-4bb7-b5c5-1c6fe67812d1","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":66,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"ab2f1ebd-269b-416c-ba6b-af8bc4f29710","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":66,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"88403494-bd70-49d7-a105-ec5eec5e614e","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":66,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"e764f138-985b-44e6-ae6f-1d78fd411772","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":66,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"669a3d04-a3ff-49ec-99f2-740404a68429","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":66,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"b0e29d6c-6bfe-4e19-b7b5-ba9df18e3d18","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":66,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"cda786a4-6118-43a8-934f-3c66a2431c9b","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":66,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"7a4c9470-bc37-420b-9247-f5592a309811","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":66,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"2849a266-817d-4884-a444-3abaef6e46da","block_type":"box","text":"i.e.","page_number":66,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"fd1265d1-b2db-4299-a828-fcc55dea03cf","block_type":"box","text":", the payment obligations of","page_number":66,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"3353aacf-3e63-4a34-862f-74cc9b33dd49","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":66,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"e0b0bda9-c83d-4013-9bd5-32568fe6fb56","block_type":"box","text":"net amount of the two payment streams.","page_number":66,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"97f885aa-72c4-4855-880a-9195768468f4","block_type":"box","text":"Hedging.","page_number":66,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"5ae98573-9fbd-4a8d-8885-b58b73efb8e6","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":66,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"b2ed9bea-241c-4217-b65f-c3e42d11bfd7","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":66,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"0b8a2701-1e62-4775-b987-7cde2cb64645","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":66,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"2339b752-06da-4505-8058-59369b8055d2","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":66,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"1d22c27a-6b63-474e-9361-5274ea97a3d0","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":66,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"f8f75e00-d4c4-474a-b468-75de641ce46b","block_type":"box","text":"correlation risk,","page_number":66,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"a523f2d0-73e9-4e7f-9bae-ee809cdd8fd1","block_type":"box","text":"i.e.","page_number":66,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"4375c08b-4589-4913-bd14-061c818d00e0","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":66,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"96bc738e-f038-49fa-9904-f4e54b4c2036","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":66,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"e055f36a-d2f4-4212-954e-b52f08bf44df","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":66,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"f9e9f361-2e9d-4b8e-8bf5-096d051933c6","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":66,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"6d622b9e-f33f-45de-b702-a01f85c5b05f","block_type":"box","text":"Speculation.","page_number":66,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"f0dfd401-564e-4f5c-b059-a98209040766","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":66,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"a138edd2-b9f4-49d5-875d-d54991f81f79","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":66,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"f725e260-29d5-4f00-9907-8100105fb4e1","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":66,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"069f9ba1-f4ec-41c6-98d2-c8fc569a2aa7","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":66,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"3ab53be5-9d0d-47ab-9247-456610ae41e2","block_type":"box","text":"in certain cases may be unlimited.","page_number":66,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"8b06e839-fc33-41cc-b2f3-c54c8f7f0689","block_type":"box","text":"Regulation of Derivatives.","page_number":66,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"c74872ac-7bee-4b4e-905a-6e9a1aeffc95","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":66,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"7a5f62ec-c12a-4bb5-b415-edf3eb66def7","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":66,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"784f1e7e-f0a7-4774-ad2c-6985d1dd2a4d","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":66,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"99cf2753-d1b1-428c-b6c8-2bca967557b3","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":66,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"9c2abeba-2e29-4f3f-a5e1-bdfa0bfe777a","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":66,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"6cb16dd7-5123-409f-8439-1aeb593980a1","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":66,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"88ee9b58-c136-451a-90ee-5f091e6fac29","block_type":"box","text":"coverage”).","page_number":66,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"ab9ff046-0dd0-44df-9203-c870501a9ee3","block_type":"box","text":"II-13","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e8ddb14-685d-487c-93fc-bf5d442a56df","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":66,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c740a3d5-7374-4336-8ddc-2b7a095f9367","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":67,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"8cf9121b-c76e-466e-b151-ea1445546df3","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":67,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"0cea9ba7-3acd-4174-9302-3a16f61975d5","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":67,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"7d033658-b8fa-4349-a173-26e786f0e3d0","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":67,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"a3c6fc81-e1f1-4f35-bab7-2f7b4b49c29e","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":67,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"cc6c4761-58df-4a5f-b494-c3d73b5358c3","block_type":"box","text":"financing transactions (","page_number":67,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"d2c49b97-8a66-436e-ba55-6c26610b2921","block_type":"box","text":"e.g.","page_number":67,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"6480dfa4-1096-4e4f-8c2e-24a11b413d76","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":67,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"dfc9bc0a-ed7c-4ee1-b2a2-40e34287c566","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":67,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"9458f044-89ab-4c1e-9ca7-856def0d42c2","block_type":"box","text":"securities (","page_number":67,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"fbc74146-7575-4164-bfef-ba07b39de5ae","block_type":"box","text":"e.g.","page_number":67,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"561bbca4-a23b-4bf4-81cd-3654c697a437","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":67,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"d6265165-7a2f-43e7-8da7-3de7230caf82","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":67,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"54d179fd-55ed-4003-8358-06fa4d40ccc0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":67,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"faeefa8f-19af-4d41-be60-98356ccb11c8","block_type":"box","text":"Commitments”).","page_number":67,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"8d301e4a-003d-44e9-b7e2-5fa10c650660","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":67,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"bd9ff921-7ea8-48e4-8310-7cf834c691c8","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":67,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"3beff276-4830-466e-b636-f57d5f67aac1","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":67,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"0f1b1a6e-f7dd-4f5f-9837-de1105eb9eb7","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":67,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"f6f20bd9-4729-467b-90b4-8a8f72a49059","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":67,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"f7c9f08c-d8c2-4034-9af0-fb1e5a944995","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":67,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"40a3cb30-0467-4af3-b910-6d21275dfcfd","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":67,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"bcf620c7-d2e5-4a79-9f25-0c21873f60df","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":67,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"2c6aedea-2a35-48f9-b2f4-191dac7e9c64","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":67,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"6c48710c-0b50-496b-8dad-2743d04e2a81","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":67,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"d10c1b2b-7fad-49af-a279-e8663898aed4","block_type":"box","text":"Dodd-Frank Regulations.","page_number":67,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"11fe07ed-b03c-418b-af16-b25711e62214","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":67,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"d721b587-be24-4879-8c1e-b220419b6499","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":67,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"e683f7a2-23f6-4f5e-a95b-09570e796c53","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":67,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"8ed39387-5870-4186-9ece-29fdfa5ff91a","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":67,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"42b24a6a-4afd-4176-8ab1-96757cb6ce02","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":67,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"37639592-0905-4772-abb5-827d0d747318","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":67,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"05fd3ff8-f51f-4fe1-8e70-f4152a1511d7","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":67,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"9a97073f-223c-4988-b862-50726d9d8abd","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":67,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"ae3c1870-018f-4758-8c10-7be5adab6b2c","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":67,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"535f6752-317c-4151-bd53-c68fd6a9d4ae","block_type":"box","text":"requirements.","page_number":67,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"dddb69b4-42f0-4109-b7b3-aab438f9b5e1","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":67,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"f619fda3-13af-4a46-b33e-041d444da2aa","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":67,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"36419e43-eeb6-49ad-bd02-853d6bb3e798","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":67,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"76bcd8ce-3679-44e6-9f7e-5d69d3d98714","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":67,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"0456418f-8433-4644-b5ae-2898a8cc163d","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":67,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"e142538b-d254-41bf-9175-e2a070dc4ec5","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":67,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"9d0e46f3-447b-4885-8c09-280b46597f7f","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":67,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"a3f9caa9-d50a-420b-a701-731fd5fc04bd","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":67,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"95dee845-8d20-47e8-88db-a4186b37cea4","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":67,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"ab33025c-f614-4f2c-abbb-b32d467443c7","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":67,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"af8677eb-ec8c-42e5-94e2-51013187bb9d","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":67,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"613b4b01-0ac5-4e41-a48b-da3d5614b7d1","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":67,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"0ab3e8f4-ea30-4f11-9bc5-5d460b4178fd","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":67,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"a0094d8a-29d1-4b75-8d8c-f8a3c98b2222","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":67,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"7a31dde8-ec91-4cdb-8dd5-1324ebdf72b3","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":67,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"9a0126cd-6585-4b14-b19e-c6cbf69cb8c1","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":67,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"f10d6106-6546-401a-bdbf-f8df1dae97a8","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":67,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"d2dbd388-5127-4b14-b7b0-b5930ac040be","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":67,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"9918c42c-8361-4d51-96f0-f872b4035a6a","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":67,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"7c230196-6c62-4dc2-9132-ab289dac7dc4","block_type":"box","text":"member.","page_number":67,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"4c8a0c0c-a3dd-4eaa-9b93-69ca305ea27c","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":67,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"a61c6e67-ad4e-4310-80a6-bbda5be16636","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":67,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"ddca5a2b-b2ce-4366-8ae3-3a71b92df35c","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":67,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"2ceab49c-0aa6-486e-b3db-c624dc65ae8d","block_type":"box","text":"II-14","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5ddab37-8e36-4fd9-9f35-e0d38d64863a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":67,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f1286518-05dd-4176-a9f5-ff1f89538ba2","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":68,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"5d114fa7-1839-4a1f-90e2-0c556ddbbd23","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":68,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"bf418a78-4dcf-4b0e-bb2a-d60b17c04b98","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":68,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"08824f3f-1307-4e26-a255-b8849cec876b","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":68,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"93bcece3-cae0-4a5d-9327-928d48dac1cd","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":68,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"4e7798c7-9a82-4247-b6c0-90c4d139bf7e","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":68,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"5c5863a7-1065-4b7f-9a17-49b0bcd59ac1","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":68,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"86b98056-9464-45cf-a16c-d1183e22eb68","block_type":"box","text":"derivatives bilaterally.","page_number":68,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"2b386418-796c-4f10-9559-d10fe1826471","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":68,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"7373b427-6815-4ff8-91cd-add99a40ac03","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":68,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"f79aaa81-e753-4588-ba33-11696b04f09a","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":68,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"ff63eca3-5ad5-4852-9504-edd8cc6b2267","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":68,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"c3f899df-ca11-495a-bcf9-55abd5446328","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":68,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"5eba65c7-fe21-479a-8c0e-c1b2c1232960","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":68,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"f8c87fc4-0df8-4263-b029-04df23aa5101","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":68,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"014168b4-7f16-45b0-b93e-776ecaf54764","block_type":"box","text":"agricultural commodities (","page_number":68,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"91c3ce50-75ba-4bb6-8c99-e2f0ece80f9e","block_type":"box","text":"e.g.","page_number":68,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"496953d1-21ed-4c64-9887-740c5f814865","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":68,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"254ad856-d70b-4de8-86b6-4fcaea4159af","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":68,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"ea81bb16-defd-424b-a9bf-d66c18467049","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":68,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"0776b569-dd7e-430b-9ec1-c4385c2e77f2","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":68,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"afdb152c-c16f-49ed-87c6-a8a1ea1b282a","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":68,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"4d9b1a0d-b13c-4e4b-b9e4-48fea9a9fa08","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":68,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"72e3ba1b-630f-4753-b913-4db170b738a3","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":68,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"c56a9f2a-ffe7-4d38-824a-c8affe1d11fb","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":68,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"d9117df8-fc8d-4f4a-8ea3-61686d2f50b4","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":68,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"daaa4de1-56f8-4595-aee7-24994defacc0","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":68,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"88e21925-2c99-4d3a-afea-ea51c5c848c9","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":68,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"260e89f2-3079-4f8f-9503-1c930e3b1725","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":68,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"a88c0641-eab7-4667-afd8-08f0985fb564","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":68,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"773afe7e-09c0-42b5-9585-4f73a3a7c657","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":68,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"050665c3-966e-4f73-bbd1-1ef9ca95c17f","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":68,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"53939497-48ea-4779-8dcb-d011419467e8","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":68,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"fb0eabcc-f4f7-4627-8436-e4c7d8fe6cd4","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":68,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"89c0fbf0-4fa3-40d3-b6c2-011cd5e36ef4","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":68,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"92907ff8-c3f0-489a-a962-929693261dcd","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":68,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"d4d4d49b-acf7-41f7-85b6-23ef43ff2186","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":68,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"3110243c-dd37-4e81-947b-ff5dacd8a5c2","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":68,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"fd78fcc5-03e2-44ef-8208-a537c5695455","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":68,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"9e1c3894-70bc-4529-bd5a-60bc6d0c4f4d","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":68,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"95549715-6d76-4ca5-a35b-b5e48e9e7296","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":68,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"1ad336d8-f5e0-4035-bbaf-19ba593cf524","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":68,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"12778ff3-0ede-41ca-9330-dde1cb5a0769","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":68,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"f1c45fe1-990a-4ec7-af52-c7a921f81809","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":68,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"b823f333-a5da-4205-9b36-44986c8ae0d7","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":68,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"041009b7-f572-427d-b4e4-67685b0bbbee","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":68,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"5584158b-a99b-4af5-bfa5-03021c100cb4","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":68,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"511accce-c888-48eb-bd1d-986ea93bf35f","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":68,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"ae7bd90b-1f0b-4588-beb5-f7159ccfc4ef","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":68,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"9a0fa289-be42-4ae9-9186-8d95e8a4bb80","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":68,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"82988df7-c177-40e4-8efc-b60b0ed33755","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":68,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"f9083f82-0494-42ce-86c6-22115b6e01e4","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":68,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"94486379-a965-4787-87bb-36161220823c","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":68,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"e87537a9-d194-419e-9db6-6101b125b920","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":68,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"f0041e09-f632-48cf-9e09-6eb6e1d4ceb5","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":68,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"06b75192-0875-4674-a4e8-4cce2561ac14","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":68,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"2bee804a-996e-4704-a32c-97f819a76671","block_type":"box","text":"affect a Fund.","page_number":68,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"081c3490-4cdd-4bc9-963c-494969d3c690","block_type":"box","text":"II-15","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc16d604-369a-40b3-b110-3a4e93c6997e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":68,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"234c937c-0e48-403e-b96b-957390ce5d77","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":69,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"eb59551d-017b-411f-9ae4-44be901c3e42","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":69,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"205dd30b-d727-42b5-9d5f-3253b3ccc170","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":69,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"21e434fe-e4f1-4773-b5e0-27aa1ef98eaf","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":69,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"42c21a14-be1c-40d5-94e9-fd6665962dea","block_type":"box","text":"affect a Fund’s returns.","page_number":69,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"4221d71d-156d-48e8-80a7-b3d3fb555b78","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":69,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"c2318981-7af8-44e2-97d1-2a0f96e8688c","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":69,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"dc07f456-8472-4c50-8097-cc4cc556d84b","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":69,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"3cd843df-60eb-4934-8328-048b4a168a2c","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":69,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"a69a1dba-a51c-4760-94c9-05983d9e73b7","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":69,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"d5f29d31-fffd-422c-87a9-b23ec0c9c1ac","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":69,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"9a97730b-6a36-4091-84f2-e8b74a240867","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":69,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"10f3b4af-acef-4184-9812-3c34925665aa","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":69,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"0e236c87-ab68-480a-97ac-a37a23c42532","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":69,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"103b45e3-8a8a-4fb2-acdf-f2bcee6dbcc8","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":69,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"b8545cd2-5bf3-4600-8e7e-b7bf92c122b9","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":69,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"96031493-4790-4782-bf38-a51b27ca3296","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":69,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"7bcce7f7-f788-4461-9150-ca8659be18b3","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":69,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"fc86ac3a-11c4-4ea1-8ee3-0ebd4ffff21a","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":69,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"71e305a4-2a60-4778-a680-e0e84129fc67","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":69,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"f6e352d8-24a7-4998-bd3b-e885a417e085","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":69,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"c005cf12-7cdb-4444-97c0-e4f2af65bfdd","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":69,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"db82df3a-07f4-4dd4-83e7-c836ccd0ce23","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":69,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"e76c230e-1d4e-4119-810d-8710e424a14e","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":69,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"4eb37eb5-0f4b-4167-b2f4-1e76c50af90d","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":69,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"461b074b-1932-4a1c-884c-36ce6aa113b3","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":69,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"875d50bf-fca7-4a2f-a235-11c7d3b1e445","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":69,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"67757cc6-e6f1-4aa3-bd91-541e832b43a2","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":69,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"4bf2f136-50e7-4173-ba99-1d164fd8ff14","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":69,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"5e6f3c7d-31cc-495e-8ce3-9d10fc637aae","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":69,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"350164b6-a9f7-48e8-bc09-a4647fab3930","block_type":"box","text":"received under such contracts.","page_number":69,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"bc118c00-cf0b-4c5c-a243-3aac1dee49c2","block_type":"box","text":"Risk Factors in Derivatives.","page_number":69,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"0daf4588-801d-41b6-93f1-b09de01a54ad","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":69,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"bbc26c37-29f7-41b8-8531-5be7e827a483","block_type":"box","text":"Correlation Risk","page_number":69,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"62746112-7c30-492b-87df-2e1fd11c06ab","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":69,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"400c387c-5818-432c-86e9-60209e26e863","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":69,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"58aa402b-cfc4-4fbe-9444-c915d15ffbf0","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":69,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"9d9a8731-3359-4d7b-9fe0-f4c698add78a","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":69,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"a6314a30-5214-4309-8e31-511f3d4f37cb","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":69,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"a4bc8404-d70a-4dd8-ae68-d15cbc7e0320","block_type":"box","text":"Counterpar ty Risk","page_number":69,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"a7a412cc-70bd-45ff-920f-58126f297611","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":69,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"36e555a5-09c3-4e8d-a1a4-65a626c35e84","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":69,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"550bf95a-7a19-48d4-ac67-c09f3193177a","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":69,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"c9ac1977-9e01-41d0-9171-ec61e423429b","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":69,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"c83e11a6-b39f-4bbf-86b5-8d3897397bf9","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":69,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"5370d4c1-ecf2-4d28-8002-84ff4ceb6ea3","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":69,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"951d7aba-425b-433f-9e7f-f46268056615","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":69,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"95a25f09-c1e4-44a6-a066-8d1276a63b66","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":69,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"8997cec1-1d8a-4149-9753-708754b86062","block_type":"box","text":"Credit Risk","page_number":69,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"475cd4ff-12cd-4ab1-9e89-945273b97aec","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":69,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"ff416d50-6bd6-4f5e-8b37-2451c9395799","block_type":"box","text":"honor its financial obligations.","page_number":69,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"00a13c20-3c37-4102-b048-cb20a2f9cd7d","block_type":"box","text":"Currency Risk","page_number":69,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"edb31be3-0356-4fb1-81da-c5b5828b3be0","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":69,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"92742f13-538e-49f2-937f-0388c39467e0","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":69,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"55ce66b1-f992-40ec-93c2-1f1f61adae7a","block_type":"box","text":"Illiquidity Risk","page_number":69,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"a309c692-d007-426d-a44e-79d26c64298e","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":69,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"6fafef6d-0aa2-4ef2-a6ca-61ebef5b4246","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":69,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"5f40a979-f7ff-4594-906c-28368e4b55ba","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":69,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"8b83f0dc-6c10-4af9-8475-fb0feae9d0bc","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":69,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"4daae59f-4dfd-4838-be1e-8da7c7fe727e","block_type":"box","text":"II-16","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24c21fe5-7fc8-4b32-93d4-a43988c00431","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":69,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"66a1cd68-222a-4fb9-b7aa-fa6352a8bb24","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":70,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"db943c00-1ba8-4418-bc88-a3b9b4ab7102","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":70,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"0e07700d-5cf0-46cd-a6fa-8ec4947027d2","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":70,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"3d153343-07c5-4ca7-bdae-3f80e3f91f42","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":70,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"8548cf8e-ae98-4ba8-8bdb-5a8442da44f5","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":70,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"7384db10-e9b5-485c-aae6-09e11ccb44cb","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":70,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"effbbfe7-624c-40b5-890e-8cd97b8432dd","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":70,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"90c9d6d0-19db-4e87-b1d8-b7a6bb7042ce","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":70,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"0ef74c5b-da03-4ef1-a7d2-07142b793ce6","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":70,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"31fc083f-b1a5-451a-ae45-5e0a37578b8f","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":70,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"bd5022ef-d9fa-471e-985b-14fb4d2e8859","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":70,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"0060ca6d-f106-4d50-b087-a99ec7de4dd6","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":70,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"cfa1d4ca-ab86-4066-983f-b9d4f931bcbc","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":70,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"e108d547-e965-4ba1-854c-975d3f12cf63","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":70,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"dd3a64f6-9fd2-4f78-880e-a9703f52e575","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":70,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"2f712418-7bb7-4b0b-a51b-e88c1d89b234","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":70,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"46fc652f-408b-4164-8fd5-80f68b2424ee","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":70,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"737097a3-8329-4114-bb35-f8aeb3b0a7d6","block_type":"box","text":"Index Risk","page_number":70,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"cc012811-3b68-475e-b2be-81f028b7a37f","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":70,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"c3733c5a-1069-4b4e-90c6-a121303d7abd","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":70,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"abb581e8-31a4-4ac6-bb8a-a06c853f3557","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":70,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"d99ca58c-fa64-4fb5-b2a6-dc773a36e2dd","block_type":"box","text":"Legal Risk","page_number":70,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"23593c58-8e03-489b-b18b-9889a6fce78c","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":70,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"773d07ae-ee01-4f52-9d36-33682e450431","block_type":"box","text":"or enforceability of a contract.","page_number":70,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"c30383fd-c713-440b-b6cf-abba6dc973c9","block_type":"box","text":"Leverage Risk","page_number":70,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"8b916c48-b28b-43c3-8c6a-580bb380bc88","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":70,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"1457364c-fe2c-41a6-b289-75513eb360f2","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":70,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"3caa7e06-b0e6-4adc-a1c4-857a174f2217","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":70,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"d85aa179-787b-47cc-9a1b-a82efc17e36d","block_type":"box","text":"Market Risk","page_number":70,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"b5edc5ed-b80e-4d76-9aea-cb6a08e2d730","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":70,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"cfa99728-6712-48d5-bda1-9fcf5337556c","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":70,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"35e3f677-1496-4cb7-ab74-1a8230ac7df9","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":70,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"c7175d4f-af89-4b3e-ab5e-e8e07b9a90c0","block_type":"box","text":"affected.","page_number":70,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"020a3d64-a357-4d3f-a9ea-8f213fc6fd7f","block_type":"box","text":"Operational Risk","page_number":70,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"aca9d467-65cd-422f-aa41-e538a8136706","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":70,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"15bc435c-c568-452d-9418-3c85f30e3565","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":70,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"44c6c3d2-31cf-499d-94e6-3104af86be9f","block_type":"box","text":"Valuation Risk","page_number":70,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"6b9d8af0-920a-4127-b114-adb95bafdfab","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":70,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"d193b466-4ba9-4506-b671-ac6ef2a4c13c","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":70,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"204d8d39-d710-4e8b-8818-ae4440648d02","block_type":"box","text":"complex instruments or quote prices for them.","page_number":70,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"13b1af25-7220-4f96-8a61-0df696aaddfa","block_type":"box","text":"Volatility Risk","page_number":70,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"ec452059-1efb-464c-aa42-feca90786b07","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":70,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"c3892d10-8c9e-499e-aaa2-11dfb013563f","block_type":"box","text":"Types of Derivatives Transactions.","page_number":70,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"86a54dd1-8bc7-4dec-877a-acd1575d5dd3","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":70,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"f33a74d3-6e35-42a7-b5a7-ff72801337b9","block_type":"box","text":"including the following:","page_number":70,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"4a5d8532-3214-48a9-baca-3cd6aac80be6","block_type":"box","text":"Futures.","page_number":70,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"3782e2fd-741c-4642-ba8e-8ad473f0b4a9","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":70,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"8a475f6e-5e92-4c2d-9641-d6cdf6f13132","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":70,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"e6bf7471-92ad-439c-aeda-f923e94ebe78","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":70,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"a5548a4d-08a4-4e0f-803d-503503e56fb6","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":70,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"3313031d-9552-4e2e-a422-216815a2cf14","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":70,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"42726daf-1a98-4505-ad8f-d4ac436b4551","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":70,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"99f6869a-6521-441e-806b-e4cf622068ae","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":70,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"5956be3e-9361-42ce-96ff-535dde7336c9","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":70,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"f592f4b2-f6ae-408c-8ec5-294269fe4440","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":70,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"d4c648f7-edaf-4fda-9e88-5d604021ca11","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":70,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"e5828e14-2395-43c3-add6-aa92934161aa","block_type":"box","text":"of the futures contract.","page_number":70,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"64fd171f-d9e3-4b91-abc9-956653b99aea","block_type":"box","text":"II-17","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44801864-6fe1-48f3-858b-e35bd2d475c1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":70,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ee7da2f0-b721-4840-8ca0-8133c00772fe","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":71,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"834fcb0a-5282-4588-bced-2f41e49076fd","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":71,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"a93f2905-0ced-4a75-9905-0ae52c02e1e7","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":71,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"dd3019a6-6ee0-4bcb-8d3d-b9d4f6ca3bd4","block_type":"box","text":"relating to the futures position.","page_number":71,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"15e2472b-0f8f-4405-abb8-a84bb55f3b65","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":71,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"0757b923-efb0-4943-b46f-4988f413829d","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":71,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"fcab86ba-dc7b-4779-b7d7-d25739515099","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":71,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"640c2fb8-9219-4d7e-933a-ade8feaa025e","block_type":"box","text":"Regulations” above.","page_number":71,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"e16a89d0-90aa-4e77-94fb-7847e7ffff92","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":71,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"ba955669-c994-488f-a927-ff91c4f906ff","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":71,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"b461ca22-b27a-4dfb-823b-46f6477d51d7","block_type":"box","text":"(","page_number":71,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"8c6e54b4-0031-448d-adae-4e8f90414255","block_type":"box","text":"i.e.","page_number":71,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"290149ce-2ac9-44e9-a4c1-8cd21ba52011","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":71,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"cb722cfe-634a-4af3-9a49-9008f694ef19","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":71,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"2b44d9ab-35b2-4662-93a0-5a695457bc62","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":71,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"93a916ea-4ef9-443c-864e-1b84c306884e","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":71,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"9a624de8-ab69-4e05-ae71-22443fab368b","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":71,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"f0d46cb7-2ea9-4282-9497-e90383f4b489","block_type":"box","text":"Fund intends to purchase.","page_number":71,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"0be7d948-be40-480d-923e-98d84c663a07","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":71,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"83c3aeec-c294-435c-bfeb-7e8afeeb0cb6","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":71,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"1f93bd81-82ad-4e77-9c89-df9fd26f45af","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":71,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"31f66aef-3de7-4f73-a21c-46f79cab1488","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":71,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"cdf0f318-bc65-43c8-9951-fe98e9a23563","block_type":"box","text":"illiquidity.","page_number":71,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"a7903721-85fa-4dbf-99ba-188ccfb4aacc","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":71,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"76ca28b7-0522-430c-8fb0-8c969c066e4b","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":71,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"ce260ecf-33d2-419a-b5c7-6fa3aee7dd1d","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"f8f1d25a-763c-49d1-b36a-c28b61c004be","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":71,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"02d5cea0-cc18-4570-9107-2019978190d1","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":71,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"6170624d-aa35-46ac-a755-68ec6e87fa92","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":71,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"d52a59f2-3038-4a7f-a14f-d31e87f687d9","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":71,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"2b36c4b9-61c6-4c2f-b006-29c89a71053b","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":71,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"fee7236f-1a40-49c9-b712-db39949a68aa","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":71,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"6ca09817-787b-4a5d-8e16-5d1ef708e0c9","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":71,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"cb59818d-8a1f-4f2d-be8b-05a67747f1b0","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":71,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"26112b1a-2cb0-48aa-a88c-e1acaae89b0a","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":71,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"f4f1da22-9c8f-4d54-adb2-0c4166511f50","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":71,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"14361f69-bac6-4d09-82df-5ba08ed31a24","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":71,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"d38ae9db-5efc-4fe7-a46e-47c63e9c021f","block_type":"box","text":"Swap Agreements.","page_number":71,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"40bb3c27-9111-41e4-a4f8-739f99a8c3a5","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":71,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"bb3fb5ac-5975-41b8-857f-ae40b901fcfb","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":71,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"61644081-6505-49e1-88cf-16083b9de4e6","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":71,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"209c123a-baa5-48b3-9f82-130483a948ad","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":71,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"0baa4b6d-6b70-43eb-83b6-b9db51b0a213","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":71,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"0159e461-2cbc-4bfa-97c6-e7cf119f76d6","block_type":"box","text":"a “notional amount,”","page_number":71,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"297ecc99-0883-470c-91a0-83ae2a46620e","block_type":"box","text":"e.g.","page_number":71,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"c319e607-4cca-400f-b28a-6bafab6e9684","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":71,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"0a5b46fe-ef12-42f5-98f8-a31a5e1422cc","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":71,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"710f4725-609c-4c57-8ad3-3d1f75936f68","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":71,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"df7c3b1f-4c36-475a-938c-9c15530db8b0","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":71,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"ce6d4b04-1116-4e4e-8345-2b069fc0b64d","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":71,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"3d9fb77b-318d-44ac-ab88-1eee6ad9e371","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":71,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"7b53b209-af90-473d-b10c-7c37744eb79c","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":71,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"28d4c25f-deed-40dc-9ac7-9e9540100594","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":71,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"a91c5caf-9255-4b94-8277-32dcf84edf96","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":71,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"6965bb92-70d1-4f6f-8874-85ab93bb7602","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":71,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"e2e649a0-7b14-4e03-92de-d8e9390fc054","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":71,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"f21ad58d-48db-44b7-bd54-7eed79b651dd","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":71,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"a8b8bf8f-7a28-4607-a2dc-24c857d6b210","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":71,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"8bfb70bf-0543-4430-98c6-fb1c5f633dcd","block_type":"box","text":"II-18","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2adbfb3-6d23-43e0-acf5-784be1a1a5df","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":71,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c6b54655-2aca-49b0-84b9-e0f53bc56c13","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":72,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"96902c25-6f70-4d75-a417-132f938e36c8","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":72,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"087a9853-2737-4d87-8829-22aa81067a6e","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":72,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"fb9392f7-a2aa-413b-8678-91167ff89156","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":72,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"b2537033-c0f8-47df-98b6-bcb62a46ec9d","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":72,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"8be0e4bb-de7d-49f3-aca9-405fcb014551","block_type":"box","text":"index CDS.","page_number":72,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"64cb8b0b-781f-45cc-9be0-41ec2390d1c5","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":72,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"f6b4d83b-468f-488c-a2f7-56cb14789ad8","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":72,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"c3402add-8cbe-4465-aeb4-9f298a96a3c5","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":72,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"869997f8-28d3-4df7-be83-19c37c3d7a74","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":72,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"6116d83f-b84e-4eaa-be8d-55d544b59768","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":72,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"1f3afc42-b134-4217-b090-826d0c730cac","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":72,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"3e413625-cf23-4fe7-95e4-f910f98858c2","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":72,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"7f0a5873-a1ad-48e5-b4bb-c545c5d5e919","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":72,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"9a045bd3-78f5-45b3-a75a-4aa7bbeee19e","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":72,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"c312419c-c33b-432f-aff6-da82bc8a1a1e","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":72,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"7332f554-aa74-4de5-97fb-56c1060138eb","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":72,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"92da384d-772c-4d22-be59-e72e0ac89efc","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":72,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"1fe541f8-0f1c-4faf-bf71-6a423a5d8773","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":72,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"a4158051-6274-4230-a58f-1438765ac671","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":72,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"4f74131e-efa5-4080-82ee-40b87ff1c7fc","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":72,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"b64e9b92-8374-4806-be34-a1eb73c318c0","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":72,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"55a522e7-66bd-472b-a76f-217e408acc1f","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":72,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"bb635a49-3432-4d49-82bd-de79a518869b","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":72,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"c683602e-5c56-4b3a-a871-4c752b9692ce","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":72,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"86cfc8af-862a-46b6-acc9-a1daf3944ca8","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":72,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"424435e6-5b71-42c0-9384-05757c97e622","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":72,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"8c12f960-8e02-4c08-95bd-f39f76c2a4b5","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":72,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"68a61d9a-299d-43e6-bcba-e70dcec935aa","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":72,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"2d64d38b-c242-401c-a6ae-b5222e957250","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":72,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"042ffce0-3da3-410f-80da-2c0a64158615","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":72,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"b56734f1-6cf0-459a-a618-7b87a90ae76f","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":72,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"ca2a5f1c-2bf2-4fad-8972-ff5b53bdb71d","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":72,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"6fa49a8c-5294-440f-a9c4-82ad303a4253","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":72,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"d8dc1e3a-0f07-4e34-a843-54b372a7f213","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":72,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"2e5b6d20-791a-4d92-9b38-2fcafc0658dd","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":72,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"4220838a-9984-4836-9bee-a146605112f1","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":72,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"80913333-debb-437a-8b33-025702f4a7c3","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":72,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"1782134f-e21e-4f12-873c-15f7b66550cd","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":72,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"c6c3b2a8-bb09-4b4e-b0d5-4667c17412ea","block_type":"box","text":"conditions.","page_number":72,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"8b55e7cb-eca0-4268-9f37-43a5a89f0ff6","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":72,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"e34972c1-98a4-43a8-9d99-9b00eeaad38c","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":72,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"a0f82813-ffd3-4824-91f1-7fa98d19a395","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":72,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"4e02694e-818c-4f22-a2e6-f32a46fe70ab","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":72,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"a39dda7f-1fe0-4831-8924-791f0a225866","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":72,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"22d4ed44-40da-4fbf-aea5-8383bacd2da9","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":72,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"8ee0fe13-e9b1-41fc-a96d-b70f14770646","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":72,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"0513e801-7437-4563-b3d5-b3bcdedc6d85","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":72,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"363ac5e0-dd50-49e4-8077-25dc651d2224","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":72,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"0459022a-2422-4629-8558-6c3e67542358","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":72,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"a6e9ce27-7903-444f-89e8-da92e9ff0817","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":72,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"ecafdcb6-8bed-428b-a192-319b803f358f","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":72,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"5c382f5a-d9af-4ad8-a3c1-f2fe64d29527","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":72,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"bc99e61e-564b-4dfd-bfd9-60c9e5bf5ae0","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":72,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"c0fee006-ee71-4e34-9930-3289fd3db068","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":72,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"bb3dbc08-9a05-4275-bd16-bb2d22df19c6","block_type":"box","text":"II-19","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7071cea8-cf42-4fb5-83e3-12dc8365b939","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":72,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"32ba37fd-9eca-4046-9f51-c035a835f73b","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":73,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d913b2dc-8ce0-4fd5-bc01-f14237ed992c","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":73,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"92ad5059-172b-42c1-9da9-06e7e10becc5","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":73,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"94a9887a-aa83-43cb-8d4e-31bcfe07e151","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":73,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"0442be1e-f7bd-4f7a-931e-ed86096caf2b","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"5aa88ed3-8a73-4766-9a1e-3b61e84e6aa7","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":73,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"ee8db55c-228d-4a49-b02f-0e7ffaef1cb5","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":73,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"9f3fd023-d3a9-402d-9dfa-00bd161f6f87","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":73,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"5e1289eb-38c3-42d6-8f5d-139fa8a655ce","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":73,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"58786ddf-73a1-448b-9d65-02dcc5a264da","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":73,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"de7550e6-ae3b-4fd0-8736-8132116759b2","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":73,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"91a6e742-1738-4ae9-b0d6-eb6e5e483a58","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":73,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"e25b356f-0711-4b14-aeb7-961eb2a0adfb","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":73,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"ee1679f9-3118-4f96-9b9a-c760fd3baf88","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":73,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"824de683-cf65-4ae6-83e5-59eb0973c240","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":73,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"3aa7eb6a-b7ae-4f3d-bb1e-1547f00d132b","block_type":"box","text":"cleared interest rate swaps.","page_number":73,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"4fee74a6-4a9f-48cf-8aee-177803ab019e","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":73,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"f716e943-323e-45dd-ab9c-c6a6fe9a49ea","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":73,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"b9107f9e-6627-4595-b18e-d15179be5372","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":73,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"3fe5b2c0-181e-472c-b995-ae70bec1d709","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":73,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"55c8fe7f-3068-471b-884e-a565c808aa21","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":73,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"e67201e2-c598-4833-9ad7-8557ade219d2","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":73,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"2607e815-70ac-4a29-91b5-e184cdec5f82","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":73,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"1f6b0e4d-69e5-414e-9901-3da5574ae39b","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":73,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"d1ee318c-70e0-4a2e-8477-73af0c737806","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":73,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"f5648626-80aa-4f96-bea6-744631397dcf","block_type":"box","text":"or variable interest rate, index or asset.","page_number":73,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"398818a6-764d-43bb-8517-ec68603449b8","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":73,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"6faa2b12-e709-4bf3-8cbf-c74f8e1c8712","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":73,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"f1f857bb-839e-4d0c-bc16-693f5d4e4b3a","block_type":"box","text":"such interest rate floor.","page_number":73,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"59bec69b-1416-4126-b2fc-1514df22ada5","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":73,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"1cd4c14d-549d-44a4-a3dc-90d05f7df4f2","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":73,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"bda00795-a5c8-4681-ae2e-bd5de454b4a9","block_type":"box","text":"such interest rate cap.","page_number":73,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"b69d13bd-2737-4c30-bfeb-54be06662cbb","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":73,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"6deffe31-0abb-457e-bfab-fbb02a738358","block_type":"box","text":"commitments to pay or receive interest,","page_number":73,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"d9ccaa31-9915-4b80-a62f-7c7ea73deacc","block_type":"box","text":"e.g.","page_number":73,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"77aca7d7-58f6-4b53-ad8e-fc7d11c82539","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":73,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"94412ef2-5162-4da6-82bc-10f23734192c","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":73,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"f0be82f2-7039-47c9-b3ea-18348be70fcd","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":73,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"4a91e56e-5fa2-4826-be28-43037943eabd","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":73,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"b65a8760-6d20-43a7-bd32-65974c420fb9","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":73,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"d739b44e-fe25-4a33-8fbd-e6e9b38b312e","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":73,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"b8d0850e-cdfc-4d7f-b006-3c6c46bc2ee1","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":73,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"c5905656-a26b-4c80-abaa-a07392dbb390","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":73,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"38a15bb1-9765-4245-a0a5-60970b8194cf","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":73,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"4edfb986-d941-4e62-99f8-fe3ee54df7dd","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":73,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"b616ba56-725b-403c-a98e-3dcb649df3ae","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":73,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"bcbc690b-324b-4a88-b0d1-0fa21b54c0fc","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":73,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"7ac27959-aa41-4b41-9f68-053e1c278973","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":73,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"9c3577b0-25b0-4275-98f2-f6523c9c0068","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"72ac842e-7174-41fe-9bb9-7e35824e0b63","block_type":"box","text":"Total Return Swaps.","page_number":73,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"888414db-8501-4f99-a8b2-b9da644d950a","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":73,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"93c3b85e-ac97-46e5-adb0-9078980c71d8","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":73,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"dd9705a6-5da7-40b7-9287-9a5befc5827e","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":73,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"5c2d32db-f096-417d-90ef-081a941be555","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":73,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"937de3de-bdf8-4f2e-81f8-a351a9f8f437","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":73,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"48087894-17ac-4bb2-8890-df233ab9d1ff","block_type":"box","text":"II-20","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c4525f00-f3f7-4543-bb68-6a81d822042b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":73,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3643c02f-ddfa-4687-96aa-40ea342d3305","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":74,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"d02c0c27-c52f-44f5-9924-0f76b1b51e42","block_type":"box","text":"“contracts for difference.”","page_number":74,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"76a85cff-8369-4b60-b7b4-d11d71137752","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":74,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"023e8819-9964-45bf-b87d-8af3ee8d38fc","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":74,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"942f2cf0-09c3-4354-90d7-5af7c4e40b28","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":74,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"02b42d3e-cc19-46ac-9bc8-ace0a9ac55e5","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":74,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"40d76db7-5a81-4394-9f60-8f32b397557e","block_type":"box","text":"the notional amount of the swap.","page_number":74,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"655ae0bb-579b-4e41-ab42-169287d2ee5d","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":74,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"922376a3-cbb1-4ebd-bf5a-1c858efcc391","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"b2cb782b-93f2-4d7d-a302-74910719d90c","block_type":"box","text":"Options.","page_number":74,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"8f623473-079d-4382-ace2-a8de132f27c4","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":74,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"bbfc0139-359e-41f7-acb0-48cf9dd819b3","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":74,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"c192d625-4342-4b65-a230-4f57ce31d0b9","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":74,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"e7957822-612a-40f9-89a1-fe46105631b8","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":74,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"5ed0610c-05d1-4249-bda3-bf549762fa27","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":74,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"3f878b75-3e91-4cc1-8330-038a059a3b3c","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":74,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"6ed4ed8a-7a4e-4fd4-b2c8-cdc9be2bc86f","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":74,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"cbb44d56-800c-4d4f-8baf-32905de36d61","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":74,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"3a833b25-624c-4bcd-9116-693b9bad9606","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":74,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"d86a6451-d5f0-4c9b-bb42-dfec3749f94d","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":74,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"4020b234-5aed-4779-898f-cd0664df2263","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":74,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"530febc1-fa30-4a26-ac39-87a924d166ee","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":74,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"1cf189b1-083e-4ff1-8638-1966280546b7","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":74,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"216dfbf6-3a67-4dd8-afa9-0164a74e8db8","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":74,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"f9cfb3f4-97b9-4d3e-a230-6f4af8d6fe47","block_type":"box","text":"OTC markets.","page_number":74,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"55849c82-d1d6-41c7-a9a3-e44372b09b1e","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":74,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"981a1171-1080-42af-8aca-82276fc68a2d","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":74,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"619b87a4-c22b-4a88-b8f3-2240f50b4be3","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":74,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"1fb3e31f-c6fd-4f29-b86a-a8f743f6b650","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":74,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"16a532a7-fb70-4fc6-b76c-d1868124e81b","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":74,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"0ba3b516-6504-4a34-9f6b-9a8b64b0ebf3","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":74,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"33e03aac-f00d-4f11-bda4-3f711a351f8e","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":74,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"d4366c4f-9245-4327-a957-9fe33b1f97ee","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":74,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"0797ec4f-2fc1-4a07-9e3a-a47efc07ace2","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":74,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"16f9779d-9625-4b84-9d83-c1feaf89df0b","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":74,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"617cb995-fb4a-4c6f-954b-ccec95744637","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":74,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"cb541e95-8637-490b-8007-85a601bc7b4c","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":74,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"7412d5de-92d2-48af-8f3a-7f91fe66a688","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":74,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"17eb45fe-e614-4894-8740-e9dec5c48a43","block_type":"box","text":"accordance with their terms.","page_number":74,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"bb486b93-3efd-4568-8bcb-b4fd5a18f41b","block_type":"box","text":"Call Options.","page_number":74,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"57dd81e1-02ce-4072-b072-c030de4812d0","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":74,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"6919bf50-ca0d-4116-aa79-4458c72bacdc","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":74,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"ceb89f84-c2c5-4763-af8b-927c4f0f65f5","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":74,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"01319a31-9985-4b9a-91cb-3d64972095ac","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":74,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"520596a9-660f-4376-a612-598474db282f","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":74,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"42b13404-db4c-4955-97d3-b0edf3c9bd08","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":74,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"f8e5e00f-3691-4dbd-a9c1-39a7ca25a6ea","block_type":"box","text":"of the option.","page_number":74,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"b858efde-77da-4feb-bef4-af4353f06679","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":74,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"24e7bbff-7b82-47c3-9005-afbd26fe07a4","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":74,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"367381a3-8013-4b64-b7b5-18ded6e4e2f6","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":74,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"84c9fa88-b98c-4ac1-9c14-63d82695d147","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":74,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"1bc694ca-a619-4056-877b-ac3b35cb94df","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":74,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"d81ce0b2-4a9f-4b1a-bfd0-99ff02224a08","block_type":"box","text":"A Fund may write (","page_number":74,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"142fd89b-f1cd-43e6-8edc-c2837ecbae14","block_type":"box","text":"i.e.","page_number":74,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"e7413474-f798-44e0-a5be-8e2b50ec6f99","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":74,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"706a0374-bebe-499b-b13c-857d18b17b92","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":74,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"693fbadb-60cb-4d7d-baf8-89219566937e","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":74,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"46a1b0d2-9bde-4543-842b-6df84264034c","block_type":"box","text":"II-21","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e95f722-4c46-4acb-b14d-3f1b897de9a2","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":74,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"519d2c4c-03cd-4a19-8ca2-46bf7379084a","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":75,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"e3d754a0-ce9c-43e3-9184-50bb2c8fb753","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":75,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"2271f780-7148-48ef-86f5-e2f485dcd6ca","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":75,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"8acc0e83-6cc9-4bc4-8842-23a5eaf1ab84","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":75,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"1efa7b33-af74-451c-a2c8-6ae05ca42835","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":75,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"f0094348-fe88-4d1c-bd65-65ce675d86c7","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":75,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"5e960c91-15aa-4994-9343-0581e2724138","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":75,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"971c9d80-6faa-4e99-a959-c247b1dad8e9","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":75,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"03f59ebe-65a8-4a3f-b092-25a93fb64249","block_type":"box","text":"A Fund may write","page_number":75,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"f123c728-e6b1-40d9-83cd-753907c317ae","block_type":"box","text":"(i.e.","page_number":75,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"8b8bba04-d5ef-4db7-93e9-0f097af90e99","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":75,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"1403ad7e-00c6-4e00-9476-e70b7f2003a9","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":75,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"d74037de-8f25-4014-809d-e22acf9453ab","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":75,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"cf5e55fa-0a61-47d7-896b-c70bdbfa2390","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":75,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"123a85ad-e52b-445d-898f-dfcf1d8eb06d","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":75,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"c85e1f42-c14e-4832-8d38-724eeda9c715","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":75,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"ec5f92fc-0a33-44cb-9b2b-3cc559efe2f2","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":75,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"7f68bcdb-ae65-4976-a012-d769f48360c3","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":75,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"17e0de02-9582-4bcb-8a0a-c692d187c300","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":75,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"ec72d383-b536-43a0-8a0c-831bbbbce6ac","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":75,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"790f2595-b43c-4c87-ae03-175f2835d4ed","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":75,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"9ff12146-93ea-46f8-8c31-df52d6b2a454","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":75,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"3786bd8e-837b-4227-abd8-7f75ddab3de8","block_type":"box","text":"Put Options.","page_number":75,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"8bac5c81-93cb-4a8f-94cf-376b25dec265","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":75,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"dc196b3b-4565-498d-9852-ba79654b4f65","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":75,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"a5f93950-ac2b-405f-9c6d-3941dce48f16","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":75,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"4d90df5e-9854-48f0-a2ec-0499c030c39b","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":75,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"6aebefdc-1a3c-4e7e-9fbf-0e2dcf635580","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":75,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"9f71b37f-065e-4bee-bcbe-80573007a731","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":75,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"6c9740fd-a0b8-4727-8e86-d92e81de315b","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":75,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"a86608ff-abc2-4c8c-99c3-feec14e48395","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":75,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"81775fa9-e752-44f0-b6ae-351653cdb959","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":75,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"dc21dcd4-b5b9-4d9f-a274-df2b679a98a0","block_type":"box","text":"purchase uncovered put options.","page_number":75,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"d83672d4-cf19-44a2-906f-0172963927df","block_type":"box","text":"A Fund also may write (","page_number":75,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"6bf22063-52dd-43b2-8050-ef9ce337576d","block_type":"box","text":"i.e.","page_number":75,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"3bcaf389-9a7e-41ca-a64b-6affd376272a","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":75,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"07989f96-cb1e-4e64-9a10-eed32fa39cc0","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":75,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"0a4c1e37-56d2-4b26-a1af-1faa5b2b5341","block_type":"box","text":"A Fund also may write (","page_number":75,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"be6a4fc1-1582-48d6-8d17-d4e1845fa970","block_type":"box","text":"i.e.","page_number":75,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"91c0b7a6-017c-4d07-8fbf-a888f05d2a4a","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":75,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"3739214f-33f3-4294-9048-99ae01d486a6","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":75,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"0bec0996-3b10-41d6-ad7b-872b3233b962","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":75,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"a7971858-e913-4acf-b26e-0f1e96023148","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":75,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"97236afa-6692-4d8d-8314-4fedaabb0fc8","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":75,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"813f2ba7-94a9-4e77-ae35-f91a94fb0f60","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":75,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"849ec9fe-abc5-4700-b925-dc0a9546e8c1","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":75,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"c524f1fa-c8ee-43b1-83ed-593d7bfecb5f","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":75,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"f4fd50bf-e25f-4caf-a3db-90b366b71f2c","block_type":"box","text":"the exercise price.","page_number":75,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"adb7c72d-a5b5-4a23-98de-0eb31a2a7b98","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":75,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"499adc10-5ae5-4df1-bbf9-fc87b783e5c6","block_type":"box","text":"The following information relates","page_number":75,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"68fc107c-ac9d-4f55-8184-4912d6c88871","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":75,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"ce2b99f6-b1c4-4b8c-a48e-1518ec06d731","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":75,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"cfd49e52-c79f-4220-9e10-b0f01442047f","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":75,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"82296b24-781c-4c40-9b8d-edbde49b06d0","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":75,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"ad7c9a09-6282-4026-bb99-988575b87cd7","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":75,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"2dce1ab1-079b-4dc4-80d4-fd30cdfb6142","block_type":"box","text":"market in order to maintain its “cover.”","page_number":75,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"1d0acb1c-f64a-49f6-8f65-f0c7985fe505","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":75,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"e6818218-4cc5-4a37-b615-f287269dde64","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":75,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"f8858290-dc09-488f-a8f7-57ded6ad1e58","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":75,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"059e900a-434d-4f8c-bbbe-0fdf66fbc1bd","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":75,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"d814fe32-61f3-4e54-b267-c2318ebe4b5b","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":75,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"379006ec-e90c-4a73-91d9-fcdfb80394b4","block_type":"box","text":"and incur transaction costs.","page_number":75,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"177fa880-1c3a-40cc-a920-b8066cd12609","block_type":"box","text":"II-22","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5731d75a-57e5-4d01-bc46-25a57460e4d7","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":75,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42b6a69a-2585-4d11-a85d-86af344e0a91","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":76,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"46428ea2-22fa-4e6b-98b6-2fb14cd14ea6","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":76,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"54b531bb-02ce-49ca-9f9c-4b32e4d3d492","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":76,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"b0212c71-fdb2-4e69-bb59-a595e297ae90","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":76,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"3707d3c0-d67b-461b-a8c8-684a7515fde4","block_type":"box","text":"i.e.","page_number":76,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"6f3c1940-ea30-4b89-990e-61009a829cac","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":76,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"90d516c0-7cba-4681-9731-1c9685a442ba","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":76,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"154bdf7e-d777-4f38-8527-f703325d85cc","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":76,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"511956fc-b365-455a-914c-fcd17d4045d1","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":76,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"27f383d7-f9f0-463b-96c8-418b81d87f39","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":76,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"f5759f8e-513f-4e3b-a434-7212eab9c674","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":76,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"60b596e1-7af7-4b57-92a8-226b34b555fa","block_type":"box","text":"required, to be cleared.","page_number":76,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"1f7d3f72-993e-4624-9629-fb0af70dd0e1","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":76,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"0d2d0f87-6535-43b2-a8a9-62425858aeb3","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":76,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"4d50b08e-fa84-44f6-8184-35bfdac7343e","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":76,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"38049515-ed7c-46d6-bd9f-63009f2cc328","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":76,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"dad50bf2-c86b-4fa6-be16-5448b3a07563","block_type":"box","text":"Derivatives” above.","page_number":76,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"3c99e98d-0f54-4d99-afb0-16c44ca2772c","block_type":"box","text":"FLEX Options.","page_number":76,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"e55a6978-d1ec-491e-9c11-c344675681ac","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":76,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"49c75733-09e3-471e-b20c-176abf39aec3","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":76,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"59126fdc-271f-46c7-b908-3c3231302fc9","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":76,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"fffd43b5-c44e-4767-9d64-e1c17e0afcb5","block_type":"box","text":"exercise prices, exercise styles (","page_number":76,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"2b3ec9bc-2ab5-4898-8307-5518d28f2dc4","block_type":"box","text":"i.e.","page_number":76,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"95a83435-c236-4ad7-bba8-ec0e73869249","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":76,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"0a0eb882-d2da-4fea-ba43-d54027bcab98","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":76,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"5b1bd036-07d0-43b2-91d1-1673023cc65b","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":76,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"4d150a5c-fdb8-4f6c-b5ef-1bedcaba32d1","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":76,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"9d2dea83-caab-4e60-a57b-2ab830ed194f","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":76,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"ecc48538-10cf-4135-9869-26b1fddf2980","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":76,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"412c92ff-c124-4804-8d7d-cdb7ad638f76","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":76,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"61239ca0-0d22-4c78-b212-10e354fd65e6","block_type":"box","text":"FLEX Option’s expiration date.","page_number":76,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"4d60e150-fa13-43db-832d-805e49a7f8cc","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":76,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"dface297-9ab6-4bfa-bd62-26f0f793325c","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":76,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"0c299989-dc24-4dbe-9f3c-e9d19d7cd1ed","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":76,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"214feae4-afdb-49ed-85c5-4fc10ad631fd","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":76,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"aa765002-6164-4343-a60c-95d730d814f5","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":76,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"45098a20-2fb8-485d-b07d-5df80905f9fe","block_type":"box","text":"FLEX Options contracts.","page_number":76,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"ecee8c31-cac5-45a3-acc5-7d32f121c1c2","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":76,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"fe5d5352-a9ef-44af-a088-a92f6d0ece46","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":76,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"fe5e289a-ba69-4ec9-872b-2173b48d0425","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":76,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"d23e1a15-28d1-419f-971d-afe6bc52e3bc","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":76,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"75d38b25-1779-4cb9-8905-1fd34cbdb4ac","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":76,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"354ccca9-39f3-464d-871a-4d46e6c5d330","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":76,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"d149d4c5-a6ac-43f9-981c-eb57658532d4","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":76,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"3951b144-4af6-4a50-bef1-48d02a8e992f","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":76,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"dba9d291-2251-4461-9e64-df3a46a69b91","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":76,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"601a7ca7-6aa9-44f2-b12d-a14854bf0fb4","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":76,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"2de97531-26ad-4e25-adca-d7d1678f9b15","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":76,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"581de67f-df91-4424-b271-50e98e4ae0d5","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":76,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"b9505184-e1e2-4ce8-93a7-d3794a0172fe","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":76,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"fdcd1742-cba1-42f6-98c3-4e3b74164136","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":76,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"04314891-9be3-4e03-8189-ce6d1d2a5b3a","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":76,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"0a52aa5c-675c-41c8-9818-ace95d988696","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":76,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"af31c0ea-dee7-42f1-bce6-cc6f98ad3edc","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":76,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"2ca11dd6-a1ea-4c83-9ee6-22f0f16a0c76","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":76,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"36cb3d02-4fdc-4c15-9cd0-e868e081168f","block_type":"box","text":"expire unexercised have no value.","page_number":76,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"0694273b-3a73-417f-9e87-3b405237be9d","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":76,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"8e11c383-89d0-446b-b30f-bede6755b9d7","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":76,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"77cdd5bb-75d0-44fa-970f-671c82203104","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":76,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"4bfa6a22-f68a-4710-8cea-593eddd95154","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":76,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"9bf37b24-22df-47b5-8088-ec588f0b686a","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":76,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"110eb48a-d45e-4875-91c4-b56f4e50aa2e","block_type":"box","text":"II-23","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"104053ae-791a-4c7a-9af8-a676c993fa01","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":76,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"572158cb-0163-4a22-b6ff-d66a884f1d36","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":77,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"d2661fe6-2ece-4f40-a8cd-d83c0a6d24fd","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":77,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"9b09ac62-3fc0-46a5-86dc-eae509e5e34b","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":77,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"a6a081cb-f919-4c08-a164-13fb4aa05ba1","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":77,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"131427bf-0f5d-4173-ab6e-5a225e045f3a","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":77,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"3345ab11-5948-4930-b810-8272c0a87b4d","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":77,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"32460ca5-720f-4fde-97bc-1b26c5df008b","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":77,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"3118aa5c-004a-49bc-8e93-5f84958a4dfa","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":77,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"d15b0537-f686-4c02-b2d7-5b5f52c27f96","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":77,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"924b5841-5292-48e2-8b17-14128dc2b398","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":77,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"bf40e6cf-90a9-4fb0-9513-1d7f29dc5479","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":77,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"9390adc8-a57d-43b4-bf73-7ff14ff0ab32","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":77,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"2cb58ea5-f3e2-4faa-9065-7b0c3afb5e96","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":77,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"5fbd9ea4-42c4-4f50-8eef-a3d83c8672b4","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":77,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"54b35fce-e195-4477-ad27-821f529e3004","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":77,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"5f2352aa-71c5-4a7b-ab65-d5a1f82cab89","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":77,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"8d128646-bd53-4bcb-897e-87b54c780ae7","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":77,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"3e31980f-9d41-4e95-b732-e96ad3643ca4","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":77,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"296fdd31-b380-404f-b4b3-9298836274e4","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":77,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"c06034ec-b156-47c0-b148-12073f340012","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":77,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"3af01641-b943-4b72-a6c1-287324d0233c","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":77,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"6d3eeb9a-475c-4486-adda-a74aeed83690","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":77,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"56013ae2-dcc4-43f5-9be4-0ac0711529f3","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":77,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"4a6d78f7-f1a7-457d-bace-697a1f5415ed","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":77,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"3d58d20e-2e9f-4244-9420-a47d1845be3c","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":77,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"d8dedf4c-448c-4ec5-badc-ee0c0424a865","block_type":"box","text":"Foreign Exchange Transactions.","page_number":77,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"71e5e622-7fed-474a-b184-6584dc4580e0","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":77,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"825ca2c2-7f34-4f30-95de-cd10cc934e2b","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":77,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"6c8a8034-96f4-4a26-88d3-513990aed2be","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":77,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"2a542432-2f54-459d-bdc8-7a78d9fcca82","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":77,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"a4ce2d49-f819-42d2-bc29-1bd6a540bf05","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":77,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"9b162eb1-b1a7-4211-89b0-9441aa61260a","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":77,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"7fb22b7e-4ecb-417e-a293-d70b4097fb49","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":77,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"aee36a55-1565-4b0c-b457-b4c5c7a6bbf6","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":77,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"2b22035f-33ff-45e5-a30a-1de62cae33ab","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":77,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"3dc1a0e7-1d23-4e29-9ebb-c66426e4acf0","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":77,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"13ca5bf4-8dd0-4f75-a5e9-0f15e159d4c9","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":77,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"ee6a4fc8-cedb-4b8d-b5a8-42b3a9970d82","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":77,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"b961f0fa-34a8-4a1f-afc4-6864aaeb3fae","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":77,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"b555ccbb-bd9f-4342-b5e6-ef0e7829a2c9","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":77,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"aaea1ffd-0eb2-4c64-b55e-59761b4b4d35","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":77,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"b577fa7c-7f7d-4234-9590-945019d5edc9","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":77,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"89cd5e3b-646b-45dd-b5cd-d6f39c893081","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":77,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"8324ed57-4985-4e92-a744-cf1f6bcdfd94","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":77,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"bef3fddd-146a-43f8-8d45-0b74cb3352c8","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":77,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"eb9b8df9-c954-4c91-ae01-c034fd6aaf94","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":77,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"a08e692b-6a02-4770-8de1-8280796b4af0","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":77,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"53edea9a-90fb-48b3-8e05-a76f68a9776b","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":77,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a6f27087-985a-43b8-9779-fc218ead8784","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":77,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"050bdfdc-8552-44a4-b32a-3047dafa3ebd","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":77,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"95daadd4-5442-48b3-89d7-1737cb6e8b54","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":77,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"4cc71f55-1e2f-4023-80e8-f535ce543bf8","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":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"767faa85-4fe3-421e-8f23-51b41440f1d0","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":77,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"2b074420-f7c0-4b99-81ef-8665c50874f9","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":77,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"53a4e974-31da-4518-964a-da8a37add969","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":77,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"7fc606a5-fb68-4165-b745-02ce0ce67410","block_type":"box","text":"II-24","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16a89140-8cde-45b5-ad9f-eafde8bd3b45","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":77,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"27fd095a-50d4-4e92-a382-20d19ca0acb3","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":78,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"4a7d650f-70f1-4c64-b859-e5b85cfc2923","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":78,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"7b05d846-f429-45ec-8b1a-33a7100ae120","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":78,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"89d1ef43-2c3f-4029-b147-c21c82539213","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":78,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"4cc9b804-f14b-4cec-ac1e-7718bff20fd0","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":78,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"9eb41177-2efd-4368-955e-d5c2381ad057","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":78,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"db8005c0-5b35-42fe-bf55-0040bbd8e134","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":78,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"39a76a5c-d5e8-4011-a6c6-9e069f8ed5d7","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":78,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"4eed4f93-ee84-4300-b4d7-d7822472e9a1","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":78,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"17bc5998-0c7d-446c-a7e0-ebe8e0117a48","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":78,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"e5b49e87-1477-4f9e-a842-f3b03a77600c","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":78,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"948c4b8d-60a5-413c-a168-6c6b9b7a15bf","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":78,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"78c623d9-a0b4-4acc-9ea3-ead2a8b0ff8a","block_type":"box","text":"involved.","page_number":78,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"d7f5c9d1-c316-45c1-b8f4-2119a258a23d","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":78,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"0f16974e-2dcc-4306-9dcd-a99dfa4a7aea","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":78,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"2ada3809-64ad-4385-b0d6-38e818536180","block_type":"box","text":"denominated in such currency.","page_number":78,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"d23a82ab-0aa6-4e66-b018-d53b7b603425","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":78,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"0414f77e-9a17-4e67-b0e4-269a2bc46ab1","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":78,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"749bd18f-5d51-4c19-b854-19982d9fa40c","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":78,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"306bf8b9-bd94-423c-821d-411e252214c5","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":78,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"9129d590-019a-4c79-aeb9-1a2a8b1d9b9f","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":78,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"63396da6-0d8d-4da9-a9f8-bf41c9b7d6c3","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":78,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"e2147ef3-2197-4b5c-a3cc-c16dbeae98ab","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":78,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"70473469-a83b-4b45-8d8d-cfde6ccbe44a","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":78,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"065d8922-3ac1-49f8-8bc2-fd74b4b4cf74","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":78,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"98161b7a-9bb6-4670-96d3-d5c51b346625","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":78,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"47936dbb-8532-4f11-bb07-cf0de1ea7f6a","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":78,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"edff07c5-0d7b-4fbd-a53c-175338ada7d8","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":78,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"3d4c20ed-a095-4d8f-9cc5-d637f12c2da3","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":78,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"3028bc50-96a3-4653-83f0-6bdefc3b24f3","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":78,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"ebe557be-4083-4e84-b2c4-4830dd424756","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":78,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"caa2dcce-15c0-45de-81bf-a06adbba4d4e","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":78,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"7d277421-25c3-4e36-a472-28f51c82d35f","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":78,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"3a93d4fe-8475-40b5-b960-c93b803a62a3","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":78,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"681f0035-5777-4b5c-9eb3-ab3594035510","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":78,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"847bc1d3-1f7d-4f1f-88aa-ad3ce6ff8312","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":78,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"dbf12a1b-f5ae-4eec-a38e-f6bc74fba093","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":78,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"a3fb4b9b-52de-47f1-a530-54649d45b275","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":78,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"68ab7ec8-b821-4b91-a2d7-ed2ccbf9fae8","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":78,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"f46c230b-b08b-4dfe-88b1-039277eddc06","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":78,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"86d45391-0ff4-4f6d-9549-3d37db73ad86","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":78,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"1189daaa-5331-4f1c-b564-c8635760eeba","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":78,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"ed7418a0-36c2-4d9a-a6f7-80566def2e47","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":78,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"69f541d0-9283-460c-8d3f-36a4640cabf4","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":78,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"0d3898cf-6cd0-4d40-89fd-3660a1b52256","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":78,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"cd9d867c-aeec-48d4-aa5f-5cd471e372ab","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":78,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"81ac6eb2-5fae-4fef-8838-b67afe07b6cf","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":78,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"c8260d21-0a7d-4e02-b536-8730ae95582b","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":78,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"d7b3798e-741a-45a0-930d-ae3a322ca093","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":78,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"5a927df8-8a9a-4045-8724-c8536fe0598b","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":78,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"fc744832-bfab-4963-abe9-b48e484f52e8","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":78,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"64e6d447-61bf-448c-a822-9fa3c339bec6","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":78,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"2dd3ccd8-d025-4a59-9907-d636cff1adf5","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":78,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"f768c0a1-2e47-455d-8d74-a9aa8b623853","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":78,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"c04c979a-e3f8-4234-9efa-34a6d224b6bc","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":78,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"cc985a13-bbe4-4edd-811b-b960a755e915","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":78,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"81c02127-f06e-4146-9934-489a59886321","block_type":"box","text":"II-25","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"68ba5ffb-4846-4b6a-bf92-7464c68eadd6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":78,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"89976143-d267-4189-a0a6-7315f6ccd56b","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":79,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"834e3928-a517-4daf-9b0c-078ce83f6b55","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":79,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"65679b6b-df13-49f1-90ca-67faba4fa81a","block_type":"box","text":"traded.","page_number":79,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"1e8d0b3b-5aea-4c47-b7ed-b688758bbd79","block_type":"box","text":"Currency Futures.","page_number":79,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"01f4cd43-9ed6-4768-9586-a04ebcb33c6a","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":79,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"57b3b432-a57e-4531-a6e5-f3c2cb1b41a3","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":79,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"027eca0c-01f5-4524-a587-c7f25b53eaae","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":79,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"0a09ee8a-6c0a-4e9e-9327-ca144fd22c10","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":79,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"047b01db-b040-4258-8f24-2bd10adf610d","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":79,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"5c0ad41a-8166-495c-8e35-afe12aefdc13","block_type":"box","text":"Currency Options.","page_number":79,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"743e1acf-8b6e-45c8-a2a9-1cc0d62a9bb5","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":79,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"7b5f29e2-94ac-477e-8c5e-640218a65f36","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":79,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"23742157-c58d-4572-ba99-9e7b5d14d07f","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":79,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"83313b1e-f880-4ca3-8712-e0798b229669","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":79,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"9027f278-0483-44f6-ba29-af09b907a65a","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":79,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"94d1b760-ea50-4632-8a66-73f4c8f072de","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":79,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"ea824e89-7136-4530-a35c-f5d06647df76","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":79,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"faa09550-1a17-4437-83e8-49e50e43cd81","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":79,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"2e8fba4b-88a3-4795-a203-38736f6397b8","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":79,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"5d75450e-8576-4d6b-b996-89322cfe84ac","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":79,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"2192ccfc-cc54-466b-a0cb-257303a38983","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":79,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"e017dc05-b710-4dc3-9d9d-40c9b428e676","block_type":"box","text":"Currency Swaps.","page_number":79,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"abe0b0ca-1299-4120-ab00-af79c28565e5","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":79,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"ade8c040-b0ce-43eb-a02c-75a8a266256c","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":79,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"0a65fc85-ff22-4209-ab39-a616dc77c847","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":79,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"5d6473af-1909-44eb-b173-2e7d3ccc6b5e","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":79,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"44061a8c-9a41-474e-a8b6-aee7dfd17c8c","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":79,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"88787e08-fd94-407b-ada6-98773654dd80","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":79,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"990b2a01-a31e-4457-9ec9-82c1b657aaaa","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":79,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"fb944a19-13ba-4aef-a60c-75e74af744b4","block_type":"box","text":"Distressed Securities.","page_number":79,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"4a78e79c-7228-4595-8686-154471a9d201","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":79,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"0120f68e-58a8-4d93-9387-2d9bb414661e","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":79,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"08d7401d-2e6a-49a0-91cc-a238e35289e9","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":79,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"f55f846c-a8c8-4fb7-ba34-2396ea064a27","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":79,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"6b6b8286-f87b-4234-b065-fd8f5a53d5b9","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":79,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"f6e66d3e-313b-4720-b945-10871c46a64e","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":79,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"81b18ddd-95ce-40ec-8c27-5629d7893bef","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":79,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"03ab3311-aa75-4268-8bf0-4b33caa83dfb","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":79,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"5cf4eaae-681d-4bfc-86d7-9bca93a89092","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":79,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"1ed70780-5ef0-4e45-851c-87680ef8c07f","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":79,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"513a17b6-9603-42b5-b0ae-3a60dad53d6f","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":79,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"5a153556-a17a-4d99-ac01-55069f6e23f1","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":79,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"616cea92-905a-429f-9d5f-8bcf01708d44","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":79,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"9161b40d-793e-427c-a791-45df5a8c6beb","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":79,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"394533b9-7e14-47bd-8c9f-dca68e7bb838","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":79,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"a72c4c97-f48f-429f-8bb3-b75ea5621ce4","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":79,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"134823c6-e5fb-4517-a501-9c89da427059","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":79,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"c71762f7-195e-4a25-8e79-1deb6d43cd71","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":79,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"d9b4325b-30fc-487c-88d0-4d3c5798d95f","block_type":"box","text":"satisfied (","page_number":79,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"c82c6ace-707a-43aa-9048-b62c8dda350f","block_type":"box","text":"e.g.","page_number":79,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"cb7351a3-6684-46f3-a5a3-5908bde22566","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":79,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"e10d0828-90c9-4cbc-96bf-04fcdcb5168c","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":79,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"34b86f7d-b3fb-4c71-a947-1b7a653c58c0","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":79,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"df6d14d5-9e2e-4a3a-a8bd-6b038dda644a","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":79,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"ea4890c5-fff1-4117-a118-35e453e65885","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":79,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"c81e403f-2fc4-4230-8d1a-d2154c8cde06","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":79,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"d9d6e824-d334-47cd-9851-46aec3ef0ccb","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":79,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"ff9bd251-5816-44c1-978c-961cbf50f435","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":79,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"88c3d97b-a1ba-4eb8-b995-27c6ef0010de","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":79,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"93a86fb0-dd64-403b-9618-60dcb5631c70","block_type":"box","text":"II-26","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69a66ef1-5766-4bdb-8a28-5a1f6b41b940","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":79,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"12babc3f-756e-4824-b9cc-230de2296b3a","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":80,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"49782daf-3d05-44ea-b2e6-df23771c2f00","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":80,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"8fd1e5c3-9a32-4116-a439-c52ffbc43184","block_type":"box","text":"affairs.","page_number":80,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"41453c24-3bc7-42d9-b386-857fc1708515","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":80,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"565a79c3-99d1-4e1d-a5d2-8ca1be32800c","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":80,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"d4c27213-e1d0-458c-875f-b50beeb739e6","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":80,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"e21e816d-0f0e-4400-8bd2-178e3b52ce11","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":80,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"f64d30ec-f39d-48da-ae72-015b0b186161","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":80,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"fa340590-a39e-478e-859f-d01f17e4205a","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":80,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"29a9163f-e7d4-4c5a-9908-5980be2fd871","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":80,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"b3836a57-02e4-423d-b186-70bc32146f57","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":80,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"51def2cf-199e-4e51-9f99-8851c2f2f358","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":80,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"1cc79cca-9b47-4258-90f2-cc3e77a9d6a0","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":80,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"350dac6e-c907-4a85-b015-9ec95f26a30d","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":80,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"60f90221-10ac-4dbe-904a-22a9e2055f46","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":80,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"44a8ffc7-549f-4d26-86ad-331dd3fe446b","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":80,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"a01e27c1-98cb-4f60-920d-8a58f7c11e0c","block_type":"box","text":"Equity Securities.","page_number":80,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"33220020-fbb5-4785-9925-fa13ce21c3c6","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":80,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"a268e9a7-4819-4224-a10b-6e801a4a7945","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":80,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"d23f3f88-202b-4d99-a4ba-e5ddebe756eb","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":80,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"400ff582-81ab-4358-a42d-9829c3bc89f3","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":80,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"d0607053-f365-4957-9d6e-d9f880c988d9","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":80,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"def107ea-5e8c-4bda-84f9-c7c3d2f3c307","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":80,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"74168258-af2b-424d-a8c5-e4d6d61f3f4c","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":80,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"858ddeaf-25fb-454f-8ece-e853dbab8eba","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":80,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"d187e6d3-073d-4b97-abbf-db842e72c91c","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":80,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"4291a317-7d4b-4561-b709-c7e89c1b3945","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":80,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"adca9477-ea25-43e0-a4a3-a179cb03c7a1","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":80,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"6f3806dd-9f3a-4630-a940-37b8287fb81b","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":80,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"b128e52b-a797-421e-9f65-a522809fc801","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":80,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"cb3f85b4-6aa5-47c7-a7bd-5bf8c3e292d7","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":80,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"a03a6aa4-6196-466f-8105-7bfa1532968c","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":80,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"568fbf0b-3006-481c-9557-57564233c63f","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":80,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"f32e6247-8e74-47fa-b927-718dc5ca6a8c","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":80,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"a3cb32c4-1f1f-45b9-b1b9-bd634dd2188a","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":80,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"179dc3b2-e17b-4a0a-9838-9c8e27ffc037","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":80,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"fbd40d69-617b-48b4-95a7-4c53091caf91","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":80,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"890ae78d-91a4-46e4-b6c6-8386440ba012","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":80,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"8643332b-6d16-48f4-b922-28d2afdf300e","block_type":"box","text":"initial public offering.","page_number":80,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"8cbb36e3-bfbf-4e2f-8673-187150602fee","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":80,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"a05341e5-82e0-44e1-a568-705546afa8ff","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":80,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"b9afd7ab-43f6-4c31-b6a9-419c600e678f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":80,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"4f179a3d-b161-45a1-bd09-0c2694b356da","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":80,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"d2fa4659-3665-4d1e-938d-bd6b78a9ed3a","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":80,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"44a45c62-3f6b-442b-9c6a-907905124a76","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":80,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"7a8abcb3-a1b9-408e-8ad3-a2e90ecafa91","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":80,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"94011159-0b7c-4623-83b7-3d6fa287bc24","block_type":"box","text":"more established companies.","page_number":80,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"43190837-77fe-4eb5-b138-85c75e20ef40","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":80,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"b4e68227-b48e-4e0c-86e1-18249e81cc71","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":80,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"44a93fe2-5706-4b33-8394-7aae5cd77c76","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":80,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"c80c0aff-0e15-4595-a050-a183535b8fee","block_type":"box","text":"below.","page_number":80,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"03a2e881-9e9e-41d3-aae8-0e8b27f8f250","block_type":"box","text":"Real Estate-Related Securities.","page_number":80,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"2fc73dd5-84b4-432c-9d59-939992606d22","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":80,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"9f5b5f6a-62c3-44b0-a8eb-37bf07d6cace","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":80,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"f1fbbf2d-19e2-457a-9aac-6a5ddafebb91","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":80,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"91dac181-01fa-433c-9623-387ff04559be","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":80,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"b856e93f-e1bf-4849-8d5a-c02b14f0f3d9","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":80,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"ee56acdc-6454-402c-a7b5-d8beec324dbd","block_type":"box","text":"II-27","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"41d80be6-93ed-4cef-9732-6bec6f5c736a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":80,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dbf7c84d-5a23-407a-a669-cbe605171f63","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":81,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"bd6b6309-7ad1-42b0-8b4f-b8a2e157b0ec","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":81,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"fed34ebb-1eb2-4a2d-95e5-ce426951a0ff","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":81,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"a2d8647f-8d9c-4f1e-b110-169529dfce77","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":81,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"d13491df-2b1c-4d18-88f4-31cbc21dae41","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":81,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"8a0815ef-bad0-4956-a6f2-0da2d782673f","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":81,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"4895db04-2f0c-4145-ad33-36a389240e85","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":81,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"338cb9be-a432-4699-a01d-a631d3c8f94b","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":81,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"265eff15-15c0-4801-9e9a-1bf9866533c3","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":81,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"2b39260b-c720-4fdb-b13a-76451f571d77","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":81,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"394602e7-4a3b-42ce-88ec-898169e5277f","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":81,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"9bdaebca-9d80-4d9a-a611-a48fffa21710","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":81,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"f33e188e-cd1b-435c-9a1e-a89a920515be","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":81,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"f7211ec2-06e5-4ffc-af6a-c2c36f5da68d","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":81,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"1a17fbc4-7708-4bf3-86f1-614941d370b2","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":81,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"aede0f14-a254-490c-9247-3d918c883849","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":81,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"62e5d488-5125-4b75-8746-0ba4f867575a","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":81,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"7b4ad7e6-c2eb-4e53-a608-b819d268dc73","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":81,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"55c09a4c-8308-403a-815b-46946e21fddf","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":81,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"f633242f-aa80-405d-90a6-a5e4df977cae","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":81,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"98c01afc-f6b4-4258-94bc-f4f2f420e002","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":81,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"5c12ed06-41ef-4cb9-8d94-7227f8cbe2a1","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":81,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"41ed3198-dc9c-4aa9-976e-ce9e2101eb36","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":81,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"79473417-d74d-4510-8066-752db75bedff","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":81,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"96df91c3-3fa8-4cdb-80e6-c4725657d60e","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":81,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"974c2bf0-0a31-442e-ae5f-fc266609ccda","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":81,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"cc42a1f6-9d6c-48d0-96ee-e2ddc0d4dfa8","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":81,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"84d4f866-b4e8-4c6b-aa38-17cfbc0e45ed","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":81,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"a1ada363-7843-4bdd-a571-2e72e949ea1b","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":81,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"a0aef3aa-dfcf-43f5-80fe-78b1280d02e5","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":81,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"d6334af3-7b30-400b-9f58-cca10cc55766","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":81,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"de331006-d448-4e86-8ed4-b8162781e999","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":81,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"930983ed-ab4c-442d-a7fa-c8caa333f0cf","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":81,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"2a0a25cb-6060-4b12-a202-a6ebbcfc1ab1","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":81,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"4092f1a5-e777-4769-9297-f4118bbe60bb","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":81,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"4349d99b-e203-4443-9b48-145ff039d31d","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":81,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"dc58311e-96a8-432e-9070-33a2feb6d32f","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":81,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"434e83cb-3c52-44f1-8a80-472f939cf336","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":81,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"0f95302f-0f85-4a4e-addb-c228d167429d","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":81,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"8046768f-8c10-43f0-8c3b-2ec18435bf89","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":81,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"c499f4fd-633a-4125-8d93-a4e0d3c31a77","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":81,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"e35032b5-5c26-4524-a960-2ce8d584eba7","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":81,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"06adc303-014b-4b1e-92e9-d06b629d857c","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":81,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"d26cea9d-e1f3-4274-981b-fd8e809874b0","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":81,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"dffd7a43-6650-4e34-8629-428f38224482","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":81,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"f44521ab-b608-47f9-8fb5-edd66ecbd339","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":81,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"75c5c24c-b106-4e45-96ef-11a5e1ced779","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":81,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"1b89346a-dc77-4530-9384-30d87dfe0cd9","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":81,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"4e6572f6-15bb-4313-8b45-992b6be6d172","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":81,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"70674c9f-49ce-4217-abeb-ff70d8f8b60e","block_type":"box","text":"Tracking Stocks","page_number":81,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"7066a251-6b3a-44b9-aeb4-a679ab6d0ad5","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":81,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"c9e6f831-e9ac-4550-ab73-5a02411a8e7c","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":81,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"c8b5aeb0-08ea-4f28-a2d6-e1dd1c6bdc44","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":81,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"141fd489-b0dc-46bd-803b-31e823092695","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":81,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"7b266d00-cd60-4eee-be7e-b8698a8f3009","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":81,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"af84ff0e-7294-49ec-aeba-daa0671eddaa","block_type":"box","text":"II-28","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6e718c3-178d-4ee0-82c1-0991500f9537","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":81,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"39ba11af-8f5a-4f5d-8855-548cefc174e4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":82,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"69f5f63e-c63e-4f1f-8b84-d248a4425d40","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":82,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"04a1d56f-ad6b-4071-bdbc-acb1b477aad0","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":82,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"483a70a1-afd5-481c-bbc7-66dcdcfcdf84","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":82,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"8da02d1b-b71c-4e04-8349-81dc7ba704b1","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":82,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"108f9e74-d566-4cc2-9bf3-ceb24ab1e57f","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":82,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"66726b10-010d-424b-acd0-94fbdb11195e","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":82,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"186002ca-cb4e-4873-b2dd-107383dce692","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":82,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"992aadc8-24a8-43d9-8222-64b93e211fe6","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":82,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"5b271b56-2f85-4a3b-bd85-bc5d08204373","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":82,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"16b3097e-3eb6-4841-be73-96f953eec474","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":82,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"ddc120a4-5900-4714-8d46-6e45c5bb9fe6","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":82,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"f0d8cb6a-1cd0-4e06-8980-3a2fc22567f2","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":82,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"1cf75d09-3c35-458d-bbe6-0280a6f22e40","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":82,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"060f4f56-7a3c-4907-8478-d93339b6415e","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":82,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"b767afc9-c94e-403d-ad37-ca2c0ebd5cd0","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":82,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"f7966f23-4459-4567-9302-59f7f80ee036","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":82,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"e1ba0997-e10e-4600-a9a0-ce7bc8be0f09","block_type":"box","text":"loan still needs to be repaid.","page_number":82,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"69c466f0-8bfc-443a-9f18-55d4c44608af","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":82,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"126b48f2-4a14-41d3-8e2d-9bb9baf04f34","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":82,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"1a3bd4b2-91c2-4fe0-ac03-93396110ac89","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":82,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"c40ff293-bead-4201-9cec-b6d4d5911562","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":82,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"98ca051e-2ae1-4a8e-9aa6-f4a8514be1a2","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":82,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"b9952501-817f-4de0-99c7-ad79a2e3c9fd","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":82,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"a608eb6d-e82e-4613-90fb-1644791e8795","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":82,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"fc384977-aab9-474e-9bce-ec1bceb9a9ca","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":82,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"a07ad8f9-93e4-4e2c-8290-75e63a540eea","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":82,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"2245032c-9724-4263-b8e5-5dcc2d1ecc60","block_type":"box","text":"Foreign Investments.","page_number":82,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"2d1b0476-b0ae-4428-a8ab-373bca1fc8af","block_type":"box","text":"Foreign Investment Risks.","page_number":82,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"42127368-d5e0-4166-ab56-9e39af94de7c","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":82,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"1fe2338f-515b-427e-8bb4-94e5dd6d8207","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":82,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"b16b531e-decc-425a-b491-effa9e900b73","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":82,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"e1ce0f9a-7dd9-4af6-b9aa-1a28f9d3add7","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":82,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"00bb1e2d-aa77-404d-94e6-041494b6d081","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":82,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"6a3b9a50-374d-45a1-b105-2109f9b7636f","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":82,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"c2407d17-4ef6-46fa-bf84-7c94357db2ca","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":82,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"f1956382-3e19-48d8-ae57-c390e88b1d4e","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":82,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"3cabe2c8-76d6-4ff3-b871-0294ae27bd24","block_type":"box","text":"benchmark index.","page_number":82,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"b49aaba3-ce06-4195-9da7-1a7fd7420a3c","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":82,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"5ffcfd0c-db1a-4374-a373-230e919b28b6","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":82,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"d33a953e-a1db-4fde-a034-480b8c5381b3","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":82,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"48040fc1-b4c4-44c8-9b30-b02263e614ed","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":82,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"ab37ee2f-b657-470c-ae14-4c18cac9e43a","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":82,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"6e54fec1-c111-4c89-824f-1d7918aacf82","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":82,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"38dd36bf-830d-4fca-af43-536ab5e1c863","block_type":"box","text":"securities and zero-coupon securities.","page_number":82,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"7fce61bc-eaa3-4e5b-821c-437a3ef2389b","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":82,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"4abc6a43-0047-499e-b9b6-b8b1d8f786d8","block_type":"box","text":"taxes.","page_number":82,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"cd3c6529-ed4a-4ee0-aca5-e8a8a68c342d","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":82,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"cab52f53-3bfe-432c-a7db-70a4223980f7","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":82,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"444096a9-df31-405a-8d92-d361e899887f","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":82,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"231d49cf-ec00-4557-a520-e7083fc05d36","block_type":"box","text":"underlying security (","page_number":82,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"2de1572e-70aa-480e-8e25-9e026291af0c","block_type":"box","text":"i.e.","page_number":82,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"27031e3a-0dbf-47eb-a0f7-edfe26dcbdfe","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":82,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"114c292a-2aba-4898-8129-c81fdce35e67","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":82,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"cdc08890-bd0a-47a2-83a4-ae1fdb549ee0","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":82,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"91c8c324-7e40-4f04-81c9-ba4a28531e9c","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":82,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"ed430d88-a3d3-4d5c-a274-37e85bb350bc","block_type":"box","text":"II-29","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"159054b0-87c3-4361-8d27-56ce1a7df5a6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":82,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3080fa09-4614-4eb8-a4d3-1c1b8b35e0e3","block_type":"box","text":"Foreign Market Risk.","page_number":83,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"d71df567-5ac8-4067-80b6-299396a608b9","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":83,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"20fd092f-ea2b-4993-a24e-5a146bd3acdd","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":83,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"39738324-e3dc-4601-8756-b16d64f80783","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":83,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"86c28ed6-d413-44fa-b582-8b5adb8ffde4","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":83,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"39bfaad4-25ef-4175-b935-b082d1d27a7d","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":83,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"0eb92ff7-f216-4ddb-a89f-1dd889d2ae27","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":83,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"bce1e9da-6346-4d34-91ca-befcbae8abd0","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":83,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"df88e2b8-ae6f-44a1-bf7a-74d9e4a956d5","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":83,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"e1defbc8-5cba-40c8-a14a-8efec49809be","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":83,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"77c52d6a-3159-4ebf-8697-521d9072dcdb","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":83,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"3618e8a2-4a1a-43ad-bcde-34ea740c2558","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":83,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"bc12f868-cd1d-458d-a1d1-ffc0835ec5a9","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":83,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"ae74bb10-632a-4a8d-bb42-57b85b2c0db5","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":83,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"6933ec80-24d0-47f6-9c22-4ca31f7a0361","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":83,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"b17ed134-2207-41de-a454-76f068de6841","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":83,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"a983f0fa-5551-4a4a-98ca-221d77fb0eca","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":83,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"80e23e21-ecfc-4b7d-8a12-dbfcfc690074","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":83,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"2189632d-d78f-413d-bc0d-a3dc7e6ef61c","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":83,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"051f9948-fafd-4f26-a46f-43b0412cfca2","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":83,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"e4dd7443-7f26-4a60-b1fd-1f7d075be5bc","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":83,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"324afefd-7e61-4b49-b69c-a2dc257d74d9","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":83,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"f7d134c8-9a17-4ec3-abec-a7d1d6356906","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":83,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"bca66304-d3ad-4e84-9610-7d35cdd0731b","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":83,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"ecbf34e5-e860-47d2-9da0-2fed8701fe3a","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":83,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"6754af1f-93cf-4000-ad12-2bb7d075d2dd","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":83,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"12312e65-326f-4edf-a505-3a62bbc3c9b7","block_type":"box","text":"operations.","page_number":83,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"ea3d9504-d0e8-422c-b370-8c6162b1aba3","block_type":"box","text":"Foreign Economy Risk.","page_number":83,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"7e5b13fa-3583-4625-a80c-a2e7ba6cec9a","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":83,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"5e92381d-1cd2-4708-ac9e-f49da8c582dd","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":83,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"89418169-4462-42b4-90d5-ae1a91422b42","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":83,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"cf2ac4ee-6ba2-4d35-8933-b62bae50a369","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":83,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"b8348dbb-c9d0-4143-a7a0-308a12658805","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":83,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"8dfb9cf0-294d-487b-ad0a-0afb6c460173","block_type":"box","text":"measures.","page_number":83,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"b5d0d87f-5ee4-41c7-bde2-87a89b4666b6","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":83,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"441a05a4-9ab2-43fe-a9e4-fa070ee4ace7","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":83,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"4ea881f4-b873-4ac9-a08d-94190c71b796","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":83,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"7651b419-9304-411a-bdf1-e651e94c9b59","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":83,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"0a61d727-db6c-431c-8a1d-71e03660926c","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":83,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"ea71ee15-0c49-4b27-a101-0ebe4825cb67","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":83,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"570e2d2d-fc0d-406b-9fe5-d3694b4a0404","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":83,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"f33f87af-dc4f-4561-89da-649456a9ef83","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":83,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"3b2902b2-0cbe-4007-8e8d-be015d78a26c","block_type":"box","text":"those returns.","page_number":83,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"0c2a418b-1199-4902-9964-80eb44c454ca","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":83,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"dfeb5eee-6aa3-4abe-b82b-5f8c3fe739c3","block_type":"box","text":"Many foreign governments supervise and","page_number":83,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"620d0316-054d-4edb-ba4e-c1471b1e04fd","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":83,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"8d38b412-822f-4a8a-bd80-da8463a8a536","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":83,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"15271e4a-524f-4a76-abd3-6861f5c6c845","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":83,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"be6c4caf-fd7b-426a-8433-5f3fee51d8c1","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":83,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"da7148b7-63d3-4e9f-b573-b8a733d759b2","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":83,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"15c2655b-185b-49ab-a839-fad46b1615db","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":83,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"3ba142c6-8ebd-415a-a90d-81ec4744f472","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":83,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"75552899-6bca-4da2-b3f7-7d5ff0e73f57","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":83,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"548063dd-11d4-4fb4-9910-14ca7694ba48","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":83,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"891b2438-8f4c-43c9-ae14-525b1098a160","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":83,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"5ef8037c-215d-4f64-828a-adee9b4d4773","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":83,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"bf2e1607-8186-4870-b662-243b60d649d6","block_type":"box","text":"investments.","page_number":83,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"ebe98f35-35c1-44d4-8d14-5e24b6e665ad","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":83,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"ca34d17d-4688-4802-91a2-0fa22723885e","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":83,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"a1a7ec99-1e4d-4a2f-a825-6657dcb71512","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":83,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"975fc06b-67e4-4e0b-9bbe-3d263caec7b8","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":83,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"1a22c0c1-5932-48b2-8229-58efaecc2862","block_type":"box","text":"II-30","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"88e7c37f-76fd-4122-80f8-3536af751e36","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":83,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"08df2944-5b59-4ad4-b622-42b29c0749ef","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":84,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"25b5de85-e1b1-4796-8891-fdaf08180dd8","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":84,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"5274d56d-bb2a-4b24-8606-e3d41b5e8acf","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":84,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"94ab46aa-b9f4-408e-bbf3-80ae542168fa","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":84,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"666b879a-1936-4a84-8644-aa8b9675b702","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":84,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"d6d9f6d9-1af9-4768-9a8e-77ccc3741767","block_type":"box","text":"States.","page_number":84,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"db81a738-4842-4c31-bc4f-42ec3ff75f36","block_type":"box","text":"Publicly Available Information.","page_number":84,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"922a8fa5-b798-46f8-b557-c55d720672d7","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":84,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"3281c638-99ae-465a-9799-35c8753040cd","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":84,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"94dc45cb-2e75-4595-a6f6-f9fed3a300b2","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":84,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"8f795d2a-1475-4ae6-830d-b511714dad22","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":84,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"d8cc39ec-aaae-4624-bfb2-dcfded53d5b2","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":84,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"53a2f57a-f7a1-414d-b99a-456def6e8fff","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":84,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"88e2fa6f-fcf9-4b18-963e-f7b7ff38bf1f","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":84,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"663a5661-7d5a-49ac-b81f-550c7eaff5a8","block_type":"box","text":"United States.","page_number":84,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"66f88676-e1e9-416b-9b6b-c3c7ed2cc44e","block_type":"box","text":"Settlement Risk.","page_number":84,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"87071721-ac1f-4137-9284-93cea1c873ef","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":84,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"9a2da213-18d8-4dd4-97ad-b693a2c61dc0","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":84,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"7fe0db0b-cbdd-43d0-b740-78a88ed888a3","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":84,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"bebb4d7d-2a3e-43d5-96e3-2610932cc295","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":84,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"b63c83b6-282b-48f9-932a-cfdb599cd914","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":84,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"979db27a-586e-4c1b-81f7-8352815d1d3e","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":84,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"fa74b7f3-c10a-41f5-bc77-9dedf55c1de6","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":84,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"a53e8c08-99a3-4ec7-bc9d-b7258b2040c8","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":84,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"c8d4f1c9-5207-41fa-8d8f-179d23b12f2a","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":84,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"3044a252-2120-4366-a8ab-86ef00e45bf1","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":84,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"088155c4-384b-46fd-8753-f44693850394","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":84,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"4e6781c0-b87a-4d47-bb1e-60808362b5d7","block_type":"box","text":"Sovereign Debt.","page_number":84,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"64df925e-14ca-45c8-9755-c999c5e2e2cb","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":84,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"b3cc98a5-cd92-4295-a9ff-4895fb1e2c04","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":84,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"3a8ffe2d-d823-4e73-b8b7-9a45d9ee059d","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":84,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"3b6b58d1-f1c4-4718-b488-c01a960c9943","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":84,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"44113bad-407d-447d-8820-b9144adc0939","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":84,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"16417e50-687d-443e-984b-6f82b8056ab9","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":84,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"90464929-1fa9-4485-91bc-c39c0eb9a40c","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":84,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"0034444c-e7de-4cbc-9531-a548a8164640","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":84,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"2e2c706a-7e51-45be-b1b4-dfbf31ca3add","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":84,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"bd970f8b-d59f-4e2d-8d12-8545ff98e510","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":84,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"5ce66353-af3c-46db-b478-70b083162994","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":84,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"8db67239-02a1-41a1-a917-f3c1ee5d13bf","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":84,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"1699dbd3-5b17-4a6f-8631-05149f812e6e","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":84,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"6ee25891-6257-4b72-b40d-dd703bc0b80e","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":84,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"b478ac8c-4352-4d20-ac0e-002dcd924cb8","block_type":"box","text":"debt.","page_number":84,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"34c07212-683e-4317-9031-479e95ac1708","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":84,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"a368d25d-1c06-48a6-911c-8dc573ade943","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":84,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"89e766d6-985e-4f1e-90fe-b3e46fdbd690","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":84,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"8b4b69e1-2ed2-4c0a-8aa9-c7a83e286f44","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":84,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"b4285a20-d491-4196-9d9f-5ee4d9af3918","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":84,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"8812dc8d-859f-4c1f-9367-e67844b55a44","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":84,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"9b0c85dc-9f5c-4afe-ae62-68e024a7f1c6","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":84,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"24ac63b9-9118-4efa-9a89-5c36343cee61","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":84,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"152a5f68-57f7-410b-918e-86984ca8345d","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":84,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"bce878c7-56f6-47d9-b8f4-f4f4864915dd","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":84,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"322dad04-b94b-46e0-9713-760b3546a416","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":84,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"853b574e-f191-4f5b-b6b8-4e2efb933963","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":84,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"8b466355-9188-46c6-9bd2-1c4830c15d73","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":84,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"2b73b1f1-5e50-4991-a4b8-c0e1581aca40","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":84,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"a437ed04-7ff4-4446-a889-3725e7e3b62d","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":84,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"667d0147-5013-4642-b724-cbc4a7f004c6","block_type":"box","text":"II-31","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f538688b-edb7-4f26-830b-44cd96fa92bd","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":84,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c9b764d7-c1d7-4fa0-b644-1c48ebdbfeb1","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":85,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"22b87108-3136-4741-8a7d-24ab4196d656","block_type":"box","text":"in the Fund’s net asset value.","page_number":85,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"ad33b3b3-09b6-472e-9051-2484ad00c834","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":85,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"833ab422-e94f-4d61-baed-c4a5136a7f1c","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":85,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"e6149b82-8db8-4c00-860c-b3896a9cce98","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":85,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"e2aa0494-9a24-4cff-8ca7-b43c188e0834","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":85,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"656b060e-d3c0-4774-a890-be2112b58977","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":85,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"4e4dacdf-6665-4827-a5a7-67f3848c1250","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":85,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"2128a6c4-ac6d-4ef5-b061-05fc35f6b1bf","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":85,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"8900e694-7602-40cb-ae37-6fabb922eb3f","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":85,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"febe13a5-0b53-44b1-a458-6b485d77ae6c","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":85,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"cb824ead-b942-4188-aabf-45d41c1a2e81","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":85,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"6392d9ba-76fb-49ae-8b92-c3692d57146c","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":85,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"18a27dbb-5675-40d8-99c0-0a11505c3f5f","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":85,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"d2b4977a-afc1-4af1-ab12-8577225e8630","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":85,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"d08a5db6-ccbf-4944-a804-c0c89b2563e7","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":85,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"1e033fcb-ebd1-4529-bfd1-ee6986bc2ae5","block_type":"box","text":"Fund may invest.","page_number":85,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"bc4b36c4-61b0-4a19-ad9b-f6c73cafc608","block_type":"box","text":"Funding Agreements.","page_number":85,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"bba7b409-e633-4a0d-a9f6-a749ccbb0ed6","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":85,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"34a54ba3-2665-4186-a06b-f78a5bf6b799","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":85,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"579dd9f5-d9a8-4a21-a559-555a4057e7bb","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":85,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"5e6fee5b-c0be-42e0-ad03-17009fbc759a","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":85,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"9e0ad444-bd9b-44df-98b2-068fd7e29d69","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":85,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"200fa52f-5ce2-4f06-ada8-6e2435b5dd45","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":85,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"1a3180d6-6849-4fe5-a836-4960e3ee1e93","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":85,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"cf3a964f-0b33-4b38-902e-d50dfd6d37dc","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":85,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"91e2ab45-d737-445c-a113-d5d3db29116d","block_type":"box","text":"agreements does not currently exist.","page_number":85,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"e20be28e-f454-4212-8fe9-0871ce6bc9e5","block_type":"box","text":"Guarantees.","page_number":85,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"0d6abe2a-2c50-48ee-bb6b-362468ad1135","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":85,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"6b5c9cda-63bc-4bb9-928d-b11986a43e0c","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":85,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"de4b9895-19a2-41c2-8b30-ac6e77f8dec5","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":85,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"1aa0250f-52d6-4911-ac8b-82974a3515d6","block_type":"box","text":"Illiquid Investments.","page_number":85,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"7535aa85-78da-4461-94c5-f4689fa0496c","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":85,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"537c2462-22b9-4f7b-94e7-a68799cc0ada","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":85,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"bae0882d-ebcd-4430-bb7c-371f9a7fc4bd","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":85,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"5abc48e9-de6b-4f35-83d7-449be5891dee","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":85,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"e41e8338-cc1c-40bb-9faf-669b8e984497","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 will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":85,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"1cd21340-8dd3-4cc8-8686-8653f0596f5b","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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The Manager believes that indexed and inverse floating obligations represent flexible","page_number":88,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"234e8963-333b-4f32-92ab-64dad794049e","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":88,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"3096713b-615f-4ba7-81e5-9e69da5fa309","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":88,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"085c6384-0aeb-4886-ac8c-075715982024","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":88,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"d6a860b2-58cf-4144-b51c-842189d85c9d","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":88,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"cb2a9bc6-243f-45c6-b6fd-9979cc52aedf","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":88,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"77ac1a80-4f14-4667-b61e-bebfa7309b7f","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":88,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"9f1450af-58f1-430f-8278-33beaebbbf73","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":88,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"fb60bac8-facd-4235-a9ff-5b4e2e0a4d37","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":88,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"69d213d2-380e-4a64-9f40-330a8d733562","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":88,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"10fa8644-5eb3-439d-a7c7-0e5e1ae1c874","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":88,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"8cbb2a74-9532-4c68-b9aa-bfdaffde6e89","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":88,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"4b29e30b-ef85-40e7-b944-21f891a21db1","block_type":"box","text":"Inflation Risk.","page_number":88,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"ee06db9c-7606-438b-814d-b682034e69c8","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":88,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"965c940c-4530-405e-805f-1dd6521af1a4","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":88,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"3444e0df-35fd-4752-bddb-77db1e8ed3d6","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":88,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"c415aa56-a50c-48d7-a307-9cea613a3602","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":88,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"ddcb50af-f413-40a7-b916-617d01e1e20a","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":88,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"9b7daadb-2696-4018-aa4d-04fae82a34c3","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":88,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"d0b2775d-ef39-402a-81e0-02f0d936d1f0","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":88,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"b79ff10e-c0f9-453d-8230-a026da53ce97","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":88,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"914d32f4-1867-4f0e-9b31-b1d6a7c30486","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":88,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"23dcacb5-e771-44a7-acd7-48fec3e9ba1f","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":88,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"336cc8ce-b871-4861-b414-1493d84238d0","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":88,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"049dd7f3-8005-49a1-b897-0ca982c33f32","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":88,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"6b23be88-86bb-4fb1-8aad-ec3eed3769e9","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":88,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"2352738b-6f2d-4910-a6e1-d296d307f9ae","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":88,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"14366135-8113-42bf-883a-3370943a959a","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":88,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"d584faa0-838a-422c-b369-0e05cf6b6592","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":88,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"e385b76e-9c72-4f13-b468-129ac8c4e14f","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":88,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"621870b9-730b-471b-965a-3e5abf4aa55a","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":88,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"b37a2851-a38b-481a-bd33-e93c891cfb7a","block_type":"box","text":"be available for very limited periods.","page_number":88,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"b98bb7e0-d77f-48a7-bff6-e674e9a41bc3","block_type":"box","text":"Investment in Emerging Markets.","page_number":88,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"25324725-e5f0-4a94-8e88-ccbdb933f531","block_type":"box","text":"General.","page_number":88,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"7fcdc590-2bdb-4063-8995-9576ad9f90e7","block_type":"box","text":"II-35","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"884f62c9-72a8-4cfc-b3ef-75df5789d67d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":88,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5b837cb3-3065-4c7d-8dd7-733df66dff16","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":89,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"dae1dabc-49a6-41e5-928f-8ed4f210d1c7","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":89,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"76aad9ec-86dc-4bfa-9eec-1b248238e956","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":89,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"bd3eaf96-f644-4a61-b8c6-309f1b841b3a","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":89,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"ea5ab659-e386-450e-8575-d7f341b3e60c","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":89,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"6c982237-ead2-4236-a6f4-bf3703bb0f32","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":89,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"7ea04631-7c0e-4dde-ab95-53303e12985d","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":89,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"cd179d74-eb5d-4da0-9b43-2455b67333e6","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":89,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"0d00caf9-575d-4190-8f83-24ab414256a9","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":89,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"02e8814b-7c17-4cef-b235-e3ba201b427b","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":89,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"723b0a48-eb9f-42c7-ba03-78e4ce8ffe5c","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":89,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"4f64de0a-7829-4e52-b6f3-60a1a1354550","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":89,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"7a386ed1-f59a-4cb8-9ecf-99f1d8f91721","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":89,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"3b9fb645-722b-453e-8027-9c13025dbfdd","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":89,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"96929a2b-6c0d-4606-b1f0-2645171db188","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":89,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"a98d7ae0-beeb-4dd0-a46c-d3e9564d209a","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":89,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"1d70fc07-2644-4b98-818a-8623230afa7d","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":89,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"db2d7890-877d-4cc6-a5ea-217e5f695932","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":89,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"d46ad64d-bbf7-4b8f-9fb3-351dd8be02d6","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":89,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"52212529-1ce6-4c0e-8614-58eef1c026ca","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":89,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"9cda5aad-2cdc-4002-ae02-f360d25e69a6","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":89,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"0f44bd4c-de62-45e6-9d62-21766f64ff9b","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":89,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"cff59a61-ce06-4582-abef-eaa5e577c904","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":89,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"5b0d7066-597c-4b70-8b1a-57632edd7163","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":89,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"14b51043-e504-4706-a752-d6c0225ee0aa","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":89,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"d472d00a-3698-4952-8717-80b63a2e4db6","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":89,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"7772ddaf-0c57-49bc-a8e5-e5721187d6e7","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":89,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"4697ae8e-eea3-425f-9d7a-b4bc296dfdaa","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":89,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"c7a7ee0a-7c3e-4ec0-b975-e714801d6b1a","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":89,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"8f90caef-e49c-4b2d-a596-aa194292c06a","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":89,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"1b0e7e50-94b7-446e-b16b-f06dc0ae663f","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":89,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"39860b08-b3c1-4b6b-ad75-6d21e9561673","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":89,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"66add74a-8c5a-4fc7-ada3-690fe651f241","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":89,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"30126c35-36d3-4d4c-8d59-ed1b3b096fea","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":89,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"b852a434-1f61-4d46-b2d5-86d5397e2d20","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":89,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"5280c360-2bf1-48fd-a11a-c71c93707ff7","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":89,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"dfb4db8e-97bd-46e6-840c-aac5f9e83f65","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":89,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"def585b1-cd24-45e0-a667-f2fdbea978d4","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":89,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"3a925468-8e5e-4d1b-9cfb-ecb946328c4d","block_type":"box","text":"acquisition or disposal of securities.","page_number":89,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"974ce992-a3b3-4511-95d6-2f7fce9a788f","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":89,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"edbce7d7-198d-4345-9db9-5d86e0aa7b07","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":89,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"e8cb0d2e-24dd-4d2e-83e4-4cf66e7ee32c","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":89,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"88b6ee4d-f483-4aa7-8a38-ccc320bd3d6e","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":89,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"1acc7c48-95f0-46d7-8549-dbd2f33e3113","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":89,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"3fef213c-5238-4c69-b099-98f61e4cfc93","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":89,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"151b43ca-1e3f-412d-bb46-8bd081f9134b","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":89,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"89747f26-96e1-46dc-86e2-a40cfbe87a48","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":89,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"31d31053-323a-4a9d-b0bf-d9e26ec2815d","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":89,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"78a7e242-df50-402e-91ec-e65206e9ae19","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":89,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"1e4fb54b-d1d0-41a0-946b-a7316e6a1d18","block_type":"box","text":"generally less available or transparent in these markets.","page_number":89,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"0ea106dc-3b7f-4c02-b3c7-7f80aeb821c0","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":89,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"e4d4f39e-30c1-4fb2-94e3-d3da638a7c54","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":89,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"b854e5ed-3dcc-450c-a081-9872136b9413","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":89,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"eec6b57d-4cda-4f93-bd96-83e277c44473","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":89,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"4f1416ea-bbac-4d8d-804e-c31d30485e34","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":89,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"841c7736-88a1-4dba-8f26-ab14bb888f11","block_type":"box","text":"II-36","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a393890-6d83-4ebe-a269-87f74f13674e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":89,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"257be552-1f1c-4fcd-adfd-350d9306b18c","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":90,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"d0bc8960-1009-4272-98a4-abe4f5d7d80e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":90,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"6ce7177c-a4c7-4b9b-aad8-e0820862d854","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":90,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"a81c6b2b-859c-4b97-9d07-8d7d4bc2f66f","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":90,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"b66954a4-ac84-45b4-ad2b-7db9dfbb0df9","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":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"a34be969-fa4c-4f4b-83df-0bbbbc30bc17","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":90,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"2dc9247e-2751-4ea8-8f06-3d3a17b4ebde","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":90,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"dd17859a-9240-453f-8ace-98d06ef3b849","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":90,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"38935e48-6030-419c-9ce8-41fa37f8b210","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":90,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"1784cbbe-5f27-4104-82b2-f7a1fda05d8e","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":90,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"c3e34856-d763-4411-b825-320bcdba4039","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":90,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"ae7a6719-3311-4d56-ac40-4dde6971491b","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":90,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"0c6b0083-950f-4986-b1cb-a08e994b9412","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":90,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"fb09a522-4be3-4383-95c2-aa5e12589cf5","block_type":"box","text":"performance of the Fund.","page_number":90,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"261d035e-3f41-4c90-aa3a-58a4149123aa","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":90,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"4e56f64b-de7d-4595-8ea2-472f1cac71cf","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":90,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"090d30c4-2fd7-4687-a3f4-bd0b92a11129","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":90,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"460bca0a-2d5d-4a34-b673-651c7129ef75","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":90,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"ff82866b-b6b9-4ce0-8b7c-b6a5244ae52e","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":90,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"684fed3b-292f-419a-bddf-53f0d40cdca8","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":90,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"d1dfbc83-e204-48e9-88e0-19814537e496","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":90,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"6c5bf406-501c-44fa-844d-68b2838bc052","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":90,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"7932bad1-6a0b-4ce7-a7e7-00e7a9c53ce6","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":90,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"7ea6200d-99be-4b88-8c76-b39c7f4a4c76","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":90,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"5744f395-08d0-4636-b678-758458ee63f1","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":90,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"75fa9f03-6fca-439c-aa2d-132192cd8640","block_type":"box","text":"affected by a variety of factors.","page_number":90,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"e520667c-82fa-4980-b936-930f1b621f12","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":90,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"ed539909-537c-42b2-bd3c-dcc2c3b1944d","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":90,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"f60b622c-14ec-463b-85c9-5e86b3d0b6e5","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":90,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"cf51fa7c-9056-4f06-b4cf-cff3fed42430","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":90,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"6203648d-c024-466b-ae4a-5c25f652a9d3","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":90,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"0afd3abe-0087-41f4-ab0c-9385a6c89bf2","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":90,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"e4ae73c8-c217-4937-ac96-41f19018248a","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":90,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"c58640a9-1be7-4137-bc18-da8b09269758","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":90,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"4e939da9-224e-47f9-9e8f-ed9853d178ca","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":90,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"00daa8db-da21-4207-bf92-f5a307c09e09","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":90,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"b7185b18-7882-473e-8128-90d3338d4641","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":90,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"32db5e5f-3661-4e8a-9a30-d5946f2abfca","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":90,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"cb9fdb71-fab9-4ba5-9c75-094579d1ef63","block_type":"box","text":"nations.","page_number":90,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"7671fd01-34bb-4875-a456-4bf9228128f8","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":90,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"9a60c99d-3d82-4712-9341-3a009e3fe0fa","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":90,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"59d60c5e-f946-4c4e-a468-84f35b60dcf6","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":90,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"19d1a09e-12ea-4e74-9a85-12b71db757e4","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":90,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"650a730e-0062-4a6e-8ca3-92421f84d93e","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":90,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"f13e06cd-0e36-4525-969b-8708d01c1eb7","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":90,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"5f3e2e97-5cf7-4be0-b461-0469e690c06e","block_type":"box","text":"market Asia-Pacific companies.","page_number":90,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"663eeb58-2663-4b4f-beae-03deb5e5c541","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":90,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"d293e256-e067-43cd-85d8-2b42d260552f","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":90,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"81c4b795-1503-4b2f-934a-44764af267fb","block_type":"box","text":"services for such securities outside such countries.","page_number":90,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"d2ec80c1-d5f6-448f-b286-da964d8d0dc7","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":90,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"e11bd01f-2e17-4acb-a2f7-bd523a2f0f79","block_type":"box","text":"to commercial banks and foreign governments.","page_number":90,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"87260ab1-5a24-401b-9a99-2adb70e393a8","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":90,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"f4aefb88-84e3-400a-b773-fc6fb83d42b7","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":90,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"9fa7be2d-e927-4b3e-89c8-17a72c0a8011","block_type":"box","text":"II-37","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddb1a0d6-0217-4aa1-aed9-6de083454da6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":90,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ecb1664e-009b-4339-ab3f-1c2a2a535073","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":91,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"2b756034-df4c-44ca-a513-f8dc0d2ecb01","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":91,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"8a47ce6e-a583-4a52-aa81-3b974139f117","block_type":"box","text":"conducted.","page_number":91,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"16e366da-43bc-408c-9da0-1931ab2b9bba","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":91,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"baa450f3-1deb-4de2-b000-90d70f70d411","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":91,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"f47ca7c3-56cd-48dd-aef5-50aa56c8722f","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":91,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"90f2030b-ad5f-4926-8a22-c007c9dd91dc","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":91,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"a7fd53bd-99cf-4a5f-b22f-036d1bd6d795","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":91,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"ae8c0bbc-ee62-414d-88e7-9a14a86efa20","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":91,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"104c2f0e-1362-4346-bd79-9fafe249d8f6","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":91,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"2fd04749-8f46-4ee3-b16a-9236f0180b98","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":91,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"45ce02ec-5fb5-44d5-aacf-bbc20fdf0b7e","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":91,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"f249232b-bc0d-48d6-9054-d95794fd8e04","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":91,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"8466ac26-7ef0-4326-85ba-c0ebb8e63bda","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":91,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"68bdd0c1-85af-45d1-bdfb-3f49a51e3716","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":91,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"f842fdaa-5dcd-4633-ab4c-ec978566f342","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":91,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"8182c1f2-7af7-457a-9fa4-f420989a50e0","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":91,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"ae334a48-7283-4e18-a420-1f36ef10eab1","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":91,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"d1de23c7-36bc-49f4-ab81-04aec14ff0f4","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":91,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"259bb532-76a4-4219-a765-863c7f13442b","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":91,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"e574d86a-741e-4efa-9915-ed1c2a3f6a47","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":91,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"a46d21eb-0bb0-4c4d-a247-0a2180219809","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":91,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"456c2b5d-35c1-4cb9-9966-41c7546a83a3","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":91,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"a2b38369-6749-407c-8a1b-e946cfc4830e","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":91,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"837cea66-92bf-41b2-84bf-db2c171eb985","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":91,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"8522d96e-d656-4a60-adbc-3bf534e9d40b","block_type":"box","text":"investment at that time.","page_number":91,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"b0ea20d5-3c5f-48bf-8530-0013b8d2073c","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":91,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"f3c9c35d-99da-42cb-a8ca-1b7c00af1594","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":91,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"b8707e3a-09bc-4cfa-afc9-c815b540b368","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":91,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"1401f03b-21d0-4aad-853f-37ea9904148f","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":91,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"aecfd93f-727c-427b-825b-ac772b1a7a94","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":91,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"c33697dd-99e5-4a61-b5ee-3ac3abc921e7","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":91,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"8d907142-9169-442f-ade3-d6ae096a2943","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":91,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"9aab354d-536c-44d6-bba8-4072c993fb55","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":91,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"7259e71a-94ef-498b-9b2b-cdb7e6f5a72f","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":91,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"60bed263-a221-4484-a8d4-c3ef14a1fb3f","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":91,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"9c287954-6b1c-49f7-a090-926151ef2454","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":91,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"7370161f-b04a-4f45-96b9-1b8f6531a67f","block_type":"box","text":"government).","page_number":91,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"51f4d869-60a1-4134-a70b-b99839f20922","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":91,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"0c1c3cc9-7197-4efa-a59f-2e4765b8babb","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":91,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"633edcad-2d56-4272-832c-479a42ae0216","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":91,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"9b19f2f3-f7e1-499e-b01e-11981533c07f","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":91,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"72ba76a8-56f0-43a8-bf0c-ce0ac8d621ed","block_type":"box","text":"foreign banks and other financial institutions.","page_number":91,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"5540e234-8eee-43b7-8e6e-14095e1667b8","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":725,"width":767,"height":11}},{"id":"fbf841e4-1a04-4cbf-9ff5-13d9b7fad6c1","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":740,"width":814,"height":11}},{"id":"96cae41e-0607-43c4-a531-499014588493","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":91,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"68abdd55-1b48-4d05-aa23-a5ed57d31ed4","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":91,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"ec027ace-09c5-4f12-98df-5425bb633dff","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":785,"width":838,"height":12}},{"id":"fb46de3b-c313-4c90-96ea-3a4a42048901","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":801,"width":788,"height":11}},{"id":"a88f5183-2d63-419a-94ea-0551fd44393a","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":91,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"97219fc1-0e89-4cbb-9d3f-1bc9a67ac8e6","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":91,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"1501a608-369d-4843-bcbf-06af27c10039","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":91,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"552f4154-87ee-4c48-a18f-e863ae747042","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":91,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"493a45ac-0fdc-4d9c-84c7-f6200b8c774d","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":91,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"ede06496-c5b6-4fc8-befc-5ffd626aee01","block_type":"box","text":"II-38","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b0cdf39-bd3b-4e6a-a97a-428ff1f9ffa0","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":91,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7326f8ab-acc5-4f53-820f-698be39dc148","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":92,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"a535a77e-655c-4055-8b93-6756eb2378ec","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":92,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"23fd312b-046c-47f8-82f6-468d1776938a","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":92,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"e628c658-81fd-44ae-a8a6-3362a008fafd","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":92,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"adda54a4-246d-4958-8ae4-118478911168","block_type":"box","text":"foreign securities.","page_number":92,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"243cbc64-3472-40bb-8e06-717addb82abe","block_type":"box","text":"Risks of Investments in Russia.","page_number":92,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"9be45a92-fbe7-4db9-a6d3-b5b5ca9704f6","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":92,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"4d96c9de-ff7e-43e1-9fcc-b72a147946a7","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":92,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"d590f35d-abb8-47ed-bc4d-3563026e2f42","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":92,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"f4af367b-8137-45ee-b942-bc4e1d8e6841","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":92,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"7d7fe49c-2498-4d18-87d8-d2db48d04cb5","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":92,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"0f5e52b2-e349-4d0d-b998-684a5e56aee9","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":92,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"1925a79a-2386-4dca-83c0-9b77a64a171f","block_type":"box","text":"markets.","page_number":92,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"96612531-d294-4f6c-a03d-2e273ed649ae","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":92,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"c9707956-4097-4382-9146-592f58cef85f","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":92,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"8442108b-0994-4ac1-a70f-a13ec9f27dab","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":92,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"7bcecfe6-2edb-4551-8935-6c56cb6a172a","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":92,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"7c6c3b01-f344-408a-8b3e-f709d46d581c","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":92,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"c28f306d-a3ae-4f04-967b-b879efbbef80","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":92,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"2b6fb7fb-5be4-4c29-8264-ca52308d3dc5","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":92,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"bd316f65-6794-4609-a5f7-521e59d6ed60","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":92,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"b86dd875-8565-42b9-85ff-82eb2f1391e2","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":92,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"1e8918f8-3e17-4441-af10-5ed1b3a40541","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":92,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"eaa5bdf7-824b-4cee-b4b8-a4c210cc2855","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":92,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"8930e44f-31a5-4e4d-8661-afdb918b74ac","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":92,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"8a4c4e8b-1dcc-4843-a607-534f5749e846","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":92,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"bcee3a09-7236-4ab0-93ff-21e015e77a80","block_type":"box","text":"otherwise remedy the loss.","page_number":92,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"4e90f46f-fcb9-4579-9424-a79416f5d785","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":92,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"58f3d6bb-1a32-4874-bb97-6bdca49f4a61","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":92,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"f2d00751-e61d-4b8d-958f-4984a29a9468","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":92,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"b7c9b0b2-ba35-4840-95fb-2331ac43731d","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":92,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"e844cc2c-6f44-42c8-8345-8a20f83ccbfd","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":92,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"3aadf265-3d5f-4250-b875-b9b39f095985","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":92,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"525c22cd-1021-4859-a614-8afb18c62aed","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":92,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"fa6888ec-6e0a-461e-a929-519c9a63a9f0","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":92,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"15bb36a2-1966-4dd1-bdf0-1a7bace42b7e","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":92,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"da5d9906-5bf4-4f34-a911-334505db7f40","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":92,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"ef7db9cd-0524-4c77-8ef0-8fb10160b826","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":92,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"b39e0984-e4e9-4745-961c-c749c91508eb","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":92,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"32a43dc6-c815-403d-91be-7ec7a1bd0cca","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":92,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"920b0d32-c111-44a2-89ea-b38a94c232d7","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":92,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"9b255cf3-50fd-4fde-885f-d02cb37b8584","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":92,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"3be98130-2e71-4bd0-bd2f-3e4ea7ff16ea","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":92,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"68f92856-b5c2-4c2e-99e5-6d37e78cc8ba","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":92,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"ef1b63ce-f5fb-4a8f-95a5-55f8a7a4929e","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":92,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"e3d45bde-cd82-4d15-91f7-607b5ac8b1e1","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":92,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"a69ea277-7e45-4076-855f-a0e00d533d43","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":92,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"54b801b1-4459-4d15-aab3-be5f9698dace","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":92,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"128b709f-9eda-4e37-9d97-f200bf0da9fd","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":92,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"3a5bc31a-c0db-4ba3-a5b2-b4e1aa1aa6bc","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":92,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"cb4d75c9-bbc2-47b1-8607-22d6a7dc1ccb","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":92,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"a7f5ac58-42d8-4c7c-849d-47c5cda10e11","block_type":"box","text":"of Russian securities.","page_number":92,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"5ba73809-4b07-40f8-8f34-4642cb248203","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":92,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"6a67b377-75d0-4f18-88c7-e4661ff078ac","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":92,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"2f10ba09-bda4-4b42-be68-65498496d2d5","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":92,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"b8472ac2-ea90-4d1f-b263-fa54e070ee2d","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":92,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"35eee520-fecf-4a0b-a3a2-37376b8b1ef6","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":92,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"bf709dc4-8063-4ada-9f0b-e06a16c13d65","block_type":"box","text":"II-39","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5cfd6df8-24e9-48b5-b542-64b523484dbc","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":92,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4e2d16ab-ef58-40db-8948-c0b900080557","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":93,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"659609df-b8df-4baa-8269-f5aa157a9984","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":93,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"3ea2149c-cd76-4193-9852-737846f96269","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":93,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"33ed6af2-6edf-4dac-9a50-1061ae3a3611","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":93,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"9a8d0e91-968e-49a2-b15e-9960c079cb1c","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":93,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"8ab4161d-2f79-4d78-9186-6b5f50e30101","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":93,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"b4c76f15-2fed-4bb1-9436-2a4f3a6f7246","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":93,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"d34f2c3e-3f29-4d26-9e7d-ddac8a504a2d","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":93,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"45a20dda-fe82-40c2-b5bf-c51e4fc124fe","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":93,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"dd6d2a76-f03f-46d0-8cfe-016a77931ce7","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":93,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"654c8149-da7d-48ff-bff6-0ee26199f55a","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":93,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"1accd91c-2bbe-4510-9240-487ee93cd6ef","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":93,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"98b113f5-0d1e-4856-aa80-69b3f6cb173e","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":93,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"178a1d14-9041-4b3f-a391-6ae1af28c18c","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":93,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"f0335faa-065a-4740-ad65-8478793a7324","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":93,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"b322f999-8300-4e71-8c91-e2ec392c1014","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":93,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"2c762d89-9664-4a50-8f21-7e5a65120807","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":93,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"358718f4-c1dd-42a8-bd63-da0d629f4594","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":93,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"217a1e15-418c-4441-b443-425061c818d6","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":93,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"571e7366-efbb-459f-8fe7-e8c7fba74b0e","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":93,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"4483116b-ca96-4ed9-bb43-741eaf523fe5","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":93,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"c7cab5c8-4447-4343-9e5d-cf6940030b54","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":93,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"afcba211-942a-445e-97be-af1ef3645417","block_type":"box","text":"impacted.","page_number":93,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"56c4a1b8-ee56-42f6-9b5d-6db0de6b56c6","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":93,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"ca620c95-e11d-4a49-8bd7-8a0ff71a438e","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":93,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"06b1a47c-a85f-44c4-8fb1-08dd549d6dc7","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":93,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"dfe6e8c8-7958-44fe-88c7-f083aef807b2","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":93,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"9bceddfd-579e-4df4-91c5-df09c5864e36","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":93,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"044844fd-e4fd-4123-9403-58d28a7e7e5a","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":93,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"bde9cbfe-86d2-49b7-ad22-136698362a3f","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":93,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"4895866a-a840-4d2e-a07a-b94be3b70ff7","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":93,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"ae1115f6-e3ad-4827-9b5c-83710836a5f7","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":93,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"cb7fedc2-4867-43f9-8d87-c5ab580a3483","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":93,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"99a4b86d-fb67-48d9-86b5-bba92acffb44","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":93,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"93decdee-eb19-4b30-9af2-43abf3989e3e","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":93,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"291cd298-1c67-4269-a4bd-5800f429d958","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":93,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"6947fafa-a013-4b55-b985-d86e5c32d06d","block_type":"box","text":"economy.","page_number":93,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"329df03a-fba5-4fff-bbd6-d1833107b2c8","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":93,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"4a95c897-6411-4faa-b5ab-64528dd189e6","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":93,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"d42aeee6-a404-4ab6-bfa8-d1a7c6786ee6","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":93,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"dbccda6b-7b5a-4061-b3a4-c0bde8954706","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":93,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"71838e96-62eb-44b9-a6cb-e10ca1bcd267","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":93,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"41c033cc-64bf-4b3d-a621-c975a99ddcff","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":93,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"44adcbcf-5bcd-436d-93a4-f85c93e8ce1d","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":93,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"5ac5c924-0892-4ef7-a07d-fa9aa0544257","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":93,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"8077a7ba-9d58-4b16-9fb2-0ac0c04e042c","block_type":"box","text":"typically the case for investment managers.","page_number":93,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"70cef347-b777-404e-9c08-aee941b169c9","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":93,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"15711488-9f4c-4190-8de4-a2c7ff0137d3","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":93,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"91a69172-e371-43ef-bb4d-dde7a6947c36","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":93,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"c9651dc8-521c-4894-8e5f-8471c1a3fea4","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":93,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"27634b05-4e28-4971-b032-65873c9b88c5","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":93,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"150985b8-b53b-442b-a488-4b6be7c55148","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":93,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"96f8bb2a-c617-4719-818d-5074a811edde","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":93,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"d02c6532-fba4-41b8-bef0-5e1e2a159679","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":93,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"7bd2fe64-7ede-47de-a95c-a78545f0ee46","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":93,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"42dafa56-2477-4b4c-ac1d-a3843d29abe7","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":93,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"d18310cd-be9a-45f9-8909-f10d9ae90d9d","block_type":"box","text":"II-40","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae646b0e-00a6-4cd4-8478-e419f6cc2ffc","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":93,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ae69431b-874d-4c9a-a92d-5b27e7aa302c","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":94,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"3e791737-f59f-4af7-8850-ca326d571737","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":94,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"68b4aecb-87fd-4016-9292-5d46d56288d8","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":94,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"55240daa-12be-4bbf-a64a-585363fdb463","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":94,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"95d4aded-0073-4e58-b88f-d13895975362","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":94,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"f30cca12-1f5d-4f53-9225-bdb8125555fb","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":94,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"7ea1ac66-dd7e-43a4-958f-a3faaff96949","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":94,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"70d25ecf-d58b-41a4-aa59-ce1caab3ba81","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":94,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"fe7c415a-5910-472d-afdf-21d67782ecc4","block_type":"box","text":"will be indirectly subject to those risks.","page_number":94,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"d78e3c86-67ae-475c-a3be-ba7a3cb7186b","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":94,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"fa413138-8566-46c7-8bea-7cac318f0189","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":94,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"e0e9f82a-c912-492b-9ba9-61df6f428368","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":94,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"6570592e-3b40-404e-bc9e-2d35bf6b2592","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":94,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"19cf01ac-e4fa-4f59-b776-50de55850469","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":94,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"11dc1785-dee0-4a28-8a49-bd20727d695d","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":94,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"9312f126-58f7-4f06-9e64-423d963f3a01","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":94,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"6b705d5a-fe7e-40b2-a047-335863fe4f46","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":94,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"b3007940-9965-459f-887b-ef9527d31d71","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":94,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"ea9aebd6-0086-4ebd-9e7b-c45be1d6c6f3","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":94,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"cc883f49-9086-44dc-ab02-89774167f3c8","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":94,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"a9406813-68ea-4d61-84c0-85fb80450454","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":94,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"2a2cb7bd-b9e9-4a89-80fc-60dfa925e739","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":94,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"127d8a23-edc3-48d5-beb6-b3ec52fbfeab","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":94,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"70b97986-1223-4809-b476-1486ba211e71","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":94,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"2f2c29cf-884f-4ff0-bb15-75a9e6aa217d","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":94,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"03bad38a-298d-4c82-b46e-b2b6edad19cd","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":94,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"0c40fc06-0822-4dbd-9849-fa77386158bc","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":94,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"62a79c0f-7528-4c9b-88b4-42bea9de553a","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":94,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"2107dc73-fc4b-4437-a935-4c4b93f15c64","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":94,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"a709066c-b03e-46e4-944d-e7e37225cde5","block_type":"box","text":"Brady Bonds.","page_number":94,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"ea9adedc-f7fa-4484-9dde-04450d02e45b","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":94,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"49f08cf0-02ea-4779-8ebb-e7594a574d4e","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":94,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"b9d3c093-c539-40b9-bd6b-b6563198bf7e","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":94,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"87f34ca0-456b-4350-bb56-50dff73edf78","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":94,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"4341961b-13db-48a9-ad51-4e4742da63ab","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":94,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"5ca966e1-1684-4c63-b787-58d9c8ce9183","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":94,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"923b8119-3568-4aa1-a664-f27368565182","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":94,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"9693e08c-b673-4513-8aae-42f24aeee29d","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":94,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"95365f06-56c1-4fb3-933c-433f81b99fdb","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":94,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"525d42b5-9fc2-42d1-8c28-cf2455914548","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":94,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"ba791069-92a4-4654-86ce-3fa972d65442","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":94,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"ad665df7-be5f-400d-81d7-cc8caa388d63","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":94,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"8d29e247-c790-414d-9d94-82e92822166c","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":94,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"ac85030d-3150-460d-8807-0fe71e6b537d","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":94,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"5850b593-95db-47e2-a649-d9be7be1efdf","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":94,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"c913ef5f-2ece-4bde-90f6-b31c0a5c110e","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":94,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"3b0ff9b1-5c97-4380-b66a-20e01a77828e","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":94,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"e0a19a40-00c3-49d1-bc4d-d69843eab67c","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":94,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"72dcc135-fec9-4ae4-95de-815dbb01c044","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":94,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"16b44897-48df-4a79-98f7-2d3573cd8331","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":94,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"691259e6-17bf-4969-a4b5-f707a583e480","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":94,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"ec2fd166-1441-421a-88c5-c4f8394a0dd7","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":94,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"726be8e3-0af9-48f3-bce3-811f6f67cb5d","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":94,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"81023e28-1197-4b06-b433-4a57cfd4611d","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":94,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"d93fa88e-4e40-4cdf-9867-fd79a8d504e6","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":94,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"bd7ac901-d45d-416f-85b1-3ca7bab5adc9","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":94,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"d8a80781-b8ec-4d76-b1e8-9528be81bedf","block_type":"box","text":"II-41","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d70ad9f8-e867-4815-b4d2-6836924cfd6d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":94,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f22d2c18-f31a-447f-ac31-c37d57b1f280","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":95,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"41d849a5-9ad7-40d9-90b7-8b5dcc420eaa","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":95,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"ca41bd8a-360d-49fe-babd-9a5e33109494","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":95,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"29d7bb5e-d461-4c41-af3e-75b4bde5b302","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":95,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"a134c0d9-0d45-4df7-9612-bd1f6c918706","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":95,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"af55fcde-5074-4e36-a8c6-0acae856ba7c","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":95,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"86a402e1-abf0-4528-9012-a8db60557e81","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":95,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"787a40c5-93dd-42d4-b168-f3de6bb7eb2c","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":95,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"53e211e0-bc8a-4c6e-8714-9a1dffa4c5a1","block_type":"box","text":"China Investments Risk.","page_number":95,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"eda213a6-8d67-4e2e-b8ac-1743446deffe","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":95,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"84d0cfe8-23cb-432e-b60c-c510682024b1","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":95,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"daae4ee8-12b0-4d85-a443-0820b7bd72f0","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":95,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"fcd11123-134f-4582-86f2-323409659e57","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":95,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"be16ad16-781e-44c0-8005-2087ad0740de","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":95,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"e57e0e33-427b-4a12-9c3e-ac7cf9d19c0b","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":95,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"1867c84a-d9c8-427e-802d-c6fbdedc4388","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":95,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"d6ed27b6-580f-4095-8303-a5f2a4a67dd0","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":95,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"6580dc43-8b99-44f6-9344-d80e3db558ed","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":95,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"bc549ddc-95c1-4ff5-bd92-6b5fbd8097f4","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":95,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"c1c91c78-64ec-43db-8193-1fd8c271df22","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":95,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"a3539650-d542-48c5-bd5d-9648291f2516","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":95,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"97f896bd-06b0-4f3c-9b4c-b80cfb20f3f2","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":95,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"bed9ee62-92c2-4c19-aa85-02cea317fcd4","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":95,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"cbc4ecc7-2d84-4438-999a-186f187a549b","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":95,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"4ddc6d1e-d6f8-4475-bcc9-b39003779b99","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":95,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"fc5ddb4e-de1e-4ded-891a-268663f0a4d9","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":95,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"d387c396-791c-40f8-b635-e9a7501d4aaa","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":95,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"1a1cea65-e7e8-435c-8782-9e1288836c56","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":95,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"b1192bcc-4112-431f-9d5f-79bd847e4248","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":95,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"28dd5d25-222a-4769-bad5-eed794e3efd6","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":95,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"32f8eae9-0da4-4ccd-89a2-a7f6ab7a1446","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":95,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"70e5cf0f-4cbc-4d83-a935-1d225eee1c62","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":95,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"4e780334-47a2-4ec8-b0df-2adc95875134","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":95,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"0b74955f-70db-467f-b722-6d03730a2fcf","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":95,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"d21831a1-46c8-446b-989e-627090da1c17","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":95,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"f96b8ef5-43be-40d1-b699-44efae18d81f","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":95,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"6de1d278-b742-46f9-8d26-048bbc13fec2","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":95,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"ea5a7963-024b-4a35-869c-a9ebcef18e8f","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":95,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"bc1c1977-6723-46d3-9a00-0293471d6e04","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":95,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"69e92265-7a4d-46ea-8e25-25f634ef43ab","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":95,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"5d0c4867-e2a6-4e45-b3df-f1e4ba2c474a","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":95,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"c9fe6b62-fd49-4560-b5a3-f6fcd444858e","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":95,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"5139465f-ec45-4819-9cd2-62b1a2b0f121","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":95,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"301b1269-49cd-4f31-93a9-c8e165f876c8","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":95,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"16a9b4a8-0202-4f01-bb93-9ba07e0565cf","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":95,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"cfd767fb-0676-41b7-ade2-19a824f36345","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":95,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"92e5efa7-066c-49ca-8927-f1c7cd60b4f2","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":95,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"2c38eff3-eb38-4c99-828b-5cea3868ea58","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":95,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"0e195fcd-1d72-49ea-a83f-5275536ddaba","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":95,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"a03db74f-5f5d-438a-aec2-7ee531d92fa1","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":95,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"ea83da54-5058-4278-84b7-a467e94c2c48","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":95,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"e2f3eee1-f3ca-4b84-b0c8-3f106a87222f","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":95,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"e46f4ba7-9996-43b1-9374-320d67678cd3","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":95,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"dba82a2d-3092-4847-a205-ff7626007643","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":95,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"fdc97198-892e-415a-ad40-01c437d93e60","block_type":"box","text":"II-42","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e002c71-95f2-467a-9988-0fc0e15e12a6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":95,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"962092b6-ddd1-4220-a0a0-bec29f06f43e","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":96,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"bd6f1db7-8ec5-432a-aa5d-ef2abff4577c","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":96,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"8a01b1bd-35cf-40ea-a7d4-704cc7f296ba","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"70eda965-4829-44ff-a19f-5688145418e0","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":96,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"1fac7ed1-6b51-4621-ade7-1389298d3b2a","block_type":"box","text":"sub-custodian.","page_number":96,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"162def58-278c-428f-a965-2b4f256c78d6","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":96,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"011ba4c6-fb46-40e2-b48e-068f50ace3a3","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":96,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"6ed56b0c-2ed9-4ccb-afe6-dff293a89f4b","block_type":"box","text":"on investor protection considerations.","page_number":96,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"5e0f39c4-f541-4222-9540-27ebe13269d8","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":96,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"3e524c82-72ad-4821-9b65-41c87120ea39","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":96,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"49ef1fc0-fa11-49c3-bd53-7bdd6aeba3f0","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":96,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"5cd22dcf-5184-42fd-be70-ad8cfc75bb05","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":96,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"ba4f40c5-83fa-41ec-87db-20718f1779ea","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":96,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"a3e1d60f-71b1-47b4-ad35-61907be8137d","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":96,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"3dda0a8b-2960-480d-9173-5204fd294af2","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":96,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"5ddd4283-7919-4ad4-8ce9-7cdad75e72c2","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":96,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"9a1b2c7f-ffb7-4c9c-8f3c-cb23f02f1a0e","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":96,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"0fa1d006-ad1e-430a-a9eb-b6687cd32199","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":96,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"86169b7d-3928-4d26-a164-5804430e3e3e","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":96,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"31d8f2d7-ba18-4d15-a05e-b84c8bcdb094","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":96,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"5966040a-b065-4922-b603-9aff2e7b7404","block_type":"box","text":"accounting firm.","page_number":96,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"745a0faa-9dc0-4fd8-a559-f3ea9321ed52","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":96,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"0bc5aa67-a536-40aa-8eee-d27f9c6fd0aa","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":96,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"f4b518b9-5d17-4e30-8437-eef922668d8a","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":96,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"bd4dcfd4-e097-4ec6-8574-e0b9c6e6fcd0","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":96,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"6040fcf8-c4af-4c85-94cd-53ea1108b642","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":96,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"fba1cc37-56e4-4a27-b195-9ba2acaf147b","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":96,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"3c469caa-b525-4e94-a532-d0d68219ca97","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":96,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"87bd3407-83e6-40e6-881c-e4a3c1b655dc","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":96,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"e9e2dbe9-95a5-4b34-ac7e-34e0a0b68c09","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":96,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"626fc13a-6fa4-47ea-b556-a45c33f31438","block_type":"box","text":"RMB (“CNH”).","page_number":96,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"ef39c8b5-9874-4032-8241-c5be91eb45bf","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":96,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"04b32b92-53d4-4b25-8124-2c08d95c08be","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":96,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"4f4ec116-2f64-4222-8ee2-23b3f44e6ec1","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":96,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"4f83fbe0-7558-4340-abd5-400c1c35a118","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":96,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"13852bf0-c46f-4fb1-8124-771248485f68","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":96,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"3243caed-4293-456a-a805-1984ba378559","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":96,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"9339f970-c175-4827-a381-4f80103feba2","block_type":"box","text":"represent equity ownership in the operating company.","page_number":96,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"d19b1760-c198-45ce-b26d-4ce2596c26a7","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":96,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"5c1462fc-d7f2-4553-81ef-6c2df0bf9fd2","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":96,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"0154d8bb-f362-4cb4-b329-f8b800b9ba04","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":96,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"6f38eed2-92a2-4414-8ba6-1e9e4761888b","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":96,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"9993d26d-bf2b-4612-8ca3-bd2cfc196b7f","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":96,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"a3dcd3a4-ca0b-4ddf-9147-a5bcd437e796","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":96,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"ac276baf-7337-4a6f-8608-4d17bac3feb8","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":96,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"60e7e84f-e415-4485-9411-d73ebe1d6148","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":96,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"a2cb733d-225e-4eb9-a235-ae7ece358d32","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":96,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"d8e0164e-ed1c-4adf-ab37-6df1542c1e3a","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":96,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"5be4a020-f5a6-4d4d-ae87-832c0c30793b","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":96,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"4f524562-50a8-45a3-bf8e-5f958a2a4337","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":96,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"1d5a0170-f382-446c-9dca-e0d2160984bb","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":96,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"548d315d-1442-4ec2-89be-ffe8bf13e7ec","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":96,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"2982b18c-b4b2-41f8-9fdc-54053de80a31","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":96,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"5cc39111-9bc0-489e-8bf5-da59e43175dc","block_type":"box","text":"II-43","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b65e515b-1e7b-4817-b952-cffa58e4a927","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":96,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bceb4eb7-2860-4c31-923a-a1bca236a83d","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":97,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"2afcacbb-8319-4bc9-93f1-3fdcf5b84c61","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":97,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"80151dd0-fb01-4f01-8e2c-cadb9250ec61","block_type":"box","text":"losses to a Fund.","page_number":97,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"73777ee1-a232-4e63-8031-6eebaaca9f9d","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":97,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"a5617f87-5264-49d2-99eb-0ca0a5a0cae3","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":97,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"266bbf45-7f16-4928-bfd7-f4478133e997","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":97,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"e4138c5f-bfac-43ca-b80f-376e7a419c48","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":97,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"1f09f0b9-0efb-4445-be73-1750f9e93c60","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":97,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"09df623a-f725-40b2-8ab1-ef972fcd5751","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":97,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"026d09dd-c80c-4954-8b1a-51726b706400","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":97,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"22eeee29-a160-4afd-bc57-94f067351b59","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":97,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"6ace90a9-1d08-4011-8e56-a03777cefa1b","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":97,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"f418764e-4e3c-4f19-817d-e76dbdafe440","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":97,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"b44aeeea-be3d-4b26-bf7f-ce122f8cc31c","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":97,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"4e155837-e379-4d16-bcba-aee41785d810","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":97,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"90f36646-b29b-43ca-bac3-74dd1a5fa379","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":97,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"3c8e04f8-cbb1-4202-a126-fdb12597c7c4","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":97,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"7e379419-2fa4-4474-aabf-4fde7c196355","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":97,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"310c2c46-ab7e-4c70-b9bc-61b41f31e2ee","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":97,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"7c2f3caf-e414-4c6f-89e5-1888ded6e066","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":97,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"fa782155-fb8f-4c9d-8e16-63ca13beb262","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":97,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"39da136c-a85c-4ed6-930c-53ff0932314e","block_type":"box","text":"such companies.","page_number":97,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"f1792cbe-b61e-4d1f-b226-3d279fc54b0d","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":97,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"bda6c0e8-983e-41a6-82a0-b714a81b9dee","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":97,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"fc16374f-3af4-4310-8dea-ea355242348d","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":97,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"c3eb3aca-2bb2-426f-a442-ef8d91079466","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":97,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"0e5ad43e-caff-4dcb-aa52-a38f9e5e199f","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":97,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"86c3da28-3b39-43de-9160-9b2c96dd7259","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":97,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"8c13e589-336e-41c9-806b-d0acf0b62f03","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":97,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"8782d633-ed39-4c17-8933-d2c8f0268bc0","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":97,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"89de06b5-6859-486a-96a2-abe50d7c8f65","block_type":"box","text":"standards.","page_number":97,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"a503de94-a8a3-4493-bd81-8f7fbccc4e7e","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":97,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"7d9c3abe-5d8f-4ad9-8023-ad43aeeff4f9","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":97,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"50c59148-1d10-4b53-8b89-f1e6b1f8dc80","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":97,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"15d7d773-b048-47c9-9df9-e2abcb470476","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":97,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"01a6e836-fa93-4a2e-85a1-d699447e7333","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":97,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"682e9305-e01f-4b92-8e1a-8a73124d0d25","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":97,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"cf8aed95-76ad-4fa5-9dc4-cae173bb9093","block_type":"box","text":"General","page_number":97,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"1c546ed6-2954-4a71-b963-44d906977c33","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":97,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"3a9df43c-2f4a-46e6-9e32-2e01b6654790","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":97,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"65bbfc7e-3228-4e3c-881f-7e99393894fa","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":97,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"23b37933-f726-4ab9-9673-e87c2a92aef3","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":97,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"01560649-a1c7-4fd6-8d97-b25a914417f2","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":97,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"96bc3850-c348-407f-8c4b-569b9f697194","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":97,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"43ecb40d-0fdd-4304-b09e-2e8c89541240","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":97,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"4a318a97-e4ed-42ba-97b1-5769887b1dc4","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":97,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"c4547462-9cdf-4081-8dc2-ab010ea94938","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":97,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"e7085de5-8623-4f0f-ba1c-ce66d0ebcd16","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":97,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"f204e214-9455-4e51-ba90-55ad02bfc94d","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":97,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"6e032135-e9f5-4698-bc1f-50ff3d26243a","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":97,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"399d4c13-8200-4626-bfda-00815b3a84cd","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":97,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"7b4fe53c-dc22-4831-8271-577eb3f22884","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":97,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"7ba725a9-f2ec-48fb-b216-acad934a704e","block_type":"box","text":"company established by SEHK.","page_number":97,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"37707abd-9404-4eac-adfb-c9887b81a6cd","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":97,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"70d0e7b6-00cf-44df-9eea-7a27e6eec87e","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":97,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"955a0669-64ec-4107-888b-47fbf2f9ac31","block_type":"box","text":"II-44","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5f54484-9313-44bb-a0ec-bbb60b2d0461","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":97,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7f207a26-1e2f-49ac-86e6-609ecd13ca90","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":98,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"6af0eaa3-f25b-495b-b10c-98bd271cb7c8","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":98,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"f2578d2c-5e19-41ff-b03a-5593609131a7","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":98,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"d3c3813b-20c8-44ff-afdd-bc6666680bc4","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":98,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"b3511a31-8a42-4d52-94a7-cceafa2d7996","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":98,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"077008d3-4de6-405a-b031-1e4cd7e9675c","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":98,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"10891ac2-1549-46c4-b0be-4eefc8c0b943","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":98,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"dbe41025-5e24-448a-91b3-e966a81bda63","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":98,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"6bb1a6f8-2b71-48fa-9ed3-b3e14b7055d2","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":98,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"48d9a9dd-a5f2-47b9-8176-57fdde09f025","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":98,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"cc867e84-6d97-4265-8191-f1e396cbb0ce","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":98,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"e99d4b48-db7a-4eac-8a5c-881fcc986187","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":98,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"33fe34bf-7d7b-4049-9c80-a45dbd7c1bb4","block_type":"box","text":"i.e.","page_number":98,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"cac31311-f8e0-4aab-8233-6551062d621c","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":98,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"6edc1418-b12d-4e53-8056-a632fe2ef5be","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":98,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"e246204c-1ae5-487b-a21f-d9898132d702","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":98,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"66ecdeb3-bede-4e10-9be1-dcaa48e8fe64","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":98,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"8c265624-4353-468f-996d-e22fd75dd9a7","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":98,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"35c6f658-ad66-4102-ba03-e9b4d0fd92f2","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":98,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"0deed335-9349-4b96-b48c-c9b6fa2d2fac","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":98,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"7bd5c8cb-9acc-4160-8011-ef3771f085c8","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":98,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"2bee7629-d293-412a-9c3a-5a0618542df4","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":98,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"15b8a5fd-f27b-44e0-9150-a3b8ac75c81d","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":98,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"2eaac172-b6d9-47bd-b17e-07fefe09a9f3","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":98,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"42252bad-aa12-4204-b997-9c27b01cfc11","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":98,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"56643292-26ea-4523-8052-5e98da2b2fc2","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":98,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"b88efcd2-108e-4523-a993-bddd41c60158","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":98,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"838090a9-8669-4d19-9cc6-c4cdeb33dbb5","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":98,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"90f29ddf-dc3f-474e-ae7f-6f0a2d7d1fb1","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":98,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"1c2c7447-f92b-46d5-87fa-25d67e7e1b98","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":98,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"356fe27a-3c84-4ea7-9349-7426f97c8d32","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":98,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"25e069e7-9c5b-42c2-a705-de34a8539495","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":98,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"13344c2e-c627-4468-8832-3129f60668e4","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":98,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"737de802-4792-4827-85dd-dab3f1095b85","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":98,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"1ef576f8-cb5b-43a1-824f-8ffa3a3e6a2b","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":98,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"14ccc766-b678-4fbb-a28c-b59a019f90fc","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":98,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"72e80466-b079-4240-a18e-0fc4327520cc","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":98,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"d2d2177f-6551-4ee6-92c5-5485e5d65962","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":98,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"5d953948-6229-4415-9ed9-94685685b84e","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":98,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"552945b4-994d-4283-aa8c-db10b7fc4e14","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":98,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"e6ce9fe8-8d78-47e7-86f4-0f240244b8e2","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":98,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"d26067ab-0076-4f34-8fb3-4d73c18eed7e","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":98,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"6ad39ed9-b536-453c-bdb5-989eb9321bd8","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":98,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"86eb68c6-0252-469b-8187-08cd04525692","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":98,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"4f983016-7513-41af-a3a6-698941624a00","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":98,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"05b6434b-3c15-4910-a66f-cadc2a39c4d8","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":98,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"49bef4be-9d27-4fde-ab78-60d445fd57ae","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":98,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"9c2697b5-faac-4916-9ace-96c9497d0d76","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":98,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"3bba6e69-6f8c-4d79-a2f9-6289e83293c2","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":98,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"e8f7c5fa-e40c-4950-8099-5bbe601b99b6","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":98,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"f8984e64-f328-41fa-965d-bd88793a56cc","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":98,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"ffcce3bb-9fa6-42f9-b23b-3da94a321f4b","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":98,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"ab8319be-b61b-42a5-94c7-5a08b9d15166","block_type":"box","text":"PRC.","page_number":98,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"d2043254-261a-4f66-a1ef-d8a2c6ff4255","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":98,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"714192ea-9786-4d07-bcf7-864ada238a62","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":98,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"3fae5b5a-5225-42f0-bab4-395982f08d04","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":98,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"95d96f32-b3c8-4b9d-8824-bb09f827d204","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":98,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"9a1ca0a8-834f-48ce-865b-bedaccdf9ca7","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":98,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"711ca0d2-b6f9-4def-bd58-79932c653480","block_type":"box","text":"II-45","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fedfa379-92ea-4325-b064-f55d4399d64b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":98,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7c85f790-3a62-42a0-9442-0260b381dc9e","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":99,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"09c4c8fd-add4-4b33-8e34-819265fe5f41","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":99,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"70949145-7ee4-4ce2-923d-23f37f246195","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":99,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"28219f7e-b9c1-48b3-ba4d-242128312e45","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":99,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"a3dca096-4d61-47c7-a5c0-3ded389f394a","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":99,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"1d568d58-c5c8-460a-b148-f185d5c24c93","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":99,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"3a3f5d19-9a3b-47c6-91ca-a0078bcc22ba","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":99,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"a0b19d5d-ca41-4cf6-9167-a449231dd141","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":99,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"1bcaf254-99fb-4b2b-b12c-45e1ecedaee1","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":99,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"c60d0dd9-dfb0-45df-8142-d7712197f8ea","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":99,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"141940a4-4ca0-402d-9905-3c814b419059","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":99,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"12bc3d6b-72c6-438c-b881-9e14d3e93254","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":99,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"cea4359e-ea25-4c01-bc66-1d08fce17319","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":99,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"def54166-67ce-46f4-82ac-d9808b4affe9","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":99,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"5e8fe28b-8040-4976-8a7c-04a8653495dd","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":99,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"6fd4a317-6675-49bf-8cb5-6d6bbca3584a","block_type":"box","text":"Suspension Risk.","page_number":99,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"9539fa4a-4bd6-4393-af75-8ecb7436feba","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":99,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"1a4dc054-0b37-490e-b622-546175ac44d0","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":99,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"0adccbf2-fc88-496a-a97c-7f5fa45c8b02","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":99,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"627805d6-8c92-4bbf-bf64-689a398597b3","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":99,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"8935303d-6efd-47cd-83f7-8ff0c97a4d60","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":99,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"caf7fb18-3a1b-4546-aabf-9e7ba89ac896","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":99,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"c075d94a-98a1-4f53-b556-7d6af1201831","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":99,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"bc7519f1-acc4-4343-808f-5d6430905afe","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":99,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"c1de397d-f595-445b-bf5f-eb13b1cf6d0e","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":99,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"f3700d75-b40a-4304-81b7-522d97397dea","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":99,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"6f121289-0bcc-44ce-8666-01e83b499d1e","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":99,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"bfe814f3-e9e8-4d6e-b9cc-8a60256f2fac","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":99,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"edb1a14a-00c2-449c-9a99-c8b142b70a53","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":99,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"d871f0c7-21c4-419f-bec7-57950fcf05c6","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":99,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"e5576de0-8815-43fe-af68-a988db751503","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":99,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"fa8c948e-86fc-4d10-9e87-bd36a9d637b4","block_type":"box","text":"A Fund may invest directly in the","page_number":99,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"0df07154-1c11-4365-ba7e-8341eb53d5d8","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":99,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"2544429b-3732-4751-b7f5-9e3b2607e42f","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":99,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"daf6c0d6-a1a5-4d36-bcc1-85b6bb5850cb","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":99,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"fad71b5c-87c3-488e-94c1-2cd4a1a06df0","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":99,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"1470dc89-1166-46a0-b157-e76f50109f0c","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":99,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"3965deda-4272-4ec6-ab72-96d6c8a2076d","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":99,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"14a77fb4-aa41-460f-a243-9c05b3040673","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":99,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"d20f6f6e-390d-4464-b34a-e53b942c3cfd","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":99,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"54219912-2d5f-43b4-8765-6eaffb444adf","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":99,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"cfc5e3de-1fe8-41c6-a01e-92b6f4f22334","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":99,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"f96bd8ef-886a-426e-85df-5df458c50462","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":99,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"ec46a88e-4afb-45a7-821b-a177311b7096","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":99,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"79a96714-cdef-4bef-956b-76fd725870fd","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":99,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"aa36d625-6f32-4c17-b049-9bc317c1c929","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":99,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"7d8470a8-d3b0-425e-a1a0-dccbf6178350","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":99,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"89c68049-35e9-4a2c-ad63-95bd0ba3018a","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":99,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"3bfb2126-7a44-4cb9-b03d-caa7db56dc5c","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":99,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"ae3f3e59-7f55-42fe-9c45-fe0035451bf8","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":99,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"6f862e57-9b29-4d56-80fb-49755f8a9907","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":99,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"66366f8b-0332-4091-8fd5-7d4a2af5ad28","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":99,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"584cdf59-e9b6-44fe-bd28-22896c5678a5","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":99,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"656a0b1b-c326-400e-8c1a-9b19fa1ac4a5","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":99,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"cb19eb9b-d8df-41c3-84e0-53c0f616d98c","block_type":"box","text":"i.e.","page_number":99,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"2385ad90-84e1-49bc-a36c-f206250ebb46","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":99,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"8ebbb984-1344-4caa-be2f-a5c1eb0b9d8a","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":99,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"0cfdd635-305d-4fa8-9fa9-49932ea7121c","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":99,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"68c566bc-ac95-40cf-9440-ad06d34b0647","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":99,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"ad746a4e-3fb6-43ff-a02d-86017eb49c05","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":99,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"05fcd94b-2236-4c20-aef5-0611ffbfa2d0","block_type":"box","text":"II-46","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79e45684-1fc1-456d-8b42-374f17395037","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":99,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b3aa6893-74c7-42d0-bfa6-0eb95cf97e41","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":100,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"0f519665-9c04-4ce1-903c-3bd415124b78","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":100,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"0d66d421-da8c-48b5-81cb-0c9802f1d196","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":100,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"431f112f-e71d-4f27-a083-d2a877ba347a","block_type":"box","text":"parties.","page_number":100,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"e09b5822-11f9-439e-a1e0-acfa16cf7590","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":100,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"926c3dce-4820-4ada-8037-d98068ecdbf6","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":100,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"ba946d35-42e3-473e-a66f-abb3654958f2","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":100,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"75ae4705-f7a3-4a8a-92f2-d88c89408090","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":100,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"713cc7ec-0799-4bc5-aee9-5f13fe8775a3","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":100,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"5fe6c63a-edfb-4281-a048-8811052ef76f","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":100,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"c4c982ee-309f-4705-821f-d421c4c6a42f","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":100,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"fc4e376c-d885-46b2-b9db-bef16f8ec73c","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":100,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"a18e6ce7-1442-41de-a5f5-6b16e32141b4","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":100,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"9be6e043-d9d8-4497-ade1-a2bc35cbc262","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":100,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"f02e61c9-bb89-40ff-a01d-d1f394ca7fe7","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":100,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"fd7e94ef-ff28-4962-9c76-576f52dc6e21","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":100,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"5e2b3f90-9eee-4f0f-aa80-4dc7e2f89c1c","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":100,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"fb2aa8f5-f3d5-4fc7-9d49-fcb66a78e5c1","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":100,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"60c531ee-ff5b-4703-94dc-3e4dfe4532c9","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":100,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"fa59b978-78c2-4886-bc1f-498f7fb43e09","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":100,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"96d3ca7d-02ff-413c-8429-a30ad37c4b7d","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":100,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"5bfe3a36-df82-4ce9-ba18-8c5bb38d6be8","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":100,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"ae052a19-189d-411a-86e9-ac3bc5cab82a","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":100,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"3b442787-89b8-4600-a20c-8beb27c34e8b","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":100,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"4c479ae1-7b59-4dcc-a446-f26c4fff4f61","block_type":"box","text":"performance.","page_number":100,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"7608d2a3-94d2-493a-a5ae-4299415d229e","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":100,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"38fdc8ec-b7c3-4ccd-b095-04194f1d6779","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":100,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"1524eb83-97f9-4e79-9221-7f779c08c48f","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":100,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"edc55776-9613-4140-a9c5-0777a7ea2cf3","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":100,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"d9d86425-bca4-4d57-aed6-97412fc167da","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":100,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"23501a91-c487-4242-9a70-322aae21a9d6","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":100,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"46d55933-4a76-42d7-afc9-073da32e1d4e","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":100,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"a5289d23-03e1-481a-9b2b-9795addc4465","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":100,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"07d24eee-fc8c-4c3e-902c-8deb9528632d","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":100,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"c24bd212-88e6-4292-a9f2-676479120f36","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":100,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"4ba9c6cd-3508-44ef-9f39-023edea8f40b","block_type":"box","text":".","page_number":100,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"8eff34c0-211e-4ffb-afbb-c949b53c3720","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":100,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"2b486305-3f7b-4234-be50-4d3bb4f3ee7c","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":100,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"8e1df445-7b52-4bd1-87d9-4376a4585b89","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":100,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"21a45e42-049c-40f6-ac64-4105d8a3a429","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":100,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"8377dafc-07cd-4022-a351-3798fdddb2b0","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":100,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"30309e19-b3dc-4ab7-a976-5c157f4c2e93","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":100,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"e62174b0-a1cf-4c4c-a756-f15317051294","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":100,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"ca694c7a-c04c-4a32-b943-a2467a14cce1","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":100,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"636ff0c3-4ee7-4f58-97d0-5b6bed0b00f3","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":100,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"48b93abb-9bd3-4a1c-8e0a-63a1eac4759a","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":100,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"d730184d-912d-4b02-90d5-0b5de5a1fda4","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":100,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"7a40442c-6776-4eb0-ad0f-7910c2644a13","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":100,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"773831e3-fd50-42d1-b1e2-8ff75df0ed74","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":100,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"935411a3-ce4d-464c-abf7-a081466e42e5","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":100,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"668e2182-353c-47b6-b6fd-861c7a2307a9","block_type":"box","text":"without notice.","page_number":100,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"659a9ee1-34f5-49ee-a3ce-0dab1e79ce1c","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":100,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"967d53bf-4f16-4b91-ae29-1f3ec1414e89","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":100,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"0e653acd-1a15-4b32-95b2-65a5143327eb","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":100,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"402703b2-2769-4290-9b2d-50996dfd8fc0","block_type":"box","text":"II-47","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a89939a9-c9a6-4ca0-bd66-079d1312a136","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":100,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f5b99153-db4f-4c66-9930-6961cd70111a","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":101,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"9f2bb421-2bc1-4b7f-a060-bf1e166f5b2d","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":101,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"009260de-3502-41a8-a4e1-b58c9bf56cdb","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":101,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"3f1e5bb7-c600-4ef5-a2c4-c7d5676a5474","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":101,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"3e1ea4fe-fc3e-472a-bf89-cc9eb3fbfa55","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":101,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"4b6f92c5-22ef-4705-a314-e737fcbe9d46","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":101,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"11ee128a-1256-4a56-ab8d-fc418c47ec78","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":101,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"33ac4f21-c0f5-4f56-a8b7-68f1484077cb","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":101,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"47c25ebd-1217-4dd7-a330-05f68da302f0","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":101,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"706f5de1-7d71-4dff-9188-b7c528bd6e25","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":101,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"27d4a881-65cf-4a96-950e-eeb6774245d1","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":101,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"c97b7dcd-b0f5-4601-b041-183730420bea","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":101,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"25887c6c-24c9-4d16-a931-4ce198c2085e","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":101,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"b2d59e2b-9040-44a8-bb22-16fbb909cf3d","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":101,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"b47f6253-c361-4c4c-81fd-ef5eb90280ed","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":101,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"6376f5d8-6e41-4a69-973a-7c0baa6b31b1","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":101,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"c379fa7d-3a85-4bdb-ab65-0be2e8a83f61","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":101,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"2cb2cf1c-735c-4150-ae32-4e7095e5309d","block_type":"box","text":"issued before August 8, 2025.","page_number":101,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"83b24966-80ee-49c6-b942-e5e72f34d03b","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":101,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"3142c213-f55f-4010-bb86-d1310f608a72","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":101,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"b587102c-ca92-4f19-a180-c1684caed429","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":101,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"50678993-ceb9-4c37-b6a6-85ed35ba3115","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":101,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"fea4af99-29c8-4be8-bd99-7b867dbdbdb6","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":101,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"76f73dff-8734-4a90-b2a4-f5d8db001a72","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":101,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"d0d6c3c6-6970-46be-bfff-f1f1e9883d90","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":101,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"e9d130c0-7bf3-4a00-99e6-31c4377f7be3","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":101,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"e5431be3-0559-4e62-9646-1eafeb958795","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":101,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"fbb95efc-05f3-4354-943f-645a9b6fd986","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":101,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"24d25b46-46ad-49a5-a128-d6d4aa3201f4","block_type":"box","text":"the PRC in notifications.","page_number":101,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"6b845980-233e-4287-b918-287ba45a3c17","block_type":"box","text":"Investment in Other Investment Companies.","page_number":101,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"cbcb8845-9b72-4195-9af4-34bac1ffb7b0","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":101,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"9079de10-a1c5-4072-ab55-09abed389a38","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":101,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"482052ea-a78f-40f1-b71c-896e515bdaae","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":101,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"3fe895ef-6671-4c47-a070-535f68876ff4","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":101,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"2cad92ad-f469-47f5-af7b-6f3a8071e5a0","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":101,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"e4133b7e-26da-4dac-b881-d5c50a7d6e81","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":101,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"b2369f99-26b9-40a0-9caf-5998327e79f7","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":101,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"4e34c188-5c62-4a23-be8e-e99a1d9de381","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":101,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"bb530c73-1c6c-4545-9702-3998bc088929","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":101,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"17e2d48b-bb46-48ef-85e5-8fdb0ac13204","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":101,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"0aedb3d1-7bbf-4434-be07-2d0f5ea68d6e","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":101,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"9158cc03-6320-40aa-b5cc-97f4b41e272b","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":101,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"dd78c371-8e10-4aba-b8f4-3fe81399ebe2","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":101,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"cb3068c3-2a41-43a5-a447-31dbeeec9339","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":101,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"495dace9-d0d7-44da-b9f0-f3b608b2c22f","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":101,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"798c37f2-5914-4a74-8605-4a46303553ca","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":101,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"d1b8c864-fc9e-424e-936e-1374a9c92f6f","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":101,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"28b87d74-0cb5-43fe-9b5a-cb2431795b82","block_type":"box","text":"subject to certain conditions.","page_number":101,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"cacf07ab-17ba-4f63-bab5-90cfb1605b85","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":101,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"13192b8c-b3b1-4b80-ada7-b7d5c394aec3","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":101,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"3cf15ca3-74b5-4d0b-b8f3-1567cd103d71","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":101,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"875851c9-8d04-4b4c-bf9a-5d092a93fa81","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":101,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"5cb8e61a-a719-4a20-a706-5720707d8002","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":101,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"5f2bb856-3aad-4f58-abb0-8e353f5b86a2","block_type":"box","text":"II-48","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"edbc955b-e73b-4f82-bb6e-12b739e89092","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":101,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8f6c4db6-6e11-4832-9aab-faf39aae4d72","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":102,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"66670525-531e-4c24-a38b-140895c79ad3","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":102,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"89abe876-4936-493e-beed-947784984c0a","block_type":"box","text":"loss.","page_number":102,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"2ee38c95-80f2-4116-be21-c67c794f2e5a","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":102,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"1f83fce0-75e9-41bd-b5fe-51b056bba4a2","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":102,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"f3e25963-9342-4213-b2ad-aa8f9c532247","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":102,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"aab39455-0153-4434-bbe5-ad42c8fe64fd","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":102,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"99efdfce-d48d-40a3-9ae2-03d797ed51c4","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":102,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"6004e26b-bd73-4b35-97ca-3301738f3b60","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":102,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"5454eed6-8611-4f34-b30f-e630101ccd4e","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":102,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"edf3bfde-8a1b-45c8-9671-a0ced0a52c49","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":102,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"172d5dcf-0eea-42b5-88d7-05a964018cf6","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":102,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"f05e4c96-2516-4a41-89e8-e16678304fd5","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":102,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"9eb381f8-9508-4c6c-8e84-a4317b193041","block_type":"box","text":"assets.","page_number":102,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"77bbb45e-63b3-4347-a890-4d7c10cc262d","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":102,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"dfc6b53f-3acd-42c8-929f-822810608df3","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":102,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"810b9a3d-eef4-47db-91ef-d805908013f3","block_type":"box","text":"e.g.","page_number":102,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"5e052c37-b6f4-4d99-8b87-107cdef7133f","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":102,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"a5daa15e-4194-455a-ae26-7bdccc6f1246","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":102,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"e9daa653-5552-45ac-9931-05b24be6d53c","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":102,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"67f6d22f-84d3-4534-b653-844a15ae49cf","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":102,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"a499b9ef-9282-43be-ae5e-82658a7f1cba","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":102,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"924da4d8-0966-456b-a473-631dde6b2e5c","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":102,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"e9a733e9-4316-49f3-8d09-9ffe70c907ea","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":102,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"47841018-dd15-4e33-bfdd-735df719c23b","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":102,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"cea486ba-cb81-42c3-9b3a-a048a51991f2","block_type":"box","text":"countries.","page_number":102,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"203d4806-f9fd-422f-af6c-540ff93e677a","block_type":"box","text":"Issuer Insolvency Risk.","page_number":102,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"a5fcfd27-4527-45b5-8be5-2baa527afab7","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":102,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"16cddf62-cafd-45bc-9d32-30f6c4b98fef","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":102,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"f4fd7791-c18b-4730-b0e4-4fea7cfc95f5","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":102,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"09271653-24f1-4f16-aa22-42b6ac04907e","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":102,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"1ca97605-63b4-4afd-b663-26abdd09a080","block_type":"box","text":"issuer uncertain.","page_number":102,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"0115f5f5-e50a-4796-90fe-4cfeb20166d1","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":102,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"22530899-1cf7-4f7a-927d-ec2d2efeee87","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":102,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"62c1de6f-5d6a-4e58-a443-d26343d3d6c4","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":102,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"5d16996d-6b62-4750-8481-d1d9a9a815d0","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":102,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"b3d3dd09-c5f4-474e-abb0-b92a1af5b54d","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":102,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"2798d3d2-929d-4dca-b4b7-363866aa5d6e","block_type":"box","text":"eventually be satisfied.","page_number":102,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"4134da48-316c-4328-ad3c-91f2197c96d5","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":102,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"2dbba688-09fe-4b8a-bbc8-9889f01b8bc8","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":102,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"20e1166b-f4f7-4639-8001-7f3e54ad01d5","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":102,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"7b97198f-707e-40dd-8cf1-19d4399faf4a","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":102,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"b4161d52-ca45-488e-97ed-106b31eac1d4","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":102,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"028dad9d-0ea5-4740-88b4-0b35472c77d4","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":102,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"7150cf23-1a38-4f61-a8b8-64c95fb3d908","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":102,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"69436797-ba4f-4f59-9c67-d89e0cc7375e","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":102,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"72614e8e-e43f-42e1-b29f-c0b59aca0882","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":102,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"cef96d0a-51a1-45d6-b17d-5b789887f0f0","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":102,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"c3132a51-957a-43e9-8941-bd36c4790edf","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":102,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"a71070f4-bd27-46c9-ad63-f45dc37018b2","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":102,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"55ccca4d-75a7-4d62-ad7a-aa4426eb2216","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":102,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"64bc58e0-2951-4b14-afc8-78f5d66d9a02","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":102,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"5b679b20-6878-4719-af45-27785a633448","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":102,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"d059545c-c536-4591-9714-55e9f514f44b","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":102,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"63e3f746-01be-4446-b8d8-167defcf06a1","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":102,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"96fddee9-6a48-4c2f-8e2b-7267f30bae03","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":102,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"0a332624-75ca-45ed-b213-010f44a8b1ad","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":102,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"ab810b9d-82c6-4436-b0cc-d46101355e20","block_type":"box","text":"II-49","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"789a6096-7c0b-438a-b524-72c4b527cc4b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":102,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"018b4a46-0e08-4dbb-aa9f-663e7ad078f8","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":103,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"a085f50f-3bb1-442e-9b54-36189260f9bb","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":103,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"16322340-0658-4840-babe-c66f84bb25c9","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":103,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"b0dd3092-a890-49ca-959f-b3d1184fe173","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":103,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"e7e7f198-75c7-48cb-86c1-2a5a59c1ef8e","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":103,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"16b5bef2-a805-4a07-8acf-98a2f2f642e5","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":103,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"fbb8679d-b1ee-432f-b08d-bd57940e0c84","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":103,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"584b31b5-9e7e-4351-893f-f6355069ff6d","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":103,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"aa0ac221-9bcc-4e6e-b8b3-543f690bdc06","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":103,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"4a33edbb-fb5e-4483-876f-bd0cb8fd90c1","block_type":"box","text":"that assumed generally by an investor.","page_number":103,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"a55a2808-598f-4429-998f-153961e865ae","block_type":"box","text":"Lease Obligations.","page_number":103,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"a432b573-33bc-4cb1-bf28-5d05ff504b61","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":103,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"7eb27b97-489f-4950-81e1-fcb24585e6d6","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":103,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"1dc16466-c4c4-40d8-8843-48a2904feb62","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":103,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"c5f4b67c-f1bc-40a1-99f3-af7b0bde209b","block_type":"box","text":"Life Settlement Investments.","page_number":103,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"ef1a6264-e97d-468f-919b-ec2c0a474b2f","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":103,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"e1603133-150d-42ad-af62-81f32149186b","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":103,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"41195b25-0bbe-4618-b016-c0c648d8dbf6","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":103,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"30ae0e65-dee9-4f4f-9860-90c8a4130c67","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":103,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"b555d9c5-89dc-4bdf-8182-8798d6c67fff","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":103,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"af940b7b-2c7a-467c-803b-e3891c8e24a9","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":103,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"2343a419-e1e3-4d97-9f09-b95123a0e8c2","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":103,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"5a574e23-001b-405d-9842-3358e6465493","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":103,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"de32001f-1da3-4256-822f-7f569da07cd3","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":103,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"0f942998-4f03-40bd-8cb3-3ecdc11be0d3","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":103,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"6ad83bee-9016-4efb-b84b-0264e206d317","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":103,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"b6345133-02c6-481b-90fb-fa6166b16f0a","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":103,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"1e7fa124-10d4-48b0-89bb-4dbd32fd04b5","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":103,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"38a7c647-e083-43b0-ac2d-ed08dc8650e0","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":103,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"59529691-0531-4889-8337-0200d3f60e5c","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":103,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"b3ea2cb9-c8c4-4aa2-94cf-7be666d09c12","block_type":"box","text":"regulated investment company.","page_number":103,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"25e61440-7186-44c9-84d4-7811ba8356f4","block_type":"box","text":"Liquidity Risk Management.","page_number":103,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"8326a8e4-9a79-4a04-8204-7927a770cdc6","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":103,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"94e8be6d-49fc-4f88-8f64-c1dbbb64f9f7","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":103,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"7d73247e-8cb9-4b4f-9dee-272f038cda3f","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":103,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"005ce3a0-3f44-4aac-863b-d87cdcad4d3a","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":103,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"747c5d2f-29c4-433c-90bb-7d1b9337e657","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":103,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"deefe50b-7bc3-4c3b-a69d-b92ada93d8f3","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":103,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"d9951a7b-c290-4b49-b066-8ef596624a19","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":103,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"bd08954a-e503-4ee2-99bb-7e01946890b5","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":103,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"2c87a880-c2de-4885-b42d-cdeee5be6845","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":103,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"87982f15-c50e-430d-9f0e-c3805032aa6a","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":103,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"f499f844-2065-4a2c-ac1e-3336d1d272b0","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":103,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"c2fe44c2-7b8c-4eae-84a8-d9aef282814b","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":103,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"c9b925db-713e-4eea-8484-8eb0f5267253","block_type":"box","text":"Master Limited Partnerships.","page_number":103,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"ca7c9d4f-07cc-408a-a31e-47ea5f8eafc3","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":103,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"cdec2e5d-913e-43db-a643-e22aa386b3f7","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":103,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"653a418b-13d0-4c29-9fe6-e7f2be467fd8","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":103,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"aafb50bb-7f17-4340-ba6c-da8ec6e3f3cd","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":103,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"977639ad-782c-4770-8ca2-5e2cd06a89eb","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":103,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"26fdbaf7-f7f8-4d6f-b1cf-72ce5f9fe6bd","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":103,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"8ec29c36-fcc8-4964-a85f-e37c421b7388","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":103,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"36487d89-cb46-4906-bda1-0ed81ccc102e","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":103,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"58520e37-b1f0-4176-9009-f1d7b397c71f","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":103,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"25888715-16fe-4790-92a9-1c54cd6cbd4d","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":103,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"0b3bbf52-abc7-4206-a2d2-590b28ce5137","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":103,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"fa3e3970-fc1f-48ef-a0fb-a564d1ec8f2e","block_type":"box","text":"in the partnership’s operations and management.","page_number":103,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"08a19d8e-e6c5-4628-94d4-3091a7e09551","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":103,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"e56fb717-9657-44dc-9f42-721e3bb07cc4","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":103,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"5e5f0d83-c12b-4dd5-81c1-a0f023f6b7aa","block_type":"box","text":"II-50","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"423d4f83-03cd-48f5-8734-e54fc878328a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":103,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c36c2393-ce67-49d2-9698-dab1f5c0bdf4","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":104,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"f67e26f5-f3cf-41d9-89d1-57591c567466","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":104,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"c1bf69f3-6cab-4560-af30-cdbaf3a24c80","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":104,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"17d6ca94-a335-4ac7-a8a5-106f472282cd","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":104,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"2b515674-cb81-4110-8f4e-b7bf0fbb65c4","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":104,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"6b21b000-b527-4c26-a093-8783b6f10dfe","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":104,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"d8d8008c-f9d2-4bcd-9350-6490bd2d5226","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":104,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"f110fb10-95e4-401a-bdf8-ec41fbd346e5","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":104,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"cb1d576e-69d8-4467-bda6-d6729f2f1e08","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":104,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"0be81ee7-1d7d-4b4c-8fae-baf29a07dc6a","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":104,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"dcfd060a-9aab-4362-a57b-d54d65405630","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":104,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"92ae29b4-f054-42c1-807e-248a2af554af","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":104,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"d67817ef-2600-4d46-ae12-24b552e41f8a","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":104,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"1f364e93-7827-4a41-9580-81afdbef3066","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":104,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"e6b8256c-7ed0-4dd4-bbb8-c96b936eb0d9","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":104,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"9e89fa4c-7fb5-4583-952f-3e5501b77760","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":104,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"50a44b47-d931-4661-a3f3-1c826c6fe998","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":104,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"2317c8c4-f36f-4bf2-8e1b-1ef6ee0ab3bb","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":104,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"9d5f5d37-79ba-44f8-a59c-4fbe791fd87b","block_type":"box","text":"Merger Transaction Risk.","page_number":104,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"9789b89f-30af-45d8-8364-ed7a38ea2783","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":104,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"ef445faf-80ab-4e72-974c-ccfe359d7d2c","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":104,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"c4a66107-20f7-47c7-b1e6-c82b27f740da","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":104,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"3b1046ee-ef75-4478-a6bd-39a8f4fd4887","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":104,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"c6c8db03-75cc-4572-a306-9871e0a6f2d0","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":104,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"507bf314-c576-484e-a2a6-fee403ad0e29","block_type":"box","text":"the Fund and may lose significant value.","page_number":104,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"56fffa88-7d5c-4c6a-983b-89f612ebf067","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":104,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"ea29a34f-92bb-4057-821b-623cd85d7106","block_type":"box","text":"Certain","page_number":104,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"d368c0e1-b6be-4039-bb21-cc23064d4467","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":104,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"ae9afff0-baaf-431f-aa6e-2a3b8ec72648","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":104,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"b18979b6-9bd8-45f1-9bda-2321e12df17a","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":104,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"f31f696d-a2ab-4290-b353-bf0a78b83310","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":104,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"3fc419b2-2b82-4864-a89d-e9f05b82745e","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":104,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"ea7d04eb-9b98-4873-9381-3769a6231aa7","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":104,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"87c07e54-ecf8-48de-8e15-c6b32eb10b04","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":104,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"d7539c58-b947-43ca-acfa-31a45f585f28","block_type":"box","text":"branches of domestic banks.","page_number":104,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"15b450c2-cd4a-4d16-9369-057edbdb8f36","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":104,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"92f4ee7d-0af7-4a56-83e3-b3d0bb3e4709","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":104,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"3aa232f2-7000-4b0a-8c9c-5d81151c13ea","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":104,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"7f9c77e5-ac55-4021-97cd-96ffc1a1afee","block_type":"box","text":"paper of a foreign issuer.","page_number":104,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"2f52ff31-cd51-4b40-8059-5057bd956d63","block_type":"box","text":"Money Market Securities.","page_number":104,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"49a1a7f6-feec-4a0c-b55a-d90256a6cf93","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":104,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"c54a0323-bfb9-46b2-8990-1149d82e2448","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":104,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"7ba5ff10-9bb6-45c6-ac2a-0ba63e37110c","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":104,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"5c7b117f-bc56-41ca-bd7a-bad34bf74b22","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":104,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"aaf52992-ada0-4265-aeb5-37b3e669c998","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":104,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"ff879b28-18f7-4ef3-88c4-a2e2e242d95d","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":104,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"77f6266e-ef6b-4b68-8e88-a3678bf0cb46","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":104,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"06df7e9a-9132-4077-b1f5-18b9133fab0f","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":104,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"90100eb2-9d20-4c80-8d90-c2c0aa30ce68","block_type":"box","text":"agencies;","page_number":104,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"8b1814fc-788f-432f-b192-07de76559387","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":104,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"d98c3d8a-0b6e-4017-8337-86b1bd1538dc","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":104,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"4a70ad17-6314-469a-a376-885e8571dd09","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":104,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"0254eb4d-38c2-41a6-a7a8-de3f1efef50f","block_type":"box","text":"obligations and credit card receivables);","page_number":104,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"3857e95a-a917-4cdf-a4ee-8a516cb1b036","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":104,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"7dcfa82a-4d8d-4393-9efa-1493bf5986b7","block_type":"box","text":"authorities and related custodial receipts;","page_number":104,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"9a758938-37cd-4236-b520-dcad4b871012","block_type":"box","text":"II-51","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8835f5e-06e7-4698-9c30-968f86d176fa","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":104,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4c1eb745-a450-4f14-aab0-caad4e596457","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":105,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"39adbabb-5954-4257-bc13-edd49ed132df","block_type":"box","text":"agencies or authorities;","page_number":105,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"024b32bd-bea2-4286-834f-99f0599d0403","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":105,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"052d82e7-9bf5-482c-834c-ccd090cea4ef","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":105,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"5018ea77-66d9-410f-8f9f-9a1831d6f0c3","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":105,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"ad0d9c4b-2f0c-4a47-946c-0db8b04662df","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":105,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"ca5aee3d-150a-4093-a106-eafc539fdc0b","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":105,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"b5ade8bb-f068-4942-954b-4bd2026872ad","block_type":"box","text":"States;","page_number":105,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"15e0b419-852b-494b-8ff5-80db5a76b48d","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":105,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"b0b88cfb-32b9-4a94-8de8-775f211bf635","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":105,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"c31e4a6f-c863-47f7-ad00-5385ad385290","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":105,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"afe0b995-2480-4641-a2a1-e32498946971","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":105,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"573b14c7-cf2b-4493-8dfd-dad6272a2bad","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":105,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"57f42801-1689-4dbc-9d7d-d0c96b522250","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":105,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"30f2099b-9f6e-4860-b7f4-3ffffcffea17","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":105,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"4ad23e99-875e-4322-86cd-d87b15cbcaeb","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":105,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"323e3ce7-9546-4725-be3f-b74a4c12ec2e","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":105,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"1ed41424-2fd8-4ac7-8b60-d548367086cd","block_type":"box","text":"States.","page_number":105,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"9ce1c9b0-92d3-42b5-aca8-fe02449f4bd4","block_type":"box","text":"Mortgage-Related Securities.","page_number":105,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"4a6d90d5-1c48-4d79-998f-3c006098c711","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":105,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"fc381f78-afd4-4b92-a566-6194a541b6ac","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":105,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"f3e4fe89-508a-4698-9146-1ff097043793","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":105,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"86ad7ee5-8d53-487e-b07b-cac4165b4038","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":105,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"ddf65437-551e-4660-87d5-68f058ca6446","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":105,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"0f0e3a3f-9827-4a62-bcea-75f4d232abb8","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":105,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"c89d1481-1e15-4813-9898-9cfbedc3f564","block_type":"box","text":"maturity or specified call dates.","page_number":105,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"6fe83f98-6a9f-402a-b0fe-5e6d0b845322","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":105,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"266f3289-6be4-4c2c-ad6c-4262210a3195","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":105,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"2d04b9a4-24b1-4926-9ea5-c4f9d18cc100","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":105,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"f963c3bc-a766-4514-84b3-eb3f0f5c8d58","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":105,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"9a66c35a-ea5b-43e9-8fec-c73f13b90581","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":105,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"1b5c1ba7-6775-4f10-b2fd-fed6ae177b5f","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":105,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"1a6e0e3c-037e-4da2-be5b-78ab1ff7052d","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":105,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"87f96653-4323-44a4-b8f7-11092692fbd7","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":105,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"cead027a-9b7b-4666-82cf-4ffe8f7d9389","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":105,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"2555a081-dd65-49a1-a8f9-4ef8ae5f908e","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":105,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"63b5db08-b353-4332-8567-04751aab1f9a","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":105,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"3304451a-d22c-4447-9a53-f617a3611666","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":105,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"dc2895a3-49f6-466e-9c8a-2a54ffe6be8e","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":105,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"40f922a9-298a-4c83-8e8d-f1b0d12e885b","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":105,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"7c737dd1-f18f-43d2-af6a-96f6e73bae6e","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":105,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"358cb34d-3b4e-4667-be23-432d1624d4b5","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":105,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"3f70097a-0158-4c13-845e-a720a1df87f6","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":105,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"e1984d6b-3fad-4f74-a301-c4b0132afa51","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":105,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"00596afe-1a86-4f39-baf9-9d9f1f82706b","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":105,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"96023582-5515-4a39-831e-bed517b06748","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":105,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"3251b73d-80fc-4004-a0a0-07cf43ec7849","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":105,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"c271e136-e4d6-413e-a169-23e6b87fe84f","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":105,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"5d619292-32d6-4caa-bb41-03ba7f203f1a","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":105,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"1b5ebe59-1468-4061-ac9c-e460ddaa8a8e","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":105,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"e1ea6a6a-b79c-450c-804e-39e54a155d2f","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":105,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"911b35c4-e9f3-418c-883f-b0c86cc0974f","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":105,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"0f3849ee-50e9-4e97-9535-c3ba550c7f0f","block_type":"box","text":"II-52","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5db0821e-f57d-40a0-a200-e498fbe9d2d9","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":105,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"268518c1-97de-496c-95d5-e1d6e66b4c91","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":106,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"d245a073-96e0-498a-9fc9-21842e54b964","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":106,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"96b7191d-6435-4e24-b5a5-e5f4327e046c","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":106,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"e065e46a-93c9-44d9-92de-2866e7af5830","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":106,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"b77709ee-aaed-43a9-9208-b7d37f325570","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":106,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"4937e288-9bb4-4754-8327-93bb82cdebb7","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":106,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"e5158ca3-36ef-44cd-a272-44bb794ebdfd","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":106,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"10e0b1aa-4d78-46d6-899e-9dc54897c289","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":106,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"2450f02f-949c-4a77-a1c8-fed455084e03","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":106,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"d72e8f24-3553-4b3d-bcdb-ce367dc0c081","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":106,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"2869ea86-5103-43d4-9ae8-d47dc8f73928","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":106,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"7db21c6e-fb7c-4ee9-955f-159857316533","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":106,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"de1657e6-fe28-406d-9c66-c4beb477b0fe","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":106,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"7ccc2117-12bd-4096-adcf-13ca8ba5d4b4","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":106,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"cd330b77-3a08-4e58-9af0-3b3a74ae2c7c","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":106,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"3145887d-40eb-4e26-8759-ffdeb3c5c572","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":106,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"2e033d0f-c165-4a2b-988f-e29e4674365c","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":106,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"5cadaf99-4037-46bd-81de-7d1880e2f3be","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":106,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"4f42014f-9782-48c6-91dd-5b71d2c19761","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":106,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"be33bf63-1d1e-4c09-a2d1-8d35f3df27f0","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":106,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"566adb9a-bc3c-4f1f-9352-f120ec22af70","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":106,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"246fe8b3-8409-4a78-8564-9ea9849b4498","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":106,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"f29855e7-1ec4-4d79-80c8-0a83f07fa4c7","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":106,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"7df5cd73-6429-46c8-a356-24e6ee9f8e5e","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":106,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"43b84198-667c-42d9-a27e-79b75dc79524","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":106,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"ef1b4da7-8a30-43ec-9616-5ba953376494","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":106,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"edd9d9d0-6e89-4177-a8a8-911c4fd52dbd","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":106,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"28f63449-0765-428e-a925-6dee5493b3de","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":106,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"07e1d67e-177e-499b-9be1-2a52e1313b73","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":106,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"95865b6c-5b24-41c3-812a-e497a9f8afec","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":106,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b891bf32-dc13-45b1-a8ab-6b8788dd230d","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":106,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"aa930804-f3b2-4785-ba11-480aa42e509d","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":106,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"3179f597-ce13-4698-8e3c-5ac841e787e6","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":106,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"5a074908-fc5a-4391-96d0-4c637b6635b7","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":106,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"fcbd1825-2cf1-4d7d-b2eb-1502e16670ee","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":106,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"7a3a8eb0-ac90-4fc4-bcd7-b491e5540355","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":106,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"8baccfb6-9941-44f7-a204-af94e121da1d","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":106,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"8a577af3-61ee-4bdb-b8ce-0ac0135c900f","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":106,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"8d08307a-797d-451c-b0c5-8358023926fe","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":106,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"edb8fcb7-aab3-4e66-ab53-a8f7aba0852e","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":106,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"3fc60d2f-1a7d-478d-9b17-b1607346c10c","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":106,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"6db29bd0-0f74-4547-b981-53ed7e85f22b","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":106,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"7c4039f2-39ed-411f-bec6-dac9f57fe5f8","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":106,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"833e5f29-2cd1-4d98-b7b2-ac1976a54dbc","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":106,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"fac02055-b0fa-4411-a256-ead65409b0cb","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":106,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"25daee72-66e2-4a13-a2fb-f98127361d06","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":106,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"539dd4a0-441f-461f-afe0-3c5e3b32fdc7","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":106,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"4a341f56-8b25-4e53-8db2-183a7a817701","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":106,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"96e4b63a-09d9-4548-8f40-7970e74524bb","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":106,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"b2a72a5f-39b5-4053-92f4-6e77de32d0c5","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":106,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"201e775a-eac4-40b6-b028-70b96000d131","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":106,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"b666d6c2-5f85-43e8-99a6-117a104596e8","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":106,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"90340714-94ba-4132-893a-a6f38e267c57","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":106,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"5cf1e752-e83b-4c26-a06b-78e52d26e0a5","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":106,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"80c584b5-9dbe-4e49-991d-ac398e083ac5","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":106,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"a626cfcf-6e6f-472e-8c9e-8c7039605224","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":106,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"10ca8a4e-93eb-4c6a-b6e5-2bce8b1aebd0","block_type":"box","text":"II-53","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"56d9779b-8359-45cd-9a2b-9b256fefbbbe","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":106,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8d731407-a4a9-4772-b386-57e71b7cdf77","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":107,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"8f5ce922-3426-4ce3-9b36-c3396855591b","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":107,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"116db2da-489d-48ad-aaa2-b28aeb33e113","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":107,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"c968f052-3f02-424b-b0a7-0dbac0904f95","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":107,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"1b4717c7-b767-4833-b7a2-eb1debe0319a","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":107,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"82169e1a-32ee-4c93-9f18-f77b284bceee","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":107,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"b7d4bcdd-1b19-458f-9c8a-328f543b7776","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":107,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"040c434f-eb66-40e9-8623-8bc3166cd202","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":107,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"044b1437-4b4c-431b-aa45-5d9ac0337306","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":107,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"11eaa551-c436-4ca7-b50d-8bcd8449b615","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":107,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"a00ae4a3-9370-4ed6-896b-2fffcb0c98e0","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":107,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"0a150e37-e3d8-483e-82e6-a0e5047c89fb","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":107,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"71af32cf-78e0-46cd-b146-964bbd3882aa","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":107,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"d4819ce9-00d5-40f7-92de-ef76b07ecf40","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":107,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"012c4ec0-cfc9-4f0f-877c-ea52c78524c1","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":107,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"8ec6aca8-a7a6-4ba7-bc37-802e80fa91c7","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":107,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"188ced01-ca28-468e-8785-d9ff55c3dc51","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":107,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"5cd19874-d767-45f2-bcff-c121722589e1","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":107,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"bede7174-5f6f-437d-87cb-de078ef83075","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":107,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"4811e80a-ec8b-436a-8549-b57a332b4b49","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":107,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"fb5daf6d-3c0f-40a1-a95b-599c906ceb1f","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":107,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"51d3c9cd-8e04-4207-9c0f-a039d2b84c19","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":107,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"7877c834-bee8-478b-8da9-dabd6c52c4bb","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":107,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"71fc9469-233b-4b5d-8054-4e4196de6724","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":107,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"fb30328a-d588-4366-9aa7-08c446a7f2c4","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":107,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"e3b39f32-f0cb-4d50-805d-b56026a56333","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":107,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"eae4133b-1a2e-4847-a34b-0c3d911bc2e3","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":107,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"00c432d3-178a-47ce-b904-2fe45902159d","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":107,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"8621f521-69d3-44a1-9f04-5a025b0186fe","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":107,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"7feee346-be71-408e-8c4c-8e9636708929","block_type":"box","text":"of principal because of the sequential payments.","page_number":107,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"0d69d024-d901-47cd-88de-d7b3f4dad590","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":107,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"7bf5dc94-93f4-487f-941b-72379dad565e","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":107,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"29752832-9191-4cd0-9ac8-f1bbc3c17fa9","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":107,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"5e57fb7b-1367-42a0-9421-86e633e2e73f","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":107,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"7df69e6e-2122-4a37-bdf9-a7a1e97dc6b4","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":107,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"877fcd2e-a9fa-4a77-aefe-360b8d4e2978","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":107,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"d0fa1843-aa2e-436a-86ac-18a9bea69170","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":107,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"9c70f6b6-ec17-4ad8-b8f1-473fb695bc11","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":107,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"7185f5d8-91a4-41b6-add0-2348d748c9a1","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":107,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"eaec5dae-1ebd-4d16-b3c3-e6c58d465a65","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":107,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"8b7ca350-28ca-4c9f-b7db-0172cd88b25b","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":107,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"3dec03a1-e458-4999-b700-25d65c58a045","block_type":"box","text":"securities of any single such entity.","page_number":107,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"fa94929b-9038-440a-b58c-16e1d51e966e","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":107,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"d6e711bf-fe51-4972-b093-c8aefffae233","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":107,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"1d8474ff-48d6-41e0-9d19-4be4764c5860","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":107,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"bd85eb4b-93ff-4ae2-b4ea-57ffcc154efa","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":107,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"70fc5fba-5502-4512-996a-6798bbdb62db","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":107,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"dbc505e5-cef5-4838-a64b-59e9d05f8d93","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":107,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"6f2fcc0c-0744-4d55-978f-4a0c1a981e29","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":107,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"968c39d0-7ee5-4576-bc34-90d6ef3ce261","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":107,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"87684a85-1c2b-467d-b90c-142b555f5084","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":107,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"2dfe9693-a5df-460e-9b3b-a1c0d36116e3","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":107,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"baccf2f8-cd39-4e87-9ac7-473b3d994c41","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":107,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"ac779832-a507-437b-9164-177928ca697c","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":107,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"b6e6fa3c-e656-4738-81f6-f6bd3ea8ced2","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":107,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"8c858041-22cd-4abe-9cc0-38e828b6780e","block_type":"box","text":"II-54","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"018e221b-a4b8-4b2e-a58e-252f8c8d3da4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":107,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"26d04984-c568-43ab-9e40-b7e5dd20dbbf","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":108,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"0fe63d0e-e330-4d7d-886d-23c5a05770c0","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":108,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"45b292e8-3924-4f13-b995-c84ac66f8487","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":108,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"f3f22567-f768-4d07-bcf3-3c0ecd17fdc2","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":108,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"6534f44e-0d4b-45ba-9442-144de61a1a62","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":108,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"1b10368f-8ba8-48ba-b392-ddbf7f9f94db","block_type":"box","text":"classes.","page_number":108,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"2bdd97bd-4260-4205-a6c6-f7033374ca7a","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":108,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"ed41afdb-c6df-4c40-aed6-56cb73634319","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":108,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"5ffbd236-23aa-4f1a-b4da-c3aff1c22a6e","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":108,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"982ac9e9-6861-48bd-bfa4-317785a07d79","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":108,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"44d4fd57-5393-4359-abfe-0e23d2bb6ecb","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":108,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"efdf2d75-cb72-48bd-9042-08a85a767a64","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":108,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"f1306787-58d8-4ad5-acf5-c1ca994db8ff","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":108,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"bdc6b366-1bf6-4cee-a9e1-7eb9c0ed3f4b","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":108,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"9cbf3c14-fe9c-4ab7-9e65-c6a202abfe4b","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":108,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"9cb08ff4-bba6-4ffe-b635-af9103a5d479","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":108,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"bb01380c-f915-439e-9eaf-a7ce0b762d70","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":108,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"03bd75b2-df00-455a-a1c1-d5835769ef51","block_type":"box","text":"to a designated benchmark index.","page_number":108,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"c75b6efc-24fe-4bde-a4ef-a9b4e34367bf","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":108,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"36af637d-73d6-4e33-b29f-ec0b6f94b257","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":108,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"cda9e3c2-40a9-499e-b23b-6ea013815488","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":108,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"c7d6d081-b71e-4515-ac5b-42036c225ba6","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":108,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"fbf39e2d-48e6-4a05-9bf6-445c0a878e9a","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":108,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"88d17add-c987-4aca-92c7-4d89951463c6","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":108,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"18b29f39-35eb-4870-9ab1-be5578532d41","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":108,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"64070ade-d6dd-410c-b1ee-812fd0a77d26","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":108,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"0dc94de8-216f-4481-b5fc-7aa795d06a47","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":108,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"44f52e29-678d-4188-899e-ef73ae1740f0","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":108,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"a227fe41-369e-4c6b-8b1d-7240f3a20a71","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":108,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"0770dab2-deb6-4235-95aa-3914e9def4b7","block_type":"box","text":"CMO Residuals.","page_number":108,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"43c67046-f94d-42f8-b9e3-c3936d17b549","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":108,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"aca87bce-061f-4040-97c7-9b163fba691d","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":108,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"0435d858-45b7-41db-8eca-273705d7f124","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":108,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"a8df352f-5e68-4ded-9e19-46b8cba85028","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":108,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"e7498444-abfc-4a1a-a3d6-5f37ee4a6116","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":108,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c6680c96-6fe1-428d-a107-2a1d1b78b64a","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":108,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"a0adabb4-e05e-409c-9414-2921139fb1ff","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":108,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"9e0fab88-6ab5-4b76-9130-0434c9f64ffe","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":108,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"510b2789-90e2-4798-9540-596719e5a248","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":108,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"593bd6b0-f306-40de-a675-b167776b7470","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":108,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"0bb3ed04-0282-4a3d-a5ea-188feb1f5d3e","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":108,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"9853571c-ed13-46d8-aa28-5dc11b6a132e","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":108,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"47446741-b3b2-4c32-8eda-e7c46c8161f9","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":108,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"54ffabb8-491e-46ec-bfd4-24e893d57bc7","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":108,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"bfd184f9-543a-40ee-ba65-f5a6413c78a5","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":108,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"60ac3ecc-05d8-4397-bbdf-aa5935736ab1","block_type":"box","text":"residual.","page_number":108,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"6b7b704b-f541-46bb-88d7-dda97d96bc2c","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":108,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"6a0c2a81-ffe3-42e6-9e4e-6c31d1ced367","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":108,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"3e2b8986-bfae-4950-9bf9-f45705eedf33","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":108,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"755f7d6d-77f2-430c-9fb1-941f84b152d6","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":108,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"ea1dca4f-39a6-4983-aded-1d15272dd8b5","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":108,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"33d6baab-415f-4990-9b89-318ed2f89a93","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":108,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"5f0539e5-f0c5-4a3a-8c2c-99d59373b443","block_type":"box","text":"and REMIC interests.","page_number":108,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"45a5da92-cfce-4513-8f8e-ec7a85683c1b","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":108,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"0f53d2e7-5341-48c9-a397-e4959dcfb7dd","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":108,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"df662bef-1407-4251-b0f3-d98c850b3e5b","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":108,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"05d98333-5a2e-4610-9fdf-9679259b071c","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":108,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"94cd7938-3c7c-428e-a2bd-200a4c7dcbdb","block_type":"box","text":"II-55","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dc811ec-dda5-4b47-9e52-e8c0ea867bdb","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":108,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"89f15c19-2091-44c0-8211-e2d77ce89dbf","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":109,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"50e57bb8-4e58-407c-85d8-edbb65fc371d","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":109,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"5f9f18c8-fd2d-49f8-b5b7-99d3b752ee04","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":109,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"9c0b28ea-178f-4098-bcfa-f23fe3bb5d19","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":109,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"7e901376-23d9-4831-b1d7-9e6c2f41be84","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":109,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"704cedac-4e25-49ff-8bad-3b5fa351876d","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":109,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"decd53d1-0807-4bf7-b708-97ca5944f57a","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":109,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"fc0ea9b7-5943-4220-82fc-a6b29dbb07c2","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":109,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"1cda925e-e525-4ba3-8c64-7e7e8035cdd4","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":109,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"40194ab6-c460-419e-88e2-579ae67064dd","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":109,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"38773cd7-2e73-4847-acb3-68854a163096","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":109,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"dfae03f2-a38f-46f8-affe-7b9a0fee7de0","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":109,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"4d78fc31-d4bf-4b11-ae35-1ff2c1350f4d","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":109,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"dd7d0db3-00ac-49d1-b7fd-dcf92b374c73","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":109,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"94499cea-81a0-452c-89dd-ec20fe99bc5c","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":109,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"05ea249c-d146-4479-b6f9-085f3c6e7009","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":109,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"aa3a3b8a-dd59-42da-be21-fdcf97a3eb9e","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":109,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"97df3bfd-921c-4f80-9b31-81dc0a339d7e","block_type":"box","text":"Tiered Index Bonds.","page_number":109,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"9e6e18ea-62e6-4f80-a888-ff08e9286992","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":109,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"345769be-77d7-4f89-a678-1c49e505708d","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":109,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"18dde5bb-b16c-48ca-85e4-b95e331f1d99","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":109,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"65831174-580e-4460-8271-5de52bc552d4","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":109,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"14b38829-777e-4330-b82e-12e26fa8d600","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":109,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"49ac4c9d-9e15-42dc-ab44-7bb634eb9ed1","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":109,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"87479272-ab3c-4c7d-8812-3950e06c6174","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":109,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"45b4671b-1648-4915-9d31-83d88f3f605c","block_type":"box","text":"TBA Commitments.","page_number":109,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"58365810-2ef4-4252-b5d8-9398f65aee7c","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":109,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"5a67e5e4-ad38-4efd-802f-5d1d257d2e3c","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":109,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"71bfe6cc-f48b-4c23-9e67-4333136c90a0","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":109,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"cc27e24b-2ee0-4d60-8161-d193ff7545c6","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":109,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"ba656453-9463-4795-8921-714326451406","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":109,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"4c0669b0-57d0-44e1-91f1-2dd766d1010e","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":109,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"709c0c6c-db5c-420e-87ce-a357ae21f58c","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":109,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"0f430ae0-d262-4346-a095-ef3be005f7e9","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":109,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"22acac1a-535e-4a5b-9052-d2ee9dccafab","block_type":"box","text":"below.","page_number":109,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"31019098-c992-4721-9a02-92754e9b9ea3","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":109,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"f99c2eae-7715-4677-ad88-f7b9144f9d69","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":109,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"e6ba1881-59f4-4f41-afbc-e1a561520a97","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":109,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"0b1fccab-29fc-4753-b1e3-62ecd660ab04","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":109,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"f9efab7e-1886-4179-b1d3-61ae393bb75a","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":109,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"2713d012-9713-465d-8626-96a0191fe8fe","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":109,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"ccd0593a-6e02-4ed8-81fd-9b51df1e1d30","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":109,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"48bf3836-51a1-493d-98ba-6cbd6854d443","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":109,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"7e03cc0a-86c7-46d7-b284-5643b50bce63","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":109,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"5da8a923-d554-422d-b2f0-4250d5b28a01","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":109,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"976948c6-1f07-4cad-9cff-030d11364f58","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":109,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"c64ddd93-f2bd-4f88-baa9-8fe59b308721","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":109,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"bf73c8ff-6300-4f2f-8a4a-8751da411fb0","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":109,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"7c6d2d00-4f36-48a2-95f2-04fbe32b3a26","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":109,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"d51aa22e-3005-47d1-9b0d-51328d393393","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":109,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"02ee5239-283f-4bbb-9e5e-87cb9436059d","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":109,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"e49de4f5-0a52-49d2-b6f8-08f3e2f280d6","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":109,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"c804ecc1-0d67-463f-ae23-696f2f4347f2","block_type":"box","text":"securities in the forward transaction.","page_number":109,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"d0becb36-f9a1-4fed-af81-43b29295e99a","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":109,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"a347c3e3-8b39-4b5c-8379-67c1c04b5316","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":109,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"3cd6aca9-dfff-4c30-8abf-d1309d32012b","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":109,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"fe274e72-a43a-42e4-ab41-174725296cd6","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":109,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"4824937a-2310-481a-b024-7324a16fd435","block_type":"box","text":"II-56","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f8e198f-dea9-4d9b-b164-22631d4f7c7b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":109,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ddf46e8a-6299-48d7-ae51-d2c0e73d1d88","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":110,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"30c0192d-1c58-4199-b1f1-643cce176958","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":110,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"169f9ee5-261e-491d-904c-376d7cd57d79","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":110,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"fb00e89f-15a1-4489-a5d0-00f255e89e38","block_type":"box","text":"securities (","page_number":110,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"84518548-fae1-4345-9640-af120065dcde","block_type":"box","text":"e.g.","page_number":110,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"5bf20b22-d145-47bd-af0d-868483db928e","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":110,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"d73f13d4-b9dc-4b07-9986-250d10cf8180","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":110,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"84e76d34-2973-4665-9107-f6cc71874683","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":110,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"9a3101fd-2384-47c6-9b40-bd564fa80408","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":110,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"5f20ba6a-305f-40d9-9941-c6564c8f24c8","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":110,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"62958643-dde9-4dfe-898d-4dcceece3c21","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":110,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"8e42d805-30cc-4409-b4e1-c7060ed390b4","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":110,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"9df18e6a-0da0-4d4d-9322-9faab1dedf91","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":110,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"ef136486-f645-4870-b0c1-a6ab0b0a9fa2","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":110,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"e546c6a1-ea84-4a11-9e02-c54b530e12c6","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":110,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"670ae8b7-2f9d-4506-a736-9c892ab7371b","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":110,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"a13d2488-27a7-40b3-bf22-e6f44b122645","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":110,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"e6035f4f-eb29-4897-b26e-fcdf90dd584c","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":110,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"286d7d8d-fe37-45eb-9cbc-04b9d3acc36a","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":110,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"c67a739a-b50d-4b04-810a-6e7331370088","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":110,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"865ff784-7c0a-4e8f-a245-67f2aed4ca1c","block_type":"box","text":"Municipal Investments.","page_number":110,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"0b4b9b11-83a9-4c2c-b36c-4ebf537a2e36","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":110,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"0262cc1d-54e0-41d3-ba5b-12abe5c033ee","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":110,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"6fc8bb7f-83ca-4e6e-9192-11624dbd5e29","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":110,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"7233f709-254a-4fd8-8385-935034a244cc","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":110,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"0e9a0a5d-d706-4e03-ae82-3bde05eb9ebc","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":110,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"0420a2d0-0370-435f-8a1a-de46a3c3a9b2","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":110,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"2b18f58d-133f-4bc5-b0d2-63cc93e61799","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":110,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"31759a78-70ac-4797-b9f0-61c4ce992006","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":110,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"ac392ebb-3adc-4f8b-8795-9d68f2534291","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":110,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"c94aa125-fd98-496e-b47f-1c08761a6948","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":110,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"e8ee6c82-8a4c-40cd-a885-4297ba9ea76e","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":110,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"cf1c307f-4c4d-40c3-b561-13c6cb11f01f","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":110,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"e0aa28c9-9b75-4cae-b19e-1fe7e3b4d517","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":110,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"3c896ed1-f3b3-4e0d-9405-597526b2a14d","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":110,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"9c722214-24cc-4d23-a2d8-cab5e2fb2d00","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":110,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"d933958b-4eef-4ad5-99b0-3fe3ed760bc5","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":110,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"ff943f50-c88d-4369-bdcd-21b345fac384","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":110,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"8c4fac31-3950-4883-b3f8-4957a76510b0","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":110,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"ef3da829-bd28-4f2c-b787-90008af9134b","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":110,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"4789b11f-68c7-47ca-a396-10f006898751","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":110,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"6d26c8a2-6af5-47b8-9059-dc47f15878f4","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":110,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"61cd1261-c33a-469e-b2b2-19fac22c113f","block_type":"box","text":"The risks and special considerations","page_number":110,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"a9e04ae6-4f07-4a2e-b110-1e4919105491","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":110,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"7cf3a38e-ea8b-4292-8575-562e87bae698","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":110,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"3e154a30-545b-457f-9623-45c81879e1bb","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":110,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"8146d578-c933-4c55-8129-1af2f3d2e81a","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":110,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"a90b458e-1bce-4aa4-a2b3-56550bcfe497","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":110,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"633b36d5-dba6-4aba-ac8e-080f4b52dc5d","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":110,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"0d87781a-eeb9-4068-844e-73c40922562f","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":110,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"ef3eea5e-4f63-4b6b-b224-4b8351c10894","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":110,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"56bbadd6-7a29-4266-a272-47822da2bb83","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":110,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"56b7106e-bf70-4f72-8bfa-e643e603459b","block_type":"box","text":"II-57","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7743b90-598d-4d30-a6f1-f205f9a0e26f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":110,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"94e5458a-cbb1-4cc1-8c29-9de0f7a712cd","block_type":"box","text":"Description of Municipal Bonds.","page_number":111,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"af34870e-70b4-4b39-a20a-b7e5f88187c4","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":111,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"81fa6f3f-cec8-4713-88c4-f7a916105feb","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":111,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"e4d17005-7d14-4d02-a300-67e49d42a20d","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":111,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"d177ab45-c4dd-46e2-9dbf-4dc44c6a9c15","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":111,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"1a2f66e1-ec57-4e6c-8f59-59d8801cbba8","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":111,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"09b7ea2a-78f4-4489-ae60-85349b7e9666","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":111,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8b5ab4f1-8d13-46f3-9701-b0404e8e9223","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":111,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"5d4cadf4-e02a-458d-a6c1-7a3f41952400","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":111,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"5c72e71f-016d-4be2-a623-a49945158363","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":111,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"07ef8b08-ed0b-4bb9-ac77-72ae029d6ffb","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":111,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"fa966a7c-67c1-4376-8d8a-bc736b1fb014","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":111,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"dbb79461-ca09-4bcf-98ad-09b1300d9201","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":111,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"25eff0d1-d863-4c8d-9155-48b94a8fe1f0","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":111,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"b12ace08-78e8-4a30-a1d3-75efb0f9fb33","block_type":"box","text":"General Obligation Bonds.","page_number":111,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"8ba60bd8-fedd-4402-a8fc-b49a08615010","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":111,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"f6740542-2952-4276-acaa-bf2e91dd68d0","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":111,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"cf7c3ad1-71b4-4fa6-9c15-981a0650b155","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":111,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"b1d393bd-4db7-49b3-9aa4-8db2a3eb9270","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":111,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"972bc959-baf6-44a6-b367-b917bf65ca84","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":111,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"61531673-5c4b-49db-ad3e-663b95e28c12","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":111,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"8447fa06-102b-4d84-9a72-c65d20cfecbe","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":111,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"43ecd6ea-aeaf-4233-b0e1-a351d8abd0eb","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":111,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"948df404-2dbe-45dd-adf7-de224fd2fec1","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":111,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"f1325053-b2c6-446c-abc0-7c8f0ba166ad","block_type":"box","text":"Revenue Bonds.","page_number":111,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"a996b724-96d6-4a84-a61d-eab15a9d7d0a","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":111,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"e0f3e106-a32b-4e80-aa6d-925414f52c37","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":111,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"46c95771-9d60-432f-a3ed-75622df1aea3","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":111,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"380db544-e776-4686-9536-177860065070","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":111,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"045b3e6e-0463-4cf6-a974-83b1f6bd1d3a","block_type":"box","text":"viability of such facility or such revenue source.","page_number":111,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"6450a026-c850-48fa-9fbd-3388a0f4b180","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":111,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"1a8a59bd-6b76-4e52-8170-910668510c04","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":111,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"52b63a71-bd08-4d0f-b422-084d4de7eb10","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":111,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"4aafaeea-c3f6-409e-9789-67e849fcf4c6","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":111,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"dc789f2c-4f25-40b7-b1f4-c72adbe56b4d","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":111,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"f15a5265-94da-4a92-a506-b38f1d08c8f3","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":111,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"96bcbceb-d06c-4e3f-9829-25618998405a","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":111,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"38bbd58c-efbd-4378-8103-732dfe72864f","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":111,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"1f969e60-21c8-4471-a9c7-39d48bdb886d","block_type":"box","text":"PABs.","page_number":111,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"0226fce7-b695-4a40-b091-40f40cf5ec0d","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":111,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"2d0f78a4-83d5-4cd6-9091-8d6be1950f63","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":111,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"6790b1b5-edb9-4ece-a22a-9b4641f9bc8a","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":111,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"c713e070-71bb-4f89-8366-3296e4696c8e","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":111,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"c78eb7f6-b03f-4d4d-a818-20ccbd4980f9","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":111,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"f8afc0ef-0856-4b62-841c-52fa90c59cdc","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":111,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"53679964-f1e9-4ef4-bee4-fb078a55e3fb","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":111,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"88376fe1-0925-42a5-b8d5-462551c793e8","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":111,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"fb26cacf-aac4-4dde-9d28-1568a5ebdb40","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":111,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"fcfb2410-1c39-4116-9425-a2593c7364f0","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":111,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"11459db5-a76b-479d-b298-91879794f077","block_type":"box","text":"the particular facility being financed.","page_number":111,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"a5aaa6c8-840d-4843-a161-522866f170ef","block_type":"box","text":"Moral Obligation Bonds.","page_number":111,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"cc78b133-cbb7-43d2-a36c-27130699d552","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":111,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"f4beb04b-63eb-42fd-9cc4-fc3f4791a5d8","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":111,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"eaece98b-88b8-4820-ac2e-298c9a8fdafc","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":111,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"f8bc7578-4bb8-4036-9ff0-d73f345b3d0b","block_type":"box","text":"that issued the bonds.","page_number":111,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"03448eca-fbb0-4066-a2cd-4e71f70f2d9f","block_type":"box","text":"Municipal Notes.","page_number":111,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"f5bf7646-cf05-45d3-b828-dbf99f712227","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":111,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"3d1d9a79-0e90-43bd-8ae8-fe154c15566c","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":111,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"002fb0b2-f46e-40e8-907a-12ff834290ea","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":111,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"2ff7902a-4e27-444c-ac3b-8f2a491d2f8d","block_type":"box","text":"II-58","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdb59624-4249-47a1-a1d7-6669a027ab8c","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":111,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"75c53405-6c3f-43f5-beff-8658c1186a34","block_type":"box","text":"Municipal Commercial Paper.","page_number":112,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"a3b4d66b-6f98-41aa-862c-69003d372546","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":112,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"477e1821-9bf4-43ea-9513-0bd17be947a6","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":112,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"4901948d-c71e-42ea-9a12-1573b03d5206","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":112,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"e4abed0d-573d-407b-bea1-1336a3ea4c28","block_type":"box","text":"Municipal Lease Obligations.","page_number":112,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"8c1398ea-fa76-445d-a30b-87136a0cac10","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":112,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"f6e98b1d-ab47-43df-ba2d-5f7a54952d10","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":112,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"f082963d-7715-4ccb-9a09-59f6af2dd189","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":112,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"3909f05c-537e-48a9-afc0-4ecb8126b194","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":112,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"f60ae916-295e-4a63-8760-9ff10e28f2a2","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":112,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"e588a7cb-cd92-4747-99a1-0eb70813db77","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":112,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"d0a5934b-81c8-48ef-bc0b-f6edb38c2c69","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":112,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"f3efe75c-d88c-4d98-841b-96b3d1710974","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":112,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"01eceba5-dbd1-44b9-97be-772d307958ba","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":112,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"e7bdec43-9094-4775-9238-cf3e775c7c0d","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":112,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"bc5c31d5-b34d-48cb-99d2-7ad2d8ece2fb","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":112,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"6757fc38-f2c4-496c-8907-530d28b08069","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":112,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"1559b975-9423-404a-996b-e31ba2f7db55","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":112,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"c2b2ffe2-17b3-4349-99a8-fbc385d5061d","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":112,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"e1f0cac5-c522-43c6-bda0-755c58c7f536","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":112,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"705c0082-91af-49de-a0e1-6b7810cad912","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":112,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"e3ab9dce-fc2e-4226-bf74-13c8aaf32861","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":112,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"4d7b8cb3-223a-468d-9fbe-04206c88887a","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":112,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"1850ccc4-30ba-40fb-a52a-969a5e0a6d07","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":112,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"b97a5b68-47bc-48b0-ab68-aa53a5961247","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":112,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"9a7c9afb-1223-441a-9f89-3f75936845fb","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":112,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"dc2547e4-a909-4be2-9dbb-f399415c65ad","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":112,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"0e023661-4267-480d-a997-a15a552120b4","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":112,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"5528964e-e3f1-4ab3-a9ad-b0ae5b43b726","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":112,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"c3862f88-4322-46c3-8c71-3bbfe94d3144","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":112,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"b1b47862-06bf-4d0e-8f0c-1e1a69c1fbef","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":112,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"82a10c47-40b0-4bcb-b5fb-669eb2342a48","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":112,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"f01dd755-08f9-4501-96c4-d42754f65305","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":112,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"4173662d-4156-4c01-bac8-faef026baf98","block_type":"box","text":"Tender Option Bonds.","page_number":112,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"0f580e89-012e-4306-adfe-f048bfd804b5","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":112,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"80035817-11f1-40e2-bd49-e466df891b77","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":112,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"6b75f700-dc6a-4693-9f8c-ca1799b1b889","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":112,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"76fc7e1d-8d15-4231-b0ed-55a8bd35ae7b","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":112,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"585e4b30-f8e2-4575-ade5-c84c7916538a","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":112,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"3183dd3b-3820-4ce9-85d2-15798637ceb6","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":112,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"980bccbe-5805-4e93-9b01-3091ddc8ef51","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":112,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"7268d503-b62e-41f4-874b-673f8fcb38a6","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":112,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"97b5a56a-71f3-4615-960a-fd1d4e0eb14e","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":112,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"16f1dedd-0517-4e24-8d69-e4636bbd285b","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":112,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"d2c0e7d5-17c1-43dd-bc4b-8d593bba64c8","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":112,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"902cb5dd-dad2-4dab-a086-35ca4f430152","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":112,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"baf5952f-a4e6-4e07-9588-5ec168da586a","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":112,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"5dc813bc-9a75-4dc0-a202-ba4e0df8f08f","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":112,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"ef45a860-2caf-4dfe-9d92-657f6ae29df6","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":112,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"9f9fd801-969a-4621-a560-7a3b60e49a42","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":112,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"8b85493f-33d3-402f-b3fc-220ae314ad45","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":112,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"eb6826b5-c180-4a49-a433-60b062205ef7","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":112,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"863a97ae-791b-46d5-b19c-8985a160e461","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":112,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"a08d38ce-1e6b-44ea-974d-e9722d0eacc4","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":112,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"d255c283-ac19-4c24-9ba3-86e7ef452967","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":112,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"4e074b81-bcb6-4e4e-ac32-56dc14f7562a","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":112,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"5b9676cb-1b70-47f2-9f19-5431733552d0","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":112,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"e2abec4d-0d01-49c2-bfd4-dbe8df29cd80","block_type":"box","text":"participation in the TOB Trust.","page_number":112,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"067eeca0-4b6b-4182-8375-ad2876f6d72d","block_type":"box","text":"II-59","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddd2eb4a-5695-453c-8452-af9bcf025429","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":112,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"361275ec-4110-4a19-946f-5396ee8309f7","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":113,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"14a17dd5-88ef-4194-b197-2fad2a14b6e6","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":113,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"f7316afa-b821-4bf1-ba42-b2b14e3bbf63","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":113,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"78751f83-09b6-44b8-95d3-dd2150b37d11","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":113,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"4100ffe1-8992-4f45-8e23-bc4406c75ba0","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":113,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"ea27dbb4-62b1-4a0c-b1e4-0b713c0739cc","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":113,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"47887009-7e86-4366-a12a-82186bbcd005","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":113,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"b48769ee-f936-40aa-a750-dc187c5c54f8","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":113,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"c2d62267-811a-476e-988e-add8905dbedc","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":113,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"fcf1f822-21d3-46fb-8106-35b95e6584c2","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":113,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"890cb240-dc5b-4c76-ae95-15b327905b24","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":113,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"303a8a89-6714-4a1d-ba82-5951f20b4e2b","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":113,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"67b434d4-567f-4af2-92c0-6aed0467f6e5","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":113,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"bce6f4ab-2603-46f3-94ac-541fd431cda6","block_type":"box","text":"issues.","page_number":113,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"9b7000ea-b68b-448c-af70-4ded03177490","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":113,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"4971b521-011d-463b-ba88-6551d178b145","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":113,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"ebabfc1b-c27c-4671-ba93-b923c10bd6a4","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":113,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"d3d7892f-a5c3-4671-a884-a77f0e58e33a","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":113,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"63147003-fc05-4b2e-be7e-308e83e26733","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":113,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"123b5c2b-60aa-47ff-b2bb-66bd45d9352a","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":113,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"b00f7671-1573-4931-9562-269212a94392","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":113,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"3841b8fb-254f-495b-881a-6b67ac800dfd","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":113,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"61bfb46c-1fb1-491d-b6fc-b69d7aef46e2","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":113,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"1a0f5fa2-1a4d-4389-9a65-3ebd6071f0a7","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":113,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"fa8d76bf-3804-4cfd-a6b7-cbf9e55b9633","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":113,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"9b9746cd-f9d2-4951-b071-d855f1fa8312","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":113,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"c19bdbde-8923-4a2c-9316-f27188fc6aed","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":113,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"839952ec-689d-49fd-8e91-91ae4ecbbf5e","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":113,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"235c91f0-859b-4b99-9801-20021262c350","block_type":"box","text":"i.e.","page_number":113,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"b21c76f0-5434-4254-93d2-01a63a128888","block_type":"box","text":", the Fund). In contrast, in the","page_number":113,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"563126a6-88e4-4a6b-b069-13432b7152d4","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":113,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"4a6cb313-616f-41b5-b397-53735e6540f9","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":113,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"8a6390dd-9efd-47dc-af15-f4f06cd02258","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":113,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"9aa69234-9944-4a42-801c-7f9c3b193f29","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":113,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"83ed0a6c-2a51-46f2-b8b3-2ae6cf758f42","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":113,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"e5eb9a00-ad19-47b8-aff4-75f253c5802d","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":113,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"2acdfd52-f028-438d-9a15-bf6b6aa561af","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":113,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"440c7217-aedb-4ed4-a433-f41a4f40fb86","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":113,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"0d8baadc-d23c-4ed8-86df-b4ee80731940","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":113,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"331a3379-60ec-4196-b5ee-50fc24e375da","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":113,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"dea3731b-ee70-4c00-b5ed-ed2690e07627","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":113,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"4476f15f-9694-4c37-997b-307cdf71aa2d","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":113,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3efde8b7-9f20-473b-ac86-dabc21806c69","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":113,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"6dcd7d01-7b9c-4c2d-ab72-8f2d09959954","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":113,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"e656aadc-0cb6-4a38-a222-22757c16935c","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":113,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"dc04e406-ccf2-4986-b36c-fc3b2b37deff","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":113,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"b7012b35-3b42-483f-8c23-9daa8c203098","block_type":"box","text":"Trust.","page_number":113,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"703f8c24-9d65-4272-ae3f-85a6819a3b30","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":113,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"8c8fd334-5882-4399-9845-012a30a2c364","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":113,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"5f3d227a-c485-4207-8372-b37f02b3dbf4","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":113,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"1c3bc415-2f41-4fcc-a39a-fdd2334ffbb4","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":113,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"54eef0d1-0ccd-454c-ab2a-ba4a51166566","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":113,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"9eebb913-0eb0-4c43-b989-408dbe171397","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":113,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"f572dbba-e444-465b-8860-6c10bf662f35","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":113,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"beb1d88d-d76c-4467-a394-ec5158ca58fd","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":113,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"ce1053dc-0b8e-419e-be6c-0273111f79f3","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":113,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"7faca65d-f4b2-4aef-96eb-afed063d9294","block_type":"box","text":"II-60","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6acd0a21-36c4-4771-a9f7-1fbe0d5deb3e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":113,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3734984f-f971-4a71-99b1-50319e787022","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":114,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"3578aa28-f421-4db8-bd11-90283de2f2df","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":114,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"447f76df-11c9-45b2-871c-d9f025270355","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":114,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"e4424f74-0496-4942-96ba-d559dd3d716b","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":114,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"b030cf77-f43d-4d8f-86d0-b4dc78705f0a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":114,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"2f09eb4a-a165-45f2-ba70-31a026e0b12d","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":114,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"ef37af33-de63-4d9f-9457-013caf4c9e93","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":114,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"3a9b9395-81e3-45c0-a29e-9566ea1429ba","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":114,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"02bec34d-9e4f-4462-b1c1-1860eac4bd60","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":114,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"890fe474-01a4-4bf7-9aef-0033ec1bfa66","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":114,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"efc89883-60c9-4d69-87b1-ff930b715834","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":114,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"d3a44957-4775-41e9-b4e9-be74968cbb7b","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":114,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"5bdf1e89-694a-45c5-a203-7981b2806e9b","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":114,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"93d6914e-a13c-4f32-b196-9a98c1718dd2","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":114,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"b487e7e5-4d27-44b7-acb8-59513b70c98a","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":114,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"0bbed234-2970-4bf5-a94d-0d865623b553","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":114,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"3016a46a-d458-45d8-88fd-f1487bf771d3","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":114,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"6fea83cb-52db-4065-8cb8-3cb2615af753","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":114,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"ae32139f-8de5-462c-93a3-df46457ad611","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":114,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"95269f1c-af18-44ef-897a-a46d80a397fb","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":114,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"8e444bb5-5888-4b0a-822a-47d9668bf36b","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":114,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"60abf4b6-adf4-410c-8a49-d0f222f01e56","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":114,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"bd64294a-a876-4d8e-878e-e0d69a83d591","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":114,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"05057e6c-4a5c-4944-9279-13f7f4eadf9e","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":114,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"b9fe993b-fa62-44ff-ae89-b48d9bcece0c","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":114,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"c2c02217-398d-490a-8a29-5ada96e76672","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":114,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"cdbce3d2-60ee-4b07-a8f6-1bc8a17f01fe","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":114,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"185058e4-caca-4a70-b1eb-f443baeddba4","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":114,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"343b7e93-9557-4bec-b308-066ed1e5311e","block_type":"box","text":"i.e.","page_number":114,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"98a82c12-47ea-439f-bbf4-f4d94525a618","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":114,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"e2380b96-8d10-46e1-8179-3a0ff1cb5440","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":114,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"dcaaf09c-6a74-4457-84fe-93b749fc86f2","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":114,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"dd8da12d-6cb1-496d-9bcd-42f2187f52ec","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":114,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"1381aff6-4b27-4400-aa43-f46e544a6d05","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":114,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"106192ec-dafc-4ac1-af1a-d90cf8698880","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":114,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"8ed51a75-365a-42f1-9ed0-1edcc000ff74","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":114,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"e5eb093d-d3c9-4f48-ad7a-954a862217c8","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":114,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"98ab7064-a1b6-4df3-b86c-805b6d70f9d8","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":114,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"9849de57-713b-4b5b-815d-d7ffbf0927a3","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":114,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"f7fd4b0e-099c-405d-978f-0cc02baa663c","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":114,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"ede5e498-41ea-4766-8903-9959dee9f096","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":114,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"8b512de2-c822-4f77-ba1d-36fe08d8e546","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":114,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"298ced98-1827-42b0-9704-811aa682a9c5","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":114,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"1548bc2a-5a55-4170-84db-68418fdf186a","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":114,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"627e3423-b7b8-48bb-b789-3be875fe6063","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":114,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"53ab345d-cf3a-4db6-bbac-266ca96e5968","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":114,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"61ebc336-e092-47a9-8fad-ac602c97d649","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":114,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"805e0d09-9aa0-47d0-b4c6-28af30d46cee","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":114,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"0f35718b-8279-4d95-9490-75986410451d","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":114,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"de255c13-3ea6-4dda-b9a0-8a4899decf96","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":114,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"88c3ecfa-750e-46a4-80c4-c603c37e1479","block_type":"box","text":"market is not yet certain.","page_number":114,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"7fbc8bb4-f51c-4229-a7a1-ad344447913e","block_type":"box","text":"Yields.","page_number":114,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"07d35ca0-1fee-4ff4-8872-3818f2611a57","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":114,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"f5d58521-55bc-4d70-9a7b-eb8d05593717","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":114,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"44ebda3c-63fa-4ef9-8bf5-f20afe3bc8d0","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":114,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"f273aebd-f9f2-448d-9565-05f02f9e4302","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":114,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"0c3cb73e-fb63-4d52-9f50-523f85079544","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":114,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"ee423ee1-7c04-4a1c-8cf6-c788da992bb1","block_type":"box","text":"II-61","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ede4ebf-9b6a-4b93-9598-65fe7eb7a385","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":114,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0da96fc8-6e42-4657-8307-e40778d55f5f","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":115,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"022bc3a6-c0ce-4ad3-b312-02dd7355f826","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":115,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"a44a6061-fac5-4b88-b546-7c95b0d6aa2a","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":115,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"365d2936-a34f-481e-b028-2ee0513bac4b","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":115,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e38f0231-7a23-4412-9fc5-fa872ac521ce","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":115,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"df2f2821-503f-4a64-9349-5a4a88e7e46d","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":115,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"19546447-9957-4bc0-9e55-1bc21ac708d9","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":115,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"526f40d9-acd8-492d-8a9a-d873f69e5e8c","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":115,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"92555ed9-643c-4d20-8b55-c862c0558fcc","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":115,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"1026538f-3818-45d5-bf0b-beaf00ffcc10","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":115,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"d6d462f2-2020-46ca-b558-ddcb957c58ec","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":115,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"0489a27f-c2b5-4fc2-9bb0-b787d6ca60ad","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":115,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"b985e9e3-7ce9-4202-aa26-179e12511126","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":115,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"f41ab756-316b-4b10-9fc1-a26fc5ba8326","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":115,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"ddd5ddaf-9e63-4a8b-a4d3-1d6007043a94","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":115,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"802161bf-843c-4dcd-abb8-68cb3c4c7923","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":115,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"590ef448-de3a-4564-8402-a54b15437822","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":115,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"2a6a00c2-64fe-443e-b18e-a32f2d34c766","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":115,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"66847bc2-0a14-4aac-8c81-69a05de96143","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":115,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"8d016ec9-daeb-4bbb-bffd-3f44723ceb0d","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":115,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c410ed8e-66f5-4110-8478-1d50643dd151","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":115,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"8ddd3f83-7e20-4707-8902-f6cb0ed41ba9","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":115,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"5bcc0fad-617f-478a-bf8d-a7e92783fd5c","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":115,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"b3ffe834-0dc3-4401-81ca-a3c7668eda65","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":115,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"7bf8f0cd-c3c0-4552-92f1-ef9592028828","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":115,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"0ca6a14e-f853-4c67-b028-e58d3fbf1f61","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":115,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"9b4897ad-3044-4255-b28d-5cd871297db9","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":115,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"09bcf730-c946-48ec-9c44-f9be4ed5282e","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":115,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"eb144c8e-d6a6-468e-930d-5eb63765b727","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":115,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"4573620d-3e80-4ec5-af65-5dbb2991d0d8","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":115,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"184d50d7-c528-4865-a417-41230c5c7a2d","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":115,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"a656462c-d400-49d5-983e-f6f21621a700","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":115,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ef03dbf9-58d8-4f00-a1e6-073101b13709","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":115,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"04780369-e1e4-466a-a569-d03dedaafcaa","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":115,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"edc1a0d1-a2f6-4f7f-aa58-5c9d16b743b8","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":115,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3d531691-a14a-4cee-905e-d8c01470e583","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":115,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"5f07b83b-eae8-4791-ab35-f9362985031a","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":115,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"5c097f15-4b25-42bc-af4e-9723317a282b","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":115,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"e369d01d-5728-42aa-8e90-7c9d39ff9659","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":115,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"2bde58d1-33e6-41db-845d-4e7f1d5f208e","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":115,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"14bbe92d-b1fe-4d9e-aeaf-0726cfb42d59","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":115,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"e010edda-98e6-41f3-aba4-53ccfad8381e","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":115,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"0c28f750-5ae3-4ed8-ad9e-c50ab39cfcba","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":115,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"7bf95d0d-2177-4791-abae-5c310454262f","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":115,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"38fd817e-8810-4199-b8de-e9ca5d8562e7","block_type":"box","text":"Call Rights.","page_number":115,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"8d765f44-5c50-4d04-8688-03e0db0397d2","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":115,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"88ce4c5d-d9e9-4fd5-9260-c2c8427a368f","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":115,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"30c8decd-3b2c-41ee-b269-3f4eb455b6e5","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":115,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"593d9272-e192-4abf-9aa2-a915ee6e9d7a","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":115,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"1c8dd8cf-be43-4606-8c50-b57a1d8f16a3","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":115,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"4421039c-5943-4778-a32f-a63a9e00570a","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":115,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"16eb6776-a754-4fa2-9d1f-4824f7b700e2","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":115,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"8f46d482-b534-477b-a045-2318420afd4e","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":115,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"3ac6681d-65bf-4470-a5ec-4b260533108c","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":115,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"15fd565d-d780-421f-8797-567ed769944e","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":115,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"ec120247-d06e-4893-922f-b1ab90c61965","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":115,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"7031b596-852a-40fa-968a-fadabc0fe814","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":115,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"2e7b6464-5358-4319-b04e-4fb9d7fbd8fc","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":115,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"fd5712d9-9dc2-413d-babb-769f129b44d8","block_type":"box","text":"II-62","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31a391c0-1889-48d4-83ee-86c26a0d450f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":115,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a7360515-7b4b-49a2-a53b-eb7994032c25","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":116,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"362cd607-46fc-446a-8cb0-a33791fea4a8","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":116,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"85b59b2d-e1f3-4897-85f4-c8f7c665a69d","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":116,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"7f629429-083a-44ff-bf7f-f4e85895de48","block_type":"box","text":"i.e.","page_number":116,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"c6d96166-b3bd-4def-abd0-316bf1a9d39c","block_type":"box","text":", wide differences between short term and long term interest","page_number":116,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"8ac2f21c-1538-4db5-b31d-0dcae6d1f5af","block_type":"box","text":"rates).","page_number":116,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"87f69175-1744-496e-9c25-9feeba52b04f","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":116,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"e2ab4690-a729-4a82-9c72-4f9c02f5e55b","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":116,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"cf44a7b3-d40b-49dc-bf8f-400f0a969776","block_type":"box","text":"e.g.","page_number":116,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"81dd7cf3-22f5-4dd1-bffc-fd39da37305f","block_type":"box","text":", an exchange of fixed rate payments for","page_number":116,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"46f87f14-ff0c-429a-bef9-b6f2f6935c02","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":116,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"04507af0-1d7a-43e0-b6ac-a7e2f65f345c","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":116,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"e14c7af8-d4de-4510-8d5d-cbefd2c1fa46","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":116,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"41f57efc-9e94-458c-946b-98a61745d748","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":116,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"4ffd101e-a8cc-4f8f-8dff-53f7b66dac0f","block_type":"box","text":"with the same attributes as the swap (","page_number":116,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"e0a700c3-4388-4a5f-8ef1-fbc5bd138bb5","block_type":"box","text":"e.g.","page_number":116,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"485b96c4-ffbd-4e17-be7d-ef4bbadb7cca","block_type":"box","text":", coupon, maturity, call feature).","page_number":116,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"db4985f8-99e8-49c3-8bf5-2a89c9655c5a","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":116,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"db6b16d7-1078-4946-b28e-2228a29aff50","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":116,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"3424c909-0a51-48bd-916c-18ca099318fb","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":116,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"a2382e7f-8c3b-4a5b-870e-7664994556d5","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":116,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"fb032f54-2197-47a2-99ef-539210de976a","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":116,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"957ca06d-28e3-4e91-909b-99c4f72c52fd","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":116,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"512a1def-dc1e-438a-a083-ad41c7524e4e","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":116,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"a4578900-de75-4fc2-8196-99b0ad956cac","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":116,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"0f2b6b04-3137-4ac3-8d4e-a956a4ed3a93","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":116,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"54366593-81c5-431d-ad40-11ec9b5c11ad","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":116,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"8784a9d2-26a7-4b13-ac30-241ea4e2d2c7","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":116,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"0cdc3331-abea-42e2-9490-80efbe1c3b14","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":116,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"516a7b0c-677a-46ed-a2dd-eca538eec103","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":116,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"76ffc5b9-e7ad-4744-aefc-433442316ee7","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":116,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"acbbd6e5-9d6c-4b0c-bc5b-df98b7d27fb4","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":116,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"42d251ae-8af9-4a15-ac6e-a80cf8e375cc","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":116,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"1ba559cf-5855-4490-b353-993d4f790608","block_type":"box","text":"MMD Swaps and may not do so.","page_number":116,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"4b20be01-8de1-4b54-8c2f-fbebbfe8940d","block_type":"box","text":"Insured Municipal Bonds.","page_number":116,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"d92023f0-5cdf-419e-a170-05a20c5e0d0e","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":116,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"776d6028-0d9b-439f-beaf-7075c647829d","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":116,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"c63fc63d-3490-4948-a704-b9e33446cc3d","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":116,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"4c539205-8850-4301-8dd5-4ca05196aa25","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":116,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"4fc08aed-fd1a-4061-a202-b0e8b1240db3","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":116,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"4e8291e2-2198-42e4-9bf8-e31b4ce8e398","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":116,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"98a6fd47-b72d-491f-987d-2ba3e093fa67","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":116,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"2dacbe73-450f-4416-bb4e-f30c72f3d8c2","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":116,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"145692c0-1e29-4aaa-8305-196ee694d8f3","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":116,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"05ff219f-b874-4225-8645-874ffb6c27c1","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":116,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"67e97418-4c15-416d-8117-096942128386","block_type":"box","text":"bond could drop.","page_number":116,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"b90158f3-9eb2-4417-98a0-78e7e0391e56","block_type":"box","text":"Build America Bonds.","page_number":116,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"e48dce32-df89-4e9f-bd01-aa478748bbae","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":116,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"22b0b5a5-eae6-430c-b3d1-7a588266d997","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":116,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"ca5386bf-3e1c-4426-b40a-e3bc866d35d6","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":116,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"454fb390-4456-4794-97d4-86aa8084b01c","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":116,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"da20b229-d87a-44b4-bebb-88d3050d740e","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":116,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"ff94f300-b349-4726-ba28-ed2b0957e218","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":116,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"0ef58369-bda6-4f8d-830c-b192680ec796","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":116,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"50598f13-b7ca-4ada-83f3-28a915ae987a","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":116,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"8b407274-8ba7-4ffc-8171-33dafb69f880","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":116,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"f2b801a5-732c-479c-94e2-75ec865ae58b","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":116,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"0881c26a-2b76-4f46-9054-de7e069a4508","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":116,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"158a9a17-c5c2-4254-942b-fdf14eeacffc","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":116,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"360c1dde-88cc-4353-b3ac-b75f3f398bc0","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":116,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"77dd7e4e-4f2b-48c3-aac5-072dfbf6c917","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":116,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"6055d0be-3358-444e-a330-04cd18704db2","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":116,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"9be7fde9-f0cc-4f42-8ac9-4ab1ed588379","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":116,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"06f70e58-2a50-4414-9aa6-89bec92da171","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":116,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"d76e5bc2-0b24-4c09-a3bc-ab1ef783480f","block_type":"box","text":"II-63","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bd76417c-3d59-4740-be49-197d389ae534","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":116,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"783e5e61-7e25-4407-9c2d-1684187bd2f6","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":117,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"9af22879-c6d7-489d-bf86-1e5560d5d275","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":117,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"6b435a08-8e7c-4920-9e2d-5dc77b17170c","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":117,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"cfd60bc3-4e2c-4089-8cfa-6db8d9886d8b","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":117,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"9361fb09-c3c2-46c8-ab41-87a90a7fdb15","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":117,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"322dd695-5498-497d-8c9c-ea572a9e9f2c","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":117,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"9922c8a6-a09b-4070-9277-bc4a7d661ebc","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":117,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"d3d27622-fbb7-42e0-9d3f-02f1ab51e52e","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":117,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"697ecb7f-9ff4-459e-8d09-59b4b0fb8b76","block_type":"box","text":"their face value to the sponsor (","page_number":117,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"3cb32815-7b97-443a-a512-df96aeeb3fdd","block_type":"box","text":"e.g.","page_number":117,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"8ed34e5c-f1f5-4f72-935e-dc3a9a5b73d8","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":117,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"49451c6a-fb3d-43cc-a6e8-1a96b43e396f","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":117,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"29c38de0-ee40-4ea3-b6ba-249a7efee214","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":117,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"b5ac329f-8011-4482-b41d-1483dab2b23f","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":117,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"47667815-9d74-4731-afcd-2e949a39189b","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":117,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"f52c1f90-8a13-407b-98ca-d342f9ff0d6b","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":117,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"afc6170b-8597-44b0-9c89-574898774a33","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":117,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"7bb92bae-41e7-490c-848c-ca67450071fe","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":117,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"bc9246af-29c1-4ef6-9929-5699e47940c2","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":117,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"665c2bcf-3d13-4f08-be81-82b3e0a86933","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":117,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"e42df2bf-9bf6-49c0-b530-9e086c171bc7","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":117,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"ea790012-6674-46fb-a0be-dd6f9a6f20c1","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":117,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"bf352872-f09f-4389-9d87-b8b7bbdef55c","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":117,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"f2f47414-7eb5-4186-bef8-1cb3f1feaa39","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":117,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"b53c525b-c65f-4cb0-8138-dd521a95555c","block_type":"box","text":"such opinions.","page_number":117,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"a5dcf1b3-2435-4eb5-8456-299d06fd8395","block_type":"box","text":"Participation Notes.","page_number":117,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"a3b840a3-8766-48c2-a21d-8db358809796","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":117,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"d80d1548-4c64-4400-b2bf-3e1c604ab7ac","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":117,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"b4e3aafb-6109-4f46-b83e-445cf348a382","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":117,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"a6c58a7c-575e-496b-9a99-30a7f54a002f","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":117,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"d340445d-226c-4607-a23d-ebeb20590d03","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":117,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"957e0fd4-7491-4750-b379-d925c4221413","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":117,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"ca01b210-69c7-448d-b884-74b2a86fc1ef","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":117,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"60d5bbec-776a-442b-bb19-68678c260444","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":117,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"c647dfc4-f6e2-45a1-aab1-22d2f32d9730","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":117,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"f47dc0d0-14e6-488d-8df6-ba9a354d8d1e","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":117,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"ceef256f-c9cf-408d-82ac-c6f7f229961b","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":117,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"d6c97d3c-9301-463c-90b7-87359f18dbe9","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":117,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"9a33c88b-2dfb-4a3e-add0-03cfeac088ab","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":117,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"5334cbab-89d8-424f-bc83-8e4c2ca6d621","block_type":"box","text":"creditworthy.","page_number":117,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"8e2d8f88-1f40-44f3-989e-b4f8e59a7a03","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":117,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"52994699-747d-4288-ae0a-f8d221a0e3b3","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":117,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"53842831-f88b-4a87-a5ce-842b87ca60df","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":117,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"1d87d3b6-bdcf-45cf-a092-202af0a6d811","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":117,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"3b0f1532-b09a-468c-bb91-6cfccae99cd1","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":117,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"63bb736e-5690-43c1-a479-d5056a19fddd","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":117,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"9b382cd0-3673-498f-a5ab-53260ff88d5e","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":117,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"809d0db6-3974-4264-bca2-3da1e8e1aa76","block_type":"box","text":"Portfolio Turnover Rates.","page_number":117,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"7cd18356-451b-4a8e-b693-dc4894255b64","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":117,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"2bba5d2e-4419-4f99-9da2-40f9b53a1aa8","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":117,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"68d3d13e-8112-46b4-91ea-4540d3beaece","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":117,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"96ee899b-1d14-4b34-bcf8-81ae71a9d6cd","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":117,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"37a1dc36-edfa-4691-9d84-889bfedf9916","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":117,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"0955ad2a-1429-407d-acea-cde6eb15af2b","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":117,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"a8eaee78-c07a-4224-b19f-057405970d4a","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":117,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"99e94d00-e3cd-4bdd-a0ae-b4a1eefae398","block_type":"box","text":"i.e.","page_number":117,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"9bc04cdc-4e29-44b9-84a4-af5beeb1f906","block_type":"box","text":", 100% or more) may result in","page_number":117,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"283e3584-f232-46b5-8b98-edb24240bcb0","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":117,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"235ec8cc-e4f4-424d-86c0-c807e48279e5","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":117,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"b626545d-8a4e-49cb-9b75-36d5d29147d3","block_type":"box","text":"II-64","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45a7fd21-31f1-41a5-8f94-d3f49e86d54b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":117,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ed6a0e00-28d6-4b83-bc61-6a301a3cd26b","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":118,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"5844feaf-7372-47f8-b5c4-ffd05760e53f","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":118,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"599ab806-b00b-478a-b5ef-9abd978f4c03","block_type":"box","text":"Preferred Stock.","page_number":118,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"21ef1b1d-03b0-48b2-ab89-2f556ce7f2b9","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":118,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"fa86046e-7d5c-4757-aefc-786daa941284","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":118,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"bf0a2f63-87fd-49e3-bb58-77f2f1796fe9","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":118,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"5f3bbcca-b43c-4811-91da-1ccd906139ea","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":118,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"edc21ef3-ccf2-47d5-96c6-7c8d54ed3532","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":118,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"63031e67-e372-4f46-aec0-81b207b9d26e","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":118,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"6104f532-6edb-4dff-9460-e02a1ef18d65","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":118,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"5356dd74-bb7b-425e-9c81-5bb3ab0d2abc","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":118,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"c20215d2-fa98-456e-ac86-5b9ded6dfde6","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":118,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"74d37d42-1116-4ce0-a674-76282085cbe1","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":118,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"0cc4b17a-fd31-4a54-b261-ee0e811315c5","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":118,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"dd757ee6-8d4f-4ec4-85ec-fb66ec48a506","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":118,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"4f5b4950-0c7c-476b-88f2-3a18bbf45df0","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":118,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"9e59a9db-fea2-4081-84eb-3f4ca32eb1ea","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":118,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"6202a4fb-2793-4a88-8c39-ecdb83766eef","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":118,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"c652b48e-2180-468c-979e-e69190b045e3","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":118,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"2de19623-b837-44ee-9aab-7987ee26c113","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":118,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"c995cec1-9dbe-409d-8dba-dff3d32973c2","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":118,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"387b1ba1-7712-4775-b5da-87d3bdeee0ba","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":118,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"7c581298-9007-4be0-b57e-850e5790b4be","block_type":"box","text":"Trust Preferred Securities.","page_number":118,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"79081dcc-1313-47d5-95e0-d0fb3ba7f797","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":118,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"b8a87ce8-b7a9-45e9-ac3f-6a68f7771a63","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":118,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"4c1c71a7-c335-4438-a01f-c47e715f7b1e","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":118,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"b089c2bd-56a0-4f05-a1ae-0653c4c784e3","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":118,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"d5d5084f-11a4-4be8-9e8b-299a81960cdb","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":118,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"aa396520-1998-41a8-a9bd-bd84118c7831","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":118,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"1738d009-008a-49e5-bc69-7d4eb4fc111c","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":118,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"f28fe56d-968c-46d0-9887-e48f865a338e","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":118,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"37bd4d11-6b59-4835-b1c9-df511a337203","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":118,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"8065f260-35e5-4d82-a9be-16bb96625436","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":118,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"a6c8289c-2402-4a99-bfd5-b5dcb8bfb59c","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":118,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"a0d007a7-27bb-4c9d-afaa-5856fb1b57e8","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":118,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"ebdd306b-4690-470f-8553-7e5fd1967690","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":118,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"3facb5c0-eb78-4ea0-bff0-3109aae805c7","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":118,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"2bea39cb-d750-48c8-a8b9-193d07485551","block_type":"box","text":"®","page_number":118,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"74a5a5a7-fa74-447e-8004-2053145610d4","block_type":"box","text":"”); monthly","page_number":118,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"6f4a2e4f-3fbc-4844-8a96-9384ab069e26","block_type":"box","text":"income preferred securities (“MIPS","page_number":118,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"1c71da97-3fe2-4228-953f-9c2d7055418d","block_type":"box","text":"®","page_number":118,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"b475caaa-0939-4313-ac5e-dc5f3e4e9263","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":118,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"05bb9587-9600-4b06-ba7e-72586fe56af2","block_type":"box","text":"®","page_number":118,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"ddf2d5f7-f7d1-440a-ba12-1f3a9d33b8f2","block_type":"box","text":"” ); quarterly income debt securities","page_number":118,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"deec8bfc-bacd-4eb7-9b68-26240ee6215d","block_type":"box","text":"(“QUIDS","page_number":118,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"a97a8d1a-abf7-41b5-a8cc-d4f95cec33a0","block_type":"box","text":"®","page_number":118,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"29dcb988-d37f-49c3-847a-a907f586837d","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":118,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"408f7a32-154c-4019-b353-adbad7da5627","block_type":"box","text":"SM","page_number":118,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"096fd53f-9bd5-45b6-b6df-8645b64b2c65","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":118,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"f0f59cb5-31a7-4b72-9693-1913262946a7","block_type":"box","text":"®","page_number":118,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"fe76530a-a679-4c65-bc43-096d38246038","block_type":"box","text":"”); public income","page_number":118,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"0c7a3822-8523-4964-aa74-225fb8ec5167","block_type":"box","text":"notes (“PINES","page_number":118,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"8e84098a-3b41-495d-b0d5-824d9ef19894","block_type":"box","text":"®","page_number":118,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"ad94fb32-e8de-48af-9f2b-7c5194fa3631","block_type":"box","text":"”); and other trust preferred securities.","page_number":118,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"086d04d1-a58b-44f7-a12c-dbcd377648a7","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":118,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"2b1afaa0-04e7-443b-9e9f-a039c9f900d7","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":118,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"122a8284-f9c7-4611-aaba-71e2321a040a","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":118,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"9724680d-f028-4fbd-87f1-45a6f9ee12b9","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":118,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"7325e815-11b5-4442-a306-c291d269cdc9","block_type":"box","text":"regard to whether all payments have been paid.","page_number":118,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"f0a0559b-2b59-45d0-8bd2-02c794c2a0be","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":118,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"fa9f6ca4-e3e2-47a8-9797-0bd338e6d55a","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":118,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"f1caafe3-0100-4fb5-a1bd-75788400fdcb","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":118,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"e0ca1f88-f6cb-43aa-be31-8a7fa60c5730","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":118,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"d005f33e-0bac-4e9c-971b-25c0bdeb3afa","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":118,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"8d0c3e7d-4a81-4d0b-9787-4163fd77360c","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":118,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"eda9b137-458d-4fd1-9a16-2b876d873431","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":118,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"d4dd3fae-1ecd-4e22-967f-2f102b4bef3e","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":118,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"c42e64cb-3687-42eb-b56c-fa0ccc5ed65c","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":118,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"89100df5-cba3-4b0c-800a-1388b1d54c38","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":118,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"050418dd-6af4-41f7-8647-6e60f8213485","block_type":"box","text":"II-65","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7f39838-f316-4123-9256-4348f6def496","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":118,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1244d385-45c1-428d-b48f-70b600e54692","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":119,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"fcd759c6-c1db-473c-ba4d-5518e38ea388","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":119,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"a7486dec-4ea6-4ff4-8616-4bacfafbc1ac","block_type":"box","text":"debt securities.","page_number":119,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"b205e591-37af-4807-b36a-56a4f0aff899","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":119,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"6e03c3e9-5e07-419c-952f-abb878369f11","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":119,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"fb4dfd23-0f00-4706-91c2-86c14d88ab00","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":119,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"b3e91253-acd1-49f1-ba16-978780b98422","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":119,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"f5a5340e-90bb-47c6-a277-4346a3fe63d4","block_type":"box","text":"geographic areas or in specific property types,","page_number":119,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"990d7e6b-a866-46de-b3ac-3206c8ca10f4","block_type":"box","text":"i.e.","page_number":119,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"4c1db529-bf65-4f2b-a4b6-44175ba32c34","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":119,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"e556efee-a966-405d-a8b2-495e9b28ba3e","block_type":"box","text":"buildings.","page_number":119,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"4010a1fe-5663-420c-85b0-d1ccabe8ba52","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":119,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"7ada221a-591a-4fc6-8b7a-8407f180181c","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":119,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"044dd5b5-a27d-4b1f-b06b-b5b8dea6488f","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":119,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"d34d85b1-4f8e-4f8e-9c43-4775213112ba","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":119,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"ac263c91-9e9b-4524-902e-89d95123a8cd","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":119,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"5bf4c34d-8387-4268-ab67-19a4a3c2a0ee","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":119,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"c089a345-6d4e-4724-a0dc-0a6cfbd4d886","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":119,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"18380c0e-604e-4ced-ae22-da1ba6d729cf","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":119,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"f0c079ce-0112-45bb-a3f5-d198f2c12740","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":119,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"c335ffcd-1961-4125-b1dc-8b4c6fdd02ab","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":119,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"3418e950-50ad-4586-9f65-a50379d706f1","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":119,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"dd005a6e-ff4e-4bc7-a8e5-5c250c18cc56","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":119,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"4be8f1f2-1f95-45e0-9d84-7273b595cc6c","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":119,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"20e38db7-a2a4-4db8-af33-422af47c456c","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":119,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"bd8ced91-37bd-44b0-b031-74a7408d7d48","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":119,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"6f01a989-be00-4d91-8200-cc5b9dea1883","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":119,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"7c7232f1-6c42-429b-bba6-8354bb1e7b3e","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":119,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"d6adc010-dc1e-4a27-b5dd-b469e6a38fad","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":119,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"80f876d4-7e74-4b05-af56-da036208a37b","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":119,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"797b95e1-25ba-4a5d-bdd0-c37916bb552b","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":119,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"4a3aa5a0-85b4-4357-95ca-e66db29db601","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":119,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"86f6cccc-02b8-49d1-b4c8-60b8f5467da3","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":119,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"e7d7de6d-0488-4d8a-84cb-1fd0812470a7","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":119,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"3cdeedbd-d69d-4693-aefe-6d4608deb36e","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":119,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"9b8879e7-1a07-4100-a3ba-4cb8fc457b33","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":119,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"aed4cf5e-4894-4179-a7cb-219e5ea29aef","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":119,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"d3898611-efa6-4e81-a711-dd5fc85bac16","block_type":"box","text":"holding period requirements.","page_number":119,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"9376d385-20e8-47a3-b869-534a7dde1dc4","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":119,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"cf34a5b1-2e9b-4725-b1d5-394f69003a73","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":119,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"872af257-a88e-42dc-a69a-340adff887c8","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":119,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"21f35856-724a-43cf-b634-35e1f08c42c4","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":119,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"bdd0a223-5e9d-49f4-8376-e18aeb995179","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":119,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"ee51e257-7b05-4002-aada-e277af26f049","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":119,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"1da001a8-2f4f-4765-a812-564a687e6499","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":119,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"32ef7ea9-585d-458d-adc2-7f73117554aa","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":119,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"32fd0fe8-95fe-4426-86d1-4f1bbabce38e","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":119,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"cad14631-f7c2-4375-abd4-e096a8774848","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":119,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"15062b35-d3c0-4caa-a257-c9e0b56bebe5","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":119,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"8e4eac03-1aaf-4374-822d-727edbb7aabe","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":119,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"ce7efccf-1442-4ecb-be01-1e5296066763","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":119,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"83174b5c-2b12-4089-b66b-0c3e5b528777","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":119,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"892227e8-129d-4216-a07b-758bc798e55a","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":119,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"167df4be-60e9-4e58-9e58-82798d5bbd97","block_type":"box","text":"Recent Market Events.","page_number":119,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"44c5e788-e2ec-4825-bdb9-555496776a96","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":119,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"38ca3e03-3acf-4ba9-a608-b07549594bb7","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":119,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"fb5ece20-7c2b-4fda-911f-09359024cece","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":119,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"fb894cf8-62df-442f-b70d-bd57c42ef086","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":119,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"6e8874d5-1247-4311-9fea-3130c448dee7","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":119,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"db956e1a-4486-4d47-bf3f-f264fefd67f8","block_type":"box","text":"II-66","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b17f4be-0913-4906-bb8e-f1dfdc751b93","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":119,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f9091d09-b961-4797-92c8-72077ece1bcd","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":120,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"90e3a534-7c5b-404e-b523-257fb070b003","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":120,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"ba60ad96-b0f3-4e13-b065-6818cd80f7d0","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":120,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"876ee85b-215d-429e-9f8c-93014360bd5c","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":120,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"d77198db-71ef-4d6a-9c6a-15cfe5014704","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":120,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"4d96d7c4-1d8b-4ce3-95ba-52b356f2578f","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":120,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"09854aef-3fd7-4e11-8eb8-2181ed3d3ad7","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":120,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"6fa79606-d1be-489c-a736-2a522d90cb77","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":120,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"f893a425-6c5a-4e12-b411-e8fc8f4e6d92","block_type":"box","text":"negatively affected by such events.","page_number":120,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"a34d56e3-efd6-48b3-a51c-812fb41141f9","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":120,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"21bdbaf5-fb61-4bb5-9f9f-33c73d7baf81","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":120,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"b9ae3ed7-e077-43cf-8297-4b8846667558","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":120,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"ca600a19-6604-41ac-a39d-e2ec16424371","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":120,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"1596390d-695d-49fc-b2f6-eb4fe837c9eb","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":120,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"e0e2e47c-4875-4bf3-af85-d3023f41573a","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":120,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"7a38de62-ee74-4f6b-aced-cc9a2203c968","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":120,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"b9fdede1-d573-4845-82c9-fb006ac65bd8","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":120,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"b542a220-84a8-4a93-9f20-558d4979ca46","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":120,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"1ef5dd63-6a9d-4887-83d4-24722abf61de","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":120,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"bcbebdc5-752a-4320-9ed1-da03b4b5ebc9","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":120,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"ff759547-f8c8-4087-a6c7-4a3529c6cc24","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":120,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"c0550016-dc83-454b-af01-bbfb4b3e16e3","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":120,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"2412482b-32e5-4895-a7db-f0ce2050dc6e","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":120,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"559effb4-6edc-4ddb-ac4d-8681d131aaf8","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":120,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"ac3e1f88-ae44-47d1-92e0-a79074359027","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":120,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"8ce29a64-a7ca-455e-92fb-f45b9ff1128d","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":120,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"b98f751b-b455-4ddf-bb3b-5002a6221c74","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":120,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"9d77f571-223e-4646-a4e6-53d31eacf799","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":120,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"bfc4b317-4377-4ef2-9b04-3735ca8ab807","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":120,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"90c0395b-9c64-44a0-8de3-ebc5b3c299f0","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":120,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"5a3872e2-332c-4a4a-8dad-35e2748d286a","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":120,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"76f7310e-0de6-4807-bc50-b391b3cf4879","block_type":"box","text":"investments.","page_number":120,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"75d1b96a-1bd5-475d-8d80-97aaab487cd9","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":120,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"a71957b5-780e-45e5-8844-019c12052d58","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":120,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"6aba1daf-df83-45e8-8ce8-c764c2f67857","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":120,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"7f8416a9-abb7-4365-b5fa-a9846c1a7f6f","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":120,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"c8082f1b-33d1-486b-9c49-ae159bdcfc3e","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":120,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"de4a1a99-11ea-4c97-857f-48937fde2e62","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":120,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"aea8e6a0-a7c7-4014-b499-7d321724e029","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":120,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"14f3cc6a-4ddb-4d57-a169-8a20b98a463b","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":120,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"18f7ef3e-86b7-4d55-920b-b216068a3c9d","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":120,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"ac01edc1-7e87-465c-9cc7-238764530466","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":120,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"dae6a735-e713-4b02-a536-5d08e57df2b9","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":120,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"f516e837-cbb9-4a6d-a135-9994e81abd52","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":120,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"f931cd84-5f89-4d1a-8290-4954e690ef1f","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":120,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"7ffc8cf8-3b11-4663-9201-4878c16bc848","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":120,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"c3a41c44-a10b-4544-8e49-f088cffdafff","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":120,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"0f77fbf3-d1bc-4f86-9e6b-80aa8fede542","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":120,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"a6e0ebb2-919a-4cee-9cb9-8ca917673a4b","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":120,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"a029cd53-ce03-4b27-9f7e-60491efa7ad1","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":120,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"c4759c00-fe67-46ff-b3d1-c4e0a02c92c2","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":120,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"ce105661-368d-4e31-8655-a19abef95b97","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":120,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"cc2cdda6-8ef2-4344-bb12-a718e9f1f0c5","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":120,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"7288ab43-aa8a-4b6c-9b27-877dad909cbf","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":120,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"7791f6b2-7189-4dbb-a322-a84672f6a43f","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":120,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"f2cadbae-fd05-4f18-b796-2abdf9c3f53d","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":120,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"fe7b046a-2935-40c4-b599-c4e0543e6223","block_type":"box","text":"II-67","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7d2ca84-2de4-4315-ad77-81775072b367","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":120,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"25a0a6d7-2a76-4fe4-b99b-8b2ab81b4527","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":121,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"aa7d14ae-bb74-421d-ae86-aff5e4267a8a","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":121,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"efa8bede-8b5d-4743-bd9c-7af03047137e","block_type":"box","text":"that may also cease to be published in the future.","page_number":121,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"a0852016-8ef8-455e-9d0e-4a6233c05bb6","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":121,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"78552d5d-6039-4317-8c38-7626bba40f48","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":121,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"b304742e-951a-46fe-8b00-4927ee03ad0d","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":121,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"8153fda9-2269-4ff7-af50-bead6f0c0bd9","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":121,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"24e7c7c1-59be-4618-b324-ea689e6df825","block_type":"box","text":"term of the agreement.","page_number":121,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"0ddcbdf4-83b1-46b8-ab68-09395499ffa3","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":121,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"622f4100-a966-4c8f-8a32-c5e2324c7b68","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":121,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"918704af-cc9a-4595-a6d5-d6747d76fcc0","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":121,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"2cc56daa-4eae-42a5-82cd-c4f1610ddb5a","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":121,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"df871541-1b99-41d7-8891-ca579802bbf0","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":121,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"ee3d5ca3-a5fd-4193-9e3e-e08ce818956b","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":121,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"e4579be3-7495-4e37-97fe-43d8377f6bc7","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":121,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"ea5eda8e-6d3f-4467-8c96-1c6db3c0e807","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":121,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"7aaf42bf-dd3c-4c63-bcb8-a018e3e94461","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":121,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"1804845b-de40-4dc2-a6aa-290d95308711","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":121,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"0af06c5c-4fa1-42e8-b26e-3c7c9f77be43","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":121,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"10729720-8098-4d06-b827-0e9e5843692d","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":121,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"6a9304ab-7934-4df2-ab32-9b0af5077564","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":121,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"ecfadaf5-1d68-457f-8bed-aa7761fbfa0c","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":121,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"8f8d7fb2-9d25-47f3-87e4-e46f58dd1770","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":121,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"5fcdbd84-eda9-4b3a-ae10-1ddac5a49483","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":121,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"24b53916-789d-46df-8fc9-6449959add34","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":121,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"5eeb4a6d-e3b3-4f84-80a3-1376fefaa2fa","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":121,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"7574de15-ba82-4b05-8dd2-dcf85c9d88af","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":121,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"1061c09d-0ac6-4a8a-9d7e-36de4c0d8ec6","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":121,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"9c294b6e-9e76-4856-9ba2-a85f4091ed58","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":121,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"6fb52574-f355-419b-84b1-051cbf2d2816","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":121,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"2850e95a-7172-4af3-aa28-3db28b269c80","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":121,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"9ed969a5-6c04-40cb-a9e7-995e590bfb75","block_type":"box","text":"or by another authorized securities depository.","page_number":121,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"4eb4d1a3-631f-4999-9b19-6e1a60283e24","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":121,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"589417fd-3e14-4a42-b89f-46ad0d94ec37","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":121,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"8d81daf2-bdca-41d5-ba70-a3cf13942808","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":121,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"eeec5eb8-e7bf-456d-9941-bed7d94e10d3","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":121,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"4dea65b4-bc20-4752-be80-9797c83188f6","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":121,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"07887617-af43-41e8-b144-c2fd590224e3","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":121,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"f93cfded-fe07-4a26-934c-e8dcab4e67c2","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":121,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"f866fa53-1eb3-474b-b354-e8326704946c","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":121,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"2d51fddf-5e89-442f-a080-782a18503652","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":121,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"bb58293a-d357-4bcd-8ce6-8752bceda2e7","block_type":"box","text":"the repurchase price.","page_number":121,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"812d468f-2608-47d6-ade3-33d6ebf842de","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":121,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"50d8a5da-4486-485c-9300-d6f5311ce949","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":121,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"ccd6154b-d766-4e20-b48e-bfdd7feaeda4","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":121,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"68a642b3-4730-4658-b90d-3860896fb7af","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":121,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"96803a88-5e71-46f8-aa76-d97cf2baf5f0","block_type":"box","text":"strategies without the repurchase obligation.","page_number":121,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"00d9d23e-5d41-40d3-b00c-c99f3e94bca4","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":121,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"16d836c5-cbed-4c48-b76c-fcdb8da09ff5","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":121,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"58622e4d-f289-4d97-af0b-1a042f3b9f99","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":121,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"23a0378f-dfdd-4f61-b49e-2fab37becce0","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":121,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"fec759ae-a1d4-49b8-baf9-49284fd40094","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":121,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"61adcd31-0acb-4480-ab72-66fc74b604f0","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":121,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"5f2fe59e-1205-4b66-9fe1-ad3c063497b4","block_type":"box","text":"i.e.","page_number":121,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"bd1b08c7-cee2-43f2-9a10-99249489bd01","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":121,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"68b3396d-483f-4f50-a50b-e4bb984fdaa6","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":121,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"df9ce438-56ff-4df3-918f-38933b472a2b","block_type":"box","text":"II-68","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bb13e10-0327-41a6-bb43-9c6819b37310","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":121,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42502110-1556-45e9-b5b8-12d0233c4704","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":122,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"ad425e8a-da30-49f6-b9ea-9378bbd6c579","block_type":"box","text":"and income involved in the transaction.","page_number":122,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"6c9960ad-b02f-4af9-a75f-510646e6ca47","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":122,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"7d16dd5a-1869-4c3d-b903-f49157f0e266","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":122,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"15d3515f-b669-4eab-9b46-c37acd91fd2d","block_type":"box","text":"$50 million.","page_number":122,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"51d069f5-a3bf-4a3c-9399-95876f35f6fa","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":122,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"b628b173-4c85-4cf7-88cd-7d8e10337ae1","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":122,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"7f573418-a24c-448a-8083-cffcc4375f48","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":122,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"efaa4d82-3b42-452b-b75b-4f9b7cab211c","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":122,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"681b38e9-f0d9-437c-ba5e-201b6b1ec4fa","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":122,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"1571f5f7-7f91-4da2-b040-22d6a4dbc490","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":122,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"1d93fe82-1d4f-4809-bf42-165a93ad5cec","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":122,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"3775d6f3-46a8-41f5-8c36-7e1297e0a075","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":122,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"748e5443-fc67-4410-96c1-aa64a398337f","block_type":"box","text":"agreements.","page_number":122,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"347bd91b-a912-4f2a-996c-5b6823e8b482","block_type":"box","text":"Restricted Securities.","page_number":122,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"e4520645-4683-40d0-9f2f-982524a467e9","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":122,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"6a3f81ad-3b2b-4c37-b20e-cf6d3a584ca9","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":122,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"06d5d9c4-ad6f-4ea7-bff8-07b239d482af","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":122,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"0daaab22-27c2-4d7e-ae9f-89736075a47f","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":122,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"e26b7038-428a-43d5-b891-5a9f80049fb5","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":122,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"3b596684-07ea-4274-860c-9711834e8923","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":122,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"b6d65360-88a6-44f6-a17f-62edd4fbe9b2","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":122,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"e789f517-9478-4479-b055-9e02a3d0f04c","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":122,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"de80c15c-2b52-4743-8f10-ba0dd0afeda1","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":122,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"90aa0c36-83df-45d4-a0f8-36318312cd80","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":122,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"a89830c2-798c-47cb-bcf9-6ebec7641851","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":122,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"10d823b2-8adc-4390-acd6-4faceb5ff5bc","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":122,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"9971d1c0-83a4-49cc-b35a-2c064e78aebb","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":122,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"d25f55df-c17c-44b8-be1c-dc7c4baf8ead","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":122,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"ec6f2557-b155-48ce-84d1-3702b7065321","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":122,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"d4285119-ea50-4019-a384-e407cfee30ba","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":122,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"df513035-e1c0-4e6c-92f3-e94d70e5d037","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":122,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"d04f3271-22a6-4874-8afb-8fa4982564d9","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":122,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"6a77caac-5993-4273-ac64-953b12552d4c","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":122,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"e192caaf-905e-44c0-b6f8-fe062588b5e3","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":122,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"3e764237-9bff-41c4-84c4-d151ed2cde83","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":122,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"d93037c4-8019-4896-9f41-ee02633dc7a2","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":122,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"d7f777ee-4d73-414a-8853-f7ef886b0f07","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":122,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"a6aa270a-5ed9-4c0c-b052-14c56229a8d2","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":122,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"4c153738-f863-4ba2-8d78-4a9ac813180a","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":122,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"8967b435-b74d-4394-9ad5-fd7e1857b443","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":122,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"f375b6dc-2707-4a78-b4ba-b4c3ad6c440e","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":122,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"583e0809-5c16-4228-9175-94cda66ef221","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":122,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"7972ef1a-4de0-4669-9dc3-d8494e9ad96b","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":122,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"bf01ec7f-05ea-46b2-985f-20b646c63ed9","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":122,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"a5ea46de-558d-4e5c-b90e-4d90678d88df","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":122,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"bd2c6ef1-beb2-4dc4-9fb0-ce4a79836820","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":122,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"3550edd4-7d3f-4c66-9172-f18217a434ab","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":122,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"1ba505e6-e89f-41a5-b59f-7a9fe72de018","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":122,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"92adf253-8f8f-4ca1-bbd6-e9df983a4a2d","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":122,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"219ae1f4-f475-4bf0-bc5c-7146053534bc","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":122,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"88741c68-4d98-48da-a1f1-7a5e5a6bc5da","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":122,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"bfc028c2-6dd2-4203-bf4e-f5b27aaa8e13","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":122,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"1130244c-75ad-4e88-a1a7-e31199b7949a","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":122,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"eacef003-0046-4e4c-a90b-4f79b7187cd8","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":122,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"6ab0f65a-176a-40d2-ba51-e06f2fb75deb","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":122,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"d1edc01b-f6ba-42e1-a864-8990ced42e43","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":122,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"799ae42c-6e05-4f07-9ee5-72ea66d7d2a3","block_type":"box","text":"II-69","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96273293-d60a-4883-84d7-c45420e40caa","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":122,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"16959143-16d9-49ac-a74b-c65e7ab07581","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":123,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"43ae438a-0347-43a1-9ee0-84b8816e6cb6","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":123,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"01ecb303-9b85-46b7-a42d-8e43e5d6137b","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":123,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"1ec4382c-83fd-423c-ac7e-d4fbff3efd04","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":123,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"1ccd8430-1703-4f27-8db5-762483c8a3da","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":123,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"b393c22a-ae09-43aa-b746-7f05ad227ccd","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":123,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"414d943b-3f5c-48c7-8800-04f00e5a035b","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":123,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"9d3f9d97-bfa2-4f25-919e-5408d06a4b89","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":123,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"1f3ded35-838d-462d-bac4-ec7213edbc4e","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":123,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"095947be-3888-4bdf-9cfb-7b9c78591c12","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":123,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"7045f6e8-7042-4d08-898c-ebffa7521e5b","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":123,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"55e00a79-a8d9-45bf-aa19-e94454f57386","block_type":"box","text":"especially as that Fund grows in size.","page_number":123,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"8e991a11-60a1-4da9-879e-abad04c85728","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":123,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"4f16da7d-805d-45d4-b121-1048db4b12c3","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":123,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"b803c5e9-58d8-4787-b2c8-58ea22766d06","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":123,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"e92498fa-d384-412d-b85a-beae09465b91","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":123,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"04856581-7c8b-4224-b1de-09a154cfcdc0","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":123,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"5eb406c2-8238-42b6-a6e6-a7405b3fbfca","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":123,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"9663320e-de6c-4a31-b9a3-7fb1e1697db9","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":123,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"4b6e0c73-23a3-4705-84ae-16132e4dd6a5","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":123,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"527ff350-ad60-408d-818a-cd552b35e050","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s portfolio, potentially resulting in the dilution of","page_number":123,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"1241aef3-43b4-47d4-91b1-7f74efdd94c1","block_type":"box","text":"shareholder interests and increasing opportunities for shareholder arbitrage. The values used by the Fund to price its","page_number":123,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"0425981f-aa3c-400a-ae1c-a96066fab4e2","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":123,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"7c04b137-8973-41a5-97d4-eaa4aa820568","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":123,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"0dc866d8-c908-4e71-8e4b-7ecdf7407f5a","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":123,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"cec6ee1d-3eea-45f8-94e2-f0e75eb121d6","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":123,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"1ed02452-ca04-41eb-b92c-bb6400a08633","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":123,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"3fa068b8-0713-4baa-98a6-e0c7375b8777","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":123,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"64206272-ce79-4652-8152-7dec6bf11064","block_type":"box","text":"investments.","page_number":123,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"6d6a630a-3d81-47db-b0ee-3b2b15d2eb4d","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":123,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"185bee06-cd9a-4af0-9a1d-076a5a677a4f","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":123,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"3781b40a-a258-4505-8c0c-16ba9bf8a7ed","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":123,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"f7ab2535-33d5-4ad3-9c63-ecfebd0afc37","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":123,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"2ef3df8b-656f-42aa-b535-b030c15c867f","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":123,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"ad43b287-f934-4881-86fd-53c0470f7c94","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":123,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"90c3d95d-61ab-41ae-87b2-5c7849c91096","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":123,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"4c676f0b-0e5c-4bb4-8a7c-3e6de0a0f539","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":123,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"71019efe-f801-44e9-bf46-4f63a72ea623","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":123,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"ef889ee3-87b0-47f9-99d7-1b87e28a8a31","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":123,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"74002030-0830-487a-b430-865e2265735a","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":123,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"336918bf-e953-49b9-b2f3-c0637c4dabf2","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":123,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"51344116-3790-400b-a5a0-984df043af7f","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":123,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"21df80c4-6e94-4b94-92f9-5f92a547a95a","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":123,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"4628875e-b9f9-44d9-afde-e0f1740c9052","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":123,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"202912c7-025e-4b86-b2fd-a58756757a43","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":123,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"0f1e4bff-416a-4cdf-82c4-21e248befeab","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":123,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"ad3a19bc-4b66-495b-8472-cb910591b57f","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":123,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"94fc85e8-3fb9-4760-902d-e1ac81132ac8","block_type":"box","text":"similar financing transactions (","page_number":123,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"3e56fc50-3c20-432e-86b0-219959bf1ef2","block_type":"box","text":"e.g.","page_number":123,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"d333ae32-9d9d-4f04-82d3-87a5062e64eb","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":123,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"796a4331-c787-434f-af23-5e35e1e7346d","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":123,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"427d1a13-12e4-46ab-8637-83dd81166ad6","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":123,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"8c8f6769-86bb-445d-8f31-438d1ccad6f3","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":123,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"cb74bacf-7b54-4920-82fc-3c9dfb99c4c9","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"414c15f3-42d0-40aa-afb2-e11f98e43985","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":123,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"ac4891d6-f3a7-43e7-95fd-de314fec5bda","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":123,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"db527557-4382-4a92-9ff4-efc37f1927ee","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":123,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"ce047115-f939-4c9b-8a30-e87a3d99b059","block_type":"box","text":"II-70","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"829b4909-4ed1-42f2-9a9a-4764157b5763","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":123,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5b53290a-645e-450f-b210-3651cb253ed2","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":124,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"89680faf-b165-4530-b389-90c7adb3f280","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":124,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"b8c3d2fd-3990-4503-9c92-4f9dbde77123","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":124,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"18bb2b72-2610-4580-8dac-fa252778a90a","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":124,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"35504c9e-3cf1-4965-bc47-70a63db5e05c","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":124,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"77c2e7ee-12ca-42a2-8aa5-ec59d8429a7b","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":124,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"7cef7dcb-c67d-45a8-99b0-a01ec31919ba","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":124,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"4eac57e6-3ed3-442c-ae9f-0cf758c2e7af","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":124,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"550a8c77-c89f-4d9f-a513-434b4aede082","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":124,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"69194486-bb4a-4841-b5b5-bc2cb4d77e9f","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":124,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"7b77599e-16f9-4df3-8111-b40b5d11c5fa","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":124,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"77154d6c-1ba4-4684-966d-300603510c4e","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":124,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"58cecf6b-7ca9-49ec-ae5a-9ea04154dbd3","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":124,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"8e320bd9-7ae2-45d7-9fd3-7c8164918198","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":124,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"ac02aee9-054c-4521-9d4a-af5288f5fff4","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":124,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"87c31535-6f7c-4ae2-824a-941fceddff93","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":124,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"fc3682ff-c1c6-4fad-b904-33d220199f5b","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":124,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"37308856-a92a-4f32-be3c-768287b72930","block_type":"box","text":"Rule 144A Securities.","page_number":124,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"0a537ca9-3daf-4a68-aef5-cc5087298c70","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":124,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"9086ddf5-a383-4aae-bd83-3437dad6328f","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":124,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"d275bc58-3d47-4cb9-91e6-a15ef3010a24","block_type":"box","text":"Securities Lending.","page_number":124,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"19efce03-f483-4b4e-8673-4a6ed1651b0f","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":124,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"c45c62b9-aa67-4c3c-8b89-e0aff138c932","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":124,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"7eb9b43d-36cc-4da2-a39b-17441ee818dc","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":124,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"71c14dfa-3ef7-4d49-9373-e9c6c111dd81","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":124,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"5406fa66-3241-469e-9a06-8aa7daf873d4","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":124,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"19a54777-df61-4d53-824a-cbc96cdae5e1","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":124,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"b6dc2a3a-5d0c-4eb8-a83d-cb0e8918e798","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":124,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"75b4c396-ac86-4644-8f49-c11fe2f42e59","block_type":"box","text":"the securities were not on loan.","page_number":124,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"93617cca-feeb-4651-be2a-3a364970de0d","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":124,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"bac2549b-b500-42bf-8131-f4c935040937","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":124,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"b27567dd-e377-4662-bb0a-4f800643a641","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":124,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"47a7b5b2-8472-40dd-8578-80724b063182","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":124,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"04cb0fb9-eef7-4829-b308-5b2221946afb","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":124,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"53496032-1257-4898-8455-406731dae443","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":124,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"019dfd11-a93d-43b3-a42a-009ffedd3384","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":124,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"3d08d47b-f9a3-47bd-acd1-2eaca6dd5bb3","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":124,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"fd5ff3db-5f6a-42b8-ae13-3c2d5c427e40","block_type":"box","text":"i.e.","page_number":124,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"ed9d8de0-d001-459d-8b31-7e2b073e069b","block_type":"box","text":", the risk of losses resulting","page_number":124,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"e6d02fc4-5127-4e91-a08a-c0c351abd885","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":124,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"578a5031-0438-45aa-a1a0-9af4374b0220","block_type":"box","text":"i.e.","page_number":124,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"ebb5e78c-41ab-402a-b077-6482c4ecbc79","block_type":"box","text":", the risk of a mismatch between the return","page_number":124,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"c14466a5-deb4-4f66-aead-2abc24730f3e","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":124,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"bf780c49-b09f-4ba8-880a-74207fcd32e3","block_type":"box","text":"i.e.","page_number":124,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"9d6e64db-4108-4c11-86a1-90ed3a7de4af","block_type":"box","text":",","page_number":124,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"e9113829-e01e-40b8-bfc1-8fbb2a278e5d","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":124,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"fb5b0df7-59b5-476f-942c-b837405277cb","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":124,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"40a473a2-4f10-4583-91d9-2f8041593eda","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":124,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"88510085-6e6d-4209-a8fc-28a31118d686","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":124,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"25c403c2-f706-464a-9808-55426784e8f3","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":124,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"0bb6e7cf-15c8-49f7-9c05-175c21cd236a","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":124,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"ae0680f9-46d5-44eb-bfbb-ffd344b23c14","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":124,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"1f842387-1bc0-4f72-9406-54d29b9a691f","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":124,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"f74bb0e3-a51a-422a-a252-432bc7593213","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":124,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"5afed4eb-2c8e-4fb4-82a5-b5e0148adbf5","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":124,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"d13f7ad5-f5a6-4c93-8f88-5a7d830a5c26","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":124,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"24cd7b11-79cb-49d0-866d-b5804e650a89","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":124,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"16f7f8b5-85a8-48f8-b246-d36155205e43","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":124,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"919f7afd-5443-4cf8-85b7-ab7b73c17de3","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":124,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"4b8afa5b-ae1d-40da-80c8-9b3e0bc0e6b8","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":124,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"e71dcab3-4d21-4941-9406-7559c5162636","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":124,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"4e408675-3106-4254-b624-8fe4cce71b1b","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":124,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"cceff797-407b-4252-b5df-4bd9c9fac51b","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":124,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"f8eaf57f-7fcc-49bf-afed-00e9fbef793a","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":124,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"f8e5d723-9315-415a-b703-1cd6a371075b","block_type":"box","text":"II-71","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec5b9745-2842-48a4-a00b-e98fa4b25fa0","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":124,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"853b24f3-387d-47f0-8e1e-aaab7ae560fb","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":125,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"3ce14ca0-e9c0-418f-966a-380100e71d3a","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":125,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"34b6c9bc-6db2-4968-ae91-4882b00f4482","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":125,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"67260762-d9be-4e78-a1d6-0c8e7a86e71a","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":125,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"b94d9276-0a7f-4d31-8a4c-4abbfc8aa399","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":125,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"d1d140ec-e6c6-45ba-bd7d-7366456dd2ed","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":125,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"7c2b0ff5-bb75-4d53-b9df-edb214f7dc10","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":125,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"9e5c94ee-f91c-4000-9eb0-0127f0f32889","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":125,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"17ada75e-1b04-43ed-8bf6-406e3cde1a48","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":125,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"3d4cd067-fbf2-4bf6-a08b-5c9017b64222","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":125,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"776315c9-d942-4c04-b94a-ded63acdceaf","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":125,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"e23f473d-c717-4cc6-886e-85c14fd2f390","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":125,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"e31a28c2-b0fe-4c24-a4b4-1c3ec3777f5c","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":125,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"dedc260c-256a-424c-8152-d64e83612bd8","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":125,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"24425d2a-f9dc-4a7a-857b-c565453db6ce","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":125,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"5ec5994d-7ee4-427f-86e6-dffb196a4c1e","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":125,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"2f0b96fd-b39d-46fa-9259-2ff3ebe83a4c","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":125,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"fe1df6c2-60f4-4870-8427-bb02dc5c5ba5","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":125,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"aa94f197-c3df-4b9e-82f3-0ecdbcbf308d","block_type":"box","text":"Short Sales.","page_number":125,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"877b649e-af37-40dc-b545-daeed630c6e5","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":125,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"2e27f333-24a6-4e47-81dd-08ffb4cf462a","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":125,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"4aa7348e-648a-47cc-9530-ff052ea63a6b","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":125,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"d22f502a-9afe-443d-9d9e-e77edd8ada4a","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":125,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"0ee1787d-de0a-4011-93e3-e340b3850cac","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":125,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"d9fab943-33f0-4434-892b-35d98d650a65","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":125,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"87239e58-a8aa-4eb1-af28-f81b8872dc66","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":125,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"d683eab1-c8cf-4d80-9da7-d213aada74a1","block_type":"box","text":"securities to the lender of the securities.","page_number":125,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"b0a94ff2-85f3-4f82-9fe2-c22d0475a764","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":125,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"156182d5-8e3c-4aff-a75f-afac3920bcd4","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":125,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"08a5a1a9-60f4-4d99-96d7-36da365ce62e","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":125,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"57b4f087-de29-4ed0-96cf-24a40976d304","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":125,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"a85540a5-77d6-4ebe-b145-fb4a6a35bed3","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":125,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"dca3c9b2-f3b2-4939-9b7d-4e439b3d1ef8","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":125,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"940eafc6-108e-4506-bfb4-db7360c751c8","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":125,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"786178c0-4508-4229-8562-f8583ac2b7d2","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":125,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"e2ce66cc-68c6-4ea3-98ee-75428d7c49a5","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":125,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"fa42ea66-853e-4224-af00-90c55307806f","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":125,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"a702544d-2bf5-4894-8238-1d4dcc4618d2","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":125,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"606e1aa3-07ba-4050-852c-57c0544dbbbe","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":125,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"7c010810-1ed5-460d-8e9d-290ade5ceec1","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":125,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"365fb33a-bfe0-4ac2-b689-f997960f40bb","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":125,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"329d7063-93a3-48e9-ade0-7126b2176ca8","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":125,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"36aab4ab-ede1-46d3-8bed-f90e7ca742da","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":125,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"33b108b0-5766-4190-86f0-7001f801f70c","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":125,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"5d645fcb-220c-4824-9cae-581da796cb84","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":125,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"e18e2753-3cac-4c82-9333-69b2b4dd6b0a","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":125,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"5bc56532-6a95-430b-92e7-b368e9c208ee","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"9091b72a-5d3c-46dc-88a1-4cf276234c47","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":125,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"92c0b514-d6b4-40c4-b59e-9a6b332b742b","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":125,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"d86f1828-2d9c-4d6e-bed3-dcdcd6ed2d3f","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":125,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"6ff76254-c5a0-4bc0-ab97-85b2cf65576f","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":125,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"4c88f9b3-1df1-47d3-9db8-ca8a4dd5a367","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":125,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"1d0c186d-c837-4c50-a6b4-50c9348f4f3e","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":125,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"2161fb0f-366c-4403-bd95-4f58030812af","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":125,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"567fc57a-cbc9-4109-b798-0be50673b494","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":125,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"a279b5eb-f1a8-43c5-beca-521f614f490f","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":125,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"26dec7db-b8d0-4a10-8e18-e51b4e064d81","block_type":"box","text":"II-72","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f7d4f424-034c-41bd-ab50-e886fa000236","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":125,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"07833893-07fb-4f60-a65f-05f88e8e98a6","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":126,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"1d3e84ce-12a9-459b-9a6b-54a577f44175","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":126,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"6dc608bb-3a33-41e2-913e-5c165d9a4227","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":126,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"dcb3a712-13aa-4081-88b8-cc5bade0b741","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":126,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"623b494e-1017-4a70-855f-703d0c6f50f8","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":126,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"ecc406d7-e27e-4451-a59d-4683107cba62","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":126,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"00ccf1b5-e742-4f9d-939d-85fc41b9b577","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":126,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"b2367818-8c86-4029-95aa-dbc4a49549f3","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":126,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"efeea59c-5c2c-49d2-9693-298ad7db3501","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":126,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"5e092db1-02ab-4a9e-b2a5-ae08c1304189","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":126,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"f3fce308-8a50-416b-903c-e8ee06d737f6","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":126,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"9b21da1d-f5b1-4695-98ce-d13461506488","block_type":"box","text":"Standby Commitment Agreements.","page_number":126,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"e9c3cd16-2097-4106-8a9a-9cc5217bf106","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":126,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"c512cc6d-59c6-4b0a-84bd-b3652633dba4","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":126,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"121f6821-e8fb-40fc-9267-f8e2fec3e8eb","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":126,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"0c27cbe3-0f41-4150-9c8b-85243bc52364","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":126,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"af33c443-e6d1-4058-8875-e4c486f7e530","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":126,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"fb86d622-76fd-4920-8f29-004082b91bbe","block_type":"box","text":"advantageous to the Fund.","page_number":126,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"13d83bfc-821c-4ee8-b280-0b6f0abc431d","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":126,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"3e02024d-9385-46aa-bc2a-a18f8259496e","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":126,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"438129dd-ae3c-4038-aeea-6a51d8ea3c60","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":126,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"0729f906-9b1e-4fd1-8fbf-1aea8f79eaea","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":126,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"d9b9dc55-d911-45ba-8b00-99489caeab6f","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":126,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"19288161-f791-4f70-8e6a-895d4349efe7","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":126,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"63aed738-ea60-40f9-8e24-8657de9b82bb","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":126,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"accd80c7-b39e-4744-be36-9957ad5a850e","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":126,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"1cd36f7e-dca2-458b-b484-15f287b749a2","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":126,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"fd3f5b7a-15b6-420d-b8af-5cca4b38a02b","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":126,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"9b8ea7d5-d11b-4fef-b316-9a0156c4b8e0","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":126,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"3c01b828-811d-4c61-8539-b7b5a1cc1202","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":126,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"a6389188-6ae3-4f47-9cc4-e80c7ef78996","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":126,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"176cb719-472f-4bbd-9a70-406de45f5893","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":126,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"58e3dc9e-8992-4d09-912e-54431851e23d","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":126,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"8e5a36bc-0c8b-4082-bd4e-ee4816ee819c","block_type":"box","text":"Stripped Securities.","page_number":126,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"549e2486-405c-44af-bdc5-791ef21f143a","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":126,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"686fc0df-7f14-45be-81e0-a2db31e84052","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":126,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"39eea3c4-53fb-4bca-b831-f49ac6afce2e","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":126,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"6cccacf0-1f93-4cfa-be5f-319eb3350e6f","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":126,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"284023d0-b33b-4906-a53a-f177842cc7ef","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":126,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"1f5d0419-b8d1-4a24-a934-8d02666446c6","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":126,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"cbe99285-2895-463d-bebe-5271876ffaff","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":126,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"c5c622d3-dfd7-41cc-9cca-12cef544f4fe","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":126,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"c4d5a9fa-85da-4454-bf5c-6fd0620edb76","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":126,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"2c93c71b-de24-48e7-8b07-dc54a796fb13","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":126,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"37509cf6-0d75-4e1b-9532-27f5fc85cbfa","block_type":"box","text":"Structured Notes.","page_number":126,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"ef72b2e6-7633-488e-96b2-e380bf77cd10","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":126,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"6d04162c-5e8a-441f-b70f-0bf4f222ab38","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":126,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"b25991f0-f425-43af-8425-08929f74f195","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":126,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"e0c2e168-ab2d-46fa-a3e0-da823b76c568","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":126,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"06e59fbd-5a57-43dd-9b7f-868e83749d70","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":126,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"349fb795-8e07-4ed6-9a0e-ad1039ccc2de","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":126,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"6191cc00-c1ba-42f4-af14-9eb545d8f6c6","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":126,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"b19ff88e-521f-4cbf-b15d-4beb89c41376","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":126,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"b198743b-c590-4642-a240-64c5bbc10fa6","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":126,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"c2136b0c-eedd-4f40-8d69-ed41f3df4710","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":126,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"6a57514b-da6f-4dd4-9ecf-b100fd8a8565","block_type":"box","text":"II-73","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d1ddcda-e3a5-4014-831d-c5eee990b54b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":126,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"48cf14bb-1b89-4b1f-8b60-d428a6055335","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":127,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"c82a225e-552b-4111-981a-a86efff4b27e","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":127,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"1ca73eeb-b3d7-49b3-88de-1a16af167acd","block_type":"box","text":"the risk of loss.","page_number":127,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"4cb6c86c-a214-4277-8393-208f7bd93315","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":127,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"5a4833b2-f9bc-4022-9b39-93ba23cc7995","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":127,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"60d1d48b-af5a-4bb5-aac6-5d7b53f01f1b","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":127,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"c45b83e2-4f0a-4cde-9feb-53bf9a2a50bb","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":127,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"7d4c95f5-0aff-4609-a17b-9d4f99d58886","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":127,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"1d11f0c0-9da2-4929-89db-77c75495b525","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":127,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"8eb9ce16-161b-412a-8f95-bbbbc97705fb","block_type":"box","text":"Taxability Risk.","page_number":127,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"b29897b2-02e6-4b5e-ac63-c509cf9e333b","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":127,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"84a23bbd-c7a5-4612-9c20-33d918672673","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":127,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"cb1663b2-39c4-47cc-883e-c3a6cb3fd609","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":127,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"0057a120-86bd-4a50-add6-9a4aaa2c0b57","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":127,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"78154a33-7eb9-4ffa-82e2-dea8650e3c6b","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":127,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"cb2341d4-2d35-48fd-be1c-5f126e0cba96","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":127,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"993380ae-cd9d-40b2-ba05-bf44fa1889b7","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":127,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"96852f28-3e5d-45d4-b95a-cd5a21348da2","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":127,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"22f5ec55-1a19-4eaf-9796-f66af2243b38","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":127,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"519a13aa-64ad-47de-99e5-8f95aa655cb4","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":127,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"2c67c2da-8545-42d8-9ec4-9f1da3ae5137","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":127,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"4d2573b4-d833-4a15-b4ff-406b4315ad40","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":127,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"67ef139a-4ab3-41a1-94ae-b79900e47dd9","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":127,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"416cd026-c618-4226-b6c7-9ba365ce5e52","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":127,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"895d17d0-7395-485f-8fcc-4227bdbe87e0","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":127,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"ba585e0a-8896-4f30-944f-9abbacccb884","block_type":"box","text":"the value of an investment in the Fund.","page_number":127,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"e7aa76e0-23d8-458f-9edc-62ad60302954","block_type":"box","text":"Temporary Defensive Measures.","page_number":127,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"e18b20c6-19a8-4354-986f-45088ff94bcc","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":127,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"b6fdb2d5-cb5c-45b5-a33d-5601a47d8154","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":127,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"46094fa3-ecfe-4736-afe4-dd821d7fc935","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":127,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"9a48efaa-23bd-4009-b9c2-6ac13ac16bbb","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":127,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"456ed4b7-9928-4e83-a680-28c90a9df0ca","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":127,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"74f17549-e352-4703-8e6e-b96cfe1e30f9","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":127,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"7f2135e5-b69c-48d9-a647-d2a98abaf5f6","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":127,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"ba088736-f05c-4b5a-9455-d624889dea32","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":127,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"dbdba619-d4e3-4fca-8c5b-0fd138601686","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":127,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"75add965-0e25-4ce7-8b02-01cdbd0ef4d9","block_type":"box","text":"to achieve its investment objective.","page_number":127,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"bae639ed-09d4-4d28-bb78-e1151bbfc20e","block_type":"box","text":"U.S. Government Obligations.","page_number":127,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"22a7f635-c330-40a2-9edf-8108c5c74099","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":127,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"87cf240d-6570-4697-b1bb-eee8ea6d78ae","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":127,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"65bcaf9f-9f79-4bb4-9224-08439499a70e","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":127,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"f4377501-1d84-450d-ae4d-039a702e3342","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":127,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"b1e2c5f5-0b70-4f76-b754-aff8be1cd355","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":127,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"22c71a9c-95de-4d11-85f2-d5e4b1cad825","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":127,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"aa6e4abd-7195-4824-8235-caee6f5104de","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":127,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"20539f14-c3d9-4532-9972-8d554d60699c","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":127,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"21f6355c-a2ca-4500-a577-cfc2e589aaed","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":127,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"68c81cc4-cb66-4bfc-8905-e846886b04e9","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":127,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"3fe2c428-b083-4363-a430-29cdfcbb1e86","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":127,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"991e3121-b05f-484f-8413-367b2baa2537","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":127,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"2b5e4683-2e4c-4524-b9c6-2cac1c7d3324","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":127,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"f61a86fb-2f1f-4bff-b9f3-08c9405ea7fc","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":127,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"a7c97ce5-98ec-4021-93a8-be71c867f59e","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":127,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"784ea85b-c5af-4439-9a9a-837ef718908f","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":127,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"f2ec6da5-2637-4b5c-a91d-0707b7068b89","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":127,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"70b5472d-49fa-4d96-91c1-b6e4ff043264","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":127,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"15e07173-2eeb-4265-8ad9-192862ebd2a1","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":127,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"08365303-0d63-4080-b961-025e390749d4","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":127,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"b611016e-74d6-4b3d-87ef-0f3735f7a7fd","block_type":"box","text":"II-74","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"61d7bae9-d37b-4a5e-b38c-3ea546b025e7","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":127,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d881d6ac-2ef9-45f8-bf6a-73d4ec4cf989","block_type":"box","text":"U.S. Treasury Obligations.","page_number":128,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"752cf428-dd66-4216-9017-c07affac17f3","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":128,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"2e3b5fe0-85f0-4c6b-b601-b4d63805e236","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":128,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"25fcc202-63fa-4190-9ff8-0f82984adb9e","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":128,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"159a36a9-cf68-4f09-a0f3-3e63654f35de","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":128,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"5e62fe2c-32b7-4c3e-9b8b-bf9e083cdc7b","block_type":"box","text":"do so.","page_number":128,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"b20c6953-6703-420c-9f97-0d21306666c6","block_type":"box","text":"U.S. Treasury Rolls","page_number":128,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"343cc24e-ebe7-4d11-8791-ad357a9966d6","block_type":"box","text":".","page_number":128,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"b39b4bd7-d838-49e3-842b-49aacbe8709a","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":128,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"a034e190-78e0-4da5-b5de-ff0404156eb5","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":128,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"a121ffa9-1578-4339-a802-dd958ea6a5af","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":128,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"36ee99ff-1908-4b1e-b7a0-65e875813dc6","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":128,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"f02498b7-fa52-4120-8ce4-e64c8007c995","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":128,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"7d729446-d45e-4288-a030-361a0fef871c","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":128,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"292c25e9-1611-4a81-9106-30c675fba322","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":128,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"ddef6e19-4c6f-4be7-922c-c4f84fcaf347","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":128,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"08b9d8cb-6aa3-4c0b-a100-0d7dc406dbf1","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":128,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"ef7d9f07-6c1b-4173-986e-24a7146757f8","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":128,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"91034caa-c860-4761-9432-9f1d3b870c05","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":128,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"a5a72816-63f3-4bf4-8fd6-1392a1b124e0","block_type":"box","text":"Utility Industries.","page_number":128,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"293d35f4-1ee8-4d51-a880-23ff521678e1","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":128,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"7f15fb31-c06c-4ad9-8c31-4cce2fabfee3","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":128,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"13cd342a-ce2d-4d1a-b080-4052ce154ccc","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":128,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"43db241e-24ae-4812-9a31-5f52ff6ca78c","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":128,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"9337f89e-75e7-4fe2-a351-cc1c720a0337","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":128,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"d4889913-1485-43ce-b5e3-6591db0e0245","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":128,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"e24bb792-57a0-4d69-9748-77b1c9e0a23d","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":128,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"5960b847-8304-489f-b473-be67f67a7011","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":128,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"2ec90460-58b3-4c02-8bda-2fce3b26e49b","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":128,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"3af1cd7f-0371-4325-a40f-e67c8e801375","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":128,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"1546a03a-8d4b-4cdd-8111-ae29ae855735","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":128,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"e865bb5b-3b87-49bf-a793-d3fe44cd67c5","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":128,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"4b535390-11ed-4270-9c7e-8d0269fc7d14","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":128,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"4de51ea3-2f0d-45ef-8739-3be6fe641a86","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":128,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"0789042f-9a66-4e18-acda-26a64fb1f25f","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":128,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"4b88f5f9-64e5-42e9-9eac-ce1dbf8b9c10","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":128,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"7148ec34-e045-4e21-807d-f673f6f5a82d","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":128,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"67883841-b854-4ae3-ac67-127b24233d5c","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":128,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"beef0c77-07cc-4336-a3dd-0459a4a055dd","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":128,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"c31aefeb-ea8f-40af-8f6d-1bf70083c0e3","block_type":"box","text":"utility.","page_number":128,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"2a23274b-ef05-4274-8a7e-3f5ad44c4bf1","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":128,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"b45492d0-319a-4ed9-a42c-93a103b1fd8f","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":128,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"756a1d87-1c7d-4014-95d6-c59e8d00eae3","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":128,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"bbb9cfb4-d3e1-47d1-8dcf-eaad5b52ce7b","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":128,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"a0fe8b6c-f582-4ea4-b13f-016a58cedaeb","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":128,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"1cb0678b-3854-44c1-a10d-fab4bef6e45a","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":128,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"5abad63f-8474-4f3a-aad7-590e5808791f","block_type":"box","text":"continue in the future.","page_number":128,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"d88887fb-50b4-4333-b96c-238cf9098f5f","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":128,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"1ae3c164-426f-441c-be49-640928a79f5c","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":128,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"7e6eb26c-cd7c-47b1-933a-13d2e2a77884","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":128,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"fa1dd8b4-0198-41d6-8954-7ce2f88efddf","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":128,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"70f2812a-e0e8-4ec0-a4d2-67b308bd28dd","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":128,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"77cde7b3-d2d4-4456-a036-20c41b770edb","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":128,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"6118f7d4-fae5-488f-b94c-5c3db56c0d35","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":128,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"ad36c8bf-881d-4927-ba2e-510c190b51e8","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":128,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"5fa50ed0-d2ee-448d-b662-76148f26b2f0","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":128,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"583f8402-73a2-4a72-b914-45e9badf721f","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":128,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"10954f32-51d0-4fda-be7a-23c3dc622da2","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":128,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"2c1ef4c3-7456-41ea-be37-8499f7e1acfe","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":128,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"500ba948-02d3-4294-be0c-24fc94bbf7bf","block_type":"box","text":"II-75","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39af2876-e4cd-4284-adb1-458d3f80c820","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":128,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2161a4df-6101-42e6-9867-78465cbcc12e","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":129,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"12e83365-4ad7-4160-9aeb-f4284da605ad","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":129,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"eeaea8e9-d104-4e70-a714-552c3cc560b1","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":129,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"3cb5d502-6dd7-4d9e-b8cd-6ed60d0b02cc","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":129,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"81ac072f-5247-4da5-a418-badafce9c044","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":129,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"afdb7a82-91a3-40bd-9a5e-f40670145055","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":129,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"a3f9d62d-0142-49aa-a086-7f85960df78f","block_type":"box","text":"ways different from regulation in the United States.","page_number":129,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"8e89d3a2-c8eb-4702-9605-bf500b3b95d6","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":129,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"1016c09a-ae13-430e-9da4-8b0b6b98167b","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":129,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"110abb19-e5b9-44b7-9cec-45dd13a0d002","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":129,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"b1567ce8-7e08-4e7b-bec9-bc46371acad6","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":129,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"b57cb4b5-7a44-4970-b561-661fbb46ece0","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":129,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"ccad8a1e-59f9-4bbb-bb08-50270f8e0c97","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":129,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"39d13921-a1ee-4a50-b2bc-29dca6ecc6eb","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":129,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"83084acc-cbc0-4f84-9498-88ae8a6b7cad","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":129,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"46eba8d0-c8ff-4730-8c6d-60585c116a0a","block_type":"box","text":"increase.","page_number":129,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"acef7b0c-1569-455a-a7eb-a5ed8f06577d","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":129,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"739651bd-5cf3-4045-a3e2-917e8b4fb979","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":129,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"d09ebb63-58d0-4104-85ba-9c66937764b6","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":129,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"ad796096-d9b1-42d4-9579-4a5c3ccbcf91","block_type":"box","text":"Electric.","page_number":129,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"25828fbc-2ca7-4571-a174-7e7cea7923fc","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":129,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"8fc37f40-6140-4d8f-b57a-f55ccd15c462","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":129,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"92f7ee70-612b-4bab-88c1-602d60cb4d19","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":129,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"ed7de1dd-e3e4-462b-be87-0b4f8dc142f4","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":129,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"0d044598-6b2e-481e-a4e7-ac69d3b98846","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":129,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"353016f6-d731-49e2-9ed5-ec412eddfa7e","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":129,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"804cb3df-f614-408c-b77c-69c7ad5e84ae","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":129,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"c7b130be-e257-4fc6-8610-cd299d669f1e","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":129,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"995c190a-2705-4dae-b3e1-bc1bb46bf39b","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":129,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"5a302124-9640-469a-a890-bc5c2ce60a1c","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":129,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"acd68a2c-cdc6-4235-899a-b8133f9fa5a8","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":129,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"4458a266-ccc7-4ada-bd3a-ea4961adeff7","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":129,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"8ede5946-6577-4467-919b-935528627a0e","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":129,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"07ce582c-ab78-4b08-81f2-dcc126bda65c","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":129,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"3b1dc715-5d91-4848-ad5a-37535086bc77","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":129,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"5161cab0-3f96-4f2a-ade7-a00a72cc0a04","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":129,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"31a9618b-9be2-4944-833c-f5473549398f","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":129,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"e9b66d03-6492-4750-b080-a6f6dc3755f7","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":129,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"2ceab745-5d7b-4c0c-aad8-f1fc401ede27","block_type":"box","text":"and for decommissioning such plants.","page_number":129,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"7aea8180-1a5e-486a-86c6-9e44c274b8ed","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":129,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"a1766a07-d5ae-4716-9803-43c18528d9ab","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":129,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"53184fce-169e-42cc-a109-5529f6ecac2a","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":129,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"70c85744-9daf-487d-9c6a-2d00708903cd","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":129,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"302256f9-f5cf-4b47-bd39-cd123498e653","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":129,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"9f6ca79c-1f39-4f3e-a73b-f7e2e02a72d2","block_type":"box","text":"greater predictability of cash flow.","page_number":129,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"61a3eaac-42b4-4d8e-b194-6b946d48f8a4","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":129,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"1c82997d-a5bb-4315-ba6d-013391a7ab8e","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":129,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"3ea34bd5-9db8-4a71-9877-925108b3e6f7","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":129,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"c5ec3881-fb33-44b7-a99c-43f0a733bf38","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":129,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"f386bcf3-d45d-48d1-a5f7-07573bbfeb24","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":129,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"bd41b1fd-7e0a-452f-9acc-e67cdcf90bc8","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":129,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"2d5a2255-1117-44c7-9af1-b0ff670f8ffa","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":129,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"699a0b49-4274-4e4b-b42b-d444f759aed0","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":129,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"71eefe44-8e91-407f-954f-8e1b91609d2e","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":129,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"eb1e8ee0-621d-454c-bffe-f4a53c139571","block_type":"box","text":"Telecommunications.","page_number":129,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"eb7b2532-b8c4-4648-8215-176983902aea","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":129,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"ba432cc7-e150-4191-898b-160b910791aa","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":129,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"3f69c660-854b-4bce-800c-cc06e8ad81dd","block_type":"box","text":"II-76","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7dd37d58-c851-477a-9a4e-1e2c9c958d93","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":129,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"469e1622-cb3e-4980-bc0f-31de0198a0f6","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":130,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"dd09341e-51b6-440a-b2a5-c7be16d49876","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":130,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"51602f2c-f083-4257-b01f-b69bb999577a","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":130,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"e3e188fd-7ec7-4996-92fc-55c9848f9d9c","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":130,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"c67315bd-ae65-453b-96ff-d24d7659c2ec","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":130,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"4c4682e4-6d22-446c-b829-3aa6e2660438","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":130,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"ff712a1c-cccb-46f7-8c58-9e9f33ff2c1c","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":130,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"bda29b66-c15c-450b-bc17-d32e3d398f92","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":130,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"2bf65bda-0beb-4930-92c2-00239c1600eb","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":130,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"223735ee-0e81-4470-b54a-88b75aa67741","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":130,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"056502ab-8d10-477e-be6a-7e512e479192","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":130,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"d29e4fd0-072c-4145-adf1-5387952e5e1e","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":130,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"c3b16e6a-1675-44c9-aa6e-51bfac48d2b6","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":130,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"2ed3e118-da17-482f-8c51-9adb2ea1b5dc","block_type":"box","text":"residential, corporate and governmental customers.","page_number":130,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"70e60e57-4c3b-47cf-97ad-062cc39b473e","block_type":"box","text":"Gas.","page_number":130,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"d50cc12a-e555-4ae0-911c-a83142ab7a17","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":130,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"decd2d62-877f-4d29-afec-cc3a0bbe31e5","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":130,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"785f3f76-7474-48fb-bc64-ffc3a9e999fa","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":130,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"3e5773ae-b8b0-4515-818d-6f4f35368fb3","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":130,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"bef7ae09-2fba-4d94-ad92-cea9b3804c95","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":130,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"c4adb678-527a-4682-b409-2dd3e75f0c3d","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":130,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"dbae0d84-7e9f-4e58-8777-e6df8d5b7590","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":130,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"100b8b65-9879-4474-a685-3ca45cf44a35","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":130,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"740d98d6-07e6-4f94-8d11-b33b81d7b49b","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":130,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"e3ecabb1-6d5e-492f-8b12-8e1b7b500566","block_type":"box","text":"Water.","page_number":130,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"967dfb14-322c-4b8d-81e7-7a7caec8822c","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":130,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"bd261cc4-5243-4441-b646-e63cbcf8ec8f","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":130,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"b8d6b53f-52ce-485f-b0a2-ba562255822e","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":130,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"ae71dc86-0cfc-489e-ad50-c4c09d3266f7","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":130,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"24be91aa-cc38-4f50-8d20-87a1d27e5c05","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":130,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"b5c57e44-a6cc-4df5-851a-a794b8d19d1e","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":130,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"1de9d75b-d07b-4484-994a-a8d88ff05da5","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":130,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"02fda248-1fee-4e2e-bf6d-9d07a75ec46f","block_type":"box","text":"Utility Industries Generally.","page_number":130,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"e49e30d7-4ed2-4f3a-8178-a5f5d8da6a86","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":130,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"11ff7d07-cd49-42d3-9344-71dfbe972077","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":130,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"7c606d25-6410-4ea2-8575-43ca396415ac","block_type":"box","text":"not develop in the future.","page_number":130,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"147db587-8341-4796-a81e-7cb9a32f7df9","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":130,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"2afbe67c-0df3-4482-8b43-b138d2b9a900","block_type":"box","text":"A Fund may purchase or sell","page_number":130,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"d5e33220-5711-42c8-8bba-203b7ea22e5a","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":130,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"7c15a595-31c3-4219-962b-d13aa6555367","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":130,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"e2920139-7e6a-494b-8040-72ecc71a27e8","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":130,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"a44d6428-5787-4f34-a8f1-a5e602086eff","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":130,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"c9dfd088-e1a5-4301-80e6-30d511c36625","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":130,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"5c8abd01-b85f-452b-8a8a-36e1cc5e17cb","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":130,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"ddce6166-9b84-4246-8f36-9ef5a3508dbd","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":130,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"83c6bd22-f56c-49a7-aa8b-78fcb77adba5","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":130,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"d0dcee5f-8aac-4d30-86d5-a362dee32171","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":130,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"a919ffc2-ede9-428e-be1d-3fc61367d9f5","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":130,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"6d629208-d7b1-42df-b59a-7473f3de8a29","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":130,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"fb96d09e-fcd5-43e5-8e5e-3b6c18b3993e","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":130,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"0367b207-4c4a-4441-b8ee-4a4acbcafc29","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":130,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"421f0713-d66f-483f-8b6f-1c13a4167a7d","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":130,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"9d313fcc-b554-40c2-aecc-1ac8133c96f5","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":130,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"03dfa55d-499f-4c8c-b71c-e3318e0f467d","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":130,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"8949cfe7-2b7b-4de1-af7d-cb198133ee4a","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":130,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"58cfa4f7-efc3-460c-816a-b3dad829857c","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":130,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"3d4e82ce-9042-4b8f-97fb-d65db333c37c","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":130,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"71af950f-23bc-4fec-ae27-e31e2110cf36","block_type":"box","text":"II-77","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dbe1faa-599f-40fb-8b74-0f87f9e480ea","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":130,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"cd9e874d-5f21-47df-a677-93b2dd7a6668","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":131,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"9ff0d1e7-2db5-4e23-9f40-34711d1bacec","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":131,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"4390e1bf-3df8-4f56-9f3f-927f88980993","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":131,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"6ceb5d98-9ca5-4815-818d-532ebc2dd459","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":131,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"d6eb1ce2-81ac-4bba-8226-cd53c41d7af5","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":131,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"2d626490-e869-4c15-8e0e-c1cf993906f5","block_type":"box","text":"securities (","page_number":131,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"f6f70eb9-297a-42c5-989e-ee094595864e","block_type":"box","text":"e.g.","page_number":131,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"11640f3f-993b-4b4c-8f26-63671ce7d608","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":131,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"69edf7d1-3dd3-4207-a182-9095139a4566","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":131,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"cf01526f-57bb-445f-ae27-27a459d8e8d4","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":131,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"aaffbd23-147b-4030-9aae-4cb548e1521c","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":131,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"cea0d48a-5f65-4c47-a6c1-f4db212af16a","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":131,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"daff16fe-b3aa-4286-88c7-bf30a0e46db0","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":131,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"b33a16ee-a200-4e8a-8f5f-b3037344d834","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":131,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"3a5c2592-91af-4910-a3d8-9265a5cdcb03","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":131,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"5a2f6a9a-4ad5-4434-82b8-787c1c165500","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":131,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"c6df19e3-8884-4062-ae58-e87a6d07c499","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":131,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"99a00618-6e20-4a6f-bef0-597ae09dbe45","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":131,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"3e481044-e7d3-4aa8-9b6e-62575a4a0fc1","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":131,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"56ff4df0-8565-4897-adf2-09da2fbffef1","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":131,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"537fb2d2-7fb5-4258-a330-cf3efd252876","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":131,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"870be259-964c-4580-af4f-7c0eb40b2ff9","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":131,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"10d800d6-53da-4a90-8265-32bff5070c86","block_type":"box","text":"agreements.","page_number":131,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"c03475cd-5881-4973-928b-4f84163c2021","block_type":"box","text":"Yields and Ratings.","page_number":131,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"2efcefd1-13b9-4c95-91bf-368efb50db44","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":131,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"69928026-5a92-4a45-b197-2ce917f23a40","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":131,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"36a526e3-0aca-414f-85b2-7795a1c141c9","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":131,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"e7489f12-7e5d-404a-a997-52327eaa653a","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":131,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"00ee445c-0399-41bb-9f59-359036d9fea6","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":131,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"8f32dfa8-eca1-4f75-882b-596c3eda5a6f","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":131,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"a889dbb5-6d5a-4d2f-adb7-946bd965fc6d","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":131,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"6a5ca594-06b1-4535-9bcf-9bc8e9473b51","block_type":"box","text":"continue to hold the security.","page_number":131,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"73e2e2d8-30f3-4929-9b1f-0734f563ead2","block_type":"box","text":"Zero Coupon Securities.","page_number":131,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"b71a718b-bbb2-45e7-9d50-5ad55d502a1c","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":131,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"9b995697-11f6-459a-8ef7-60a13adf5548","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":131,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"4b7a94cd-6f27-4738-be83-b272b8bf5388","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":131,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"f829368f-c523-46fb-8338-75029337a423","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":131,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"9880d9db-33af-46c4-b9ad-9d68b2f2e6d5","block_type":"box","text":"security.","page_number":131,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"9b3228e7-d2d9-432c-81b0-0af0188bb9ca","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":131,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"71f31ffa-39d1-4071-8340-2e00f7b101d0","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":131,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"f48c1a18-e477-41d2-a677-7e1ed3588e54","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":131,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"924c90b3-b253-4a95-af33-72a4067673df","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":131,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"ad8d82c7-83ca-448b-b00f-a00fa6ef686d","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":131,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"ee311aff-8fa4-48e6-806a-b7607aaf1db4","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":131,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"fce8c19a-3fa8-4c31-b85a-dfeb04308a87","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":131,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"150fc149-eb06-477a-af83-1660c6b25d3f","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":131,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"e9cce948-366a-4683-89f2-7ef743f89e29","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":131,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"b4201a9b-40a5-4f40-b98f-8dcb1a287bee","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":131,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"39013002-1461-4280-b8cb-f22ef4e0db38","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":131,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"f8549dec-1748-4b85-8da9-ce684b40dd8c","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":131,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"b64f936f-bcb2-4fda-a3e0-d907bdec2840","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":131,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"49622e14-a14f-47c5-ab0b-77ecbb333fed","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":131,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"df50047c-a561-48c4-8cca-a5b57b0517da","block_type":"box","text":"intervals.","page_number":131,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"9038ca31-4ffd-49fe-a913-f9a57cdaf3a7","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":131,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"8a591df7-2c18-43f0-be39-f64c42e6dc09","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":131,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"db488dd9-74cd-450f-af78-8012f806f48e","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":131,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"5986f9f5-0fdf-4290-bac7-8d602540db8a","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":131,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"9d2855c8-b638-4505-8712-d1c54922561d","block_type":"box","text":"exposure to zero coupon securities.","page_number":131,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"35b93d24-7a0f-485f-a5a4-3a99c0d3a22d","block_type":"box","text":"II-78","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffbad5f4-ff53-46d5-b491-adf6d0efe396","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":131,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ac7c55aa-f029-40c5-9e85-bf932a63dcdc","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":132,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"19e9ef1d-e9a2-40b4-982c-73b292233492","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":132,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"dc2bbddd-77a3-4863-acf1-9dcc3ca86265","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":132,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"7e86862a-7043-4ba2-a873-3727e37c3388","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":132,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"95802ef2-39e0-417e-be53-b15c236e14c8","block_type":"box","text":"Suitability. (All Funds)","page_number":132,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"041fd2dd-0773-4a3d-a1bf-dccb1756016e","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":132,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"ae09b464-c9f1-4817-adcf-b9d4c7fd60f9","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":132,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"a8a012a0-d660-4a8d-b908-10a5adba874e","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":132,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"17081a0e-e00e-4049-8b08-632b43340537","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":132,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"fd7bb1fb-b8bc-4630-b5ae-d72c9826771a","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":132,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"a3a71475-9104-4572-b8d1-15f53e31969b","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":132,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"4111bfbd-5406-4316-b09b-62ec8d9d19b7","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":132,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"e3616fe4-d1ed-4e9e-8696-98bead3c7c65","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":132,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"336f3bd8-b805-4b45-9de4-c95335fabbb8","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":132,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"6d8bf734-bedf-4496-9170-2c34a4d21b69","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":132,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"e4e2f79b-f278-40e8-b149-1d2889409fe6","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":132,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"362b9f9a-7384-4005-a553-3cd7356e4714","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":132,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"60062965-a5da-4447-9618-27cfa71c1af2","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":132,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"94701eb0-a144-4ecf-aa22-bd1bdfb3c662","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":132,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"7efe9568-6949-4b3c-9966-084545d4d5bf","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":132,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"b73e97a2-e5c2-4bfa-8c29-1b1cce5497b7","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":132,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"1bed066e-057a-4c40-93c7-7eebee514ab1","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":132,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"437ace49-ff5c-42c6-bf6b-f60705a3bc7c","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":132,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"f8191e8c-6a80-47c8-9403-20fef6e21fa9","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":132,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"1a48c9a1-74d1-4b8f-a9bb-c3dd65715fe7","block_type":"box","text":"(","page_number":132,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"81a212f3-5f42-42a1-b46d-0c0697f6e64c","block_type":"box","text":"i.e.","page_number":132,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"bca9d1c6-ca19-4e47-b3a3-7787bc221b0f","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":132,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"7c7908c3-c5aa-4f41-a6bb-3013345cf460","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":132,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"f390b4a2-a060-452b-a638-e68db7528083","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":132,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"97c8ceae-8b6b-4b29-8ba9-93610a08b0f0","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":132,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"ff20af5e-9973-4506-a705-00741908b6b9","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":132,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"d88d5e99-a7e3-4e2a-bcf7-a34bfeed8b82","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":132,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"436d1b45-cf42-4c4f-afb9-cd9832b8f704","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":132,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"20990c21-cc29-4622-ae8f-c2d0655c3a5d","block_type":"box","text":"regarded as the sole issuer.","page_number":132,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"ded76656-a236-4dd2-ba80-e7480b90bf55","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":132,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"5895e8f0-c08b-4da9-bebb-aadcf751e54b","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":132,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"7b4d7928-73b9-4b8e-a55d-f516d7f3a43e","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":132,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"a613a115-61ad-4feb-ad0f-ebb78f4660c0","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":132,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"3fee296e-bd0f-460f-bcb8-c5d630b47ba8","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":132,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"b806251f-975e-471b-a82c-4ef1a99be571","block_type":"box","text":"75% of its total assets.","page_number":132,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"daa4d33c-8fad-4dad-9313-10db74a268a4","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":132,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"ecdb3fde-f986-4454-9fd1-ae85cf059104","block_type":"box","text":"Directors and Officers","page_number":132,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"caa0cd16-a97e-4880-908f-9fd570ff06ca","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":132,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"3d596ba4-bead-4336-93e4-150fa5f6da72","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":132,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"8a649d9e-2b39-4a78-98f4-25bda4d7bf6a","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":132,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"8f48873c-4c17-48d9-9062-2a6b983a6f38","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":132,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"6b322b1a-b177-4d14-ab03-6af2512f2b93","block_type":"box","text":"Management Arrangements","page_number":132,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"e9a9a9c0-9d8d-49b8-a358-b31fea067bd4","block_type":"box","text":"Management Services.","page_number":132,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"c9f77780-5b0a-4fea-b3ac-5579982b3de6","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":132,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"23d88d5c-38a3-47f4-abe4-16c33b8dbedf","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":132,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"30479e77-310f-4bdc-831b-c1126cbf2cf3","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":132,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"ee9c8b35-0ba2-448e-b9b7-ef61d5f1c2cd","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":132,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"7f6989de-979f-424e-83a5-682a81e9a69f","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":132,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"64109daa-1a59-4e0d-a821-18fd7800d51b","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":132,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"853ca338-d51d-4141-b33a-c2824550cec1","block_type":"box","text":"II-79","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10e63c19-6324-4003-b7da-bc605ed632e1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":132,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"14e31792-cbf3-4dd3-a902-a5eb2aa2dd3f","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":133,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"5d0194f1-841a-469f-8d87-f90dca312870","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":133,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"b8ea501a-00a9-4012-8a51-705c8cd84589","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":133,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"9ded5734-7bce-481d-ad44-b5d52c15905f","block_type":"box","text":"Management Fee.","page_number":133,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"d8541237-9bec-4e59-a93d-7f9db5539cc4","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":133,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"cfacdcce-1df5-465b-b591-fa0d1dbf2f34","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":133,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"878f39c9-1b89-4264-acd6-24856c90b6c2","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":133,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"727372d6-1755-4258-99e3-182a01f49b07","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":133,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"74555e13-f46c-4518-a02b-e92ea1464236","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":133,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"2cbef890-ff54-41ca-8bcd-ef12b1b9cec9","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":133,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"69506777-a210-4233-b0e7-f459ca160c28","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":133,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"83ca4387-4f73-49d7-ae6a-44aab1c61edd","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":133,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"771c1c1e-cd03-4c10-9790-dca3f834f387","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":133,"box":{"x":68,"y":226,"width":797,"height":11}},{"id":"6d5cc389-2045-4f8c-aaa2-919e28eedf55","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":133,"box":{"x":70,"y":241,"width":830,"height":11}},{"id":"1103f110-4c90-4f41-8c9a-202df327ce40","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":133,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"bcb8c178-325d-44f8-9d09-b4417f8239f6","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":133,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"1346bd6f-30f4-4904-ad50-1f749fba707a","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":133,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"3dd682cd-42ab-4f88-9b59-dbd75dca13f0","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":133,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"e4c37d8e-0d77-4113-9535-1933d6bae08c","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":133,"box":{"x":70,"y":317,"width":784,"height":11}},{"id":"b1c61ade-06d3-4462-b77b-f536d19feaa0","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":133,"box":{"x":69,"y":332,"width":767,"height":11}},{"id":"dd8be090-1852-4950-b94b-7ac2d7c50d06","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":133,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"948032ab-e08f-42f4-980c-c2465c705fbc","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":133,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"434acbed-824b-45bc-826e-43862a52aceb","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":133,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"9af73f0e-c47b-42ca-8bd9-7985b6ba63ca","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":133,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"af9a2e7a-dbb8-4c70-856f-1fe604feab32","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":133,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"a083d881-5867-4260-a801-a5cc85d7f82b","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":133,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"c11fa2aa-aad9-4fcf-a45f-1d37a8001014","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":133,"box":{"x":69,"y":438,"width":767,"height":11}},{"id":"ab00edb5-a19b-4298-9b63-f58136844691","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":133,"box":{"x":70,"y":453,"width":743,"height":11}},{"id":"62475050-fb75-4fb2-9c58-7327c21d6b73","block_type":"box","text":"Sub-Advisory Fee.","page_number":133,"box":{"x":102,"y":476,"width":124,"height":11}},{"id":"7fe2a446-68aa-446a-93a5-f978a1e13583","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":133,"box":{"x":232,"y":475,"width":643,"height":12}},{"id":"f7ac3348-af2c-43c2-b248-7b6f7776c624","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":133,"box":{"x":70,"y":491,"width":839,"height":11}},{"id":"45789bde-fcbe-4933-9416-9cab30bc2b17","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":133,"box":{"x":68,"y":506,"width":830,"height":11}},{"id":"01fb044e-52f5-40c4-b30a-25a1cb6698a8","block_type":"box","text":"Organization of the Manager.","page_number":133,"box":{"x":102,"y":528,"width":204,"height":12}},{"id":"6a20d615-f882-41c6-a3ea-be1983dce2bd","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":133,"box":{"x":313,"y":529,"width":560,"height":11}},{"id":"7d67317d-70fc-4aa3-bab2-898f423034cb","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":133,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"75ce6cdb-5be9-4267-bd11-2c8dac032972","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":133,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"8c3e0f3f-e9af-46ff-b23d-597b28032f2e","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":133,"box":{"x":69,"y":574,"width":768,"height":11}},{"id":"0841a203-b83f-4d55-84e2-a06445975162","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":133,"box":{"x":69,"y":589,"width":821,"height":11}},{"id":"ab3abe2d-8d9f-4aad-a74c-791d45da4605","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":133,"box":{"x":69,"y":604,"width":517,"height":11}},{"id":"2c81f9ea-b65c-44de-9816-680212899e68","block_type":"box","text":"Duration and Termination.","page_number":133,"box":{"x":102,"y":627,"width":182,"height":9}},{"id":"eb67a22a-7bd0-4390-849d-b6e84a99d8b4","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":133,"box":{"x":292,"y":627,"width":613,"height":11}},{"id":"2e64195b-1b46-4dc6-8b78-3331cb68c393","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":133,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"0a9a757b-ae35-4c57-b4bf-2df7974010d0","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":133,"box":{"x":69,"y":657,"width":803,"height":11}},{"id":"274e0068-0b46-4e95-827e-cee15b155c7c","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":133,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"b69db7f1-8fd2-4b3f-9cfb-53defc9a78f5","block_type":"box","text":"in the Investment Company Act) of any such party. 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For information regarding any administrative fees paid by","page_number":133,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"cc6f5a10-c6d9-431e-ac44-6399492a4c6c","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":133,"box":{"x":68,"y":831,"width":738,"height":11}},{"id":"e8e3e774-b7a7-452b-9f01-157a063fa96d","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":133,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"f87c3953-8101-4559-a5ea-654d031f35a1","block_type":"box","text":"that Fund’s SAI.","page_number":133,"box":{"x":68,"y":861,"width":113,"height":9}},{"id":"0fbf611b-8e58-43fc-99d0-ca3d4ab4e703","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":133,"box":{"x":102,"y":884,"width":755,"height":11}},{"id":"49d3982b-0a6f-439c-95ea-07875a2f91ec","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":133,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"7583d174-8777-4bb7-8eac-c06ba838dc55","block_type":"box","text":"II-80","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e509a13c-03b1-4ed3-9b67-e773d44e5537","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":133,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"97d69560-b2b4-405b-8da6-bcf29ef4df5a","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. 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Such contract is not assignable","page_number":134,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"381a4787-7b94-4e6e-8965-d1dba918dc4e","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":134,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"d104eb45-a95b-4959-8d75-fed83ebe3cf5","block_type":"box","text":"shareholders of the Fund.","page_number":134,"box":{"x":69,"y":188,"width":181,"height":9}},{"id":"941dd366-dc38-4072-b3ba-aa976254190a","block_type":"box","text":"Transfer Agency Services.","page_number":134,"box":{"x":103,"y":211,"width":180,"height":11}},{"id":"68ae7329-487d-44a1-a227-971efe957128","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":134,"box":{"x":291,"y":211,"width":595,"height":11}},{"id":"895683b6-e518-459a-a5f9-90cb2ade0893","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":134,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"cab0e48f-1dec-4784-a2fb-78e184ffc4fb","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":134,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"0699e3d9-9edc-44c1-9099-eb2599aca026","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":134,"box":{"x":68,"y":256,"width":792,"height":12}},{"id":"dacb2e13-108c-4ebe-a13d-b1226357d05e","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":134,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"bf75370a-717a-48ae-9a56-96a8e1850b0b","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":134,"box":{"x":68,"y":286,"width":839,"height":12}},{"id":"70b5289d-b852-4199-a787-0da114d3445c","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":134,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"be624de4-6bbf-47d1-9364-f4493ab4e358","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":134,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"6d67f46b-9bea-4996-a46e-b1778c25183c","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":134,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"43bf0f44-5d8d-4625-bb7b-e02044ae2c80","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":134,"box":{"x":69,"y":347,"width":806,"height":11}},{"id":"468984b1-da4e-4b0b-8470-22d298de337a","block_type":"box","text":"class on a recordkeeping system.","page_number":134,"box":{"x":69,"y":362,"width":238,"height":11}},{"id":"2de7ce4f-90a5-4e54-8824-f09a2de41e42","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":134,"box":{"x":102,"y":385,"width":338,"height":11}},{"id":"1c605f94-0466-41f3-be9a-34c40a184ec8","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":134,"box":{"x":446,"y":385,"width":441,"height":10}},{"id":"ecacab0b-8597-4efc-a772-6464fc7c8e75","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":134,"box":{"x":69,"y":400,"width":840,"height":11}},{"id":"3d15509e-48be-42ef-b464-76f86a100570","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":134,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"1228cfb0-e1eb-4c99-9a24-3f236abf6479","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":134,"box":{"x":69,"y":430,"width":627,"height":11}},{"id":"7556ac18-724b-4b4d-8f75-533bae1f4b8b","block_type":"box","text":"Custodian Services.","page_number":134,"box":{"x":102,"y":453,"width":141,"height":9}},{"id":"624d2ca5-01a0-4d3c-9e58-8791d52cf698","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":134,"box":{"x":249,"y":453,"width":654,"height":11}},{"id":"83bd9bca-2517-4c0e-8c2f-dd22980f21da","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":134,"box":{"x":68,"y":498,"width":802,"height":11}},{"id":"fb16e33e-4525-4bf1-b70c-fbba78564e0e","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":134,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"2260dd3e-d46c-4416-84ec-7610e43d7b7a","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":134,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"1a54a267-bdb7-44af-9155-bc8a419bdb63","block_type":"box","text":"certain assets.","page_number":134,"box":{"x":69,"y":544,"width":106,"height":9}},{"id":"50021d65-7dee-4129-ad17-c69e36751e48","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":134,"box":{"x":102,"y":566,"width":716,"height":11}},{"id":"42aeade4-9b39-4e10-ad5f-4e34fc19ba23","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":134,"box":{"x":102,"y":589,"width":803,"height":11}},{"id":"dc5eb4f4-d51c-48c0-ba72-57007efa2b67","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":134,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"1bb21a1e-b8a1-482a-ad9c-5874f20132d9","block_type":"box","text":"credit”) or a charge based on that net amount. 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Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":134,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"4f7f0aeb-bb7d-4e56-9010-8b403f48e39c","block_type":"box","text":"Fund.","page_number":134,"box":{"x":70,"y":680,"width":36,"height":9}},{"id":"246ce938-6ee7-4068-babc-59964f621380","block_type":"box","text":"Accounting Services.","page_number":134,"box":{"x":101,"y":702,"width":148,"height":12}},{"id":"268e0d77-b5a7-4506-b1cd-7861c521d39d","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":134,"box":{"x":256,"y":702,"width":641,"height":12}},{"id":"3c19b784-1cc1-4eae-82f1-7e0166c0d978","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. 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State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":134,"box":{"x":70,"y":732,"width":797,"height":12}},{"id":"30c36de7-fba7-4258-a5c8-81c6678e8672","block_type":"box","text":"Master LLCs.","page_number":134,"box":{"x":70,"y":748,"width":91,"height":9}},{"id":"95fa6213-55a5-4d27-ba11-0366ee21c27d","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":134,"box":{"x":102,"y":770,"width":771,"height":12}},{"id":"18960bb8-772e-4607-b950-293b759b72b4","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":134,"box":{"x":68,"y":785,"width":810,"height":12}},{"id":"135df551-e116-444c-9356-b0a5887b4d94","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":134,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"ad8e08fd-61d9-4863-9253-22e57a986f8d","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":134,"box":{"x":69,"y":816,"width":386,"height":11}},{"id":"95dcb072-5861-40be-9e56-d825670f4ed3","block_type":"box","text":"Distribution Expenses.","page_number":134,"box":{"x":102,"y":839,"width":158,"height":10}},{"id":"d8818c4b-ec1c-4402-8462-5f3589da3f61","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":134,"box":{"x":267,"y":839,"width":614,"height":11}},{"id":"09e47833-b197-4f18-92d6-239c513f6c72","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":134,"box":{"x":68,"y":853,"width":807,"height":12}},{"id":"a861743b-4f77-4ec6-a1cb-c35120ce443b","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":134,"box":{"x":68,"y":869,"width":842,"height":11}},{"id":"198312c2-d267-4a45-a18d-26817b1ce2fc","block_type":"box","text":"the Funds. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":141,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"dc3ca6da-5e30-4c37-bac3-3f23dc64cc72","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":141,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"d8287e8f-b721-4929-a57e-04357bc5c242","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":141,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"cf374027-77f3-4d40-b535-84a6d071a83a","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":141,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"164c5dca-faaa-48e7-872b-c7fe0b327903","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":141,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"46420684-27f8-4bee-9961-66a3715053ec","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":141,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"f7b35070-bb13-48d3-b859-35c4dceba2c0","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":141,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"bbe1f663-2edf-46c9-9510-036364d3446c","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":141,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"1232f2d9-ab2f-4de4-847a-7342708be3a3","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":141,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"bd3530e1-ed88-42bf-a36d-2d86ebb7a3f7","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":141,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"849b4da9-40e5-4aa5-9027-96c0e6e60617","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":141,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"99e2c153-8edf-47d6-9fcd-7488d0ce2dcc","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":141,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"807e50d4-bd8a-45cd-8df4-5279678b81de","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":141,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"808f9a6d-e25e-47f7-a2cf-5613d425892e","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":141,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"dfc470e9-5424-417d-afd9-ad79729ceaa5","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":141,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"14c299cb-785b-419f-b069-28a67d40af53","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":141,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"4202c4e3-9665-4751-b957-8435d062db00","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":141,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"12219769-3041-4961-8612-8cc50e761755","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":141,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"18ba6e56-3c31-4450-b2d4-cf6f86db44ec","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":141,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"c08f2046-7750-4760-a0b1-4bcdec771297","block_type":"box","text":"Funds.","page_number":141,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"3c282553-d5d9-4eba-8198-39ee7119a7e9","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":141,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"5e2f5e0f-c5ca-4216-a31b-66a0221c5b1f","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":141,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"a2054324-8282-43b3-927a-93bb61a054da","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":141,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"474b2c63-ab18-41ca-8c01-505afff849d2","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":141,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"62dbad7f-852a-4669-b631-a45b6d27b861","block_type":"box","text":"II-88","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"366f8d9b-88b0-4ea0-9785-3d14cdabba07","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":141,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"34bc10a6-5ab7-4305-801a-8d70ebc2c59c","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":142,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"76e1f17d-0cf5-46c9-9788-54b047431104","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":142,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"c3e1f6a1-2d96-41aa-ae71-6ab3ba59bde9","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":142,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"7f7685c1-98e5-4d9d-bbca-29b68dec2e92","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":142,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"d12c26c2-7e4a-4941-bb2d-5ac86f29b199","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":142,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"88de26d7-c711-458c-9060-64a579bcdccf","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":142,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"97dc23de-7741-4dc0-9a47-4da9fbe26817","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":142,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"3ba512f9-42a5-4e70-8dfe-08ba4e74de17","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":142,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"63dff4a6-319e-4af9-8286-64365ad616ab","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":142,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"9395da1c-37d5-4852-b4e2-c16332c06086","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":142,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"8be99326-6d91-4a19-b9f4-0e2aa0d019a6","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":142,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"dc6dd9a8-aace-4827-a5b7-08a0398da99f","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":142,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"600e05dc-b9d1-4b95-9907-db0b4540e4ec","block_type":"box","text":"case.","page_number":142,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"e2ef2b80-2bf2-4908-8db5-25f9e6de3ea5","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":142,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"18c7a931-0a65-409d-a87a-7fed83a629f7","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":142,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"1b55a9b5-533b-430a-a801-07d1a341d47f","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":142,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"8db8769f-e025-4033-8430-f33f7dbde6fb","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":142,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"5d5cdcb8-e36b-490f-8d40-61a76ca05cbd","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":142,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"b1c92c15-033a-4732-a591-eb641a6404f8","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":142,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"5fece6a7-01e0-4b80-b3bc-45764bc323e0","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":142,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"baf6205f-87fc-4956-b43e-9f45ee03de2e","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":142,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"48336fd6-5e33-492c-93e2-f4fee846384e","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":142,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"6f1b390b-0d06-447a-865a-d54b814af52d","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":142,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"964dacd4-be24-4ae6-9952-1240436441d7","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":142,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"386aa4d6-dd83-4520-8c6c-cc17ffb089b5","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":142,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"98033a5c-9f54-4a54-984a-79b1edc05595","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":142,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"bbff7b5e-5a55-4d56-b036-0f398f018354","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":142,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"9c043ed4-7c3c-45d3-a6e5-cd196358c0bf","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":142,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"10db4664-6f1c-46a8-be19-266ed154a38e","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":142,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"1e5ed54c-18f2-43b8-af74-6963614c549d","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":142,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"142f05d3-e09f-4d5c-81f8-96c5a9017c90","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":142,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"b6798f40-0774-478c-8f20-518c57d9e55b","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":142,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"df1743e5-2f40-4956-8efd-40c496c24c72","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":142,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"9e0f5a0d-017a-4080-8fc6-f00dc58b3d46","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":142,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"da6404b7-5ffa-4b42-bd5e-6cffc97fc319","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":142,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"0fbe308f-6906-4ee1-aa0f-a4dc63da0eda","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":142,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"fecc4f67-d06b-4226-b84f-0d2428666306","block_type":"box","text":"managing a Fund.","page_number":142,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"9040fbff-2d5b-414b-8f2e-ab37d09b3c51","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":142,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"b149d41e-c02b-4037-8a6e-be97aaba9a6d","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":142,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"e464486f-3086-48ee-84d4-69964b667def","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":142,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"ee8313d5-f28e-4363-b945-4d3badb0f958","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":142,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"a0417430-7455-4ace-8ec6-d50eac0f1ef1","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":142,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"817b91b6-f048-4f10-a294-08331a0eff67","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":142,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"2bf22820-57b7-43a9-a444-7078688cf54f","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":142,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"63d2109c-441a-4595-b5cc-9c2fb91dd58d","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":142,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"6c12a403-1881-4834-a697-f458e2b4a072","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":142,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"e2d9670e-fba8-46ee-8cc0-210b43f0f17f","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":142,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"2d4fefa4-9836-47b6-93b3-8b9183dca931","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":142,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"781ce7db-d2e3-4e03-8fef-87eaf1249450","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":142,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"84671c49-b61b-4b70-b9e5-18eef566c291","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":142,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"939103aa-1e5d-4d6b-bb87-f9d3ef7fc0d8","block_type":"box","text":"II-89","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e86b75b-6eb6-4a0e-b61d-45b702b9623a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":142,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c2898b12-309f-421d-b0ba-3c88d936cc95","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":143,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"d59342bb-0ad8-4679-9b49-d487fe6b95e6","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":143,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"f6533141-c6cc-4554-a109-218a0b418d8c","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":143,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"ef611ea7-b85b-4cb8-b13a-7e487e28c719","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":143,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"a2405a5d-e776-4c99-a2fe-61a7e4240d58","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":143,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"db6039c7-4ce0-4063-a98e-4daf97137506","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":143,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"0048cb98-8f69-480b-87fe-be8a1271e743","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":143,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"4a2f476f-6424-4f17-a711-64b6e1e74242","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":143,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"83ba1d34-6e00-44d6-9f68-c20f11915cba","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":143,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"aaf73c22-2315-4d06-ba70-4c6f1626651c","block_type":"box","text":"under management for BlackRock.","page_number":143,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"6cfeaed5-444e-4587-a338-350ea51f94e2","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":143,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"611845c5-876e-475c-8f09-ea1160949694","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":143,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b2ea2815-4e66-431d-bf8e-6fa8811c4ca4","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":143,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b624dbb5-08e5-4608-be5d-32c4d452c372","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":143,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"8aceabf8-406b-44a6-8033-7f8e687eb38a","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":143,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"0d2ec155-ba2b-4923-9990-02e54640033d","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":143,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"f2e944ad-6404-4171-99e0-2a0d3fd37c93","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":143,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"3aea33e7-5e49-44a4-aad3-2137b14da12c","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":143,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"5746d652-7f26-46df-8d59-5a059c4197cc","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":143,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"c80a774f-3130-4cd7-b78b-f4728550d41c","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":143,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"20104e7a-6ff7-48f3-8cf7-dda019cae496","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":143,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"06622bb2-51a6-44e6-bae1-c5baa0fbe633","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":143,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"412d9b55-9f79-4095-8d59-88a3024a4f7d","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":143,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"6d9466a1-cb0d-4312-9b9c-c4c610fc1c5c","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":143,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"5cf2e2f4-a420-4769-91ee-eb16fbaf6f92","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":143,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"00015cfa-6674-449f-bd1c-927749055e90","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":143,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"bc0ef0cd-7e27-4f76-b222-67d57abacac5","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":143,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"dc71a805-b317-45fa-8ded-a68733112345","block_type":"box","text":"any such fees or other amounts.","page_number":143,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"21383260-280c-49d2-bbee-f56dd6a45333","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":143,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"2e582902-48a2-4974-8bf3-d1122cdc2533","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":143,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"05c7b56f-0e68-43b2-b119-85e4743c0691","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":143,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"f07e1584-91e2-4034-b1fc-c751bc1a2742","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":143,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"6dc82eaa-13ed-4e54-935b-66f5f9e3327f","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":143,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"270d058a-86d9-4172-b7d1-bbe696042ade","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":143,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"e944d78f-a360-4cc5-bc65-e2d1e4307094","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":143,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"04709ba3-b596-430e-9784-f38c4ee7183b","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":143,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"7005b9ff-96d3-46fe-8ceb-1ab62f6c6c9b","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":143,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"f6732c92-036a-4573-a0c1-89c9bd949d06","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":143,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"03588e39-28e4-4cd3-bee0-8f0aff064a7a","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":143,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"d1742daa-a040-43cd-ad89-ae6dec3237a0","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":143,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"b5672c96-823b-447d-8af6-9a83124adc39","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":143,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"0bf06abf-6208-4f0e-8fe0-3571e5fceb94","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":143,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"e2edb6d2-688e-4958-b713-d7755fb4724b","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":143,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"ff73491c-c25a-4498-a1f9-c3ab9a670df8","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":143,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"bd5d7998-0608-4b31-a314-b60ead42ff6c","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":143,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"b8200215-720d-4e1c-b859-278a7dc6b864","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":143,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"44e99ef9-27e8-44f5-994e-a398a7e39e37","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":143,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"d83d5abf-681d-4547-b2e7-55d7b2c07b51","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":143,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"1e1ab26f-e61f-48be-abd6-d4c47239df16","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":143,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"57bd2322-3362-44c1-8421-3a439515a7bb","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":143,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"70a0eb83-ff99-4cb9-9f93-6570c7c8f507","block_type":"box","text":"II-90","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cee85d87-00f0-4d07-9aeb-e9feb2ac2271","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":143,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"47438b4b-4368-48cb-8072-0f26e4b129e3","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":144,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"a64f0a89-e883-4c6d-ab9c-a4739a25e017","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":144,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"f5ac6180-8e3e-420d-8638-f5165e70243b","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":144,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"a51698ad-e7cc-451e-84b6-c0de89ada246","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":144,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"b5bd740c-bfe6-46dd-9ef4-2e2d3c9945e7","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":144,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"60ccac12-893f-4e27-ac6c-b31cffa7f09c","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":144,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"d67ccf4a-bce4-458d-a097-fcb6d510c666","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":144,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"77e1f5f9-4bc4-40f8-9159-75f4b46d559d","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":144,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"3222d361-e16f-4405-ba02-28905972f250","block_type":"box","text":"regulation.","page_number":144,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"a67bfe87-e980-4ba1-ae06-daf6b4790d7c","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":144,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"049bf444-5774-40b8-91bc-859dcc5cf199","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":144,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"92946897-8b2a-4bb2-a151-e46be1c7eaa6","block_type":"box","text":"various program limits (","page_number":144,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"aa68bb45-a064-4122-ab85-4d8d51dc5a0f","block_type":"box","text":"i.e.","page_number":144,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"f32efb7e-7cd0-4f36-9611-d451f34151fb","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":144,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"2f07de26-7c02-4d98-9505-79d4becd5aed","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":144,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"660aa97d-152e-49d6-93b0-45cd645b9c6e","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":144,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"a296a735-a391-4c87-bc7a-c3fd11043b4c","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":144,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"d1e71d41-2ca3-4cb3-9a29-54aea933ac0c","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":144,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"e7a58d04-177e-44ef-81ff-c687fbc90719","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":144,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"6ffd4183-35ab-4c95-bd2f-ee5e9d66fc2c","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":144,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"6d37b023-361a-4cb7-a239-53e7e3dd9e78","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":144,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"c6c92703-8608-45d5-b660-6b8ba3daaeb7","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":144,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"dd540571-a871-4f40-add2-e011c54df51a","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":144,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"d120bf33-8173-4e56-84fc-bebcdcf7e8db","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":144,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"e9770574-0ab9-4fa2-a717-a57a70c70f3b","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":144,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"4b4735c0-7cdb-4046-950b-65089e0cc3cf","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":144,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"49924cc2-5df8-4464-ac1c-f8b028ee5cb6","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":144,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"b74abb77-5a27-4753-8c06-8aa63482eaff","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":144,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"29e6f80f-2262-4e4d-b358-099d39d19d25","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":144,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"b48b4e82-9b7d-41b5-a313-cc57426ea575","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":144,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"74bf31df-80c3-4008-8fad-7eeb280d99f0","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":144,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"e88611c5-6327-4993-ba39-fc9dce77d23e","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":144,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"5b34f827-bec7-4e20-b514-07792d16e146","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":144,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"7877e468-0263-4e0a-bd89-3204a8053c61","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":144,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"e9e80faf-cb1c-46ce-8275-994d88a3c746","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":144,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"32c264d0-0d68-4fe5-8d33-93fe694454eb","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":144,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"f61b0d5d-f9c0-4cd3-b923-cfd11a77da81","block_type":"box","text":"than through client commissions.","page_number":144,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"0e963cac-c8b1-45f0-a007-0953b6686e73","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":144,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"ce695fc2-6632-4fd9-97aa-2d402cae44de","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":144,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"61ba12a4-2f5c-4c3a-9eeb-ebe8c3bfa747","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":144,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"6b14fde7-a6ec-41ae-a86b-decad0a26270","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":144,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"e903ce5b-3f63-4884-adf4-bcfd4dbf9d5d","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":144,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"ae856c41-2f1c-4321-b366-36902f358e55","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":144,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"705fa2fc-f72e-4d65-97e1-1f2b579bcfaa","block_type":"box","text":"research-oriented software and other services and products.","page_number":144,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"ae3861c8-3fae-4ea7-a89f-425af9e88da5","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":144,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"92344660-4834-4183-8a24-85997c2e24a7","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":144,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"507aed10-30e9-415b-915a-235de92f8b7a","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":144,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"7324eac4-2730-4337-a6eb-e57f6b410fcc","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":144,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"be357c0f-3ddc-48fc-b049-f53222ae49d3","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":144,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a00121a4-853c-40ee-ba05-ede8071c5665","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":144,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"9cdf47e9-5280-4e82-9d0a-9edd2aead00a","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":144,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"5c1823db-a5b8-4ff7-b800-506fde12354c","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":144,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"8ad12aec-f41e-4768-aa23-e5761bd1cac2","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":144,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"35d92a31-0a9b-410a-a943-61a597622dbb","block_type":"box","text":"and services itself.","page_number":144,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"e8b88cb2-4c1b-4f6a-b2c0-bd7c5c2d8fed","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":144,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"9c07521c-1d44-400a-a0c9-bc7255e12542","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":144,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"50b02738-387e-4b61-a36d-9ce45025a4e9","block_type":"box","text":"II-91","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af0b1811-af2d-4b01-a6b6-c422af0c1e61","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":144,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"93601d60-7225-45c3-902c-a83a1f1825e2","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":145,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"3cdc9e92-5e82-4479-a7eb-bfd67cad973c","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":145,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"28bf6104-7d27-4075-abaf-d2b0b468d657","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":145,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"296f9260-acca-4fe9-a162-e372fdf39a56","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":145,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"d08d9ffe-9ec4-47cc-9e77-177ae425714e","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":145,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"fbd7f98a-a05e-41d3-840e-313559e51132","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":145,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"ea00a2fe-4176-4e37-bffc-639e2d3a4728","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":145,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"32fc4f75-3cb0-4b79-8d40-bc9ea71ea693","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":145,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"645e5744-2247-45f6-95a5-872cf7d00f5d","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":145,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"0ed752d7-df31-4a75-aa82-90599dac670c","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":145,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"6e7578ea-cf47-4c96-9b5d-9d8c1bbde4ed","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":145,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"76e3c47b-98cc-4bab-a1a6-c35c84e5369c","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":145,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"c05a52f3-08d8-4c69-9099-cd4f43b0013d","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":145,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"2b046f78-6027-4bdf-abca-262d7286de56","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":145,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"c5c378d0-5a55-4956-badf-98f1724f0783","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":145,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"9e369866-85fb-46b8-a0bf-5ad68a102df7","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":145,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"06783d4e-11f0-4cab-b35d-db05898d28f0","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":145,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"5aa187a7-1235-4abc-ba38-76a92000f868","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":145,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"a8d8ae69-299f-4c44-96f4-b07f450cfbd5","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":145,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"d898fb38-a882-424f-b8d4-5993682246ff","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":145,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"9f05edc4-de97-462e-a2a3-e9fce65672c8","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":145,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"b6489c79-7a79-421a-b64a-73d93df705a3","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":145,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"181d639f-67d7-428c-b342-5da32b288908","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":145,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"58f5e163-7cfa-454f-833a-245f73bbd7a8","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":145,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"d3677a33-6bcf-4a3b-9198-8114c77c7e3d","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":145,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"7f880efe-f091-4630-8dfe-f29aa485ea42","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":145,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"934a297c-7315-40bc-92a0-4809a250a960","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":145,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ae61ba5f-e545-4318-9b09-0ee4b4d373e8","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":145,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"fa679c02-94c7-47c3-bdb4-32f66d8541d5","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":145,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"478376b5-2e7a-4ed6-9f9f-1222a042a07b","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":145,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"b435326e-288b-4124-9841-4a112eb8fd0e","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":145,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"508c7648-311e-41ca-a207-b1fbbf862e36","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":145,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"ca4fe26d-4eb3-4711-8d8c-24476a69bff9","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":145,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"b8b3feba-5a93-47a2-af9f-f80839eb0da3","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":145,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"a6701501-900d-4d84-820e-50f95839792c","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":145,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"aa247ab8-8b1c-4c4d-9d06-5325b1bcbf12","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":145,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"4bec524c-8671-415a-99cd-8029cb3f1191","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":145,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"824fecc1-064c-4846-9864-4941dee03220","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":145,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"dfb5d3e2-c3e4-41a4-9c77-a65d57263a25","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":145,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"eba1da24-3aec-4662-89b1-724c60a492e4","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":145,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"55d91485-41d8-49dd-94c6-51db72c4918f","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":145,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"c4931d75-2217-4e4f-a459-e09191b3e179","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":145,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"783d4afd-d501-4eb3-817c-5eacf8d2d90d","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":145,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"73a10e63-814b-4d52-aa48-4515917c4ad1","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":145,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"e7fd3d4b-64d1-488d-b7d0-b2b4005df680","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":145,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"fee95eef-04c2-4334-92ef-7cc371b1893c","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":145,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"52c07255-749f-42c8-8122-1aa9cf822f85","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":145,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"17e78b78-d56b-4002-9a6a-af7c6639d72a","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":145,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"391437a7-9bd6-4b6c-841f-cfb5414b2a08","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":145,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"a7ee8442-2642-4e88-bad7-e4964493657e","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":145,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"fc839035-54ed-4e96-b194-7d945d2eb2ea","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":145,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"e0c11595-a796-4ac4-ab81-69c8f40b2ab5","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":145,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"0217528e-7cdc-4e81-8bef-d7a6dc19fa0b","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":145,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"a758a61b-ec99-46ef-9368-c8f9d6907d8a","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":145,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"ca4486fa-75a2-44ed-9779-98cc181792ea","block_type":"box","text":"II-92","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0973d847-5fb7-4684-9f67-0beb6d5073b9","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":145,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"105c41f1-069a-4639-8861-ac103956c1cb","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":146,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"37ebf8cc-e511-4c4f-a9e7-36d124e1bda4","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":146,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"41c97e50-da68-4968-8759-3884ec1b7495","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":146,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"52d78d33-d3a6-4300-8950-2de881ce1fc9","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":146,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"47770b0e-0b82-4c11-aa1c-57c667086a4b","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":146,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"a0aee93e-1f41-4f25-9c85-e07a73175c96","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":146,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"483ae034-0b8a-4552-bf6e-873c6740704e","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":146,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"17da24b3-b1da-400c-a543-13e0ebf0af57","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":146,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"df17c521-b42d-4141-897f-338bba52ece5","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":146,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"1f0c58cf-e03c-47f2-b7dd-7cbb055a747e","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":146,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"96e7f564-4b5e-4cf9-abc0-b37671fb7678","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":146,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"2d8f021d-539d-4925-a43d-e99c4cd4e614","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":146,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"2264cb80-57b5-4a24-ab77-04c62f790fd7","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":146,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"b374a3f4-982c-4617-8df6-a581ea0c1b67","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":146,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"ed3893ea-a3bb-4571-a1e6-69f3b535c66b","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":146,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"719908d7-397f-49e0-a363-c26dc4528f2d","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":146,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"a493882d-9cbd-4e84-9159-3db07f31a90f","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":146,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"2bc6d515-ae7d-4054-a504-d7207761defe","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":146,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a367fbee-0fd5-484d-a318-e2f61687db19","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":146,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"e3d140a4-ff80-481b-b38d-08d96b0d1b3f","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":146,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"0dcc9b48-e5cd-48e6-aaf4-db855e67e701","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":146,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"dc9514e9-7136-4146-938a-f1007a542c1c","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":146,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"73a1a16b-e5af-49ea-8ada-599148853922","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":146,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"59b9d576-66bc-4a71-83e6-5147fe1c7ddc","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":146,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"74c2371e-31c3-47a5-b0b9-a9ceeccddf49","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":146,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"145a88e6-434a-4ba9-b2a9-17f9302feda8","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":146,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"d4a19d54-5c5f-45b7-9ea4-365102b98c93","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":146,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"a0c72310-7514-4b47-9a79-7f91e9756138","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":146,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"5c9171b7-2bab-4988-9108-80ac4ee467e1","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":146,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"9217937b-48ab-4916-9128-f939c733f7d6","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":146,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"153b532b-1e1c-4832-949b-9358856ce544","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":146,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"3f77e6c6-ef15-4aff-b56a-b85aea5a6b0e","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":146,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"e7fd7590-6b4e-46c4-baec-4277dfb434f8","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":146,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"e46ab988-f182-4bfd-aece-aefd7438e4f7","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":146,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"0125d780-b65a-4da2-a823-1688409516c8","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":146,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"db26f14b-7a4e-4ddd-8e0a-216462777be8","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":146,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"087849c4-e8bd-4c77-9c70-a2f4f6adbb6c","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":146,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"e50493bb-c455-4954-b2ab-dc18ca87836e","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":146,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"ed84e22c-932a-4164-8baf-97c66199523a","block_type":"box","text":"proprietary positions. 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Similar situations could arise if personnel","page_number":146,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"131f5d17-894e-4301-aa68-5a956dfb9356","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":147,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"cb28ff3f-668a-45fd-a157-0bd837e5be50","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":147,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"165cfb78-62d5-4dd8-9318-506a46ff824b","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":147,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"a5012a42-58c4-4d74-b2d4-7090e8e74080","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":147,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"fd84e4ea-9cf1-46dd-a446-d9723f35c224","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":147,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"9300a773-bf5f-467f-96a5-8b84cb185bee","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":147,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"03d13f50-a4d0-4bc4-ab36-8aa0c2064176","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":147,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"c99fd8a7-a805-4901-bdc9-a286d6c986a8","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":147,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"f7bd2976-f477-49d1-85f7-a3c732ec285b","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":147,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"2b5c2dd4-41e4-44a4-be43-c5a2e67e5327","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":147,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"b20a96d3-a9aa-4718-994d-4bd580ea8c44","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":147,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"c05b7626-450b-4564-ada7-1c2f1c5092ac","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":147,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"c6b5553a-a267-4ed7-b883-2af91452456e","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":147,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"8ece9591-7efc-44c0-88ba-a9a59dba488c","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":147,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"5fd6b9f9-3675-43a2-be82-e04fda0a992d","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":147,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"dc1f63ce-a2ec-45d5-9790-0924370f3d1a","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":147,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"1f7319ab-d74f-4116-913d-b392e76bee7f","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":147,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"bf96df89-3801-43a6-abf5-ff19a2deb00f","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":147,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"fa99c709-1fcf-43e4-9440-1575baf1bcc9","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":147,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"dd6a4260-0316-4b99-9dde-921d3790401c","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":147,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"88b2b522-1389-44b5-9c2f-48eac8fe1065","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":147,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"0e2f639b-a423-439a-9d97-6ee5475fa2f5","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":147,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"de4e19d5-859b-4c6b-a264-4069c33fc260","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":147,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"1c00d972-199b-4726-866a-2544a916b859","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":147,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"e60f523e-6990-48c4-bd26-6dd4b6b15eb4","block_type":"box","text":"a barrier.","page_number":147,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"65e8a9dc-535f-437e-8da4-70112d57879f","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":147,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"bd1c1d4c-c0ce-4c3f-9f51-affa9be3965c","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":147,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"4c9af2e9-1a0e-4a8c-8ddb-202993284ccf","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":147,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"f52ce20b-fed0-4b2b-9430-5e0967d5fea0","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":147,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"87cb8924-7a28-4cf7-9778-3dcb24a8b6b7","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":147,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"4fda8fb0-da1c-443d-aea2-201bcea47999","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":147,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"340d46ad-ce35-42a6-a0de-b0b12031f576","block_type":"box","text":"that operate in certain industries (","page_number":147,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"71c375c8-73fc-49c9-96e1-56dffb429641","block_type":"box","text":"e.g.","page_number":147,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"a5354e4d-b554-4fc5-a337-7e1ad3e3a23e","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":147,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"75282b4d-6c2b-4fb9-b3fd-c3af67befae0","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":147,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"3201b9fb-4cb3-437a-acdb-f033e4c570ae","block_type":"box","text":"e.g.","page_number":147,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"3dc60d2c-8fea-4b36-8b9b-6592b4f69326","block_type":"box","text":", with mechanisms such as poison pills","page_number":147,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"2a28dbf3-6146-4b51-9462-5993ed1f2cf0","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":147,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"fe6f4bc6-d072-4078-a99c-7bf67ae66b70","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":147,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"259df76a-8f14-4a03-9635-dad9cbaefcfc","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":147,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"8a998cce-d5e4-4fea-93bf-a76b8d491af8","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":147,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"1f4836ab-e843-49b7-b0b3-2c1595709140","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":147,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"ce4558f0-3cf0-461d-be13-04b5471b5294","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":147,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"db0d384c-5ca4-4105-81e7-b7ba621483c3","block_type":"box","text":"seek to make indirect investments (","page_number":147,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"310ac24c-029d-4ae8-8824-19b82f93d4a1","block_type":"box","text":"e.g.","page_number":147,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"7a8b8b15-40cd-446c-a35e-9620c1fe2dc1","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":147,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"9f081243-b26e-4263-9c79-b5844cb3db42","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":147,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"2dc18c00-47ae-41cf-960e-df551813bb16","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":147,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"d8940c97-8921-4690-99b9-17734427de03","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":147,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"5f8746f9-ce1c-42f8-af1e-06e6e1c4a2f4","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":147,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"4bfe425c-c6f8-4ea4-99f0-b9e43f6c116c","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":147,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"6ffe5cb1-f4cb-4bcb-86f9-1f22c14fa361","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":147,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"b0272a06-001d-4452-a71f-0f9685da13c4","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":147,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"51d47675-328b-404a-a577-74364e6f97b7","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":147,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"ea4fef41-eb3f-42f9-8878-f654787ba42f","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":147,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"5366f8ea-60ab-4dc6-a212-5187d2012f78","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":147,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"602c894e-8166-4ed9-a92f-4e882f46a96c","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":147,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"7f9a4900-6644-4e6e-bb02-219f1886dbd6","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":148,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"39422db8-d7a1-454a-a023-f1d3d87d78ca","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":148,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"f27d7d68-2da3-489f-be8b-19d547c3251d","block_type":"box","text":"amount of the impacted security included in its index. 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However, there is no guarantee that","page_number":148,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"c1f56e5f-9cb3-4dd7-885f-8141981e0537","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":148,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"a3c3875c-1bb1-417d-818e-efc397661267","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":148,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"2c841a80-cc1e-4360-8723-5701298cfa63","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":148,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"fe2ab0d9-ce6e-49c2-ad2b-a811e5e52865","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":148,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"6ef20855-f314-4fa0-9df8-585a03f91a29","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":148,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"05f7a31f-86ee-447a-a585-1d9fc6ef154a","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":148,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"257f0896-9d9f-4248-8d9f-7888d8111a2e","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":148,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"9d37fd6d-7c43-4422-8eee-96a1b48a4712","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":148,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"23c97f49-c109-4248-9109-2bf6e78fd151","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":148,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"eef2aea1-3a8b-4238-b636-a36cc0cee375","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":148,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"8e6f9cc8-01da-4c3a-8272-d8f92111152a","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":148,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"f5f0e6e2-fdc1-4fcf-858c-a43f688d1364","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":148,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"e77d9afb-f2cf-4493-87fe-30e770ec6394","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":148,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"98849652-2068-4da6-9221-31d66c360279","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":148,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"7f34577d-fffc-44d2-b6ee-b25391f130f7","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":148,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"2133ea7c-5c89-42bb-a146-dfe914abe2c0","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":148,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"84a89c0d-89b4-40de-8253-15dad23b0975","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":148,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"cc001433-9d2b-45ee-89f9-5fc9ed5cde6c","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":148,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"25f6af3f-0ad8-4f81-9856-2b4437e58133","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":148,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"99b2fb2b-fb32-49cb-9297-923b6dcf46cd","block_type":"box","text":"strategy with respect to such security or asset.","page_number":148,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"38decc66-73ec-4155-8845-2f362c58d3aa","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":148,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"8d8bd630-eb22-42c2-be01-ba7ea8bc0626","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":148,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"e3f1c344-1aeb-4c58-a48c-f7a33ea676ca","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":148,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"4366271c-c8a8-4cca-b7c6-502f5f22acb0","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":148,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"2e029fe9-a199-4e1c-a9b0-39b08ef3587c","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":148,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"6a16fc60-85ff-45a6-950e-57c38e5f64d2","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":148,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"f908ca98-43a7-4f5e-8350-eed162f0640e","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":148,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"fd791340-7647-4117-aeab-9a9c3b470806","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":148,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"dc9844b5-6835-4c62-b76f-85492a006ffc","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":148,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"7d5c95db-9bf4-4d77-8751-b3d3c6079598","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":148,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"01e4ec6e-656c-49c4-bb8c-f741149edf55","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":148,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"282e3492-93d6-4136-be4a-4305c7d1067e","block_type":"box","text":"e.g.","page_number":148,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"73e62d0b-6e5e-4f35-83f6-c999ff8e9a62","block_type":"box","text":", custodians,","page_number":148,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"664c7bf5-43b3-4c34-9a73-41550fe9abba","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":148,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"22c8989c-d7f4-4c49-8922-8e6239f8ab40","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":148,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"69f49578-cc8c-457d-9a9c-bfb72add2acd","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":148,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"599a5048-7574-47e8-8670-944a5482903c","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":148,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"d971e463-7bf6-4517-84b8-dd36d6e1888b","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":148,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"27a4f445-bd3d-4192-a8e4-d372ad3fd6bc","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":148,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"6f096b58-9eb2-4c4f-b4b7-5722d0e33559","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":148,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"1940ae7f-b9c8-4a03-bb66-fecd332b2748","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":148,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"be6ff6aa-a117-4274-a81e-6e4b1d03294b","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":148,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"38ae37ae-4a25-447e-8883-6ac6ef35edbc","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":148,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"018955f2-5601-4fa5-b638-132e1b5bfe87","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":148,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"d3158574-4d0e-4ab6-b02f-f795abf857b4","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":148,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"25edff9b-3a1a-4783-8719-fd8ea90fcd58","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":148,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"da209f08-73dd-43f5-adea-c236c4ee62e3","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":148,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"218f1204-22e4-4f95-a65e-66d51859bbdf","block_type":"box","text":"II-95","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c88b9602-11a9-4fad-a3a0-897dbaff6ca4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":148,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0fe8881d-bd39-49f3-bc09-cb422842e860","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":149,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"8fd4b53d-657d-4d43-b97b-589a6113c28c","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":149,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"9855c2d5-0ea7-47e2-8d10-68c409002c78","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":149,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"e6d0fa40-5365-46a7-96db-55cfced2ea78","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":149,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"0d15563e-b29e-4a07-bf98-e98ba827ac7d","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":149,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"ea4fcfc2-78d5-4d7a-bb7c-a13f15a809fa","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":149,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"d6aedf6f-64d4-4d8c-baf8-075068de1e47","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":149,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"31f38a5e-b617-489b-9ae2-b00d7502eca7","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":149,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"dde08246-1f42-4fdc-b61a-7c70c4f49a50","block_type":"box","text":"provider.","page_number":149,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"524aeeb0-289b-47a9-a0ac-7b33ffb0a791","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":149,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"28cf95e3-9b46-445d-9a9d-0218c642ebc8","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":149,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"bc244072-cfa1-478e-acdf-207d5c00a09c","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":149,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"64485cb1-1ab9-4541-9374-cdb72ce95c0c","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":149,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"3f2eb432-c05f-4ab5-9bef-b5597017534c","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":149,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"a1c2ae95-17a2-4747-b426-460201a0db1c","block_type":"box","text":"PURCHASE OF SHARES","page_number":149,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"18285150-cfb7-40aa-a4e9-02157dee3299","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":149,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"20596b22-5e71-4a37-b319-cd586819a877","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":149,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"ba757eef-f0a3-40a1-b44b-b09c26c6de46","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":149,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"a5db9478-024d-4562-b9d8-a934ce16e66c","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":149,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"cc4ab865-1260-4d9c-938a-0936e9a63f0c","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":149,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"26a2e276-66b5-4f7a-a370-3da7db1f739f","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":149,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"b6b2b225-bdf1-484e-a8ba-37022aad0afb","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":149,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"f87944bb-5111-4e4a-a450-5fd3e4b95d15","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":149,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"4b5b57cb-4812-4f1c-affd-c4ad11d6accd","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":149,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"bde982cc-4844-411f-aa72-bb2a5374fc17","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":149,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"e20bab20-2334-41f2-96b4-e4f8eaa60e21","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":149,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"d6016436-bf39-423d-8a2a-b0ab436d5017","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":149,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"3f4ffd70-0297-47a1-bc41-5441456c3b5b","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":149,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"6a88bc5a-ce00-40e0-95e5-de0c6d9c6c24","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":149,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"4ed236bd-4be8-46cf-8aef-d688e596f6b0","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":149,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"d5922f70-91c0-48a2-97e0-19c8c83ae902","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":149,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"d5b5145e-0194-43f7-8eeb-111e85f7ad04","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":149,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"410f525f-38ef-4f1a-af20-000275f65440","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":149,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"929aba91-f6f1-44d2-bc3a-e02d7c47d9e5","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":149,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"9772e3a4-724b-441f-a46c-a87daebe54d8","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":149,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"fe8a54d9-44e8-46c3-80cc-cc085288e57a","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":149,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"9b0759be-bdbf-41b4-bff9-374618a6cafe","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":149,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"81c30236-cb9a-4ea4-8bd3-a442c07ee36a","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":149,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"e7e61871-d8e7-4ed4-9fb3-7a2bfde37593","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":149,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"a3693229-3f3f-4e0c-abd7-b40f52a065c9","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":149,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"7c158806-3b09-42b8-833f-76e72278e120","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":149,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"bb3eb343-9f19-4b38-a9ec-8bd2cfab5042","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":149,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"b7951ec3-bf6c-4883-adb9-abe221c49345","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":149,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"690b34d5-ef87-4b69-a0cc-eaa74daf2983","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":149,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"a2f509bf-9308-4b6f-9546-c2b9b69b1560","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":149,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"5568e1af-4de3-401b-baf2-13452c7c79e0","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":149,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"fbdec881-84ba-462e-b06e-e90d73feb607","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":149,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"2b2d4ce1-86a9-4411-9389-e9df009a23f3","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":149,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"a2d03c56-a75c-4e1c-9a4f-427a1ae146e1","block_type":"box","text":"investment is $25.","page_number":149,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"51d9593d-ed51-471f-a730-c8d9cfd7beba","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":149,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"e98f4370-cac6-48b5-9551-d39d638f0488","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":149,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"16fc0722-fc1f-432e-81d9-56c3c4e431cf","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":149,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"288a87c3-1410-4b05-8138-a756da0d2452","block_type":"box","text":"II-96","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9010e40-ea5c-4a7f-9932-81ba26373376","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":149,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9f7e345f-04c8-4764-a021-362ddf4d7ecd","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":150,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"03ad051a-7345-4422-ad42-dfb4882f089b","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":150,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"91b9c228-b72e-4719-a6ba-f89f1b32e4f1","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":150,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"978d7e14-318a-46c1-b983-dab7ee39ad5c","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":150,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"00277543-9f87-4b61-931f-942679387e00","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":150,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"9c022b91-feca-4799-a2e6-c0f73d5fc303","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":150,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"ace57f61-c4d7-4f57-ab53-377b89e9141f","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":150,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"8f6d3349-97b4-4fff-823d-77241a21488b","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":150,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"19f7c5ea-b359-4130-864d-fea58601a8a0","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":150,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"dc84950d-1823-4590-8c99-7f6b3213b063","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":150,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"ffc3ebf5-967c-472f-abd6-d33147cf29d9","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":150,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"aac61fd6-c204-460a-8737-262cf26a4a19","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":150,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"2bfbed88-4899-4dc4-acdf-ba62a90f9990","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":150,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"07e65a38-3683-4171-bd6d-14dbe11ffbe5","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":150,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"18ea4f11-87b8-4bc2-88b8-f526007ae4c7","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":150,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"6f44347a-a22d-4dd0-b574-f539a441f9af","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":150,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"783e9a68-6016-4211-8226-1b75692ca1b2","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":150,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"712281e5-6553-4a3d-89ae-b010abb98c68","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":150,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"f67c9245-ae9d-4e20-8f2f-21fa8a124f72","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":150,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"7ce7507e-8fc5-44b1-9660-cbba51d8fda1","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":150,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"8280d6f2-441e-47ec-8a10-a3d29a746a8b","block_type":"box","text":"adviser.","page_number":150,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"eee6ad14-5641-4dbe-95f6-610b95d3642b","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":150,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"02ebb98f-0b3e-4f02-8a73-03f1aae07803","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":150,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"dd682a91-e3c5-4b4d-aea2-510f3615f81b","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":150,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"885e13d6-3a8f-4f9b-877b-a1ecf0faa422","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":150,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"5cb5301e-f711-48d1-b4a5-70b4f303d770","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":150,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"383b0583-c932-457f-a6dc-5781de1aca80","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":150,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"6e0b2362-b0f0-497e-a420-0add76e0ba25","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":150,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"518d98d4-8825-4222-b3ab-07517321e89a","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":150,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"bd6c2ff0-4c04-41a8-9391-d51f72de7f0e","block_type":"box","text":"also be restricted from making additional investments.","page_number":150,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"81567618-660b-4b9c-aa9e-dc274d8c303f","block_type":"box","text":"In-Kind Purchases","page_number":150,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"e9cfaf68-f248-4163-99a3-eb46849fb4fc","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":150,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"b04a1303-756f-48ca-89b7-41a177094bdf","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":150,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"2bb98184-50d7-40d4-8cad-4509e1d2ceb1","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":150,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"de0982b8-957e-49ec-b0c8-c59ce6482836","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":150,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"9611004c-23a3-4068-b9fe-c9682cc37d90","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":150,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"19040341-8ea4-4b55-8930-cc907692e41a","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":150,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"45bcb88d-8878-4d13-8504-bcc5f331fe7e","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":150,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"d15bf5ea-911b-4014-b2f6-4fa8b7aef1ee","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":150,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"35ca4777-1e8d-4f05-83d9-766b0787a198","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":150,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"9f8e3d9e-0513-49ac-982f-3de0cf083ea8","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":150,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"3da1f637-234e-45f2-aa66-ecc89b963ff2","block_type":"box","text":"has settled.","page_number":150,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"3b5e2321-821b-459f-b833-db8f53c9668e","block_type":"box","text":"Institutional Shares","page_number":150,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"cb26f8ba-d6b4-4d1f-84a1-1b664ef5a7c6","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":150,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"a466898a-080e-48a6-afc4-e79cc507e3cb","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":150,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"db05a1c8-4792-4315-8f20-b11d848bea4c","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":150,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"5eab9821-773b-4eeb-9686-9a6f358ba71d","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":150,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"8e07fc2c-8115-44ea-8c42-f34a25808e65","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":150,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"f14502a2-2525-4580-a1a0-b28b87fb7916","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":150,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"45b4b5df-81a6-4e15-bd5f-77091f5b5d47","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":150,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"06000e48-cf39-4af8-be1e-e12e3584e254","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":150,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"98f647d1-1415-4634-925f-08f3b4d29f3b","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":150,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"a1a8528c-4b55-4ba1-a970-8cb2f18d3f5f","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":150,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"aca3e1e8-e39f-4aae-8010-2988b3e038a2","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":150,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"390e71dc-be05-4b31-9ad4-aef181006414","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":150,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"7c734c1c-48fa-4bea-8788-32aef67d00f2","block_type":"box","text":"II-97","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1c5eca1-4edd-416d-995c-ce50e710575a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":150,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"830ae788-3380-4cac-af8d-913f3f6bd8ec","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":151,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"df4b9034-3920-4644-9e78-50196e688cfb","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":151,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"abd94dba-defe-4d61-8081-b755c0958c6d","block_type":"box","text":"these fees and conditions.","page_number":151,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"0c9a58a9-110f-4aca-a6fc-c4fa813f33b4","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":151,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"acba99b7-6bef-4f3e-bef0-abd88c37cf54","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":151,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"36256dbb-2be7-40a0-a0fd-321730eb23dc","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":151,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"00c0ca25-e175-4c3d-8807-36f472a43b71","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":151,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"3c4e312e-d6b7-4c31-a15f-e765e34e8e66","block_type":"box","text":"incurred by the Fund.","page_number":151,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"fe290954-952b-463f-afed-77aad3448366","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":151,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"79c096a6-0e4f-4d43-b89e-375e41865e9b","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":151,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"fb7764ac-0a7b-4a44-ba3f-fccfc1baefd3","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":151,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"6f479f9e-b470-46c5-9cc0-559e270bc51f","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":151,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"57e4fb15-4af9-4be8-9032-e6b199aeeb8b","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":151,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"926fbf6b-fe25-4b6a-a3e6-c2885c36cdaa","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":151,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"d95cea45-e33f-4b9a-a66a-09fb9b29e199","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":151,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"b3c8d30b-52d2-46a4-91ba-81b5d4e48dc8","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":151,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"b68f7c00-4a47-44f7-817f-6be059ba82e6","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":151,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"e1eb8706-2b40-4aa1-b95f-f53006a3b20c","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":151,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"6e7c162b-1c90-4398-a774-1766212d2239","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":151,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"48df9c1b-219b-4515-ac32-b7ffbd7478c1","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":151,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"78ac701f-c030-486b-a9f2-61df4556bf49","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":151,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"926d97aa-6c83-4791-8db1-c93c39ae60c3","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":151,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"e9e788e8-0ad9-479a-9948-ccb2ac26f026","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":151,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"5bdd3229-763a-4c2f-8f33-ffd3d527edc3","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":151,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"badbd394-2572-4312-81f2-964d7e0fa818","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":151,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"ba561a8c-bb5a-48f6-ae86-35e19f901c75","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":151,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"ee3894a6-056f-4483-866f-766cf56e62ae","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":151,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"9ba38def-88cf-4cf6-979a-e9189bec5c63","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":151,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"ceadc503-0ae5-4854-a0c8-9ca5d88bf006","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":151,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"4efb479a-c092-4010-b6af-1b2e65e3ab23","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":151,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"dd7cf8b3-eece-4d28-aed7-57490d4814ad","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":151,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"8fa453be-4bdf-4b2f-9318-9e2b0b7b3059","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":151,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"63523597-fbaf-46f6-8a0c-6cf06994a5b3","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":151,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"d4919dfb-8cec-4a0c-9099-b4b818e12737","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":151,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"5148af54-d1bd-46ff-9e2e-3cc4f4d8cbb9","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":151,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"96dc15d0-168a-4e5d-9716-dd6e30f33cd2","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":151,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"cc6263b6-0963-482b-b274-45841b494d21","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":151,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"862fc481-81c8-49b8-a140-f60d61bb9fdb","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":151,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"10d57df0-790f-48b3-88f5-e980329a57f5","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":151,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"05707d1d-ddcf-43b3-a141-304898a64a94","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":151,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"7cc5ee2a-850d-479d-b989-8ef88ffe7935","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":151,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"6e935084-d51f-4988-8bc4-45f8865c74e0","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":151,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"f048faed-26ae-42a3-a728-00942672d4ae","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":151,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"d4f2f9f9-1c5c-4bd4-87dc-7afa086aa243","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":151,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"1fb9c503-1742-4dc4-a77d-ba64510a7330","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":151,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"3791f0d1-ba63-4603-8664-cdf0a02a320d","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":151,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"a36516ad-8d03-4890-bb9f-c8fab631ed37","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":151,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"e4d39eea-ee6f-49c2-9a75-eecc0727710d","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":151,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"e80052da-67ec-4373-9fc6-44dc88270074","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":151,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"7d675f64-ebc4-4f40-9b7c-f4a2f4afe4ba","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":151,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"692ec40a-3226-46d1-87dd-466b160e59ef","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":151,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"7229feb7-edd4-4fb2-9a41-c4eee4410464","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":151,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"2fb9aecc-4d2b-48d8-a45b-3466370e059a","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":151,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"4865dfa4-c2f1-457b-a02e-2e8ab2312e3d","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":151,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"a1ee005a-eb50-48ea-9ae3-a5c9bf7c33e3","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":151,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"f94f67b4-045c-4f83-9e5c-c5a7bc433221","block_type":"box","text":"II-98","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a9d18dc-02d4-40b5-8cee-90f515887fdf","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":151,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c17bd4e0-060a-4c5d-b723-97d1407b2d90","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":152,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"87f81dd1-5a6d-4699-b830-b92ff6768c5d","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":152,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"c1208587-815f-48a9-a349-888f43b6d866","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":152,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"8b7d3a88-b559-4f3f-9ac6-2e07a7b320ab","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":152,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"d96836b6-fdcd-4a51-9521-e75456a3d729","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":152,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"efa03468-24c8-4352-9f1e-ae76f4bed094","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":152,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"1e14e4f9-8fff-4332-ac62-06aff98e8d10","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":152,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"6651f24a-6a78-4b33-9834-1001547a8fa5","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"4a4787c9-c9ea-491b-90b6-6d647c692aa5","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":152,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"89afa1a2-9802-40b9-8fc1-f2b2199cc452","block_type":"box","text":"periods indicated.","page_number":152,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"44579fe0-50c0-4d02-b65f-05d272c4276b","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"931f8293-d64f-4c95-9a08-ff317c30b837","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":152,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"4893188b-56cd-4896-9f31-e56b5bbb1daf","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"e8c844b6-bda5-4404-adc4-5ded9290ecda","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"0237fe12-a8e9-4c96-94ee-fa0da2a245da","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":152,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"88eb373d-6a27-4b57-a3af-154c975ac938","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":152,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"81ccd32e-30b3-447d-8e31-a80e36d85e90","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":152,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"97dd5bde-6c31-40b3-a1fe-610c0905f0d1","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":152,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"9a133821-9a03-47e9-bfa8-5e4fd48fc317","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":152,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"aa75e2f2-56df-4b1a-adcf-52a89ae7ba16","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":152,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"939f71d1-d113-4a66-83a6-6b785e63c74f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"fddb8c21-c61b-47f6-95ba-d6e6d6e193f4","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":152,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"15e1a2e0-e9b4-431f-a55c-0900564e4e81","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":152,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"8f59537c-b91e-4d39-b97b-6739752e8314","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":152,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"5d851ceb-cbe7-4af2-be0c-72de1197f3ee","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":152,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"f7d00994-48d8-436f-b078-3a01c7b798e0","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":152,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"9cfa2882-663b-4f27-9f18-75a6fb04482e","block_type":"box","text":"Reduced Initial Sales Charges","page_number":152,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"6d11987a-91e8-4ac0-a91d-ac9e6c1ca18c","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":152,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"dc78fa98-112a-4edd-8108-bc5e8ce97969","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":152,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"cbb49374-1327-4164-bcf0-b60d4694270b","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":152,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"3f2b4f17-8b31-47ad-9b0f-5980a03973ff","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":152,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"f3c1ac68-b2bb-44db-a714-d76eb58bb488","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":152,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"2c663983-cf28-4799-9d5e-7969ef84ca13","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":152,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"15e9aeb1-8165-434a-88cb-2bc3f4119930","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":152,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"c4f25763-95cc-4240-a556-82af28746495","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":152,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"f5b08099-67de-4aff-8190-68730b04d490","block_type":"box","text":"Reinvested Dividends.","page_number":152,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"589fcfbe-bf28-4c66-b6c5-194c8cccb41d","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":152,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"6235c13b-021b-4a8c-bb80-a5544d320ec0","block_type":"box","text":"reinvestment of dividends.","page_number":152,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"4cf1d180-ed08-4253-9b1c-8e4735e59525","block_type":"box","text":"Right of Accumulation.","page_number":152,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"fb15567f-0d72-4a82-9798-7c19b37f8dc4","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":152,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"5843d808-e3fc-4546-b5e1-5cc2988b1342","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":152,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"85377ca0-3244-4453-a311-83dcdba6774c","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"1a8655e8-88b2-4bdf-ac63-434e5317f0bd","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":152,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"f2cc0b83-5feb-48e0-8eee-a51d908374cc","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":152,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"0b5781ab-fe8f-41a3-928b-6ff0c289a415","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":152,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"fd2b8ac4-57d0-447b-8300-b4e0a77b71bc","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":152,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"8d0d0c13-c8cb-4b65-bd96-ea8e4db7abc9","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":152,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"192370ca-df45-4981-a2d1-f3751754726e","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":152,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"c1276004-c62c-455b-aea8-01c82b7f53f5","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":152,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"e8d3f0ef-362b-4103-8b64-1eb333ed51e5","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":152,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"2bbaf629-7254-4b32-abc8-12e9f3127f92","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":152,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"3ee98115-e851-4e23-af1c-0313e977010b","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":152,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"75ddad09-8b5e-4ed9-a7a7-3f5d93a11f98","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":152,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"578e6347-1ef9-430d-b2d5-59e8bbb91eb5","block_type":"box","text":"II-99","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9cd9c1f4-ecf3-41ce-8cad-cf4ce28e4448","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":152,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8f685cb0-26bc-4554-911c-d2996f42ca27","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":153,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"b73edf40-27e0-4217-bc52-8091282a45f5","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":153,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"f08bc9b7-3413-4dfe-891c-aae3f0b973fa","block_type":"box","text":"Letter of Intent.","page_number":153,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"256f99bd-42ec-484b-951d-16b351398020","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":153,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"cb31c870-9155-41f9-b070-ae8daff24e25","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":153,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"9688a4e7-48ec-4a08-bd70-a60a76968e55","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":153,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"7c559b16-61f8-4440-9ae8-0f911d3a06c6","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":153,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"3ee00101-8f91-4474-bea7-569589d11ac3","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":153,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"0a75364c-d796-4ec4-98da-f310e38a1a27","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":153,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"c051d1de-124a-48a6-9f2a-80cef20c9e6c","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":153,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"240b89e4-e4ec-4234-b8fc-295e0fd2c145","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":153,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"efdc74ac-0220-47cc-aabe-3ca4183d8f26","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":153,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"6c66b6cb-9616-4e9c-8ee5-c50f76afb2be","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":153,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"4ae21a52-3f35-4610-a212-bafd316ed8b8","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":153,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"31f85b39-be58-4112-944b-512cf7ea3400","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":153,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"783c4ba4-5b18-483f-abda-9258dfe1323e","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":153,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"967df333-3b66-4a30-a356-62ddbf919467","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":153,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"4c0b2170-3613-469d-a3ee-d56c96f4a428","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":153,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"26450c99-e97f-4b57-b6bb-ff9b56b5536d","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":153,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"4421ce5a-b4f8-4121-95fa-218a6dfa3851","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":153,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"728fcc7e-7d4a-4ddc-b521-5737191bbd69","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":153,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"cf261c76-0657-4c6b-9c93-416d11a910b8","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":153,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"1300cbb2-d080-40f3-8d01-d6d6b56ac59d","block_type":"box","text":"Placement Fees.","page_number":153,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"a4b441f7-6dee-46b3-b18a-1d3f64a80e5b","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":153,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"cf9780b0-a24d-4a7c-88ab-56ea29b3e9eb","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":153,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"3fa8a25b-d387-4771-a01c-ffbcddd37a7c","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":153,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"db72d21f-4713-413a-9634-7cda4654fe32","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"cce83603-b637-4ae2-8f1b-56174d999fef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"43f3f923-41a8-4d7e-b399-d47091735be4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"d6121407-0bfe-462c-8147-3282b14311a2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"82d8a695-8af3-4218-af3b-e61972c39878","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"af0abce8-19fe-4553-a9d6-6bc0f03de28f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"21172bd2-b03c-48f3-a491-808db240f435","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":153,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"c177fe41-631b-4736-a107-f30db1723198","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":153,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"bd8fde9e-1c39-4473-971b-e43b6ddf8234","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":153,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"aca9c013-20a8-478c-a7d2-b6b5323b080c","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"1d044c34-00de-4fd4-9a21-5c07fe5097f3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"64724efc-3570-43d2-9e9a-38ea23bc4f0c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"34121838-27cd-45eb-9e9f-325b4cb405f2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"718e0c6e-bae2-4bc9-b0b8-04ed0a3320f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"a54cef5c-c026-4953-8f6f-39eb84143d8a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"e6d05874-1e0d-4cb3-9997-fe80f28f18b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"a2b4ebaa-6f3d-41b3-9434-8b5da862b7eb","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":153,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"becad7c4-75c1-4503-886f-365f4debfdec","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":153,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"2032f745-5e0b-468c-81fb-c3f3410392de","block_type":"box","text":"SM","page_number":153,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"18c49e0e-b7a8-4972-afb9-cef19a02adac","block_type":"box","text":",","page_number":153,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"55aa368b-de2e-4faa-b545-2af2fae5da50","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":153,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"739f37d9-7ba1-413e-a809-19a4da1649b0","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":153,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"3b0a8f50-0845-4288-8a45-711733be95b1","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"e816ed48-ea9a-4254-ab1f-109b99e72c17","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"6a1d8ba7-c9b1-4856-a1be-2e8a0c1a1df6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"b158d2a5-d2a7-4348-b859-80e79c6db199","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"5d9d75e6-78be-4743-9402-7554545149cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"5a00edef-eb62-44cf-8616-92d9096fd6ab","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"ea98d6c2-4938-46e8-90fd-785b8addc1f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"30161bff-7aee-4495-8fac-014a61867062","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":153,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"b03388ff-3846-4d9d-b54d-d02056b1f92e","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"c8761afa-b584-4f14-a70d-e9118392d8e2","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"fbfa1e83-0054-48eb-85b7-e8a7c2983764","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"610abcbf-6365-43de-b707-3888acbd6296","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"24cd33ad-d483-403c-bce0-ffd1bd45b374","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"8981d6e0-e164-4719-a8cd-2d8e9906f8d1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"0a7a724e-9c43-46c2-86cd-c0d1528cecde","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"812a3619-0839-42ad-acc1-626f2e74fdfd","block_type":"box","text":"II-100","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"196a5249-ff78-4ad8-a97c-7ce99170a4a9","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":153,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1cf1a94e-fcef-4edc-bbeb-6e4ea5a339aa","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":154,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"d8df5a8f-7a48-4043-8159-38bba5e635ed","block_type":"box","text":"may be up to the following amounts:","page_number":154,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"01c234fb-4afa-47a2-bc3d-bf03a2eaf20f","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"97680da3-cfa2-43c1-9a32-1f44665592e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"4d31b327-9a2b-4017-b4de-c14734f885c6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"d51299a2-29f7-4a0e-9514-019371443615","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"9941381b-2f51-420e-ab53-569c66d9477b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"bb04e62f-a67a-42df-8e45-5fa06f8effb9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"bd9238ce-f74e-4ac8-b6ec-0ea649230dcc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":154,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"dadbbe4b-90e3-4cbd-aa05-c188c7d2a40e","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"80fb2eb0-c907-42e6-b5a3-61fb83f4dad7","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"0acbba9e-e286-41ad-82c7-32578e2b29d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"e1e60a97-605e-4ff9-a39c-124341f466fc","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"cb9980b1-2181-4f8e-b222-a4cc2c8ac789","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":154,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"1d31eb56-c343-4d47-a541-6a76b339f9b1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"1b83fb7d-ae07-4c60-ac94-1d84a7672e27","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":154,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"c1971200-f20d-43a9-8524-d5af4828cb8c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":154,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"081a9d48-dd38-449a-95a1-342b82444669","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":154,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"94367380-28ff-4fe4-a332-cc4fbc003203","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"0e4adb16-d6dc-4014-8cd9-4a289ae65a12","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"fbbc0e8b-1c43-4dfd-b31e-c6d3dd0cb915","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"24e23f9c-9791-434c-af1b-a3c384ad0f57","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"86667224-1890-494c-813d-9768cd466b03","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"dd1da71e-3c88-4844-b1d6-93f05321ef41","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"e1308041-e05e-4aac-b9ad-9a60c7a9c7a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"1d083b96-c07f-4ca5-bd9d-5315437eb04b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"434f4dbf-5b1b-431f-a5ae-4192c98379b6","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"516a7918-58a0-4380-acb4-1125fb421e34","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"6fdfb6b0-076c-4a01-90af-5cab9f9150c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"d0dca5cd-0b7b-4b56-84b9-84dd0d168f4f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"c8e68112-47bb-4bbc-b832-2190ba3127f8","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":154,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"190870a1-b3af-4b26-9447-a1e89f6ec378","block_type":"box","text":"the following amounts:","page_number":154,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"540c7231-2a06-4804-a03c-815620a6a2cd","block_type":"box","text":"$100,000 and above . . . .","page_number":154,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"953b05ec-aa23-4396-8b40-40cd77f3dd4c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"41ef3719-f4c5-430f-866b-aed7271e44cc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":154,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"9fd12c22-7450-40eb-bfd5-f8d1f21d038c","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"e7da4a1f-4ecd-4f70-80f9-db64ec79dc20","block_type":"box","text":"$250,000 and above . . . .","page_number":154,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"df4f7d7b-a761-4c6b-8a68-8bb5728d728b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"4cfd0bfa-fa26-4b4e-a49e-3488ac86ecd5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":154,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"54eecb8d-5f90-443b-8b8e-892c3c5ec90f","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":154,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"2cc7ee9d-372f-43ed-845d-2ea77d3b57d1","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":154,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"3f38afe7-1d71-4d4e-b067-398ac3db2849","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":154,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"c5057ca7-4604-4285-974a-8376f1cca499","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"2ba04334-1896-4896-89fd-7f0f1d5454c2","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"72476650-aa31-4ed0-b66b-4a8ba480a3b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":154,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"1bb4cda0-0f67-4744-b303-fabcba4e9dd3","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"7ddd8a5c-4cc9-482c-9f70-3673d48cc25f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"6636b7ab-d5f7-45d0-929f-d68425c45c6f","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"25c3fcd0-0cb9-409e-bd0a-225a54883f4e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"09edddce-2df6-4027-ab27-a1a94875181d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":154,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"00076112-34ca-4056-b050-0c180433983f","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":154,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"99d6de03-1761-4d00-9153-3729d7510a0c","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":154,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"5c6f2987-5fab-4d80-9808-3bee006ddc01","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":154,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"18577ece-f608-4454-8aeb-dbf70992c531","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"8ea2acdb-2ef4-4ec8-9764-3381fbe93578","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"fe24ad7e-ee48-4d05-8a90-8310a07c820b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"f1d34c02-41dd-4207-986c-608ffb06fc1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"08e0a948-abcc-4ced-a9d5-648c03ee6b19","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"8a5c65e4-6d45-4ef1-8a51-6bf04b62b34a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"834249ca-7bdf-4a69-86f2-b3fb1357aa35","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":154,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"227d58d6-8b94-4d50-9dc9-5014f3267bb2","block_type":"box","text":"®","page_number":154,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"439d65cc-a5ca-4560-ade6-79e718972b53","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":154,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"b1245c45-1141-4a48-8cd0-7c3dd07e0c34","block_type":"box","text":"®","page_number":154,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"91c6d819-5a73-4d31-9dc9-9a3302cc452e","block_type":"box","text":"Index 2035","page_number":154,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"02d44345-bb20-496a-8f40-e35e9149a02a","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"865c7218-f66f-4523-b4b3-1c851771add5","block_type":"box","text":"®","page_number":154,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"614feb5d-13bd-407a-accf-fcca1095ac0b","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"6c3ce0bb-49d3-45cf-8728-e9cb87e8f25a","block_type":"box","text":"®","page_number":154,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"a8a2d9f2-abfc-47af-9e90-dde27ae9f9d4","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":154,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"e1c14471-49c7-45be-826c-817cccdd4c7c","block_type":"box","text":"®","page_number":154,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"ae1453ad-ade9-4df3-9919-6f405fff4e3a","block_type":"box","text":"Index 2050","page_number":154,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"5d7efcba-1238-4cb0-a5dc-4b035a1d0a29","block_type":"box","text":"Fund, BlackRock LifePath","page_number":154,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"df7ca3b4-b702-4832-ada9-0c3583179b05","block_type":"box","text":"®","page_number":154,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"e7695edc-28bd-4be0-b614-1f7277bad050","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":154,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"6f9f2630-29e1-4443-af5e-b0fafd8f19a9","block_type":"box","text":"®","page_number":154,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"8f80225b-33c0-42ba-9053-d3b44737b187","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":154,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"7aa1d7a3-fc44-444f-af6e-d22f826eaf79","block_type":"box","text":"®","page_number":154,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"ec8e4220-88a9-49ab-85ac-8559f39ddd31","block_type":"box","text":"Index 2065","page_number":154,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"9894c83a-dce1-41ee-9652-8b3ed23b0b72","block_type":"box","text":"II-101","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a0735a46-3044-4b11-88a6-da8fa9228809","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":154,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1e4f5d65-91e3-4ce7-9449-dede92cdda24","block_type":"box","text":"Fund, BlackRock LifePath","page_number":155,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"b3a9e825-5bdb-434b-ad5c-994285f67553","block_type":"box","text":"®","page_number":155,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"cef5b559-995a-43a9-9b97-1d2847185dc3","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":155,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"8a6d0949-63e1-4780-aa7c-bfa1ca7ab959","block_type":"box","text":"®","page_number":155,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"ccd83c38-8b43-45f2-8c8f-6bbd2a40fea9","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":155,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"d4a3e6d9-dd08-4cc2-a06b-5df844f3f668","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"dae371d9-d99d-4415-8450-8f2bde31a479","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"2b3a2a43-bace-406f-8818-9b6d8dc199dc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":155,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"de27c746-3e59-4743-900f-37533d5dc384","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":155,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"91fd64cd-9612-4c0c-badf-9c56f9c2c283","block_type":"box","text":"SM","page_number":155,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"d800fb6f-661b-456e-99ad-aa37f9359554","block_type":"box","text":", the placement","page_number":155,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"a89d31fb-38ed-4766-b225-7c1a76162d9f","block_type":"box","text":"fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"0b07ed70-9a6f-469a-9e05-e25ac0c5eba0","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":155,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"c566ff9a-bf64-4e11-9b94-96652a91c4e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"51ac4526-0e51-4416-a062-44ab2228b892","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":155,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"ec562d6c-26ec-4e87-891b-68418ae33ca1","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":155,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"e2341a12-0a81-4200-923e-05a0fbf14b77","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":155,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"b53eb6c2-7287-4f7f-877c-f1a52c139063","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":155,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"6aed1c1e-7a67-4863-bdad-20088bdb225c","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":155,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"3519b907-c2c2-43ea-b43b-88c6101824c4","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":155,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"0bb3f0f0-d967-471d-b1ff-ba9d6639b94c","block_type":"box","text":"$1 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employer","page_number":155,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"853616cb-bbb6-45f5-9c3e-0cad8f90265b","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":155,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"bf2e2ecc-3ffa-4643-89dc-c726d4daf462","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":155,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"77678c51-c442-4c76-953a-fdcfcac7d110","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":155,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"b25de13a-006f-4ec4-9bae-04f68b75414c","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":155,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"3e34e819-23f3-4027-9a32-1c6afa7a085c","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":155,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"7b4111ed-2a84-4ce1-9554-98e6eb635638","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":155,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"ffdb39b8-6150-400e-b712-666c8e71bfaf","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":155,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"f0d9d254-0a6d-4693-9177-52030e6b2a7c","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":155,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"eaa80364-2acd-40f2-9239-19e0d8f95373","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":155,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"d12d8be9-bd24-4b1d-aba5-384686469e81","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":155,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"4898fff6-83c0-4659-92cf-761e548cbd1a","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":155,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"76b71e26-518b-4611-b092-7d2bb708780e","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":155,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"0e7ba9ce-4317-45e7-969f-2ada9e76d54b","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":155,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"d115ba93-c769-4c18-a803-02ae761b327f","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":155,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"325cb8bf-9937-4437-9076-89b30a410ebc","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":155,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"6414a0ac-81e0-4979-83db-a8f6c606692f","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":155,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"a64351bf-f1d3-4bed-8bd9-27c48777e18f","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":155,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"418944cc-82da-44a0-bc24-d8bd8fe412be","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":155,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"27d13057-f334-48eb-9767-e5b7678bf509","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":155,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"c6df1393-983a-40f4-a915-f97a0b72777e","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":155,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"19aa57e3-f419-412a-891f-e80e33de702c","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":155,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"535540f1-4db2-4b37-ba85-67466ad1aabd","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":155,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"26fe2fcf-68a9-46c5-acc6-1b1bf8fba401","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":155,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"ba1111c4-cbb7-437d-80a8-ccffa8149b1d","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":155,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"ef8c3684-b42c-4abb-9729-0c12670e5acc","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":155,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"78401278-caf1-45d2-adaa-a53a704a9e75","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":155,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"ddef655c-be9a-4100-ab0c-fd5060905ee1","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":155,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"7d73e65e-5879-4ac0-8dc8-6fd1a4c7c55d","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":155,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"fe96508b-be06-43c1-abbc-90ed5212050d","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":155,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"7a349ad1-6254-483b-872e-2a737d6aaa40","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":155,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"fb22f662-0a63-4824-aabe-bebbe87c9eeb","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":155,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"5577475d-f5df-4205-9734-8588cd784f44","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":155,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"5a5e6b62-faa2-45ff-81e7-71d2fadbccbf","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":155,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"3be93fec-69f4-4136-8751-0a8eef81e321","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":155,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"63286e17-0afa-41e5-915e-cd1ff5acb32e","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":155,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"0f6a68b7-364e-46c4-947a-5f598a2b7b4e","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":155,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"4dc7c8a7-7306-40dc-9570-6fd6ab9bde84","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":155,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"49b4566e-23be-4b99-af58-3be1942aacee","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":155,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"35e327fc-0440-4ee1-ad78-773cfcfe0885","block_type":"box","text":"II-102","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c096888e-36f9-4de4-9721-55324a03d7ed","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":155,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"d76a1fea-c985-411c-857e-31adf1f2dad5","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":156,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"66251166-886a-4e65-a61b-8b604a187982","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":156,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"137b1cc9-2a94-4c55-99cc-fe8f3b174ab8","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":156,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"4c0c6adb-5ccd-48e1-b7c6-37eba4da3b2d","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":156,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"aa495b9b-e559-4a16-be5f-1b761738088a","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":156,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"3dfc164d-e5af-4572-8edf-0ab56bb3b4d8","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":156,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"710c46a9-1e13-4350-94d0-730825aeed59","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":156,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"c83fe4e9-5e9a-42c9-8f11-71542ee95c01","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":156,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"186e04fc-dd5c-4d5d-9da6-0b15fae5e133","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":156,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"4c2f208a-8ab3-4bde-bbbc-6b4675844daf","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":156,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"dcfee744-b8a2-46e8-9b62-3d03155b911a","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":156,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"7b5cb7c9-7e50-4d88-b2b4-f8f3b5115156","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":156,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"2818399c-e3d2-4e47-854c-605445620f84","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":156,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"1b9bb910-dfba-4795-a993-0299209f9f27","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":156,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"0e04b4e8-6391-4141-b67f-5944bf296ccd","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":156,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"cf7fe73e-7194-4d87-b3f2-117678eec3ff","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":156,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"5afac951-aaab-45e1-b6f3-e7582b4c00c8","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":156,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"4b39c584-031e-4353-bee9-d9e37df20a89","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":156,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"aa9c6778-8885-4fdb-84e6-82f50c618a5b","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":156,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"14447301-315d-4a9f-b3f0-12f3d29bdadb","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":156,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"52da4aaf-d3fa-4b8e-876c-e627a9e9b56c","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":156,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"09dba96e-68d5-4c9b-bc0b-385e9a1203c0","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":156,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"38a7e7e9-7ebd-43df-b883-7b81a44f5792","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":156,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"2a185894-57e1-4ff1-9177-10975c559afa","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":156,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"5ac28758-5ede-4e89-a97c-3109a1869343","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":156,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"6746d1f1-be29-42ba-b027-e1781ba09c5f","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":156,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"da69a8fb-d0e4-4f31-9728-3816f4b91a9f","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":156,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"75d99dc7-5c7f-442c-9948-18859555262a","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":156,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"fb340a6f-fe85-4c5f-b9c6-b09879eebd8e","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":156,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"893c60ae-af5e-4d2d-aaea-23131d4a7c78","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":156,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"81e0283f-3737-45c5-8694-edbb2c3afd3f","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":156,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"d0ad31c1-a2e0-4d0e-9388-c7d6a0c28071","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":156,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"e7da260a-b988-463d-adc9-5a0b631c98fc","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":156,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"ae097eb8-3cab-44e3-a8c0-6b88ec8ac219","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":156,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"b2eb4272-1650-4b1b-b08f-d1896f855eb1","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":156,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"29bea4c5-2562-427c-a484-6cde092e76e6","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":156,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"4ba82762-0563-40c5-9b21-0d4ef416be26","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":156,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"e37f19f6-4a47-4340-97d3-37217e17321f","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":156,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"858b8d04-5010-4353-9be1-0593f3e7be69","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":156,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"f8226b88-02b0-4f27-92b4-d555b35e6204","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":156,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"efc8b8d0-ffeb-489d-a9a7-f5ad9fa277dc","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":156,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"2a48daf0-4238-4f8f-bca7-cbdacb5e44ba","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":156,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"4573d5dc-ee2e-4b7f-a366-9efb346e76fe","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":156,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"f9849703-e6af-4914-930e-bf7b3be7ee8d","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":156,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"9a3819a6-1a2e-455d-8511-9bdb38176bda","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":156,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"841f49d5-802e-45e0-9199-83ae592c211b","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":156,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"594b5403-5631-40c6-9986-13323906d30f","block_type":"box","text":"public or private investment company.","page_number":156,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"f1974ff2-a19d-45a5-9fce-0754d0791115","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":156,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"fef78041-3ccb-45e5-a11d-5dc7adf1951a","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":156,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"c27916d0-db07-43da-acb5-2d19596afbf2","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":156,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"c2b325b8-d68f-4153-993e-8206a372ae9a","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":156,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"1996d8af-18a4-45ab-8098-e7b53a716e60","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":156,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"cd53db74-f681-4771-aa4b-0231837d0975","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":156,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"8a403c5c-0da8-4774-b42d-17d49fb960ab","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":156,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"77540573-afbf-46f7-836c-ccede3c73995","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":156,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"3707718e-906b-4290-9b01-5d8f2a51a3c8","block_type":"box","text":"II-103","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"420df5f8-7a98-4b5a-9d45-8899e86f442f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":156,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c5b85898-612e-424f-affd-58ea3fdcd281","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":157,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"8a6d6198-a366-47ce-be04-9a01c4f5b49f","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":157,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"986bf628-662d-45f6-aa87-f0df47a5c9f4","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":157,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"5340bc05-1dd0-4511-8aec-0e4e19a253f0","block_type":"box","text":"intermediary associated with the account.","page_number":157,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"4f2f71eb-60ab-4a85-accc-20e959c36eff","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":157,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"c62f79d5-f4eb-414d-ba93-cb9b225e885e","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":157,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"5ceb15b6-3ed6-4d09-a53d-53dc3bb2af1a","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":157,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"242edb42-bd25-4623-b8e0-48d0c9081bb7","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":157,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"a7240c26-c927-4526-94d1-48a37dcc68a5","block_type":"box","text":"CDSC shares.","page_number":157,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"529cf4d7-f964-4cf8-b84a-df48bf2eefbc","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":157,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"38a8d5d7-4754-461e-99c4-3fce0bc2436e","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":157,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"a3742f14-0e83-4fc0-9047-8dbc225be25b","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":157,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"51b8eb2d-354f-4dac-8516-80ea99d161a4","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":157,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"0ff60d49-a312-4a84-ba39-82dc77ee5d1e","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":157,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"a13f0ae7-98cc-4f90-829d-be6173fc0c39","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":157,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"9e233b3f-6335-44e9-be17-8bc76790e703","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":157,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"43f3081c-9720-44ca-96c3-a718d81d502c","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":157,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"5ca92712-035a-4dc7-a81c-5e7b3c9aed97","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":157,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"69db16f4-f001-4351-bf01-b2c432960606","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":157,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"cddd47b1-1f64-47b3-bbff-f144aafc154c","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":157,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"1ca819cc-9e94-48f2-b3c4-cd6fe591b8b5","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":157,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"2833cdb6-5999-4227-9ebd-e4b7a911f0ac","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":157,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"aa551411-1288-4c10-9bff-73bb6a2b5a65","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":157,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"ae10b48a-3a6d-4dc5-86da-2186d26c8fd2","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":157,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"cb74f476-55fe-4f26-8440-64be6b550808","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":157,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"3594d47c-ceb7-4faa-a4f5-2f95dcf7ae84","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":157,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"0c47c35b-c245-4a4f-9c11-42f891a39324","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":157,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"b95cf92c-968c-42ae-96d4-4e59e1ed2c45","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":157,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"09446e71-b1fb-4702-919a-40379a819085","block_type":"box","text":"Investor A Shares.","page_number":157,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"8a6712df-54ba-4965-84ec-ab96e38953d7","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":157,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"e4eebbb0-92ae-4b76-9603-98d032dc35a7","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":157,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"82b2d983-6c35-4819-ae88-8259c683941b","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":157,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"67516e92-5b5b-4622-ab8c-14dfdefc7d44","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":157,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"93fc4f5b-b7c7-4749-8eb0-8b080cfb4c85","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":157,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"a7dfc92c-fb26-4ab2-84e5-471c81bc880e","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":157,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"51ce1a2b-0a9f-40fe-b896-a35e21a19951","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":157,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"65f7b838-0f02-4476-a49f-0f106a337de2","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":157,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"0b7cd286-9c76-43ca-b860-5e951c36429a","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":157,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"96664d6c-233f-4c03-b9c8-6a09b0f28d94","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":157,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"854bdf0a-e183-4acb-9a3d-20dc7a790866","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":157,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"1670ca4d-bc9d-41d6-8134-6d226fa228bd","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":157,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"2f3921a1-f51b-49cd-a60c-496c61970c0b","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":157,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"39335b32-a2ed-4512-a6c7-12e12d975ba3","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":157,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"f64b21ba-4383-48c2-8d1f-ba1e808f55ee","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":157,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"43035b2f-a3aa-4175-a3c0-db89a1d955a4","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":157,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"8f388ce6-4817-41ae-9e54-6c0e1d914420","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":157,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"e26e386b-c378-46f4-82f5-6fa25134663d","block_type":"box","text":"“Investor C Conversions”).","page_number":157,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"ff9a4e5c-250d-4b5b-b978-2f81d31309b5","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":157,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"e0f6d81d-c4b3-4141-a0e3-5f8614bf043e","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":157,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"17b0eac0-532d-43f6-8d98-b593f7211238","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":157,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"eb0abd62-5900-4e55-907c-b8893568fb9f","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":157,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"543ffe1e-ac82-4835-b2cf-583817af85c7","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":157,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"dbdd83ae-7f90-4272-94c7-c3c5b0ba5c0d","block_type":"box","text":"II-104","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"19920617-d0d5-4c1b-b7f8-848d2226c7c1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":157,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"42f01547-5cf5-44ae-912e-70fecf5368dd","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":158,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"4fc03b92-50c0-40a4-8e6c-c0d1489fc1d8","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":158,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"71ebe5ee-3e70-4af9-8b04-e4597d5eda95","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":158,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"3c39e008-1d7f-48dc-9596-13f3684fce58","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":158,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"c0b83c86-d850-4737-abb2-bc065375c4c1","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":158,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"cf39ee6e-0177-458e-8581-fa7eeb2ae6a4","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":158,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"50d8776a-fe08-4d00-993d-3ef3f41629b9","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":158,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"5539277c-506f-4f9d-b21b-24a8c0df825e","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":158,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"b86e8806-8952-4908-a58c-1603b1841e0a","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":158,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"09fe77ac-fb43-4847-bcf7-65defb94d399","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":158,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"3048be54-2785-4191-b945-b85f7855baeb","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":158,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"f81fd755-3eac-4d42-bb0a-bd272897f99e","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":158,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"0a1f8d27-df44-478d-8e41-e0e6401cbf72","block_type":"box","text":"redemption.","page_number":158,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"3194c110-15ad-46d9-ae5c-0bdef9b04ff2","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"d65a8681-5bbd-402b-bd64-e1158d75a1ba","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":158,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"71cd9885-f60d-492f-a4a1-4df162d5049a","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":158,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"52f436ce-d090-4c35-9265-0da497b7422a","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":158,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"55f76b45-e0d4-4a5c-829e-883ea8f82bfd","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":158,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"ef84e4ae-7980-4a48-911f-811f431cda79","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":158,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"255435f3-ce40-484a-809c-60a09aa64e6c","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":158,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"24aecdf8-8a17-4344-b45e-84b31f17faa4","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":158,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"e04d137c-15dd-41ce-9766-9b1cf040abc7","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":158,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"42f5b5f3-9a95-4f67-b7fc-edea4db86975","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":158,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"188a3ab8-3014-4788-975f-d7aab0c7fa57","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":158,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"be1659df-0718-48bd-88ae-1dd030200a7c","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":158,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"f51bcfc3-283d-4712-918b-810221769089","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":158,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"d1c67f76-d7c8-41cb-9ddc-c53431dcf113","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":158,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"9167eafe-481e-4391-9306-7666836ee831","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":158,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"d5887af3-5a60-40db-9615-f53459b5d9ed","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":158,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"cb5e7141-9e97-4927-a7dd-3d73f5520bdc","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":158,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"ee4a6316-4c33-4492-9a6d-dc9896527321","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":158,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"3d5af077-390f-4d22-801e-3f29a3e8ac5b","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":158,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"fe927134-0627-485f-94f4-ad6b8f50e9eb","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":158,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"494c2713-6aba-4cf0-9d7b-cc4cdff66b43","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":158,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"e9d3ea66-3edc-4c66-b391-8ff5b8832128","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":158,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"e3c45809-45b1-42b3-ab64-8386e81f2460","block_type":"box","text":"Class R Shares","page_number":158,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"688c24d4-8ee8-4028-aecc-eede0e01a5b7","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":158,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"19d8e402-304e-4910-b8b4-c0008c873a3e","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":158,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"2fbfccbb-c846-48fd-ace8-5f8401d7af0c","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":158,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"4959c948-128a-430a-8172-4e1277e49ae9","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":158,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"b36a1048-73c3-4081-969d-5b68f7e15bb8","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":158,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"209b938d-c5f8-49a7-a6fe-d8f6f42befde","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":158,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"f2fa6b2e-4d9d-43ef-aae6-fcbcdc172448","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":158,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"5c6c8742-8b3a-4375-8bc4-4bea8e24e68a","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":158,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"a7bccc43-9692-4dd1-8c05-94f1eada7487","block_type":"box","text":"Class K Shares","page_number":158,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"5eea72a6-50ee-41ae-857c-38ab44e3c0c5","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":158,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"3b879a07-e362-4dd2-b014-6625b655bb88","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":158,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"13ac98cb-696f-461e-9977-80463a525a6f","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":158,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"b3841af7-2b7e-4b02-b259-397012eff09d","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":158,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"eecb64b7-09c8-4e05-b08b-5725641f3c21","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":158,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"1611fa9b-42f1-494e-999d-42fe507a538a","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":158,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"40a1fad9-9c3b-4a1f-9cef-34d421495935","block_type":"box","text":"II-105","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"659583b0-ca55-450c-975d-9d35b0f2fae0","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":158,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e01743eb-2e46-441f-be44-b5e915b10aa7","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":159,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"326d7a70-b521-43d1-8bc3-c6479c5c5705","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":159,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"78d7dc84-24e6-452e-bb85-fa7fd15196db","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":159,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"f5c4e75c-f251-4376-aebf-0ab71894ec90","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":159,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"d23b1229-ec75-485a-9466-0b49f566b7ea","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":159,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"c4883c25-22f3-4203-9caf-a8dfd41b67a0","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":159,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"908f3355-7626-467e-93a7-1058d3745a85","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":159,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"91a20fd5-f3df-49a1-9faa-0982cd2eb41b","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":159,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"94b0e376-7bdc-462c-b8b3-2c9860cf3b1a","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":159,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"66975060-5fe5-41a9-9000-4f727029ba20","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":159,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"8f9285ea-a096-429f-843d-2d9ddf0fb336","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":159,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"a75528f9-1f51-4b6a-b17b-20747e488006","block_type":"box","text":"distribution and marketing agreement.","page_number":159,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"178e1eed-cee4-41bf-bcdf-2617f58b4508","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":159,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"f216c013-13be-433e-8f30-2c49a4a4ecdd","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":159,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"31bdfc8c-649e-4708-b9eb-62e60f38bf0b","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":159,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"36dff81b-2a4e-4608-9207-006a1016f8b5","block_type":"box","text":"Class G Shares","page_number":159,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"d545e349-4076-4f6e-aaef-7f67d374cef8","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":159,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"cb688775-54b8-46c4-80ff-1c3dd56a4343","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":159,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"71b72819-2f51-43d8-9d64-eca812274d59","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":159,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"10b2c93a-522e-4cf0-af46-812acfe34270","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":159,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"8a548d8d-7c82-47ed-95ea-3691ecde6313","block_type":"box","text":"eligibility requirements.","page_number":159,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"82947de0-1a9e-4fda-bc4b-d8cbdaf2413e","block_type":"box","text":"Service Shares","page_number":159,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"62aaeff7-b0cd-4693-905a-a71f08e66ad8","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":159,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"40eefb4a-77a7-4d85-9ab8-56408c2b4ffb","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":159,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"795a4b98-9f8e-47e2-89cd-fa999bfb3b57","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":159,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"c311586f-3b4d-4445-a7b7-8805e7f1e3bf","block_type":"box","text":"®","page_number":159,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"3c00cba1-a78c-48c8-afb7-f65e5e479956","block_type":"box","text":"Fund in 1996; and","page_number":159,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"e056e169-a7dd-4ab9-993d-d431d7bbf03b","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":159,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"3279e78b-12cd-445e-b99c-db45cf5520a8","block_type":"box","text":"SM","page_number":159,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"2bc9c203-d027-43cb-9993-7e8b0555cd24","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":159,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"29801f5f-023d-4f61-9cea-8f30be848079","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":159,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"068eca21-7667-47b2-a794-f50a32aa1c9d","block_type":"box","text":"BlackRock Shares","page_number":159,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"92591a78-81a8-4d4f-aa02-81b3da6153fc","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":159,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"aafcf777-0bb5-40c7-adf0-e75ca7e02a13","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":159,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"20a5544a-01e6-4f4a-8a4b-eb0b6f9f13a6","block_type":"box","text":"fee-based programs.","page_number":159,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"2e037bd0-d683-4177-9625-bb00d35960cf","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":159,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"f3254338-869a-4f0e-b4c2-9d94683291e2","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":159,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"edef4aa3-198d-463d-ab65-1ee11b1dd585","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":159,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"c63145d1-21b6-4621-9bdf-1784692df985","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":159,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"338b3325-f9a0-4989-b895-4cc4e1940a31","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":159,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"49a00874-fc12-4f61-96ee-b1cdfddc8c92","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":159,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e022e569-331e-4c03-af00-0976de7e749c","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":159,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"29281061-f53a-4c98-8561-33450e8f1d65","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":159,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"92b1a702-fe09-4747-855b-0ef3d2a3d568","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":159,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"758bfc19-2fe0-45d7-8450-3db04b39bd1b","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":159,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"3604f8d7-21f5-42e1-b0cb-b26f05b9606a","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":159,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"b8e45ea8-cca8-43f6-8442-48934020c639","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":159,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"97bd4728-eb1b-411f-bfc5-2b2e1bd473f9","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":159,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"f002076f-c81c-44e6-8fc4-978bc6f92c13","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":159,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"1f65ca1e-2183-4914-8395-dfedba69ef2e","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":159,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"1e4ace6e-692f-41f2-a7be-0277a5831114","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":159,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"ab5f777c-9d74-49ec-9e2c-4bb0aa1432f0","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":159,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"d330e271-8a45-41fc-a01b-4210cebba97e","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":159,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"6c4b76d9-81ce-4c37-8fc5-2b71e97d1984","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":159,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"2a5453f4-96fd-4ac5-86d9-7d618693d105","block_type":"box","text":"II-106","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ce8cbc2-ce94-482a-8160-2219c33e4fda","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":159,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"17208c26-58e7-4665-b31e-b0a81c2fff53","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":160,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"2b2920aa-13da-46bc-b620-bb2b768e27df","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":160,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"3db2b937-2de7-450e-85e2-8c98ed2eaa6f","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":160,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"e4d06196-7d27-4a81-bb4f-b290ba388c02","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":160,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"ac0b0a57-553e-49ee-a27a-18577a187e44","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":160,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"935cabc0-3785-427f-bec4-12229120c7e2","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":160,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"a2a97f79-d806-44d2-93a0-82205570e517","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":160,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"a20268aa-52e5-4821-8f6a-f869b22e4a5f","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":160,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"71656790-74d8-4814-b794-19cab40e07dc","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":160,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"d13994b4-3487-478d-82f7-ae9275438b62","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":160,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"aa281d1f-e295-4758-a08a-13bfc9107be8","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":160,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"29437828-6f46-4715-bcd7-9c6a77b8046c","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":160,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"508b2e39-6750-4113-bb37-2dc0cb584e89","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":160,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"da117223-6c40-42b7-8095-fadd48db9fe8","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":160,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"74ccda78-8736-470d-a63d-e1dc81d62dd9","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":160,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"5aea0b57-bb87-415b-8c2c-aa1ac7732c0b","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":160,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"e2f21dd1-4500-4fe2-882e-5304346d9f30","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":160,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"90500580-ce4b-4a69-be29-85bfe3d0c961","block_type":"box","text":"compensation for selling different classes of shares.","page_number":160,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"4e0e98cf-8683-4619-a02f-80fc87788788","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":160,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"a4307782-7b25-4e4a-9708-fe00245202e6","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":160,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"8d350769-49e4-4732-a55b-6a99000b8e3a","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":160,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"af9e9d61-04be-43f3-ba56-ca174282d3fa","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":160,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"b2623919-b2e9-49ba-84cd-3435a0efe5dd","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":160,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"6cb87e7e-7f9a-4ff3-9446-eaf7e697d8c2","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":160,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"7f6a9a7b-c9f6-4d66-8b55-9cab09e33d6d","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":160,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"39c67704-e605-4303-a436-3922ae0a80c8","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":160,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"799c86d8-7097-49ed-9223-fdb09fdb790a","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":160,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"3b00990c-6fe8-4356-b75e-cb9361141a63","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":160,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"052cf388-8c89-4142-8f05-aa6ad7ed5735","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":160,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"02afcdea-3239-420f-ac01-868a59793d9c","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":160,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"05bc1d59-e8b4-4267-a131-7a472177981d","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":160,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"f5cd8843-3def-4539-bc41-3af48f26c23d","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":160,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"11db60ef-5de0-49dd-9255-87408f312c85","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":160,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"ffd49345-b54f-4112-a018-48f6d4a13dd8","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":160,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"0564ddc8-efc8-4bf4-be22-f01c2b980d5b","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":160,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"7065aade-35a8-4718-a4d8-fadf0cd8b7f7","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":160,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"6b541661-c9c2-4d0e-8fb4-8e4f831ffc4c","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":160,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"df424520-f65c-4f16-ad15-27a43fefb9fd","block_type":"box","text":"easily accessible place.","page_number":160,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"0f54791b-9e47-4f62-87f3-35715e14ce3f","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":160,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"abb6e926-c39c-4ece-83f8-2c4dc5c95ff6","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":160,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"eeef0346-ab68-4d71-87c6-f145819c45c2","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":680,"width":734,"height":11}},{"id":"d3526c2a-5cff-4f03-a493-3ec472358ae3","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":160,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"9fdce312-8810-48db-8c50-284a9e8d86e3","block_type":"box","text":"fiscal year.","page_number":160,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"871c7eb4-4dad-4b73-929f-c7359d8bd9aa","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":160,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"60b685b8-67c2-4a81-aa54-483ad4c16c84","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":160,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"33acbdd8-7987-484c-91ff-6a879343f107","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":160,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"b1aed72e-d259-4fb2-9a3a-df5a5557a3a4","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":160,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"0450408b-7bb9-4aad-a2b6-8950efecaaaf","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":160,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"3a342eb6-5c01-494e-8e8f-27602972b02d","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":160,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"a65dda56-0c8b-40d9-a264-8562fc418e87","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":160,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"ecf4ca20-7b91-45b5-9776-0e9ef2585a5b","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":160,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"210867e3-71a3-4c46-97b4-619409ded625","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":160,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"6ef4d74e-0ad7-4cd6-a879-46a7a6478aa0","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":160,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"ea0568fa-fb7d-4456-9ba6-5ca32de6b354","block_type":"box","text":"II-107","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54cfd72f-3478-451f-b75b-d0286615a0be","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":160,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"eb4b2bbf-7b11-4037-97d1-a9e7937bf9a9","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":161,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"25c11dae-2586-4434-8531-d9009aa40a2a","block_type":"box","text":"and Class R Shares of your Fund.","page_number":161,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"489b89b0-a195-4820-ae9e-8c860689c76c","block_type":"box","text":"Other Payments by the Fund","page_number":161,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"738ad064-f4dc-497a-ab66-cadbb9f1f005","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":161,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"069ba3e5-2c1b-4606-ad71-d29fdb284969","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":161,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"b3de4752-a4c0-47eb-8619-cea2ec6336ec","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":161,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"c65089ba-e75f-4ca5-8004-7db9cc28c6d6","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":161,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"fb9a6a5f-e35c-4cf9-a420-a8db1619ca62","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":161,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"914a839d-f6a1-4a16-aa53-a1b4ac67bcc4","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":161,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"79f4fd7a-59ce-42b2-bd13-7a392002f8f1","block_type":"box","text":"of these payments may be substantial.","page_number":161,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"20e872b3-bf8d-47bb-b2a1-bcd7d86a3f76","block_type":"box","text":"Additional Payments by BlackRock","page_number":161,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"f9049255-1c87-40cc-9832-85bb7dbf5a5e","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":161,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"49fc630a-cdb0-40da-abf0-129edce7678f","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":161,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"53a0e9f9-8ee6-4e83-bf74-9959425df53a","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":161,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"ab9cb2e5-98df-41db-bfe7-eea8d9af8333","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":161,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"ab247c2b-313b-44dc-9156-229613f81f38","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":161,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"9b71b339-82f3-461c-85b6-168ec780a8f7","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":161,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"15beb518-3d96-415d-8365-67b02a3746ec","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":161,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"076feda4-9b30-4467-8f8a-b22bce7246e8","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":161,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"de0ca8ea-a6b3-42e8-84ad-798e92d31759","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":161,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"1ca995a4-e0a0-4336-9eca-43c726b6ca05","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":161,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"1199ef6e-609d-4f8d-9d1a-93d4a9484fcc","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":161,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"220542b9-b5c5-42d2-bf0f-bbb7dd5c3ff5","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":161,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"c63753e5-d03e-4d56-a74e-efd3eaf76f7c","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":161,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"1285ccf5-c23c-4a4c-a712-3312b44dbfee","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":161,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"5829ac32-7128-4aab-9499-bd8f1537b7d3","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":161,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"beccd5a9-65ef-4b1e-8ada-105afd82182f","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":161,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"34983393-de70-4b1e-8ed9-6c8560435502","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":161,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"15884e98-b0ad-4c00-a13b-01b5b0efc73f","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":161,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"09899349-aaf7-48c1-b799-416420c99d67","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":161,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"4635d0eb-86fb-44d9-8bf9-7a3e78f24f90","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":161,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"1ed884cf-eb6e-41f9-af19-489701a6cbec","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":161,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"6f2aa04d-0e06-4e03-af05-2a5178db7689","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":161,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"6258c8d5-f570-4e0c-b0e3-0a9e5ee0135e","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":161,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"a7c7ae51-0b6f-4f41-a88b-ac541f942ffd","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":161,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"6be97bde-0f7c-49ef-b7ff-b6c46619b8e9","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":161,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"58447321-c5d0-49c4-b34b-91991b364561","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":161,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"7ee77b60-09f3-4b33-b318-92fae9426737","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":161,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"91995fb8-3ca1-4ea9-9f7f-95d1858d01a5","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":161,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"6313d9f6-549b-4b19-bf5d-d05c05eb0cc8","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":161,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"4d70e218-23c4-43ee-ab73-ef003a18180a","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":161,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"f99ab902-9312-472f-8c60-37b0e18b9c55","block_type":"box","text":"Funds.","page_number":161,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"4e05a66e-4c49-4b0c-8cf3-654652b5e6c0","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":161,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"92443da3-c0f4-4dcd-a143-44b9385cd3b2","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":161,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"3cb9d1ee-b4e5-44bc-97cb-8b53732ffd0b","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":161,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"2d6cb38e-96c3-4c89-b004-3e9ccedacbad","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":161,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"6de00940-2151-440b-94f7-05899ff14b33","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":161,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"5b9841ed-c7d2-4b16-9fab-c7923c04f4c0","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":161,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"fcee4d69-194c-4113-93b5-48557cc2954d","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":161,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"1f7a5c8c-0cbe-49b1-9ea5-69f62d77cb23","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":161,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"f39d9020-2f3c-4ca0-bb12-a73f8f15d5ab","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":161,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"37897b25-12e9-44cd-87d2-c51249c435b9","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":161,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"0d41c63d-8082-4aa1-9156-f537d9eebadc","block_type":"box","text":"II-108","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c7e64b79-11dc-4d6d-97e7-476a066d9b22","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":161,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"68fa0725-e562-445e-b807-39c61f4228ad","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":162,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"af46ef0a-428e-4e27-bfc7-8cd7ca0a9239","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":162,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"e30d1cde-635c-4406-a031-f9dd228ea295","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":162,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"0dee7e6a-c9ab-495e-99a6-8885d551bdb5","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":162,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"d425a067-9a02-4ffa-9042-aab1247690b0","block_type":"box","text":"B. Shareholder Services","page_number":162,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"e910072d-80b4-482b-b64d-5ef33e6b267c","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":162,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"864750b8-347c-467d-a176-43726fd237ab","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":162,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"034776b3-b65c-4aaf-a45d-9eaa7f31334c","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":162,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"651a8310-b9fd-4645-ad01-bf24e4f14b13","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":162,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"f37d7ad8-5cef-4f56-9ff7-60bfb136354f","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":162,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"1511b9ec-6c51-40b3-99c2-1fba7ed62800","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":162,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"bb321822-183c-47e6-9abb-8043b75dc880","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":162,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"31b30457-9bfd-4e94-945e-f5f4ff0855d9","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":162,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"e74d2e4d-1eae-4fbc-a9c9-d1e984d7b584","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":162,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"bfb7ea60-b91f-4c48-8c6f-d6773c764359","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":162,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"0a75a88a-fdca-4f38-b4a2-c538892b95ce","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":162,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"6aab5e10-da46-4ba9-b9bf-b16c44522472","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":162,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"5903f770-9eb0-4869-8821-9f3b86c0e5ed","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":162,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"623c9f91-54cf-44bd-9a25-9b60e90e1411","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":162,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"5f2f0036-98f3-468f-9c15-2cee06ac228f","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":162,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"2fbd2670-dd73-45a1-a0a9-8e5b52a56740","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":162,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"40fafbdf-892c-4a33-a09d-dfdb790671ff","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":162,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"9df2b4e1-51d4-41cb-a52f-317c78c4e6c2","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":162,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"4393f357-a348-4cf5-9a49-55f6001cb234","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":162,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"e1350a3d-dc19-40e0-8a75-9fd21c82854e","block_type":"box","text":"&Partners","page_number":162,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"3962c7a4-1f5d-4dd1-8f3d-d754d4786b3b","block_type":"box","text":"AccuTech Systems Corporation","page_number":162,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"53818b1a-f48e-4478-b754-6f21f3271a0d","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":162,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"90a496a6-818d-4193-9cdd-64ad80c877df","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":162,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"22470763-780f-40c4-a8f5-7868bf8cf4ea","block_type":"box","text":"Advisor Group, Inc.","page_number":162,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"5b6dce61-0843-4811-93f3-6d58b7fbd003","block_type":"box","text":"AE Wealth Management, 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The","page_number":166,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"f30f1fbe-0ebd-4e30-a98c-3d83847bb2a3","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":166,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"d9cd8861-327a-4a7a-b175-90d801345fa5","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":166,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"caa65460-378c-40cd-b8ba-43bcb66f139d","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":166,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"3a0858d6-5067-4f05-8a02-476d3c5a335d","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":166,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"fa7f7d71-7bfc-4096-b29d-390fb35b7840","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":166,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"f9dad332-84b7-47b3-8c8f-0b5f1b7f0d3b","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":166,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"ed7e9778-e32a-41b8-b569-22157170f5e3","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":166,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"d254073a-203a-4488-a2a9-8eadb91f2cde","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":166,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"4f21e918-17ea-41f7-9a07-7c232e8ee9de","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":166,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"7f4dc568-4761-40fd-8bc6-744d97e8eda1","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":166,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"c05869d5-918e-4556-91f9-cb4d1cfae984","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":166,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"63ca5b16-d0a9-4fcf-a902-706cddd6e40c","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":166,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"e5fb21f7-edd7-4d7a-8b19-025704ec4569","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":166,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"06cb6118-bb72-47a5-8e45-1cd3df0a5882","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":166,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"b914a643-d0fa-4a64-ba93-11f12c87b83e","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":166,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"60ec76b4-da53-456f-8479-12b8cb276185","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":166,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"fb5b150e-5fc1-4dba-bfaa-36531dc84b78","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":166,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"a4ff66a3-e2ad-45a9-b508-5d2de0de1c31","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":166,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"f6d7135b-4f15-4b06-a28f-2e707e3343e7","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":166,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"26e74ee5-2381-4c0a-824e-5a893725ed63","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":166,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"855451b7-a6c4-48c2-8ac5-379fc59ef139","block_type":"box","text":"Redemption","page_number":166,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"3a9f2d96-9ebf-43dc-bac4-d12c5199ff2f","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":166,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"8097c059-713d-4c4b-b6e8-f1c296308162","block_type":"box","text":"Redeem by Telephone:","page_number":166,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"e3fd4590-bdd0-4553-ae7d-a7427ea71878","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":166,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"a7f4b503-09d4-4ac1-a59a-be2777956316","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":166,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"a0526807-2aa6-4ce5-892e-1fb01785c2da","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":166,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"d1f5771e-d17f-470a-8e49-26e42b86c13b","block_type":"box","text":"II-113","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bfeda50b-88c6-4231-b9c3-f32575d12f52","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":166,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f8b7db77-4d20-4ea9-8aab-b3df52683b22","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":167,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"c07ba5ca-8138-4003-8d5b-67967d85dbbb","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":167,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"7f911c87-a2d2-4e4b-b0f3-ef5447fe5f96","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":167,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"78ebad26-3c58-40dd-9ee0-782680cb04f2","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":167,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"d3f6aa1e-7522-4623-9f53-8d7b4e8734d3","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":167,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"cea2ce11-8cd6-4a44-a4cd-a044b5bff143","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":167,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"136d6091-8d67-4d59-88df-7ddf14cf1ad5","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":167,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"8e094729-78b0-40b3-b0dd-9fe8df6fa773","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":167,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"96f36a55-f66b-4287-a4ba-5e7c87100858","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":167,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"99b1bc5d-c4e7-433f-be4a-67c4bcd2eabb","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":167,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"ee6d2dbf-ee2c-4569-af3f-5407528b8c20","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":167,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"5267a4bc-4a64-47b7-a529-8802454aca48","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":167,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"ba025bd7-f39a-44d5-8879-1dd73c029a04","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":167,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"a110f08b-0717-45de-8d3e-29c7f69cbcfa","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":167,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"de54e020-25ca-4ee3-a525-54e8bfa1091d","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":167,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"707836c0-8bdb-4317-b3fd-b66abc5233ec","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":167,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"b141918c-f6b1-4962-81ef-7ecb8ab7442f","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":167,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"fc81fa63-8a46-4a31-9b10-15e9cc272b43","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":167,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"15fb1520-a89b-40d1-bd2f-d7404a7ac8c8","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":167,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"8b8ea6e2-75f6-431d-bacf-f05bf62b71d2","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":167,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"cc1173a6-7d4f-42de-87ae-38c856766ec4","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":167,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"061a7f5c-02b4-4448-b496-7f9f969539fe","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":167,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"6710869e-e4ad-41d5-bd0d-602adf5a06eb","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":167,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"01ed1c5c-41eb-457d-a99f-30ac2fe7ac7d","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":167,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"c78aa652-f788-4130-bc86-fd8afb017eac","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":167,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"468dd3cc-8529-4e5c-b7c7-c96f4a8496de","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":167,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"5a046bcc-258a-4af3-af34-a0ebc3201fe5","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":167,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"d5bd5b7a-c721-4c33-bc52-ba6bc214eca3","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":167,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"0f971f51-bc12-4594-800b-448b60eadb6d","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":167,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"424b9c80-50a7-4bb7-9c59-ab43fc118f72","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":167,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"193341f0-1680-479c-b368-30ba91cc6553","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":167,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"d516f33f-b8e7-47d6-9927-e814ad6dc8d5","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":167,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"3544c76e-6fac-42a2-8fa8-2074aecbaaf3","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":167,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"ee4ab19d-f5e0-416d-8dbe-093a64b59bfc","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":167,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"25e44d4f-9200-4a11-bae0-65a7609069ae","block_type":"box","text":"Redeem by VRU:","page_number":167,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"38c06659-6110-4312-b4ec-a18ec91bea58","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":167,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"b7044415-4434-41d8-b7bc-510c6cea70ee","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":167,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"616081a5-ffaa-41af-82d1-92b56c1396ee","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":167,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"d4353a7f-ee54-4e68-9402-90708a4c35ab","block_type":"box","text":"Redeem by Internet:","page_number":167,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"17bf460f-60e8-464c-bd6a-68ad5d28d31d","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":167,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"6b9a481f-ebf4-456d-b8ad-01878c6b5d54","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":167,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"4aa3b8c0-e15a-4d01-afca-d2463e36a072","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":167,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"a1bfb637-6c69-4462-b89d-62a64b8ee6de","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":167,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"67033509-ce83-4f08-a93c-23fd35272bd3","block_type":"box","text":"institutional investors.","page_number":167,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"9c1e50f4-e5c6-429f-b8d4-0ecaa66bb3d8","block_type":"box","text":"Redeem in Writing:","page_number":167,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"f2751a96-e692-42ca-b198-79c075189f05","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":167,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"33edd610-e445-4f1a-b08e-1c2eabd8f9aa","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":167,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"e7977f3c-1c99-4e43-9ff8-82fa8a8e7973","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":167,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"a8bd72ad-ce75-4c81-a2b1-eb9c30d21dbb","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":167,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"16686170-b485-460a-ae5d-7f8c5c8df5b5","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":167,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"b5b0e5ca-64a0-4ff1-bc8a-67700df4134b","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":167,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"bbd42de8-b8a1-4076-8801-040cc5c20877","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":167,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"4a7388fa-e58c-4f34-89cb-e3ebdd10bc53","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":167,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"825adf9c-db75-4b6e-bdf2-589e071b6a7b","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":167,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"ed92b65f-42d1-4bcf-9ae3-9ac8753e1804","block_type":"box","text":"the bank account of record.","page_number":167,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"1ad4b337-98b8-4d88-a3b7-b24198d4b302","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":167,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"3100ed12-4ad3-4b39-9a15-823949f94179","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":167,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"e52ff909-260f-4f18-b5c9-219752860dc9","block_type":"box","text":"II-114","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"06ff4c6c-eae9-4623-9552-951a8f0b361f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":167,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8688d944-cc40-440b-8ed5-f196b6de0aad","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":168,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"6ff55d86-12c1-4a13-968a-12eeafcb5c45","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":168,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"08833c51-c8d0-439a-a34b-54c303018405","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":168,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"58a95b5a-b798-400c-a4fd-6c4e6fbe7ab8","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":168,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"36048371-fa61-42b5-b75d-f020fc445bb1","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":168,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"545ed769-3fb9-4270-b63b-67ff8276774d","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":168,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"95656116-89b5-4763-91dd-5f84615e15da","block_type":"box","text":"redeemed by the Fund.","page_number":168,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"fc7d71be-0d19-4cfc-b1e7-b9a552dfd716","block_type":"box","text":"Note on Low Balance Accounts.","page_number":168,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"f05ddbd4-64d4-43e8-97fe-f9ae1567be04","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":168,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"3c27cef3-ea39-4469-b6e3-0c9cf6598474","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":168,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"e83f38a1-f221-4fed-86b7-d2f055beae1c","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":168,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"8c3a0879-8f0c-49ee-9bc9-25639da630da","block_type":"box","text":"for any reason, including market fluctuation.","page_number":168,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"fc9226c1-d29e-4f9c-a9d2-f1a34ecd7edf","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":168,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"e0aa10c8-3966-44c3-bf91-61aba00153b3","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":168,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"c912ccfd-3636-44f0-b302-e74b60e73033","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":168,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"5b99df2a-1edc-4297-b0c5-69bf04e1a550","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":168,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"59c51d6c-e077-4b81-a00f-fa2f55f71a88","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":168,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"2fe2f95d-83d9-4efd-adb3-ba7fca3793b9","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":168,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"4f8c7c17-5308-4c99-b7b3-2b59fffab71c","block_type":"box","text":"Repurchase","page_number":168,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"e9f672ed-a3b7-47eb-a759-2599107f2e0a","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":168,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"c5da7ba1-3f00-49fa-bb72-15123728eac2","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":168,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"70ee0ee1-9dd1-4855-8c70-88adfa0bc2c7","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":168,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"e956ead5-cb7c-4eea-8b59-c8ddd9853d4b","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":168,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"9ea0e5a1-028b-412e-9533-b47a191550f6","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":168,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"7087c8c3-0361-4416-80cf-c0c7572587ff","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":168,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"9b20891a-4600-4137-a4a5-4612941f2d9d","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":168,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"d9bee3af-3712-40bb-af16-46f1c7da04c5","block_type":"box","text":"next business day.","page_number":168,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"4ab91ffe-4af8-4f3b-9800-7e2a88587942","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":168,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"2ec9f614-8a7b-4cf2-b276-cce3f5d9cefc","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":168,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"de444445-4735-4472-abfc-e4581bde3190","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":168,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"5fd296eb-9b44-4d33-870f-5a6afbca3b0a","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":168,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"da17d4fd-6a35-4d14-9a4a-a255dd3b7377","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":168,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"e823909b-29eb-4a4d-a94d-07057a541c6b","block_type":"box","text":"redeem shares as set out above.","page_number":168,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"3ea42566-b32d-42c9-9169-0aab33f4d9e2","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":168,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"01538572-98f1-4dac-ba17-105c879dcdc5","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":168,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"5ff77161-1207-4cd8-82bb-42e487bf1a2d","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":168,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"2de57d2c-8d01-49e5-b307-1d8490856554","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":168,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"292f0222-56dc-4573-9e40-e59f255ae507","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":168,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"97706641-1dc6-4c03-9c58-c370f3cde6c0","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":168,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"0071cee1-dcba-444a-9a4c-910b56eb717b","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":168,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"5ee544e7-d9b7-4b67-aadf-d41ff1d8253c","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":168,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"8d87dc37-9f04-4ad9-9645-b1f202e47936","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":168,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"6655850e-bac8-4c89-8053-d27aef32356a","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":168,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"8839c0be-72fb-458c-ac75-110fabc77d69","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":168,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"886ea7ac-dda6-4c02-b0d4-cc8bdb3fc595","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":168,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"0ac7e543-b262-4e04-a7aa-a24d537c9c2a","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":168,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"1660a496-6bb1-4ccf-9fee-2b9d12077ebc","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":168,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"57138736-ade1-4e4e-a3fd-0b4df41b2612","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":168,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"c35e80da-0973-471f-86d3-b1dc57656916","block_type":"box","text":"II-115","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"928ec791-09ac-403d-8083-13717e44f8dd","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":168,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ba29de27-d0e8-48d9-9496-c17e9deb99f1","block_type":"box","text":"Investment Account","page_number":169,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"a0fbaeef-302e-4917-97ce-00afeb057ad0","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":169,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"dbf22212-5c65-476f-99dc-6db26d82c424","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":169,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"2d7f6231-c639-42cb-b51f-8d3383858f85","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":169,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"3556cb4e-6240-4e31-9375-6a58515d6fb3","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":169,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"b255c4a4-2cbe-49b9-8fd8-e64a15178378","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":169,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"35aa1f08-36d6-4a41-a6b3-7679627c4ca9","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":169,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"b3e9ef3b-b93e-4350-9566-17aadbe2415f","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":169,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"70752aeb-8325-4cea-8c7a-6a7da6cda179","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":169,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"2286685a-3e9f-4ca2-8cf5-42698b183a89","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":169,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"932ed5d1-a6c2-432f-9fbe-d9efe4447a83","block_type":"box","text":"automatically at the Transfer Agent.","page_number":169,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"a73fedb6-9592-48d8-81c7-4e02633d86bd","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":169,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"37c9f98a-b71c-471c-b40f-56d72f956c5c","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":169,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"ff042773-2f1c-4a14-bf2f-876d15a301f2","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":169,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"9d502929-95e7-4166-b2e9-cfc56841541e","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":169,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"22f05a3f-533f-4487-b669-f030240b0b2d","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":169,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"10fffa7c-f524-4583-b4b1-8374fa7209fb","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":169,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"59f35f2f-092b-48bc-81e6-ea3cb04bc976","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":169,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"e82272b0-887c-4a4f-ab77-f1c74aad10f7","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":169,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"2f99b6d9-0b1c-4498-a90d-886b027b4a12","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":169,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"0280e817-fe3d-4643-9742-e84f168c5120","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":169,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"1d4ffa9e-9c02-45b0-b528-53b6309edea9","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":169,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"04f33427-547e-4a92-9db3-c3fa2a4f59ac","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":169,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"28cd0ccf-487d-42d0-8a94-cba7b7a0dbb6","block_type":"box","text":"issued.","page_number":169,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"7a18c601-45a9-4462-8f68-7e72f0b05314","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":169,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"8ed74a7f-2bb1-48a5-a7fd-c9d9701654fc","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":169,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"5069661b-ed9e-44a8-99fa-91a07667e173","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":169,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"b22bbb13-3f6a-471e-9590-eb41850e97ed","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":169,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"3ca1111c-17de-4957-acad-119f8adbd6c8","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":169,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"df46ae06-da25-4709-b716-70738114ef48","block_type":"box","text":"Exchange Privilege","page_number":169,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"241a4422-bdbb-498b-ae8a-38d7c60eec87","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":169,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"176e620c-da94-42c6-8763-bb8cbe9a9d52","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":169,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"6807f830-dabd-4fcd-b864-b9f3a25f4fb5","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":169,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"b331028c-4111-46d7-bdb2-a8fa405d9749","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":169,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"91d6221c-9043-4ccd-92fb-4d7cd7b87f97","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":169,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"2fd637ce-57c5-42da-bb77-ee8201c42e13","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":169,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"d6f98e2a-cde3-4cc7-9b40-cadffebbe562","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":169,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"db2c2597-911b-4d22-a944-bee43effbdc9","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":169,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"f89e15e1-a5fa-48cc-8f58-b4da3acd8fff","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":169,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"60acfde6-2f02-4d94-97a4-c4d656589fb1","block_type":"box","text":"Institutional Shares","page_number":169,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"980456e9-59d0-455a-b1d8-c37fdbe9a3af","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":169,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"89f6d310-2f7d-455f-a5db-fd6572ea7d02","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":169,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"20ae2b6a-4c5e-4106-a2e2-0ad4bea95b09","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":169,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"21a20650-4c2b-42a3-8a4b-581191e95a1e","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":169,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"d3d814af-9d38-4350-b10d-2c857860ba51","block_type":"box","text":"for Class G Shares of other Funds.","page_number":169,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"97bd6e45-4ced-49c4-9161-ec7ad23adfa3","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":169,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"712c2378-3003-47d5-a93d-717aa7c6fed9","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":169,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"6dc13eca-75d2-45fa-a2a6-3a15e6eccc2b","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":169,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0d659542-924c-4d39-8a16-5335dd7bcb78","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":169,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"438e11ca-a75d-4928-8368-2ee285f80b11","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":169,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"7367f64e-c7c0-4d61-95e4-6b7fe6cc8360","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":169,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"978a9a51-6f5b-4531-9569-a8570c809ba0","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":169,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"f675d78d-e8c2-4c6e-b39d-784b0573a21d","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":169,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"d98cfd96-10f6-4cd8-8920-7955c48421b5","block_type":"box","text":"II-116","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b8e165a6-651a-4792-8767-d4517276a6d4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":169,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2539a5c7-9bac-42da-a9ea-c406f7cb9c1a","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":170,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"477172da-7f57-4184-bfe2-00088bb35d68","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":170,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"0f8850e6-23ad-4ed7-ad48-c42bce2f1e16","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":170,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"8f780787-280c-415a-97fe-fc7a1b4dc344","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":170,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"8300ed5c-3b1a-4481-89ed-67507d86774e","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":170,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"bd8426f3-fda9-42b7-b40c-b7c695831035","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":170,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"82fe3705-2040-400d-8412-a11247b13c09","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":170,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"2b35c1de-4a19-48b6-b7f5-f40f02d323cf","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":170,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"3dba1270-c58e-445d-914d-750e2649c035","block_type":"box","text":"Exchanges of Service Shares.","page_number":170,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"463b9878-faad-448c-8f32-b139d877879e","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":170,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"5d424960-d97e-4869-a857-77d68627b0f4","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":170,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"44260c26-2613-4ffa-a526-e7394e926580","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":170,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"d7aaf044-bef7-4391-9ea3-b7cd77f75351","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":170,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"b1367ea0-49ee-4a37-b506-8169f8671aab","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":170,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"8c95db5a-821c-4612-ab92-f9dd1405dba9","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":170,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"a8b73cd6-a54d-4fd0-a710-0daa5853a87d","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":170,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"f915bcd5-76a6-4309-b53e-4b3caac472e2","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":170,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"cf0e0346-82c7-454d-ab09-d7d60e462f5e","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":170,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"019e035b-7b3a-4bd4-9ac5-5cfe7fb3eea9","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":170,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"472f6ffe-ddc4-44ba-ad40-140de121a86d","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":170,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"b53e5ad9-6a4f-4775-871a-7ad9da547e9a","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":170,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"3633b59b-3fc9-4b73-8b3d-38472120e97d","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":170,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"7e75e10d-2989-4914-af4f-5eb83b88823f","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":170,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"3397ea34-9718-417b-af32-790fa70a94b4","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":170,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"e24d0960-5fa5-45cd-b3eb-3a69bdf82dd6","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":170,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"6ced975e-f2c8-4e83-9a8b-4e625392010b","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":170,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"a9c39561-73dc-4d27-8e9f-9a0e414e8a81","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":170,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"a4f9fb2e-7299-4180-8f6d-52afd3e941dc","block_type":"box","text":"exchange.","page_number":170,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"1d728a95-090e-464e-a2fc-6da96b24cde3","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":170,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"58b4ac48-0c31-477d-be9d-a61bfedabd75","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":170,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"8fc8f7d6-d82a-44b6-8c15-b3272b65d89d","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":170,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"7973d078-33bf-40e0-bbf3-7462748afa45","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":170,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"151428d8-1802-4bfd-b244-c22b35190c64","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":170,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"29a5bad3-6892-40b2-8623-43edf76df611","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":170,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"a7b81931-5b65-474f-8131-b25dccd364a5","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":170,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"a50ac605-2a84-4895-bc94-fd1a0221060d","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":170,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"f2907f55-00ac-4c37-b574-040c016461b9","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":170,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"4e77b1be-5f94-4ff1-8d4b-c7bf8d135ac5","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":170,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"f6d98670-fa2f-48db-9406-3af8abcfb168","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":170,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"29469d3e-ce37-480d-b337-f819a10b5b4f","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":170,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"6c6e7bc8-61b1-4700-8c86-08d7b78dd174","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":170,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"2a214394-b22d-418c-8afc-2d096a0d9a7c","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":170,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"7303752a-1c3f-4987-9adb-b1d37635dfdb","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":170,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"c6ee3291-b0df-4394-b306-77df7214c02d","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":170,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"66206f18-12cd-415f-831b-5f9a7f9252ca","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":170,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"953605e6-dcde-4c7a-9b76-b109c3a401eb","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":170,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"73f8160f-9af7-49fc-a199-ae194d5b80db","block_type":"box","text":"Transfer Agent in writing.","page_number":170,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"ee80735c-d587-4c19-81a9-9aa118eb076c","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":170,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"9599a04a-2dd6-46c6-85f6-5e51e46c076a","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":170,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"9029b9c1-8f37-46eb-93c5-2ee9d273f6f8","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":170,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"4e3ee2c4-13b3-4be5-979e-5c09868b513e","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":170,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"d07ac09e-ae93-46c8-9bdc-d29b8701175e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":170,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"d8c0db6b-4523-4a67-a88f-f7f949d948da","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":170,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"81c87845-83c3-4c56-9678-eae33d56190c","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":170,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"79e52124-445b-45f1-bb92-c0efc17e53b7","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":170,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"8f20694c-6a74-4eb0-a512-26f4c6700e61","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":170,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"1f8acca2-f87e-40ad-adfd-6ec2dd690a01","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":170,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"111988a6-11fc-42c6-a0ea-9fa2105527e9","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":170,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"80711fd4-d27e-407a-9d00-52de6296afce","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":170,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"9bc96061-534e-4485-abf2-4f2319090a8f","block_type":"box","text":"II-117","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4c2c313e-b36e-42a6-953e-4339dece7d02","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":170,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b551e7bb-7690-44f3-b778-e9bbcd87ac20","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":171,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"920a3f60-21fc-4d75-b602-fe774ff7d2e3","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":171,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"69ba9cb8-7da5-49e1-8d55-5327bb01c674","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":171,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"8b61b1ff-b9c4-4c7d-ac56-32bddcab9211","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":171,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"91a18378-0fdc-40ea-91ed-2a6f0a8cb024","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":171,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"1397e83e-6cc6-45f3-9de7-45a0932d01f3","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":171,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"f94ddb57-49a3-4f12-be2e-156cb6f2d42f","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":171,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"046f9d12-aa02-45de-90a6-e8d81ce36e61","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":171,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"1eb006bd-eb47-453e-8c55-ad77e86d1528","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":171,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"b1714533-038a-4d4a-a1e4-85df2f35e6e5","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":171,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"d2dca618-5efe-4696-9e58-3777deffece4","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":171,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"805cd9d9-a424-46d7-bb65-2d65d07dadb3","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":171,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"b2884ef3-1443-4fc0-8c4d-a5573e847723","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":171,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"21e06a34-b870-47d3-9594-4b3317259bd2","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":171,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"56123cf8-eae7-4ad8-ae4b-07c6365a557c","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":171,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"817c6b37-858e-4af5-abf5-f77e86a1b864","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":171,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"d0e37fa5-ba08-4003-9e01-03ebdf9712f7","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":171,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"616143e7-ba95-4dfb-b505-75d3ea848afc","block_type":"box","text":"may be distributed by the Distributor.","page_number":171,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"b4e6e160-21f6-4cfe-9daa-54a870da7332","block_type":"box","text":"Participation in Fee-Based Programs","page_number":171,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"343d3411-df85-4e32-aba0-54c551674fac","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":171,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"87f2cb9d-69ce-4ee4-a6a8-ea25139b6f1a","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":171,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"9448434f-b5a8-4ce3-b0e4-fef7bb55d5c7","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":171,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"8842c142-29bf-47cc-b6ec-a20bd2ef317a","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":171,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"6e9554a4-70a6-429e-b7f1-9d51fc8067ef","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":171,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"9729e5d5-6368-42d9-8c33-ad0cdec2f6ec","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":171,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"f588561f-fde9-4314-b93c-8efe9e45e55b","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":171,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"ad500038-212e-47ec-b648-f5910483b6e1","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":171,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"ddb34d91-5943-43e8-8456-c799303ab71f","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":171,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"1f90d3db-1256-4d24-849a-e2425cbedd31","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":171,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"ad6d7e0a-904c-43b9-b33c-7a4e396ba52b","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":171,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"b6490476-f606-4bc2-92c5-4b55c566608b","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":171,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"b03e8061-49de-4c40-87cc-174290e84606","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":171,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"70f53f89-3d91-441c-a154-d25f43a93436","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":171,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"21ae7803-a32d-4c76-88a6-7359e2041615","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":171,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"4d0b28fd-bbba-442f-9ed6-07714369028a","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":171,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"b6cec645-82b6-49c0-8d27-4cbe3146dcc7","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":171,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"e0ffe0e4-31e4-452d-8efc-649fe0c427a7","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":171,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"d94fb2ab-b0f8-4d77-8dd4-4390497ea59f","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":171,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"1feab484-54d0-4191-befb-1b5ef0520a45","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":171,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"114ecaab-09f0-4974-a779-dbf7b49b5777","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":171,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"0824bd86-9e3a-4b15-bc08-6dcb450d1242","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":171,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"7bd51495-4967-4103-beea-f6735cdf9bb0","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":171,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"9adf2f74-99d1-4037-8c4f-565bea6d7172","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":171,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"181f455b-ad7c-4658-a3aa-1fdc548daaa6","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":171,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"9fc37a97-295f-487e-9583-0249a76cb343","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":171,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"cafa577f-e50b-4293-8d36-2d5b6e641dd8","block_type":"box","text":"information.","page_number":171,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"bbf27fbb-6306-4fe7-96fd-d6cfcf8cb3c8","block_type":"box","text":"Retirement and Education Savings Plans","page_number":171,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"5ceede51-b01d-4c42-8920-47a5c1d69cd1","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":171,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"d723b124-f9cd-4cba-8a2c-8320eb66bd6f","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":171,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"0bee3306-85e7-4829-84fe-9cbd806851c6","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":171,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"e279e93b-48dd-4689-9dec-e5f83d3e30cd","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":171,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"5b60cb7e-2e5a-4fcc-9d22-67990b1a1ff3","block_type":"box","text":"your financial intermediary.","page_number":171,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"5ad93f3e-d021-41fc-bbb1-034d71693104","block_type":"box","text":"II-118","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1da0602a-27c6-4a7e-9b26-540ed578d3ad","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":171,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4696abf3-cc3e-4d7e-b93d-860f0bb64299","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":172,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"8e1550ad-2198-47d9-ba66-bfde7bbf2d56","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":172,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"0d61cd95-7f32-43e3-9655-4f47ed31f2ad","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":172,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"f3b746c4-c7df-4eb9-9217-ff7e2d3804ef","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":172,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"45c9dd39-c82d-42dc-80ff-7e7af89ebe6d","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":172,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"a8e349c9-d98f-4fe6-b56b-bfcf34bbaa1c","block_type":"box","text":"Automatic Investment Plans","page_number":172,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"80a0c977-d9ef-45a3-8f64-31019466d880","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":172,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"4014cf53-3154-48b1-b93e-47e5b0e40eec","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":172,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"05d6046e-2aa6-489e-b552-33afcc5b1c60","block_type":"box","text":"®","page_number":172,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"996868da-13ba-457e-bb96-ea4621bf2fa6","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":172,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"5abac10a-6cb2-4777-8977-54f5d2e7e8da","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":172,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"af428ef6-6c40-478e-848d-bdb57a3940a1","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":172,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"845a8a48-ff25-4428-8dad-1ec582a272e2","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":172,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"9e322725-4c0c-4f63-8e4f-807f5e02de6d","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":172,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"85d6bc03-a557-4611-a2ec-70a73a8f5f62","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":172,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"ba28dcba-d56a-4369-8f98-b4a40205e795","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":172,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"e1e461d1-134e-4bc0-bd67-cc963a302767","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":172,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"0f9ffdeb-05ca-4323-8808-25744d750cf1","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":172,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"b36ea160-7958-41df-a699-94ff1d82291f","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":172,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"72972fb9-6b37-4383-b48e-0e7a91eb82f3","block_type":"box","text":"Systematic Withdrawal Plans","page_number":172,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"388c89d0-1462-42ce-b2da-7cc3caa8b6c1","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":172,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"83e20071-3298-4b58-bf45-ad88fff18596","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":172,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"b54173bd-7a9a-496d-8dfe-b2652b6d8e00","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":172,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"e36e6116-9198-4beb-b87c-b1738bf07c74","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":172,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"41f1efa2-d32d-401a-b997-bc901c31114e","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":172,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"69b86dd4-2b9a-4e85-bcf9-2ec4bc3176fa","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":172,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"ee1657f6-a912-41f7-a357-dac0c471f1a8","block_type":"box","text":"www.blackrock.com.","page_number":172,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"17236c9b-6653-4253-99c2-02a16c4b09c0","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":172,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"4b88b6e9-0670-42f6-90d8-5fe8791efc0c","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":172,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"0d9d1d35-eeca-43b3-86e0-0f79ce5f5f62","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":172,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"31da3c09-0d62-4388-b8c1-e7a740e70bad","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":172,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"08f79640-8398-40e9-aaf9-d3167ce11f49","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":172,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"791175d7-6608-4500-962f-155a67075525","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":172,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"cf7b6f81-b5ed-4b7d-9feb-d12b3b254aca","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":172,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"d5fb0745-1e4c-4724-8b4a-eb0e12441631","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":172,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"2558a108-6d99-4a34-b365-fe04ae800bc4","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":172,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"098876cb-3824-42a8-b9b8-19467d506199","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":172,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"27df9e6e-77ba-4353-bff2-686649b8408e","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":172,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"67d5c351-9bfa-4a15-84cd-7d36f71530fc","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":172,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"192f68e8-65f7-406d-a175-fdc2de7175e4","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":172,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"960aec64-ee8d-4147-9989-8bb8f1e13149","block_type":"box","text":"Dividend Allocation Plan","page_number":172,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"1b03ac42-e37a-4b16-b905-b7a4d4f00e73","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":172,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"57394ec4-c8e3-4bb1-9193-8b1acbe4aec2","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":172,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"01ca0a10-d897-41f9-a9e6-b23ac378fdf7","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":172,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"0d587ae4-7341-4512-8753-9886f117de29","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":172,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"41d201c4-2cb6-4d0b-87fd-00e3e8fc6f3e","block_type":"box","text":"PRICING OF SHARES","page_number":172,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"3b8914d0-645b-43fd-a583-fa6126c9a0a6","block_type":"box","text":"Determination of Net Asset Value","page_number":172,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"e2fbf0d4-74e8-4249-84a5-3e238e7b3ef3","block_type":"box","text":"Valuation of Shares.","page_number":172,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"8729b7f2-545c-47b7-9508-629f8ccba39f","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":172,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"79bfe335-95b3-457d-becc-b536f0dc272e","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":172,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"200cad0b-38cc-4fe1-9431-43e5961650a7","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":172,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"10ee6b0a-99c4-44cc-bb6c-748a1b6ca3b1","block_type":"box","text":"II-119","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a9f51a85-b459-4f7f-a768-5aa36fc9d2b8","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":172,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"258c7129-8963-459a-9a4e-1837349d44b8","block_type":"box","text":"Equity Investments.","page_number":173,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"db83754d-397c-45e6-a28c-5b9903dd262b","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":173,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"5cdf6fff-e25b-4cd4-b5ea-fb8adcd5e3d1","block_type":"box","text":"e.g.","page_number":173,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"4fa66af0-4e03-405b-9829-135bea531988","block_type":"box","text":", NYSE), on separate","page_number":173,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"85e2fa9c-9883-42dc-ae7f-6bf73bf6289a","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":173,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"27c5d1d8-0151-4637-a0dc-8137d916d9c4","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":173,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"878f5268-ed81-4585-b8bb-3fe84d3434d6","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":173,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"bcd878bc-e459-42c9-8d73-cf99368cd01c","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":173,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"c24f2dc7-ba81-4920-97dd-30f0fa4d937f","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":173,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"b1f17c21-5bea-429a-9279-a73a859e88b6","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":173,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"3213ae8f-7c41-49cb-a712-451a6e989247","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":173,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"e27bc8fd-51ed-427a-8e1d-c2e87a2b989f","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":173,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"d298a771-8b88-4e63-ab5a-9521f23d84d9","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":173,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"9a0b3d4c-4d21-420a-8ec3-17ac11093546","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":173,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"9707ec5c-4a8a-45cc-a8fa-31adaeb0d5eb","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":173,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"0e70840c-aba5-4709-8bf3-ad2ab41b3357","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":173,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"9a028ae3-c919-4834-bb80-d2b93ce3a090","block_type":"box","text":"defined below).","page_number":173,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"61dcc172-787f-433c-9525-1a4e543862c3","block_type":"box","text":"Fixed-Income Investments.","page_number":173,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"7d3fe657-84f9-4216-9c80-37c23504fb6c","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":173,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"3beed50c-ab09-4fc8-9a44-d9ad800163d9","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":173,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"1e3be869-2e3a-4ff8-9744-dfec491247e3","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":173,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"6f5c45ad-bf1f-4993-840e-83c0f4e3b611","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":173,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"d637f4d9-4d59-47fe-b257-c5487b9f4bd4","block_type":"box","text":"e.g.","page_number":173,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"54a259df-cab4-4147-8f1c-7b23d8ee26db","block_type":"box","text":", recent representative bids and offers), credit","page_number":173,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"d9fdc8df-3f34-4e99-a1d9-e6d8633b94eb","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":173,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"4d38e948-e61d-4b2e-8b02-f3c38526e110","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":173,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"4f125275-4aaf-4060-a9f4-8b6470e47ced","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":173,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"70df8d1c-7e55-4479-9842-9e31b9677652","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":173,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"bffa8ca9-6610-4f61-bfcd-df6e4e040d10","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":173,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"79bc2736-3293-4943-a586-67a3d9d1f639","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":173,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"bf9a404b-347d-42dc-b5b2-6da5381d58af","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":173,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"e82e09ae-bc1d-4de0-a3f6-a8fb38ef4c49","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":173,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"9697332a-9914-4305-a1c9-68d6a6ecd969","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":173,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"8a3e991e-7439-4f8c-ae18-5e7728b3adba","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":173,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"03f08926-5885-436a-8b1a-3bfcdc281c25","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":173,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"5b6a6638-0740-49d8-a182-7baa730d335e","block_type":"box","text":"attributes of the tranche.","page_number":173,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"82bcbb22-dfe5-4ea0-bfc4-b5806ba78198","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":173,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"d6cd65e5-f2b7-4e83-8f62-ab3cd8a17ce7","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":173,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"316e7753-064f-438d-b22b-6d9a1d38595c","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":173,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"6321a71f-97ed-4ff6-ab44-368bb2663184","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":173,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"232d99a9-7a57-4554-be3f-5f6e4427a1f2","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":173,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"a2252886-6e6c-40ac-b8d8-62ae6a55e8c7","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":173,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"31a35822-6a16-4acd-a3dd-aa91cac5319b","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":173,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"4b3bfad8-0f68-4185-9fbc-f2e8fd284487","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":173,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"ec3baf78-8fc9-4cdb-9d64-720794bdf0e3","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":173,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"5eb12468-052d-4781-a7dc-8280d079bfbd","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":173,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"50bcb12c-b114-44c3-98e8-880cc40373b4","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":173,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"b113dbd8-55ed-4446-9896-65685b3bf890","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":173,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"5c97b110-4b21-4404-b4d6-b56f1e1fd258","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":173,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"cc5c9abb-c80d-49ba-8c96-454490fc2ccb","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":173,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"e803c3c2-4f6e-4954-8441-55deaa53e8c0","block_type":"box","text":"Underlying Funds.","page_number":173,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"998dad3d-8fde-430c-ab13-0346f65bc9c7","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":173,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"ef64d85e-683e-44cd-9ed5-7e5a8cb9606a","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":173,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"569f40fc-1301-40b2-a1c5-1584cfac5f13","block_type":"box","text":"General Valuation Information.","page_number":173,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"37b791ad-0c4f-430c-a7ad-9396ab05fc1d","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":173,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"d37b3e8c-9944-41b0-ade2-a3ac353a01bf","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":173,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"11f5fb8e-66ee-45d8-b010-6a4fb8509b6e","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":173,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"e53e2ebb-ed43-418e-88e5-f2b540c65b4f","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":173,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"050b6173-dbd6-40fe-90c1-9d7341ddb335","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":173,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"16567e77-23ca-4609-8376-b24924ca469f","block_type":"box","text":"the revision.","page_number":173,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"74b62e01-ad88-4345-b05a-d29e3dd13ca7","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":173,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"a93d6ae8-0ab5-45f3-b01d-8198a055d96f","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":173,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"459e982f-6a4b-4fdb-8dfb-263bc84d4b2c","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":173,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"ff3fad5e-d045-4a2b-ae76-081d2fbfa364","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":173,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"b63c03b0-ed8c-4bcd-952a-f2bcbfc5e088","block_type":"box","text":"II-120","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dd582459-2c11-4495-a314-c3d7217171d6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":173,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"054b77b2-5f61-4dfd-b53a-4ff1d15d96b8","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":174,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"e67b923a-6a0b-4bc5-85c4-a498e89bbfab","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":174,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"b4881eff-6616-4571-8bc9-7053f06bff5c","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":174,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"ef56729c-f75c-4558-8c1e-aaef0998b681","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":174,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"05a738ab-9ddf-4e6d-a5c1-37b6b77276a3","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":174,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"0d3e5e45-b2a8-43c5-9cb9-5efa0e2a749a","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":174,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"97097832-b6a8-415b-a7ab-453e16eeb0fe","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":174,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"3209ad9d-1647-4007-9f28-c13c535b8e81","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":174,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"fd92689d-eb7b-41f2-9fdc-40186e814d63","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":174,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"c45e00e6-2363-488f-9c87-0ca93f581453","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":174,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"9eb179de-f448-464f-be93-9d332f2193b4","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":174,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"c4c8c56e-c47a-4aeb-b95f-6fd481829622","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":174,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"22d87cbe-8bb5-4f99-be6f-e924769ec06f","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":174,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"7150d652-3763-4215-8dfa-a333a58ecdf9","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":174,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"66a14946-cd0a-4259-8fee-ab7f969874fd","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":174,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"d1fbed35-0ca5-4fe7-bc3f-78cf812455e1","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":174,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"3ac0952d-94c0-47b9-a956-bac24e5c6dc8","block_type":"box","text":"Fair Value.","page_number":174,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"0a7c09bc-fa60-422e-8eea-9df87a19d247","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":174,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"2356b291-2dbc-4a0b-9db4-a0e09a842e0c","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":174,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"ac8e4240-3646-4428-8947-db2f0433f198","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":174,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"f0583113-2743-45f2-87fb-87f05c3ba996","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":174,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"fc7131e4-8bbf-4891-bcd1-93976b6e1fd4","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":174,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"45b26f73-1578-4659-8443-ae413ace12dd","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":174,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"12690ff1-fade-4022-b694-4551ecdbbac8","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":174,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"f38fea09-625c-4418-b7ec-0700542807d1","block_type":"box","text":"(","page_number":174,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"23a8f6d7-817f-4c1d-b084-4e4565a6bf8d","block_type":"box","text":"e.g.","page_number":174,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"d114ed3c-a123-41bb-8775-634b54044293","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":174,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"21c1687f-8e44-4468-9cf1-a5c4e5047f21","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":174,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"7d330ba9-00ef-4334-901f-5decde245598","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":174,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"6afb8d3b-24c2-4d6e-8eff-5616af2099a8","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":174,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"1b6b2366-60b4-4fa7-9b75-1bbf2bb70759","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":174,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"b772bd54-e37a-4351-b96a-25adae24975e","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":174,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"54ad7aae-3d60-4872-b309-4da7439f9571","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":174,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"5b82f436-30a3-4fa8-8fce-ac91320f1cce","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":174,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"37f05d48-5d20-4a8d-ad0c-fbaf681eaa5e","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":174,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"e16ef848-50a6-4f60-af17-a031ca3f9ecd","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":174,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"f0ef3b96-1c98-4fc4-bb67-9f56dcc906a6","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":174,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"8c891bde-11b0-4cae-9af7-b6e00c59b09f","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":174,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"a9bef881-c72a-4255-802f-d27b89b66c12","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":174,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"5310e09a-50f9-4715-8855-97cacb1b5a71","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":174,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"b81174ae-f35b-4b17-a4bf-33a0d9cfc121","block_type":"box","text":"pricing time.","page_number":174,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"0af30a9e-7a01-42e1-8081-b6f417c21a3d","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":174,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"090b8265-c215-4782-90cf-c49abe9c64f1","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":174,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"e773236a-a71f-46c8-b610-59d11d151b54","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":174,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"516a39f8-cae5-4bf9-ba52-2d70afe9246a","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":174,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"85695eef-a914-43aa-a89f-e9b77210a6a6","block_type":"box","text":"assets and liabilities of the Funds.","page_number":174,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"9c6a5ed8-b773-4eae-a1ba-fe327fec51e5","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":174,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"d08dd6bb-27ac-48bb-84d6-023d3f585713","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":174,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"3736db40-8bc8-4c97-974c-5b31cce73b54","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":174,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"75e17928-b4d9-4378-aaa4-13ca13f86459","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":174,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"b4839247-e3c6-44fd-a850-41f9499ed657","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":174,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"e62b2048-a149-4eb9-9058-84eec76767f5","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":174,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"774ac35f-9af7-44bf-833a-558732b2df6d","block_type":"box","text":"valuation models.","page_number":174,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"2fa068a3-e98d-4308-a94f-e37dbe0a1934","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":174,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"2c317102-49f2-4939-8118-97afa9dd440a","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":174,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"e02bd7fe-d084-44bf-8500-d8a5a4930bae","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":174,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"1eb0bc7c-778f-48de-99b6-49d2f99bf892","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":174,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"6bac8dbf-9ac0-4886-987b-254b99ed9cae","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":174,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"b852ab21-f37f-4061-9259-97122f247c65","block_type":"box","text":"II-121","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8de427dc-4106-4a89-8335-2824e8e43929","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":174,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"f30a3349-2680-424c-9362-1bccb827602e","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":175,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"8fc8177b-7e28-4f4f-891b-855b0acac68e","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":175,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"b1ba8752-fdef-4330-85ec-c096b5fd8bc1","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":175,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"4d4d758e-c374-4fe1-8478-95963183041a","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":175,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"d2978af4-084d-492c-a943-51318c3d9828","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":175,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"b3f831d5-d115-4267-9cc3-a3a8c4bf8b20","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":175,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"db4c93a6-c55a-4f73-8037-f4bccf36a914","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":175,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"bff7e995-cfea-44b8-b170-94cd902e7456","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":175,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"89d44d38-f36e-4cf8-9bf6-960f25b64321","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":175,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"06b69902-1446-4bf6-a17a-9c38536813b2","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":175,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"cdc26154-7f19-4727-b08e-738a6dd5b93a","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":175,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"7e104973-8ead-4281-858e-179d7f22d6cb","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":175,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"b2224fb1-918c-476a-a596-4853f583eb0f","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":175,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"d6069ae6-c749-41f7-8ec4-2b5440e290d0","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":175,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"2ef52eab-9d77-44ea-a3cb-d182c6e5f3e5","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":175,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"7befb5b7-1e6e-4426-9b8f-7ad1ba8de144","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":175,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"73fe07bf-8a53-401f-84c4-48c9a5d54ed9","block_type":"box","text":"party determination of fair market value.","page_number":175,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"f6376c08-4441-4446-bf73-8393c864f670","block_type":"box","text":"Computation of Offering Price Per Share","page_number":175,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"f5011cc5-7785-4ea9-8a3f-68ed2648fd15","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":175,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"bca4d7f0-3435-42fc-8d40-31faf6001987","block_type":"box","text":"the offering price for shares of your Fund.","page_number":175,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"75b7c0ea-0e82-4c04-a638-b90e4a7b332b","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":175,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"b0853982-009c-48e1-8610-770a4864cd34","block_type":"box","text":"Transactions in Portfolio Securities","page_number":175,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"30cfae07-27f4-4260-9491-742fa98d297c","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":175,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"b3ff16ce-b2fd-4dc2-a8eb-6a07aa5da4e2","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":175,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"cd33eb1e-5657-4a8a-8970-c5a276424015","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":175,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"44e833bd-d33a-4da6-b155-a74da716036c","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":175,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"dcaeccd4-8542-4339-8c3a-3b13b9f926a2","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":175,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"d094df66-e5c3-46b3-93b2-bfa8ae495ccd","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":175,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"e17f65da-8b5a-405b-9ebd-0788827de9d0","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":175,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"968a1718-0f77-4eb8-8285-c282678c71ce","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":175,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"c15a0e27-40d5-4f78-b32e-6a8c2d312130","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":175,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"d510cb67-3d44-4b02-aa7a-7974d7bf3b1a","block_type":"box","text":"reasonable in relation to the services provided.","page_number":175,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"3a54d8ba-bab4-43fe-819b-94bd6fe130e5","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":175,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"3b8ac766-e7bb-4705-a0dc-91f20129ba42","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":175,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"d5744128-74ab-46af-a516-6afc23ab2083","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":175,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"e8d94eed-581f-4bc3-9848-bf0924720d46","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":175,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"a6507a24-5e66-46c6-bf03-0d38fdf76a43","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":175,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"13a619f2-86da-410a-b3d9-eacd2f2faf88","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":175,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"4a287b0e-e37d-455a-86f1-46696df27b94","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":175,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"34971982-4bb6-4ea1-a7a2-4fde7554d484","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":175,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"37680d3c-e3d1-44d1-8f45-cb67d86e5c2c","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":175,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"a843e991-e9ae-49c4-ae18-61029e1b9f14","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":175,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"cbc233d5-8ab5-44bc-a1e8-95c71b62e4ba","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":175,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"3b4df8b3-a2d7-49c4-b47b-54d036af8311","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":175,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"1c3beda0-56a8-46e1-bd23-ad423186600b","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":175,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"02f42c88-5dab-4e69-bf11-d94d4ab81209","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":175,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"9b167de6-7ed4-4cba-a114-5632f0aa5381","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":175,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"96d3e18b-5bf2-454a-9f1b-d3386b6dabc3","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":175,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"4da7a4aa-f60e-4d67-8f8b-fd1332fd7ea1","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":175,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"f43f0618-6626-425c-aebf-1d7074594c77","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":175,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"52d82620-9708-4cc8-a140-a71c350bfda7","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":175,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"7a33c146-c455-4cf3-a1e4-f4c92c54747f","block_type":"box","text":"II-122","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ac3f430-aa17-4fcd-8112-4b4bdd19f12f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":175,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4b7a5326-b13d-4f6e-9e4e-3780803da7e5","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":176,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"a58c8f68-bcb1-4b60-83fc-2d20a0ac41e0","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":176,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"6df9578f-660b-4e3e-b83f-fc3970b2408d","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":176,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"6e0db137-949f-468e-a843-488ba712e5bf","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":176,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"1f78aeaa-de25-489b-ad0e-c3cbeabe9519","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":176,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"1f0e130c-9f00-40e8-8e92-eaefd4f09833","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":176,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"1625154e-26c3-475a-aec0-bfa314e53816","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":176,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"345ce989-23c5-4173-bf5d-cef47193f2d3","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":176,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"95f46575-fda1-4812-bb03-250739c0c93e","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":176,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"b4d7b024-f760-4acd-b23d-dcef2478e1a9","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":176,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"2def2ee4-ec08-43d4-9abb-5c646e0b1be2","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":176,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"3ad3eea0-e369-4c5e-b139-f1369f7946d8","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"99b27866-1855-4cce-978d-8af3c8c42f3e","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":176,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"a29f8f62-8b7e-4b72-84f3-6c3cec26e54b","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":176,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"6724955c-3be6-445c-85ec-da09e328501a","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":176,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"0fe8c1a6-e10f-4153-9e24-7926dd496d1e","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":176,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"39c41168-81d7-4773-b978-6e2ce94bc835","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":176,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"64bbc2a7-c8bd-43aa-9600-8238df481d51","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":176,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"fd91c4d8-19fe-4e4f-8b4a-d9849e8db433","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":176,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"4972c631-b236-4b78-8b03-ac1a511a62fe","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":176,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"54eec1fa-d15c-4480-8309-28958c119657","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":176,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"8395089e-efac-4c77-93b1-873cc13d4ae1","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":176,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"17a29bf7-801a-48da-8899-457059be6dfb","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":176,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"5344f007-5a83-406c-9257-d564c67cb0fb","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":176,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"b83719c8-05eb-4d20-ab34-2440219aeec2","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":176,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"465afb5c-084b-42e4-a3c7-34dc4063c3ef","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":176,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"bb157530-6412-4d57-a2b5-b5462b0fd256","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":176,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"47bd21d5-96f1-4c22-b9b3-04c2670ee2b4","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":176,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"a25d4962-c3a5-4131-938a-cd1435353eca","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":176,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"b99c440b-9cc7-49f4-a140-3aa078bdaee7","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":176,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"1e04954d-23fd-4737-8823-971644873bd2","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":176,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"eee8fce9-3546-4b8c-92ac-b9bb188033e7","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":176,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"7bdaa27d-8dbf-4f0e-92e0-1a8e49123d59","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":176,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"8f356b20-4dbb-47c7-921e-4fe27eafe176","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":176,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"a0a39383-3df2-4365-ab37-7959e9d8db21","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":176,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"b6077f0c-a726-40c7-b0c8-a92bfd38b4fa","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":176,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"0369fb06-f6af-4df8-9d61-439e1cf02022","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":176,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"b441a612-a128-4021-9104-552ba8682451","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":176,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"f8df5c19-386e-45b7-94bf-38b2eb800a2c","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":176,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"46bd8b16-4e5a-47d9-ba48-1533480d4873","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":176,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"04d680f9-e887-4220-b7ba-7294a4ad4eca","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":176,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"86fcfb2c-bf5d-43b2-8c37-f8ef219bef00","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":176,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"37831776-978e-4079-b2e6-051ec937c002","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":176,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"c262ecbf-acb2-4a0c-8cca-228f81460659","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":176,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"88019b36-71a1-4972-a008-4a5a316b302e","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":176,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"92c5ce8b-8743-4dce-9c1d-59d1229aec65","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":176,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"09a1a60c-a347-40b0-9217-d8df44d107d1","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":176,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"85135120-feab-4188-86d8-9db107d5bcc4","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":176,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"514984d4-5abc-46ce-9fd1-019fb54b96eb","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":176,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"22a6624a-e26d-4113-b041-499c0217714d","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"25987f29-0aa6-48ed-a463-60c3057bf603","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":176,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"328768bf-b23a-4728-9385-6834a4c4bfc4","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":176,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"df07c99f-9d6a-461d-985a-d20b55fe68fa","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":176,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"0b0e4ff2-f0b8-42ec-a0d0-cb78189a3220","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":176,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"1ca8d744-d935-44d4-a272-36a0bb2f367f","block_type":"box","text":"brokerage.","page_number":176,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"863b4baf-cca4-451d-9956-3e4cb3326384","block_type":"box","text":"II-123","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"83403078-9eac-40dd-9d6f-9fd5e2da1fc6","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":176,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c3cb078c-b157-4f78-8750-1bd080f0202a","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":177,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"c619d874-9cb0-4a24-9b66-166dc99ae823","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":177,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"2103086e-77c1-4a14-8183-92ec99599eeb","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":177,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"2439283b-e9b2-4670-8304-c97d02cf32dc","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":177,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"98d21094-e86a-4006-beaf-015057c15637","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":177,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"f3647f04-f4a8-47ad-8e31-1572ee991fd5","block_type":"box","text":"Section 28(e).","page_number":177,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"5592228c-7bdc-4906-b3e5-3612a2177c86","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":177,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"7c885f1b-4f61-4c12-9571-696b0908b536","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":177,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"fe6ab5f0-bbdc-4ad5-9172-f4c536a791b2","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":177,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"f7cc1c93-c745-48ad-85ad-d1b91b014ac4","block_type":"box","text":"execute transactions for those mutual funds.","page_number":177,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"92b8f910-bd6e-48c1-854e-fe10344f41b7","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":177,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"2106a104-cd93-45d6-afbc-492219da183b","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":177,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"6f19d775-40dc-4d09-ac67-720912b859c5","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":177,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"984ac633-ea4f-4b8d-ab86-68c57aad67ef","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":177,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"b6dc8c20-fc8d-45bc-a965-294161d50ad2","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":177,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"3b0b9488-3c0a-451f-8e30-fa003d9a6103","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":177,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"05f7e301-c1e0-419a-8432-33fbdcd7f2f2","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":177,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"ad1d19fc-5492-4449-97c9-ab036f6507e6","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":177,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"92039800-2e58-4bb3-abf8-9d88d344584b","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":177,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"5df9f43c-bb27-4e72-8b1f-3bfe06386d97","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":177,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"d3736092-d538-4903-8651-de6500857072","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":177,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"a8267a8b-5698-477d-853e-cd2aa6e2ecd4","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":177,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"c45fa2ac-49ac-4060-8c38-7a1a2664f2b8","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":177,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"fcf80463-09bd-4ebd-b3c4-074cc98fbe01","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":177,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"b6846f48-8589-4203-9dac-afa65b587ab5","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":177,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"5b080e8b-a699-4522-a715-5eb2703dbab8","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":177,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"e6911f92-1103-4c4a-a14f-c749a77ed3d3","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":177,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"4d81d1b1-b549-4fca-ae2c-ad6a7ab729ed","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":177,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"d115ca88-ecc5-4722-97e6-a638ad501298","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":177,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"aa27f48a-8309-436d-b42b-dea4a88392a8","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":177,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"7853c191-eaed-4bcf-86be-e075dab6ff43","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":177,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"db8747cc-9249-462d-b723-b5b6749ec23d","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":177,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"afa1fe1f-88d1-4cb5-b0ab-14258e4bb510","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":177,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"1374ab8d-4396-44c3-b026-22ef83493c04","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":177,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"572015b1-056d-49d6-a0fe-580694735e5b","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":177,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"81c4dc8f-3454-4f77-825a-a70592721a6e","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":177,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"362d4c3f-7405-4a94-a410-d7f883d4948f","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":177,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"d44cbd05-78c8-4b1c-9e04-ace3c0a032de","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":177,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"bdfc7b43-f2ed-4a69-9031-5a64564ad117","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":177,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"3036230e-b500-4815-ac6d-d58be9bfb7db","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":177,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"394222f3-99e4-4331-8d2d-9eb49a3cff9b","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":177,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"b3d2d086-cf4f-4284-b277-390cef50c439","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":177,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"b9b0300f-3b3f-4a62-97c2-c842966a2702","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":177,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"32dd574c-b755-44a0-8dd9-4115d1f569fc","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":177,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"1520921d-e783-42f7-a05d-8fbe519baf60","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":177,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"b00cbe2b-196d-4c54-8fa9-f0a323253170","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":177,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"4abcf058-c074-47f1-baa5-33c9ec1396f2","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":177,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"6a5668e6-a3be-4747-b7dc-3bb61f6c9483","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":177,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"b2f4aac0-0021-4460-9708-8acd434783a5","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":177,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"1f0437f8-cf3a-4d1c-872f-c4137aec6f51","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":177,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"ab72ef55-847e-467b-be10-b92371838dbd","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":177,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"95ece81f-9884-4c51-ba28-dafa4177fa17","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":177,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"c959f521-176c-44fb-ad1d-ba70e36a4577","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":177,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"ede227df-068c-4bf3-b964-dc8fc6ac617c","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":177,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"1c07016d-2410-450c-87ea-a23a5646ad05","block_type":"box","text":"II-124","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d54f8489-20ea-405d-b10e-95dbbf386bbc","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":177,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e77a0ed4-eed3-4ec2-ba55-c097d3dce5d3","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":178,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"7aa09f14-ce2f-4b04-ad7f-db976eec8c16","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":178,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"66fa1e2d-46b8-4bdd-86c7-761e380f5cf8","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":178,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"1fbaadb1-856e-4c3d-b8f0-c39053987539","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":178,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"74d55b97-0920-4d3b-9cc4-2c3c363697df","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":178,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"c525292d-ea71-466b-8d4f-6fecf59c1270","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":178,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"0f902ec4-f165-4c20-8527-dcb37413f62d","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":178,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"8adb0f38-b97c-4421-80fd-d085a0836671","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":178,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"f0dcd92b-0003-4fd1-ad8f-8b9d7494efa2","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":178,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"9e764b01-d279-4197-9e02-e95d7d17328a","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":178,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"565379bb-e81a-49f6-83b0-7a63d563d05f","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":178,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"7d6069b7-6ae9-4aab-9860-4ee5d933bb7e","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":178,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"7e39907d-3c65-443d-a148-98c1b10bd485","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":178,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"ba2373cb-75b6-473c-b5e3-cd1e3ecb83e1","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":178,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"14092491-b569-4a09-8fda-f2f11ff0aa67","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":178,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"344d089c-d0bc-4307-82f3-6915a834fa27","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":178,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"983e9365-ef91-4e36-9a56-938ead43a3b7","block_type":"box","text":"accounts and compliance constraints.","page_number":178,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"37c7e36e-29e8-4b05-a873-73c67919c06b","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":178,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"04021fc0-d4e4-45e3-9d9a-82e99d42adef","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":178,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"6b17c451-2035-4b68-aed7-a8c6f9f9d91b","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":178,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"e37e6376-70e6-4e81-a5a3-9bb9c2fbcf31","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":178,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"f39725ed-9443-4f39-b7ac-643ab8841775","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":178,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"76535f54-5704-457d-bdcc-38298de0482c","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":178,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"20926e22-2337-4ffd-a1c8-fce670a461f7","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":178,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"62cafc6a-0506-4ac1-91c1-6338723d5793","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":178,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"a154c58f-403f-40b0-8363-1e36c3c9b86e","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":178,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"309c2fb2-7152-4c43-959f-cbf3045081ac","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":178,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"b355bd4f-fabd-4e08-ab55-ff760a875f5e","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":178,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"0e6dadfc-4bf4-4f0a-9756-7510abaec5fa","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":178,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"444355fc-e82a-4b97-8a6c-c00726585280","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":178,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"ed618a15-65c7-4f24-aa04-6296717cd993","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":178,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"67604eda-3fab-4981-ba65-f3c6302d6dd0","block_type":"box","text":"clients may be used as well.","page_number":178,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"a40af1a7-fbd8-425b-a3de-d3136e2e4dad","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":178,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"37188c06-134c-49b3-8ccc-dd0e40a6427e","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":178,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"4db18dd1-c79e-4ce2-a70a-988c6f39977f","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":178,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"6be3fbaa-22c7-42d7-8519-3d45a94aca80","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":178,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"42ef2f4a-f20b-4730-8c84-96fbbaa337c6","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":178,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"bb67be0c-e74d-42fa-9605-cee87cf36950","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":178,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"850f193d-626e-4238-94f3-2f25c7507787","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":178,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"22e06f88-3171-4502-b9e4-cf431fd1d797","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":178,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"57feedaa-8efb-4c60-9686-a7959e445ace","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":178,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"6eac9d51-dd03-437c-99fc-1fe7a3070663","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":178,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"5196de63-cef1-4fe8-a195-cec725126ae1","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":178,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"59de5b07-5d08-4126-a4a5-99f0cf803788","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":178,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"9e2b7181-a7c7-4244-97e1-9965ebd53c56","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":178,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"6e15e473-76af-432d-ae6b-b9f2f042a067","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":178,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"10e0a38f-6ddd-4e7c-9972-7e9a7cbccb2a","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":178,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"4ad99b74-b9b1-4716-bdd0-1886ffa9d79b","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":178,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"f078ac35-2afc-4030-b139-cfd014bfde30","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":178,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"6bfd0dda-75b9-42b3-93cb-447dbd0a51fa","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":178,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"587114b5-f9a4-43a1-a8e0-16117f3ad01b","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":178,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"3132248c-4a67-4454-822c-debd41bbe4e2","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":178,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"edb9d4b9-ca1e-45e3-a49f-a769c74ccd81","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":178,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"36405f0b-d55c-41da-9d2e-512834f8573e","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":178,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"6bbc5a5b-a0ae-4a1f-a2ed-42b77b9c9fdb","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":178,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"b809916a-387e-49bf-aac1-0e5dd23a3b4c","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":178,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"c16fe034-8bb4-4081-889c-c8f6837efd9c","block_type":"box","text":"II-125","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fe8f4e0b-bd76-41bd-bba4-604f408f0e78","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":178,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"96fd4aad-2264-4412-9d51-cc6a2f98b76e","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":179,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"ac608597-91f0-4e1b-acd5-a63990786f49","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":179,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"3bc13d59-241e-4b1c-9ec8-3cf857e713b6","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":179,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"57c21ddd-df90-4bfb-a949-27743517dad0","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":179,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"3c79ea80-5b2d-4143-83fd-ad45057caef4","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":179,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"b0ac8bb7-20d1-4e41-96dc-42d6a289fdc3","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":179,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"93514bf8-7aa7-43f9-91ad-22af044f8c8c","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":179,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"cdcd157e-b334-4bed-9fa2-9a2efbbbdaec","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":179,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"2380c31c-d360-4ad4-8aaf-04a4ab0bed4f","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":179,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"7542c731-7e69-4cc4-91e8-873bf708a188","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":179,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"eefee2ab-1163-4e12-9dc9-eba3048ed5b4","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":179,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"2240518d-1aa9-4a92-b0a7-21d00b2f661f","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":179,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"4067ce01-aaa9-44b8-84f6-b1585716d55b","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":179,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"c7049040-9da2-4932-8418-13941b4b9062","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":179,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"77686fc7-176e-4e82-8eb1-7314e9743e49","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":179,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"c31b996e-b15f-44b2-bf58-8251e1d415b0","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":179,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"b174f2d0-f4c0-4c11-afd5-84d41285f141","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":179,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"a4ba77ff-d540-427d-899a-38ee129f6a3c","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":179,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"f9b3a6f9-20cf-40e0-945c-ff1e31a86705","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":179,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"c96cbc94-a37d-4e33-8a29-a7f4d13fd6b5","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":179,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"d0dc6867-b17f-4bc4-bb59-961c1aaf3667","block_type":"box","text":"Portfolio Turnover","page_number":179,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"b40825ce-2b6d-449f-96db-4867109e6655","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":179,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"9fb5d102-6f51-4af1-b9e3-658a4b7a35f2","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":179,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"34660cd5-1371-4de7-af85-79addd2831f5","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":179,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"183b2c06-fcca-4507-bd83-faac340b0e66","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":179,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"7f1ba17e-e3b4-4b22-8b83-f62da7a02b86","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":179,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"0d6eaf7a-399d-4d16-8ede-833dd451a602","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":179,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"023f4b26-4558-4677-8878-0d22536d4109","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":179,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"74e6431d-ad73-4eea-8209-8eac9cd4005b","block_type":"box","text":"Dividends","page_number":179,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"dc6a71c7-b7a4-49c7-8dec-b1937484b6aa","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":179,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"4bd29e35-274f-479b-aeff-297054da0ab7","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":179,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"e0eb8923-7c92-4ae5-8838-194aa99e2645","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":179,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"80babe0d-11d9-4638-a1a8-ff57f24ed2c0","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":179,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"f92e7126-2629-4ac3-92b9-cdf1dfbdd6bb","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":179,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"543171a7-d0bc-44ec-bc68-66479be6e7a3","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":179,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"c16bbf0d-82de-4ee6-8d4c-549abe6126b1","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":179,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"62b23801-3336-45e8-918e-11ac9649ebaa","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":179,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"214e65d6-a758-4e78-b6a5-12afe55d9d14","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":179,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"2e5e58be-cbde-457d-9ecf-49a693e34e3e","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":179,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"6c930846-fb6d-44a6-8b61-3a5312955265","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":179,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"7d430506-b97c-45a1-8052-06d97eb226ea","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":179,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"e7d8e128-eb96-467e-84a5-fcb70c8fb416","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":179,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"33f77a93-72fc-49ac-8983-64da5af92683","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":179,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"c1e9d5c7-65d5-4019-97c3-84222f78151c","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":179,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"96d47e7a-4468-4cd8-9d28-a4b22def8249","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":179,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"d0bd4c14-e9ff-4df6-b501-525dc7ad48eb","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":179,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"17f88121-0f31-4293-83ce-8541b229638e","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":179,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"fd298e6a-4868-40e5-8eed-4a298925d875","block_type":"box","text":"Taxes","page_number":179,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"55cc85b2-fafb-45b0-b21f-2d57b7b91865","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":179,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"8054259a-e54a-4d5e-b85f-a567dd54b6ed","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":179,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"0ce841de-ceda-49cb-8472-13f78180114b","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":179,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"b0b1d8d4-bed5-4fdc-89a6-7ac9e8bc9c80","block_type":"box","text":"II-126","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2e62ca63-0690-42c2-9ad4-1302b1ad94d0","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":179,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"85693791-7c19-4f06-94ef-91fdecea807d","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":180,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"f0822acb-c6cb-4d9f-984f-d92db826158b","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":180,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"19bb8167-dd20-4899-8369-c61e1e04ecfd","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":180,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"69ce323a-41b0-4045-9a17-04eda79da166","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":180,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"3cefa480-4247-4a71-82a7-3730d3950ec0","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":180,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"024b631f-23a5-4ca3-a09e-adf84b397a1c","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":180,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"bc61e386-6bcf-479e-89d9-27a09787dd2b","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":180,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"94c178c6-752f-4a5c-acef-8d8ebbc5aa9c","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":180,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"c299aeb8-6f9d-4db6-b0f3-cd7f4441db7d","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":180,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"d64ea16f-ed21-4ad7-87bc-63cfb29fc08d","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":180,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"0e469f80-bae7-4d66-9ef9-2babcbb030f0","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":180,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"7db1263f-8b61-46b7-bf4c-3c9519397d8a","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":180,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"bacd886e-67dd-4437-b1cc-d4e167bb3e0a","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":180,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"309626a5-0d1c-4087-b1bd-ca45ce790148","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":180,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"78d77b7e-85ca-4f6b-81cf-45d6185a6077","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":180,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"6dd9e8cc-cb35-42fa-8593-52e5c1fa4321","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":180,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"ca780d4b-cace-41a9-8767-42a62a16ce0f","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":180,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"9fbabba8-41ed-4599-a111-1494a03f2e44","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":180,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"8569b8d7-0da8-41ce-a1c9-6f22cd3031a6","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":180,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"6d73240d-45d1-4d28-bd0d-8479e9959091","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":180,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"50bf24cb-6f58-405f-b55b-b55ad4d80d7f","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":180,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"11705a8c-66cf-48b3-9648-71de618e9319","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":180,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"d5f668cf-d312-45a2-8f9c-4bf436a73cee","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":180,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"58aaf9ad-744e-4f0c-a00d-f152c69b4ded","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":180,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"4a2f3610-8a4a-491c-9a47-fda321810183","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":180,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"f6d12695-b993-45f9-a662-e91a2e10efc2","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":180,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"a5046122-8232-4a60-9d76-32a45911a109","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":180,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"fb971c97-73cd-4ee9-b4d3-fc31c097b2e1","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":180,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"8c819ea4-42d3-4ca6-afb4-c05321af4498","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":180,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"d7d0ac95-cee6-4b25-9aef-2ed3e05e74c3","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":180,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"ec61a8f8-b031-4491-abce-69b70a69a803","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":180,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"d70f3123-7c66-43f3-a7ee-1ca0f971b57b","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":180,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"776aea24-04aa-42a1-998c-1adaceff206e","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":180,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"39674485-6c75-406a-91ef-b4ac8a057134","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":180,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"dce48569-488f-4c32-b712-a0ee4f10504e","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":180,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"28ffea96-1221-4a24-8491-177c05969de7","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":180,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"026db267-2c67-4cb4-82e5-540801236445","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":180,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"8174e56f-a5cd-4964-a3dd-012c0832c43a","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":180,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"f0bb3865-3071-486c-8d58-f317fa2c5c82","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":180,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"e0091b73-6e87-49c8-b768-fe749bdbfc49","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":180,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"c6e59748-6c48-4a6d-b2c5-d250b522050c","block_type":"box","text":"limitation.","page_number":180,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"3ad65a75-c803-4a51-910b-d2a54c82dd06","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":180,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"34a41edd-21b3-45a9-92db-5b6d7e133621","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":180,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"00683869-b901-44bb-aa0a-09a18f50af89","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":180,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"d1c90404-9dfc-4d8a-96f9-28a812d5b40d","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":180,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"ca31f512-0457-42ef-95e5-da0dc3dc627a","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":180,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"aa32f40a-ef20-476a-a3d5-ccc81d65b733","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":180,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"a37b6ec2-bd9d-4bac-b446-784c73d3f593","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":180,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"10d8c331-2d51-4b12-9955-c66368e0decc","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":180,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"5b46698f-db01-40ba-8f88-2ea2a456dd4e","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":180,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"6451d73f-b881-4270-a2c1-9af41a088e3a","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":180,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"43755484-fb1b-46c9-8917-0efb8ee11018","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":180,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"773b693b-9bd5-48d7-8292-158fbefa694a","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":180,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"d23a19a5-3e36-4488-b24d-1e1f2dc33ee2","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":180,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"0b815033-fffd-40e4-8860-255766fb4928","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":180,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"14799e85-6867-4741-8e5a-a2aa0ab2c5dd","block_type":"box","text":"II-127","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5bf85f4f-9351-48eb-ab0d-dbbd9431de93","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":180,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6ae7ef9c-b05a-47e1-8f46-41148705aa87","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":181,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"27dc507e-b325-422c-9450-7c1253fdc3ad","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":181,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"d9136297-bee6-47c8-aea8-2159573c149f","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":181,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"1db15f54-3802-407c-87ae-ec57e9634c87","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":181,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"2f81f2ae-7689-462e-945a-bf8913f6a655","block_type":"box","text":"constitute “qualified dividend income.”","page_number":181,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"a52cf0b7-7566-467a-b009-3b95f6ae6517","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":181,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"9eda5b3d-61f9-4e1b-8576-85c6b8c4e305","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":181,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"277be50e-4f1f-42e1-91e5-700c365daafb","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":181,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"ed31a7a8-1319-44e8-80e8-ec2ac763fc5b","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":181,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"1441553d-0e12-42c9-8b85-4793971ed3c6","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":181,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"9c3a628d-975f-4ccd-9f94-c2b14979ab18","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":181,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"856727a5-f2a4-4a97-9e42-b504c79831bb","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":181,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"84b7ca27-6588-4f31-bfa2-03791526cc25","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":181,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"8059571f-5e97-405e-97b8-7d89edeabb2d","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":181,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"0314dddf-c88f-4b4b-ad81-18351abd5bc4","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":181,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"f50d7593-b89e-4755-8bca-c86f516576d7","block_type":"box","text":"against their taxes.","page_number":181,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"bdca33d8-66b0-4fdc-908a-5912f3590e8d","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":181,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"2a7b7c0d-3c28-41f6-b2d2-68a19ff9b3e6","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":181,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"7b1411a1-d92f-419c-919d-a7530a656c04","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":181,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"058129ea-beab-40f7-9705-981d9aac9d04","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":181,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"70f36a5c-4dfc-460a-8ecd-f68daed08549","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":181,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"782034c2-14e9-4b5d-bc58-0d11fed2dfb3","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":181,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"48f8d77b-ead5-475e-99f9-00c32151b10b","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":181,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"5fdee9a3-1266-4ccb-913a-b6019670dbd0","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":181,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"ce43c541-1ca9-4b1a-b934-05d340baac5f","block_type":"box","text":"dividends received by the shareholder.","page_number":181,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"83df22e1-0135-4020-8ad0-95ac0395c7dd","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":181,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"b40ad307-b885-43dc-921e-76638cc91b70","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":181,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"c37b4334-972d-434f-b8c8-20a173aef413","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":181,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"eb9da2b3-704b-4c9f-95b8-6b7b1c4939f8","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":181,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"6466dae0-22ee-4f48-b8e3-e730337f113d","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":181,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"b0ac3dec-6ff1-4f9e-8548-ef13cf90714e","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":181,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"1b16295a-f4d9-4ced-a9f8-c6c767d67502","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":181,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"c72ef951-4c80-4962-a140-30cd0aeb0849","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":181,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"14903234-d64c-4a95-85b7-654a51fe4a26","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":181,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"3e91058c-7fc7-4a2c-b763-6a16d46a0b17","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":181,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"dde2f246-4bb8-493f-bdde-cb62e5afbaac","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":181,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"3d5acfe9-62a9-4d1f-bc61-304692673415","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":181,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"dbbe18ec-a42e-4bba-a7f9-ab4db6f10428","block_type":"box","text":"taxable year.","page_number":181,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"dd519d58-abd6-4af6-bb01-5fe3ed3e6e79","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":181,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"f2b816aa-a846-4e8a-bbed-300115662278","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":181,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"e8d37495-c8bb-4aa3-a267-5d93a0ef3fa9","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":181,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"1d846653-8540-4d36-a972-cea146953269","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":181,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"1d98584e-bdc9-4e56-aaeb-f10b71ef9395","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":181,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"b4e27032-bf5e-4e60-b35b-e28823976fbf","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":181,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"201a7fec-ec5d-46b3-b824-631606d9244c","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":181,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"5214d9e7-3c1c-4080-a2db-a20fe983e7cd","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":181,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"1e92705e-2299-40fa-9c41-7c62562cbb40","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":181,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"52dc3d3a-8a78-4adc-93b2-0fcb719a9846","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":181,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"db7e3c69-026e-4969-9ad7-3c0ece38839f","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":181,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"abe527b9-c514-41f4-a77a-d46f04d6f3a8","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":181,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"4b5f2ceb-b031-4b41-83eb-c8cbb900a48a","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":181,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"02bf740d-7873-4b0c-ba3b-20f14a7726d1","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":181,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"f69cf1c4-21b0-4b99-a824-b8c046ac7c29","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":181,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"aaea37bc-63e7-4b70-8d41-7aae3885d8d2","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":181,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"c4b1b957-0a54-4e3a-9c5a-0816503fd9fe","block_type":"box","text":"II-128","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"97f24aa3-0e8e-4afa-b214-da46ccb58ac0","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":181,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"79df31a7-4de9-419e-8655-90ddab262e69","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":182,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"13b7f14d-095e-452a-b5d4-8b39f999e480","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":182,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"58c296dc-70ec-4e11-935f-d0965fe95809","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":182,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"2b40d517-74e6-473c-8d4f-d0cc6fb52111","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":182,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"6713ef5a-d80e-4a7e-8d73-023ca7bda192","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":182,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"c6def4f3-f05b-4868-b2b6-bacb9cb926c9","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":182,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"2f4416d0-e8e8-4cde-b5d5-001af1fa1969","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":182,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"78e371c7-2be6-49c1-a1ff-d3a5e5a2b1fa","block_type":"box","text":"redemption of such shares.","page_number":182,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"94fb3609-d842-4112-a859-3e24050e69a1","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":182,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"10463c51-94ec-4c25-9156-f67b6a08daf3","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":182,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"9ffab455-5f7c-408c-9713-bb41bd3fd266","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":182,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"d353517e-7a9d-414f-8369-5168409592a5","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":182,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"215b9432-c861-45e6-970b-15f46d2bd9c2","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":182,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"f079ecdc-d688-4446-9b05-8be80dba4c9d","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":182,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"a1d004bd-2dc8-408f-b337-4eebb0fb4232","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":182,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"7911e3e6-c581-499a-84a0-b3f59ea8f7dd","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":182,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"b80a2d22-0fe8-4126-ad7f-592fe744e1af","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":182,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"2ddb8b4e-013d-43f1-9bbc-5bd39efa2979","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":182,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"12924593-8f53-410f-8ff6-d951f5b7515f","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":182,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"115b2605-5f1b-436d-9038-724127808418","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":182,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"97f66843-ca9b-4f2b-8a79-9bf0a27a4508","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":182,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"c87810a6-d810-4cc9-85ca-9a34e6066a5f","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":182,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"d5524ae6-63e7-41e5-b864-f4807e63f0dc","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":182,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"a26f1f55-0db6-46fe-9cd1-75737ff65c16","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":182,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"0c213855-905e-410d-b4b9-db9bd336665b","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":182,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"ec6c7109-378c-472e-9d9d-d69821a4ce7f","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":182,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"4d2364dd-f0f7-469d-b0db-c54bbb3e1d6a","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":182,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"ad635494-5e83-4e52-ad7c-4de75fccffa2","block_type":"box","text":"gains.","page_number":182,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"4fbf72e6-0607-411e-8a93-7b82318514ac","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":182,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"5a29c922-83b6-4688-b44e-f17ea1847ecd","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":182,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"639aecbb-d99d-4ddc-b107-b3c83466dca6","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":182,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"1870d4ad-331e-45d4-bfd1-e8307ddad2c3","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":182,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"36168dba-af74-4cb3-914b-c8e0bab4434f","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":182,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"b3a37384-6c9c-486d-a10a-0bed12786c2e","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":182,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"fd09817d-2a92-4a5e-92e4-8433b7e8c2fd","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":182,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"5a9b23f1-f383-471e-86df-e0602f8d7c13","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":182,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"03a34fa6-3b17-447b-938b-fcd2b9836985","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":182,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"eb8a8ede-c445-4d6f-90df-8917e09ddb5b","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":182,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"e56dac33-c426-4509-b841-0af44af5277c","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":182,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"244d15fb-d734-451a-b929-21c220881dcf","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":182,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"76ab201e-dcc6-452a-bac0-ea5b4b665687","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":182,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"7729cb20-863c-4ef4-8469-49dfedd0b569","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":182,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"9bb856e0-351a-4037-9644-6099e1bcb44d","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":182,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"9774747b-a1e5-4aaa-bfda-f6838d85233f","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":182,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"ad587935-99f8-435a-af98-097cc0563092","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":182,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"83a334aa-c968-4e8f-97e6-dca65e5a8f4c","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":182,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"26d20429-dfad-47f5-b98b-5fb9ab0c4a26","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":182,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"701d6fae-362d-4524-92c4-4ee811d8c6aa","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":182,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"9c3e8f99-57c5-4ee5-ada8-3129be2f486f","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":182,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"71f89e00-4147-48a5-8e1e-25b740151d70","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":182,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"ed06e994-dd9f-495a-beff-9c8fa4d7a898","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":182,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"28728f1d-bcf5-46c0-ad3d-368aaed44044","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":182,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"9f61efe7-eed9-456c-8f3d-bb1f09c777e7","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":182,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"8d0a0c8b-272b-4e2b-91dc-6b930762bc11","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":182,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"68e6ed2d-3cb4-4373-8c47-9b85b4993a33","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":182,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"5c31f77c-6b6c-4508-9452-c9b8efa02e14","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":182,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"90cdfd40-152e-45a3-9bb7-1e167e0ef49d","block_type":"box","text":"II-129","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"999aae70-75b2-4292-b85d-cd9067984b4b","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":182,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b9e4ae6e-65c9-4111-ab0a-51765fa5220d","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":183,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"1c5e92a0-65e0-4560-8f8a-48d687ac8f64","block_type":"box","text":"dividends under these rules.","page_number":183,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"7fa85234-21ed-4cdd-9141-002f0d241d8a","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":183,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"35418772-82d4-4c3b-b049-2642aab93668","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":183,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"79c45168-4c5e-4852-a756-7f0782b2212c","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":183,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"bf9f6fa2-fef6-4207-8a05-ffe4ddc55845","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":183,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"928de7b1-70b5-488c-acec-2fdc412148fc","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":183,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"b65d1caf-f21f-454e-b74e-c4ba446ae5ec","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":183,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"d7810a39-0ee6-4f9c-842c-4048d3fc799c","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":183,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"07cc6bd2-0c6a-4d43-a56f-b8e341842cda","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":183,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"e4392dd8-e3a7-4100-9f81-338db03db38b","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":183,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"e389dbf3-110c-43b1-a94d-c25e0880fc8d","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":183,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"e5534326-e53f-4146-b22f-7c5c8bfd9ade","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":183,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"840e8111-606a-41cf-ae0a-58243ae61517","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":183,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"86481115-912c-4249-9f4b-bd3273f1c939","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":183,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"a9b349be-61f0-4c57-8419-ca20518e98ea","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":183,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"20e945a6-4d87-4eb8-9f4b-7491d3d305b6","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":183,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"8ed347f8-be3c-4a3c-8529-16da41b35b93","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":183,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"f4ab285b-ef4e-41dc-84cc-27ed726c04f7","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":183,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"0775b16e-74ac-4d6c-9541-63aa4ea3417e","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":183,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"12968488-52e0-4733-9143-6e117b998816","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":183,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"aaaf6465-cd89-4652-989b-317711076c0f","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":183,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"82e93331-dde9-4f2a-9415-36a07578437f","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":183,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"c286e03c-965b-49ca-b94c-e795c7302d45","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":183,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"b05ec698-22bb-4718-88dd-d78032ba7792","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":183,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"e6721bff-be8c-4695-a75a-04a461b75b7f","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":183,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"11d32d3e-402d-4349-8acf-1a2126aa9f2c","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":183,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"0b9739d0-bb14-4a61-a807-5a339a6870df","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":183,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"00ded38c-4d7f-4396-900f-e1bfab72d9ad","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":183,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"b0045a32-9b14-4dbb-adb1-c01d7de251fa","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":183,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"8979cf01-b0c8-474e-9a75-7700ba18374f","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":183,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"ab9920d4-4a19-4f90-98ee-1aa46a041325","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":183,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"f860130c-64c1-46e2-b955-481c68ab0412","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":183,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"f2b47181-1ae2-4e20-800c-6822e7d19fe7","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":183,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"56917224-969c-470e-bb34-49368ba1acd1","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":183,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"2115c78f-d92e-4ce5-bc9c-8a367e80402b","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":183,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"fa635214-2a9f-4c41-b636-f8809e63bbd9","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":183,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"7792569c-102c-484f-8cd0-4ebf3ac56603","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":183,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"10867d72-986b-4595-ac58-38dcf6cb3bec","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":183,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"873c86ee-4854-4e52-9ebb-5118d0d78e7b","block_type":"box","text":"individual circumstances.","page_number":183,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"684883da-1564-41ed-ac32-f8440729b488","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":183,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"b9c9f671-9466-4cbb-922b-1f773a3f61e7","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":183,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"3b15419b-bce2-479e-a4f2-67b2caa00dd0","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":183,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"6d6f22b8-6e04-4faa-b81b-d29a1f065d43","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":183,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"599806bd-9167-4c61-a307-7ce9ee745203","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":183,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"2c5f9f35-cfe3-441b-82ae-e72d20debd87","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":183,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"6392c8c4-506d-44a3-8bfd-28db046072f4","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":183,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"948cfec7-3f8a-4412-b03e-934825c06a02","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":183,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"01f161e7-cb14-4b28-870d-a2081deda822","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":183,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"5cbc8ce5-10fe-4433-8422-fb79ec4c3fdb","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":183,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"04741dac-2899-4558-ab20-3d46793ba66e","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":183,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"dc73387c-e93b-4829-ae89-772315591754","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":183,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"4b199b89-bf98-40e9-aa55-0f0f81c69097","block_type":"box","text":"investment opportunities.","page_number":183,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"3d812e9c-8a1b-404e-9868-e6a12e733d47","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":183,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"3440491c-6f47-48fd-af42-c5d30ad9197b","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":183,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"7ccb25d0-15c2-4c87-a210-6fcbc4f07828","block_type":"box","text":"II-130","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"65901b0f-f410-4aec-aec3-348208a00c99","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":183,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ead872ef-a912-4b0d-887d-4ee7498e458d","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":184,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"6f140aec-20db-46a6-bdba-e3ce3f865cab","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":184,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"35d57384-fd1c-4d02-8059-7d2492085e3e","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":184,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"c64e400d-8af7-46fc-94cc-f3f466b3e9c9","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":184,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"edcd8dd3-0706-4c9f-86d0-5508bf142919","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":184,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"cab168ad-30a0-4f9f-80ef-4af0e7fe9e7c","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":184,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"201c7417-7b9e-4701-92ad-1b5b970063d6","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":184,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"adbe0a4b-ee93-4183-82d4-564b7c2d399f","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":184,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"93983bd5-da99-4bf6-a99b-6e72b72c337b","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":184,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"a73fce90-f1d8-4645-972b-1e77cec1cfcb","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":184,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"8e72a845-85af-458c-a9b0-c4a93c1706a3","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":184,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"0f97e75b-b27a-4f9d-af77-073365a50b42","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":184,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"f47dfdb5-dc9d-49d6-8292-623ed67ce080","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":184,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"a76bd736-a54b-41b6-a2d8-ae180cb549cb","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":184,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"909b026a-20af-4d2e-8db8-d4cba07d0469","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":184,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"4895f490-71fe-41e3-b321-c956d1348af5","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":184,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"7d70e199-909b-422d-8e8c-827e85acc833","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":184,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"5723dce9-ad52-4ce3-a760-54ede703c219","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":184,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"f031cf12-a175-4028-a0dc-d3bdd3a4777d","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":184,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"521be831-1e3c-4c7d-985d-a96f9a3a91b4","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":184,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"d9a40d4f-e4b4-4da5-8230-458542d6394f","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":184,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"d8ba3c31-5e12-4c65-9d7d-77016dfaea29","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":184,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"1397269d-6e10-4c25-86f5-c5033bc1141b","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":184,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"3fbcf159-43d6-4862-8fc5-4181b657e4f0","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":184,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"7ee32634-0b92-44ac-aad2-b0b3f194f5f3","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":184,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"9097f6f3-a5af-4956-96a3-6e56213154af","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":184,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"8fed6026-566a-4a59-be7b-395f9605cc1d","block_type":"box","text":"positions in its portfolio (","page_number":184,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"10338473-e623-4741-8654-af9e27754a05","block_type":"box","text":"i.e.","page_number":184,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"84a50496-061f-4583-9723-5a9d589e64cd","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":184,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"c2ab8128-fd5a-4ca8-82b9-f4c2fa186a78","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":184,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"dde5bb50-524d-46fa-828f-2999fc8fbdb9","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":184,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"62dbb44c-ceb3-4a0b-9927-24817d945e09","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":184,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"3f0cd4d6-33cc-4f59-82a9-0ae70f5a684b","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":184,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"8db2403f-a535-4414-ae6f-f185a9c4c41d","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":184,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"980fc13f-3267-4322-ba3d-2ee1ff0387c1","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":184,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"8b3e467b-93b3-4426-aa1e-4ba954c3a83b","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":184,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"ab3302c0-1edf-4f04-bdbc-eea5e9e73ebd","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":184,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"fea6144a-26bb-437f-a1e0-6b5c1aa0ce9f","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":184,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"1f1a1fa2-e489-492f-8015-cef8c2e2b33c","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":184,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"386e843d-4ab0-47c3-bdd3-926050056aee","block_type":"box","text":"Fund were to invest otherwise.","page_number":184,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"14e26d5e-503c-465c-9569-5b334a843749","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":184,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"a346c750-c4c0-466c-a4ac-57271b8cdbaf","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":184,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"5b3bb5e2-b702-44a5-b02e-982e691b87ee","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":184,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"13c7f681-b49f-4fe0-bde6-cfddf5ef6966","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":184,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"5c6cacf5-a911-493f-a635-1eee35492132","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":184,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"3d1fb7d3-5305-4e12-8821-dcc33ce31539","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":184,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"e52e42a1-f5a7-4e1b-8fc3-1eb645a19211","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":184,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"af7f313c-d0bb-4267-ac48-e6410972ac40","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":184,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"c8cf5c91-0f7d-46ff-9035-63d9fc0a1ee9","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":184,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"d79e20e6-7689-4577-a884-1492213d3e23","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":184,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"09511e89-037c-44e9-b57b-0e68d35a93b7","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":184,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"e6b50018-757f-40f8-a871-439d60eb1f94","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":184,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"a901c276-0712-4013-a0e6-4e52ec3b392d","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":184,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"38898342-7f8a-4749-af51-45fe1ab7ec55","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":184,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"9ac63983-e2dd-4eb3-9055-d02327666108","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":184,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"702bec98-1a98-4184-8b1b-b93f4f71db8e","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":184,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"4cb070f7-c7c8-4991-8a63-ec5c9adb7e3d","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":184,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"00f91724-2b83-46dd-a5f6-6af4e2cf155f","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":184,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"2a699c8f-496d-41c4-a07a-0ff22574c2b5","block_type":"box","text":"II-131","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"46adec6c-21af-432a-89a7-82f082ca73bb","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":184,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"30696124-1868-44a9-9fa5-c70e87556836","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":185,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"4b4b590f-bb88-4f7a-9595-7dfe7c8d2ee7","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":185,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"7f536dfc-b03a-4e98-a26d-46e79274eb10","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":185,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"38cfc473-bc33-4bbc-972b-43ce71ed2541","block_type":"box","text":"PFICs.","page_number":185,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"59733a2f-9148-4293-81fe-e1c036405930","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":185,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"4accbf1a-6a88-4cac-8750-acf12f16925b","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":185,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"d596e72d-7159-4a3d-97b2-11551abbcf36","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":185,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"8450b3eb-a978-4907-bc18-f162c692c77d","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":185,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"3dd5de2a-5f30-4c2a-b530-e22c42334985","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":185,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"88300411-ab05-4578-9443-7b5e9c1d8749","block_type":"box","text":"difficult or impossible to obtain.","page_number":185,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"00de8efd-6961-4ac6-9949-f277603d1e35","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":185,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"2e4b9c34-3906-44d1-bd33-b59840cffee7","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":185,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"7ed9ec8e-d006-433e-8e83-0717c51eb985","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":185,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"6665ff38-8818-4cca-b356-0d5cc1664256","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":185,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"ff729c17-3572-4db7-a454-1eaba135be31","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":185,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"6d7f9d62-df0b-4bce-8050-8be85eb0fa68","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":185,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"c754063f-4376-4b23-b43a-85f6c9c18c78","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":185,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"3c528c25-ee40-4ded-bdf4-d6610480e83e","block_type":"box","text":"Municipal Funds","page_number":185,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"3d10b3d1-c589-4a19-9cd0-d8df063ee858","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":185,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"557e424c-7a44-4f7c-9324-518ee989c956","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":185,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"f82ddd28-b84d-49f5-bfd1-657eaf3830af","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":185,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"7d30f434-48ac-45b0-a734-5d5652ac3983","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":185,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"c2dbf4d1-8888-432e-827f-16f4f67ea8c0","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":185,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"eabe938c-1b2c-4593-920a-fe9c65feffc4","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":185,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"453a8448-0d68-4eeb-bea7-0f89e6d95fa2","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":185,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"e200b7c5-c17e-4730-b2e3-f55707ddfb6b","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":185,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"eb89d2d2-4b63-47c3-850f-6b421d8dca9c","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":185,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"72fee2b4-4bd0-4d39-bea7-1b66c84e583a","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":185,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"243da651-7291-4ad6-a785-7a9664e71dd5","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":185,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"858930e5-e56d-4676-a4ea-38846208e519","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":185,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"39541419-8e99-4528-89ef-4e034ff8bfd2","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":185,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"da036567-c1f9-43bb-81f9-74609720e36d","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":185,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"e0180673-4eb3-445e-a1e9-e458471be41d","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":185,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"d380e5dd-0ea7-48d6-92be-d957246deccf","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":185,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"1383a7e2-ccd7-4920-9881-e114cd945adc","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":185,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"d5ce2171-0969-4e66-84d8-b27ce90c9b63","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":185,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"8de6f181-51c3-4270-943e-8b17d5cdf164","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":185,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"98715e64-7ccf-4310-b4ee-91d8d6ac97a4","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":185,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"7de90eb7-fb5b-4ed5-b6b2-bd81d81c8f7e","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":185,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"6bbe97b4-f9a6-4793-aa71-f361cf76b4cd","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":185,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"3a7d02e0-aac5-48e7-b62e-eb30c2253fdf","block_type":"box","text":"constitute exempt-interest dividends.","page_number":185,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"bde60039-80cc-4f58-863d-6013adfb75fc","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":185,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"61d0da48-ea4b-4f0d-a9c5-7f21d442854d","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":185,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"40febce6-c85b-47f2-8da4-da45d022fc1b","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":185,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"8548b823-8f43-4abe-a517-d1ed87003a2d","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":185,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"fac1668e-edf8-47c2-8c84-324a5c06af87","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":185,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"4c372633-9a17-4bdf-a3c6-f6194e9e3a2d","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":185,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"b90635ca-6969-4f3b-a89b-f12755e6b050","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":185,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"5ddad374-4943-4e2a-88cd-f8613b9aa8e4","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":185,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"1b8f94db-714a-4fd3-8713-c6c8ebc689ce","block_type":"box","text":"income dividends received by shareholders.","page_number":185,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"8b279c24-bd10-452c-90e2-f7f533fa6e68","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":185,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"7fb88e92-87de-45bd-a1be-b5b84c45551c","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":185,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"9169e5d4-2584-4478-b133-8e1f5abcbb74","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":185,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"6d569ada-8ffc-47b1-8ff1-6b545b90ea97","block_type":"box","text":"II-132","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fe39a8b0-b2a2-449a-bbcb-5d344c21076e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":185,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7757a4c9-42c3-4b7f-bef7-3cadc594faf7","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":186,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"2eba6d38-3978-4e15-aec3-ae0ac31bad27","block_type":"box","text":"the accrued market discount.","page_number":186,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"14159b44-ed67-48f6-a424-a0c6e0e8f351","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":186,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"3858ff80-f781-4a24-a279-bebb341403d2","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":186,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"6ad6cea9-c827-42aa-82f4-ddeb7e7e74f7","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":186,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"ee76a45b-7894-4efb-b926-5786c482c441","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":186,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"27045500-7695-4957-a68c-eec3e13650e7","block_type":"box","text":"e.g.","page_number":186,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"ed463ec9-8d67-41b3-a279-5f124b73dedc","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":186,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"e1c91b61-c943-43dd-9a2d-e6a94c37412d","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":186,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"481f2db6-575c-4b15-a3e5-228422f9240e","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":186,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"d0c12e33-6abe-492f-8b34-515f224787fb","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":186,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"18f9dfea-b0e0-430a-bb54-875a68ae85d4","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":186,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"add6a0ef-0586-4492-b6a3-56ae4d5e0ffc","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":186,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"69d82aaa-7105-4e14-ad94-8f0a23874e98","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":186,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"c275d48a-0c64-4027-8afe-0e2756de20bf","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":186,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"c47624ab-5e35-4f42-9c86-5f44b787e8d9","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":186,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"a1c29efa-f1ff-4347-b844-69284ce0d4d1","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":186,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"43ee6304-7260-49b4-bd43-fb99f9afa487","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":186,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"9e2df8b7-2a16-4bd5-99f5-6a4d05a8579e","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":186,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"90d6a9ae-f150-4777-8065-02b5f5831197","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":186,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"ff4c00cb-a398-41fc-bdf9-1b52cd32e1c1","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":186,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"9e871d99-dd7e-4c8d-ba7c-8152feb9ad4e","block_type":"box","text":"within each applicable state.","page_number":186,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"51fd8244-34d0-41f2-99b6-fb489ed86fd3","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":186,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"a88b3990-0026-486a-9528-bdc59031698a","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":186,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"99a71302-990d-4902-a8e7-f61f80d129f1","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":186,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"e921e0e7-c379-4f3b-814a-aa7dc4793277","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":186,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"0ffdf585-1638-4123-ab22-bbf712f051c7","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":186,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"48033e9d-7a6b-489d-b138-8f335a312cff","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":186,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"1d44454c-66af-491c-81f5-2a7d677a2ea0","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":186,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"a419a693-b3e4-4f43-96d7-79f2dbf1bd84","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":186,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"623f7a34-f643-492f-a90f-8ea35b71390b","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":186,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"168a4149-111e-48f9-a745-45e32409e41e","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":186,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"b7671f6f-748c-4d2a-8bff-0631d9161fd9","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":186,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"c00215ad-a46c-4d1c-b214-13c0ef347718","block_type":"box","text":"exempt from state income tax.","page_number":186,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"50cc8490-94d7-4f9c-9e97-a11d0e26c82c","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":186,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"d3e71442-e973-4158-a837-7c6b6e3c7466","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":186,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"cd02b166-af86-47b0-aff9-2c500f7dde91","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":186,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"a19527c7-fedd-4387-96f3-dcd61dd76ff9","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":186,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"5cff033d-107a-4546-87ab-52e3c52e1e28","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":186,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"326b7365-e8c3-4501-af67-bd17075a7d3e","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":186,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"53c0b69e-5b8d-401d-9e93-17bf4b5cc142","block_type":"box","text":"decisions may have a retroactive effect.","page_number":186,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"3c05db37-e6f5-4aea-9b0c-3564aca9def8","block_type":"box","text":"PERFORMANCE DATA","page_number":186,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"2575f724-7bb5-4fdb-8f82-c3cf4fecd74c","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":186,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"19409694-e432-4a14-9dbb-70a851891d9b","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":186,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"90ab3d7f-aca1-4fd6-bb4f-7009797a4264","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":186,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"9aa19972-8060-4e79-a035-429344dd431e","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":186,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"f029a996-6cd1-4718-b85f-0fde9c634b90","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":186,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"3ce50e3c-6302-4850-af98-22e325cee155","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":186,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"6f5eb6ff-5430-48a5-a724-25e6a3fcab1b","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":186,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"dee7333c-7d4b-4892-acac-b272292ec90a","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":186,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"d89ed1ad-9355-4234-8e72-de61f4787431","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":186,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"57aaeba1-abba-4c94-8069-eb73dd8a56f3","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":186,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"4ebd7d6d-d8c4-46c7-9698-fe70f38ff84e","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":186,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"b1c60a93-272e-4ff9-a857-9e3127dae0da","block_type":"box","text":"II-133","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"45eacda6-a575-415f-8f5b-be24c4479c92","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":186,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ffe822df-dbba-47c4-96bf-0952a3039ced","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":187,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"e9e7af26-03f4-4547-aeef-b2552b0d1a9f","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":187,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"daefee8c-5299-40ce-8c37-d2e694ca7eb2","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":187,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"17d6ff36-31b6-4451-ac57-844fab53999b","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":187,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"3df54504-d8b2-4f0b-90f5-41abd76305ab","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":187,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"1d1229b3-d358-42d9-9dc6-c0f566739992","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":187,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"7f7bd8ed-ac35-4f81-8a5b-24ebd0e47b8b","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":187,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"d111729d-fa50-4a94-88ca-cded1d9c7a27","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":187,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"476a68d5-d19c-4960-90f2-309b5f5ed016","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":187,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"8cca6579-e6d1-4243-a1b4-0d9e6d7f5539","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":187,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"26c2f55a-868a-4bfe-bfdd-f76326b33015","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":187,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"9e4d0dff-f3fc-4687-9e16-ba02a799c3fc","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":187,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"271f86b2-68b7-4c3f-b92b-cb96b6010e95","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":187,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"62e0fe36-558d-4eb5-be1b-a2c3e3fb2442","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":187,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"8cd65039-4b88-4982-b6c4-45071bb58d27","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":187,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"27222149-cd90-4b51-bd25-a133b5e96131","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":187,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"b0844db7-f925-4369-969d-e797577d1667","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":187,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"a76df420-4149-4ff1-92ee-47fa0789f4b4","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":187,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"8d1820c1-ddd9-493e-b223-28dcb2ce7a42","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":187,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"ace0d2a8-e8d2-4f1b-bcec-70da3e2fab50","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":187,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"ca3c129c-8681-44a6-ab55-8491a57682eb","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":187,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"1365cc95-4f32-4162-9ea1-4f9adad82aa5","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":187,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"828eb6ea-401b-4b78-8cda-7610a96999d7","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":187,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"8875c5e7-1d74-49d5-b895-2a3c60d39b58","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":187,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"554ce7ec-91a5-41c0-ae5b-7eb42457cb12","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":187,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"0c6f2e4a-4f3b-4791-9951-d4f37b0a8ffd","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":187,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"65ff44ab-2734-4df7-b59a-33c698d0601b","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":187,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"ee18a8fa-5a38-4291-88c0-d4668df7d8ec","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":187,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"7123b659-2fc4-46c2-a88e-0ff02cba9098","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":187,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"90025dde-3efc-43a7-9d31-540d91e464a4","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":187,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"f639d67e-2f3e-4528-a41a-0df4b1c57485","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":187,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"5e778981-9ac1-494d-8188-05c1f3c53126","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":187,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"b1d1219a-8b42-4d83-a4b2-69f3d5dbb5f1","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":187,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"062c8fb2-0c94-4d5d-b27e-f8d092fec34a","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":187,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"4f2918cf-548b-4b87-904e-b7b177f46c06","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":187,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"dfdf0571-89ef-4af3-8f41-c2dcc8a23063","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":187,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"b00af7fe-c28b-4cf9-8c12-6892967a6a23","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":187,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"111944e7-c47c-4e2c-bc0b-b07f8d8e6fcf","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":187,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"0e029812-c8c5-4d75-b08c-5c3f8f706304","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":187,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"b8e74489-bb47-466c-9b73-9f8e1411c3d6","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":187,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"fbff3073-b1ee-4cc9-82ff-af065ebe33be","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":187,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"4f6eb3ca-8916-425e-914a-f092ebbae674","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":187,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"2065b8d5-eaa7-4f91-a3c4-8e97509a924f","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":187,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"8b83a030-f57a-40f4-bc51-7526d5f3ae62","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":187,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"cc94016f-ec53-490a-bc44-08b065276065","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":187,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"b543a0e1-b660-467e-a417-9748577b9239","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":187,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"6a905b5c-7100-4199-83cd-854b6eaa2dbe","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":187,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"56206331-bdde-4314-8996-78186b199f86","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":187,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"8471c3f0-3e64-417f-98d2-5af5b064a31b","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":187,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"0b97d8dc-bcfb-4474-949e-948705e4720b","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":187,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"c43563e4-4720-4ae2-af9d-f842b17c9aad","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":187,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"c8027fa0-df42-4ca8-874f-f4da0ead0ecb","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":187,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"7da44492-0000-434a-8e90-c49ed7310606","block_type":"box","text":"less than their original cost.","page_number":187,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"f5c099aa-f29a-44cb-89da-8638624bbafc","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":187,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"cc9de194-ead2-4f45-b0ab-140be138b3c9","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":187,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"0eb4ac75-647b-4c56-9328-874d0059fa2b","block_type":"box","text":"II-134","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c3341b5d-391b-4ae9-8a23-6d7b3f4fe9b4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":187,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a97b0935-c841-4426-a3cb-96e7e6c383cb","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":188,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"abe045bf-bfef-4d2f-b6dc-cc85fb049366","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":188,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"463e0811-5730-4527-a37e-6063fa3907cb","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":188,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"adee5bd1-d5ff-4f47-9c8e-e9d322ff14c1","block_type":"box","text":"lower amount of expenses is deducted.","page_number":188,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"bfc58914-4bfb-4a31-a853-e356afe01ff9","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":188,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"83fffa2a-2cdb-4de9-939b-e8966eb77659","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":188,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"d5169d0a-6a50-4438-b536-277d1f848ca3","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":188,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"c7d6d3e8-52e3-4e2a-b304-09be4c23c092","block_type":"box","text":"Money Magazine, U.S.","page_number":188,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"1f977675-98a3-41c4-a494-dafe96d7f34d","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":188,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"16081316-970e-41fb-ac82-d40bf0d0a8d3","block_type":"box","text":"or other industry publications. When","page_number":188,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"4521376b-4fe2-42f2-8275-e1ccd1260279","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":188,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"3e05faf4-7a51-4727-b297-13805e71cd3d","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":188,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"d2e8092b-a058-4349-b1f2-49b17e7795f6","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":188,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"4e57fc58-71fa-4f79-b1e9-caa8150a2112","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":188,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"9eaffc27-a2fa-42b7-ae0e-6437f66bc379","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":188,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"620ecc62-a56c-479b-bf05-75bd670464ca","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":188,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"3b01512d-5601-4622-8090-381b7832e37d","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":188,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"f577414c-00ac-4e80-8f01-5f82e6ab7a56","block_type":"box","text":"developed by Fund management.","page_number":188,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"3ea91d6b-8fd7-4ad0-8828-980a554a937f","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":188,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"4cb12fe7-b216-424e-b245-25c0115bfcfc","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":188,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"3844c8ac-acc1-4037-818d-b65da57a5a68","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":188,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"710948c9-6356-450e-bd54-95bbc5956a80","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":188,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"c3dc8eff-6284-4623-b9ff-7006bb885fca","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":188,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"67a6271f-c3bf-49f7-99b1-610ac2672fb2","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":188,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"431573fc-b481-4f9c-b2f6-70902e0263b7","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":188,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"73cc1327-aa19-4e05-8bc8-624f39b932f1","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":188,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"ca69c6f4-8545-429d-9b55-b1b3c43b92e1","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":188,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"b2f970e8-ba31-4a9b-b756-0745e6a87eb1","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":188,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"992cb37c-417d-4f16-b7c9-6d2063495624","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":188,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"9263a9ad-10ff-424f-ab1e-41e8fafa07a3","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":188,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"b52d854b-ae6c-4e64-84e9-9d2b2117335f","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":188,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"f276c0d0-6245-4bc7-9760-cae29437205b","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":188,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"5415c2d7-c3eb-4290-b156-ff7648e978f1","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":188,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"d2fab1d8-c190-4c16-8e52-8e8846a5211b","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":188,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"01d32748-3310-4f92-935d-0619ac985c8e","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":188,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"6e6ddc30-83ef-4e64-8180-841b8a69511a","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"e00144bd-1ed1-4684-8cd7-a18c01aab1be","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":188,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"90edb425-483e-47a4-8b34-f27e915a1c74","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":188,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"601d9156-7ca6-4615-9c36-0c34a14cc15a","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":188,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"2de5018f-6fa4-4a2c-a541-58da332bc87d","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":188,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"0483713f-a59f-4bb7-8430-4fd6947779bf","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":188,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"4c84ed9f-b176-4ad5-8df0-19789ea47680","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":188,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"0bd5a7fc-06fc-4067-8827-180bf70e8d19","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":188,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"449ed319-a96b-437a-ab55-b28f746ab369","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":188,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"35e02e08-3846-4683-b611-083e9a1f7296","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":188,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"72498865-46d5-4937-9eda-eae5d622f643","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":188,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"3f970291-4940-474c-acc2-d169cf239037","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":188,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"efd5335a-967a-424e-9f42-758d65981bfd","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":188,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"f580dc53-0692-4ffc-884c-8da6fe918526","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":188,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"22ad6d43-fe9f-4273-9a0d-8ee21fec33ac","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":188,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"b7c9c9d6-686d-43b6-a91d-e9cebc3c8829","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":188,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"8b0a861f-9e40-464c-bf29-ea920f5cce23","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":188,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"b86dbe11-a64c-4976-bc3f-3ff53e029918","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":188,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"66582a7d-925a-417b-a5ed-078fc302c762","block_type":"box","text":"II-135","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"626995de-e4a1-496b-8168-9aedec0df8bb","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":188,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"aff0ec5b-b1a9-40df-a26c-d12d19d0d834","block_type":"box","text":"GENERAL INFORMATION","page_number":189,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"5cb7de61-bb6e-45c4-a6b2-0d79abbe44e3","block_type":"box","text":"Description of Shares","page_number":189,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"052d8f62-62ff-4de9-8b3c-7ebd522c2f06","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":189,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"437badf6-1cda-4cee-95c9-0442431dd2e3","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":189,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"5668dfb0-45d7-44ee-b9ff-c20244ff9b73","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":189,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"d483b948-7271-4c8b-88d8-ec7556bf4654","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":189,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"3fdb6ffa-ddd6-4fcc-bcc9-334e357f0446","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":189,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"09284a22-7a07-419c-899b-53d5304795ab","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":189,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"2bd47c8f-c6b5-44e3-9ffa-07faa974932f","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":189,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"de6e4d01-6a1f-48ad-8da4-1bdb2dc2e252","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":189,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"a952f0fa-0a60-4439-8159-edf7d2c22777","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":189,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"b90bdf50-350b-4688-a90b-138838f3923f","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":189,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"0503e947-e18d-4a44-a51c-09ba96634dfc","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":189,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"38279761-2766-4b8e-b1e2-cc4a31e284ad","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":189,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"a4173463-8cd1-4e45-9084-150910e62b66","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":189,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"7456a9e8-ea85-466e-a740-96a867d4058a","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":189,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"53effdd9-2d69-4f8c-8382-ce9e498b0e52","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":189,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"b3e4ec95-87f0-437f-a037-51ed70a3fd8a","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":189,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"5ab3d16d-dae9-42f6-ba7a-59dbb93127cb","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":189,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"6c93782a-bc92-4d57-8b1c-4a6db6d00c73","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":189,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"2423b220-e396-49c1-be40-86fc1104d07d","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":189,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"67f7dcfa-aadd-45b3-916b-1dbc0e1b498c","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":189,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"0e9e71be-dc8d-463f-834d-562ce81c2a98","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":189,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"c4f89d6c-f30c-4101-bd03-c8819f6b83bf","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":189,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"cc49b63e-e8e0-4fbd-9b5e-f242b4e41be5","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":189,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"40652096-a73b-4b23-ab9a-dde8dcbfbf81","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":189,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"f0520e88-ae36-4c4a-a2c5-8b0997ee0a55","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":189,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"4b5aa5ab-f2e2-40b4-8318-d862182f2432","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":189,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"67177c42-cb66-4044-b7c7-7d3bbc3343fd","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":189,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"479b883c-1ff4-4f80-b4e6-cdab0861e6a1","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":189,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"a9b054fd-23d3-45f8-a483-e1aa33968cd2","block_type":"box","text":"Additional Information","page_number":189,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"e26b0ba2-5e11-4def-84fb-bd7cda476782","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":189,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"f0e6b311-6a2e-4da6-baa9-76c4851d50c2","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":189,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"4b8c5c9b-84e0-4aa7-ac8d-bc181c227230","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":189,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"f5889aab-d241-4ef6-9a52-acaf704ddb04","block_type":"box","text":"such name to any other company.","page_number":189,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"f6a23639-72ad-47a8-a721-ca42efdcdfdd","block_type":"box","text":"II-136","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d4bfce95-6a82-423d-8921-b122faa72a8e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":189,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bb34c6f7-f8c2-4a1c-92a6-d288ced6b00e","block_type":"box","text":"APPENDIX A","page_number":190,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"14f5276f-784a-4d8f-9b0d-6497263364b1","block_type":"box","text":"Description of Bond Ratings","page_number":190,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"f505fd3c-b1f2-4c8a-b5be-b60c389cee46","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":190,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"fcf04434-164c-4e0f-b984-d7c35908a7d7","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":190,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"d1289a36-e5c8-4e92-8fee-be4ff7121b15","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":190,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"5c7a60d3-be17-4a25-b17d-bd34c60e4ae2","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":190,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"08ba576d-0512-4c29-9f15-88d36171600c","block_type":"box","text":"date.","page_number":190,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"6b99e393-2b63-4502-a86f-8e2b0bf161e0","block_type":"box","text":"NRSROs may rate specific investments (","page_number":190,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"09875511-f7a6-4853-8bd0-aa4bac73d4a8","block_type":"box","text":"e.g.","page_number":190,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"f4f28c17-3fca-4132-8f74-8f16031c320d","block_type":"box","text":", bonds), issuers (","page_number":190,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"668c74e5-df83-428d-b1b9-ebf8561fa6de","block_type":"box","text":"e.g.","page_number":190,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"764e79c5-68fb-4228-a627-5e68b0c03d26","block_type":"box","text":", corporations, governments and financial","page_number":190,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"92b7af47-e26b-40ce-8fb8-6c563e5ff326","block_type":"box","text":"institutions) and/or programs (","page_number":190,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"efc7580f-6870-48e0-acd8-a19cf7c76ddc","block_type":"box","text":"e.g.","page_number":190,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"6e9549c2-98a8-473f-be48-dd1724f48716","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":190,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"921d2ad2-2b72-48b7-97e8-2733291831dc","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":190,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"0b02e084-9bd6-45fd-a2be-1085c0e97953","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":190,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"9aab2bee-e24f-4464-aba3-9427f287bd95","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":190,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"2b6d2083-3e18-4968-89a8-f19e22634dc3","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"7cc5f584-a558-48aa-81ee-afe47137953e","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":190,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"578f2ccc-fe67-4709-a0d0-63a0d042a93b","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":190,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"e49c1c80-af73-4def-943a-c31efb05af57","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":190,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"e65c23a1-a0a8-4e65-b266-aac6ad55c639","block_type":"box","text":"security (","page_number":190,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"df857bbd-c9ca-4875-8544-1ab858442bde","block_type":"box","text":"e.g.","page_number":190,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"8af8ce17-91d5-4d13-b49b-cbdbc6dabaaa","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":190,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"3cb679f3-d6ec-47c8-a110-51cb56659f5f","block_type":"box","text":"highest of the multiple ratings.","page_number":190,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"df26956f-2f6a-4e13-b9e1-a9d4d21523bb","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":190,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"ed7e282b-644e-4285-83c7-a05589637ad8","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":190,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"ad2df558-69c7-4001-9550-d113560182f9","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":190,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"783b9a2f-f251-416d-a2b5-d60bfb6c75ae","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":190,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"b0a38a7f-be72-4e5b-8ff6-51888136f449","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":190,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"b72c086c-5210-4832-8438-fe8bb2f7c88e","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":190,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"9ff161e6-0cf4-4fc6-ad64-75d10fe460bd","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":190,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"67f92f6e-4139-4a54-850e-2de8bdd29afe","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":190,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"873d9ca0-9daf-42e7-989b-61517fcb2abf","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":190,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"2380be35-aef0-41bc-b6ba-5fbdcb4cdfc9","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":190,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"e8341687-a12e-40e8-aafa-866bbed034d5","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":190,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"71021dd9-a970-43d2-a4f7-c8b6b8608c01","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":190,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"0c741174-e328-41c4-9207-52ede8a2893e","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":190,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"792b7877-2b3d-425d-8b65-c21f80c3e3a2","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":190,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"2a9cbcd9-6f88-477c-8672-f4f5f1aacc83","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":190,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"4f5de1f7-f72b-4766-ac2a-b7118d2e8029","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":190,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"961b2c97-23f1-4a43-b144-897b382254e6","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":190,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"ffb8b691-f328-401d-8e31-317c8da5b3c3","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":190,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"a34f07c1-304e-46a8-9d7a-181348754cdd","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":190,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"e53fb4ba-0861-4c06-b795-e96490f8ea70","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":190,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"c1edcd16-1879-4224-81ac-7528e96e84ea","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":190,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"5bd02e4f-3b4c-481c-89df-c500cdabc9df","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":190,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"bd10ea8a-c8cb-4526-92b9-71cb16f1c6ac","block_type":"box","text":"Fitch.","page_number":190,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"cac15400-9fa7-4c33-9c75-0e8162178757","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":190,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"ffb582d3-a2f8-4b94-b5b8-e8e1c1b4b63e","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":190,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"8142126e-23cd-4237-b517-b74d4cde0e0d","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":190,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"e5de481a-24fb-420c-b58b-2a9eb2966156","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":190,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"bbe80288-a238-4b70-8c19-60dc7bcb1290","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":190,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"c4e1a24a-3c9c-4240-bac0-fc8ebdc56905","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":190,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"2c562cad-5336-446a-a853-9ecd0bec943e","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":190,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"7997d771-5502-4138-8b49-e4978d73581d","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":190,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"847e031c-135b-4436-8fbc-523fc02918c1","block_type":"box","text":"sources of variation (","page_number":190,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"a94e9d87-ff76-4683-80d3-4f0c3c8b22c4","block_type":"box","text":"e.g.","page_number":190,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"e7abb042-a9dd-4170-a8e2-acc255155072","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":190,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"5d61c70c-6908-4fd4-b73c-0344c461d6e6","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":190,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"e130d401-0130-4c36-b8be-50ad2fc0bb69","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":190,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"62da97a4-3861-4f35-932e-759aeff4e6a2","block_type":"box","text":"e.g.","page_number":190,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"766c8070-b102-4ece-9986-1d19e2213a5e","block_type":"box","text":", equity indexed), absent an express","page_number":190,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"2495cd04-2e40-4889-a3e1-e9b979bd19fe","block_type":"box","text":"A-1","page_number":190,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a384e6e7-7ce1-499f-8a91-c1dac3827b67","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":190,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1bbada91-29a5-4fd8-a525-e5caebcae07b","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":191,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"ddf761eb-4bed-4a78-bfe6-1a2af8b078dc","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":191,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"6148190d-5f50-4fbd-823f-02add2824369","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":191,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"e778c577-604d-463f-97e1-64861ef6380f","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":191,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"47d1e757-9034-4a51-a21e-d08e270f7d2a","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":191,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"b88e49d4-dbd2-4628-b173-71f4a4fa8de6","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":191,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"c4abafde-c395-4a85-8a67-2abf24c03d34","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":191,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"2c0cd073-b1b2-462f-9280-f4cdbf12b7b3","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":191,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"3fef9d38-88a5-4c81-8438-f2ce2cd95cb5","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":191,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"e2269d51-74af-4f10-8e5a-02f6f3abf5b6","block_type":"box","text":"i.e.","page_number":191,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"ce4c7e5d-5017-4561-b9ed-ff25f24df43a","block_type":"box","text":", ratings on nonfinancial","page_number":191,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"d736e5f9-2575-4bdf-9946-4237cd3fee2f","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":191,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"8bdcecf7-c541-4a56-aa2e-95d07929f4eb","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":191,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"dea186b5-5cf8-4042-b889-db05e9368633","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":191,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"b81f0ba6-68d3-45e7-a8b1-138b93cfd7bd","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":191,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"e20ded05-9ac3-474e-8e46-a363845b735c","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":191,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"1419cb1a-8ccc-4deb-806a-2410b030051b","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":191,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"414c1198-b41e-4f9c-aceb-12363762ce82","block_type":"box","text":"of time.","page_number":191,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"4e75f854-38de-40a5-ae8f-25c537a6deb0","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":191,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"781a6378-66eb-4fce-bc3e-54ef20c4473b","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":191,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"a87efb71-163d-4c60-83e5-85804e7b2cbe","block_type":"box","text":"risk.","page_number":191,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"f6c25c7c-10cf-4ff2-b7f5-00f7846395c9","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":191,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"ddd492b2-8ffb-4544-adfd-3b5b8aa8b32f","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":191,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"3f0df02c-c44e-4b2c-bfcf-c75f9824dbd4","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":191,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"99d26178-9b6e-4417-8d15-09bac78e89de","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":191,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"2f7a9511-6df5-435c-8a42-46fff948bdeb","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":191,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"77c42e38-b951-4e3f-8a82-8a1fe9e8b64e","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":191,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"3130b1b2-95a3-47ed-a1ab-ef5f51ae42d4","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":191,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"c4295f2b-cd89-4e16-b32f-b03a7cf4a019","block_type":"box","text":"credit risk.","page_number":191,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"5863995f-3d4f-4166-bb9d-ecadc7db84c1","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":191,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"37d9b53a-d3a7-4fe6-b661-77b0b115d25c","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":191,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"ad3b239f-24de-4105-a43d-5617b95907a6","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":191,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"bb50e51d-7f24-4555-8c05-60d8bdaba55a","block_type":"box","text":"of principal or interest.","page_number":191,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"c6de468a-3a1b-41f7-88e4-62bb7c1cee05","block_type":"box","text":"Note:","page_number":191,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"db92b810-32d5-4b16-81ac-23fb794978a2","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":191,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"581f23d2-2ed0-414a-9b0e-aedabfe0d39d","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":191,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"e368663b-c3c2-45f3-bf70-354833fea53c","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":191,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"f6e177bf-2237-4323-9817-6df4f28b57f0","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":191,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"2f28bf53-768e-4aa0-b8ae-abdb767ba54e","block_type":"box","text":"companies, and securities firms.","page_number":191,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"2b890947-afa3-4164-b774-40954ce03484","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":191,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"45733d33-945d-41ad-846e-acbaa3dd5a7a","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":191,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"bdaff044-f9f3-4bfc-871c-d5d22d73483b","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":191,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"d523dab9-f164-474a-a3bf-571553581c4b","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":191,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"99dc2047-7545-4fdc-89c1-a7d6c45429bf","block_type":"box","text":"that security.","page_number":191,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"8886a861-64c7-4db8-b92a-3e457356240b","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":191,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"8c75e225-cd04-4568-8663-94a7a82b676f","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"9c4a1f8b-386e-46b8-99db-2a0403ef0b24","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"7e0512fc-0d60-40d1-9ec3-011db6949401","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":191,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"c20d9c28-a1ad-4879-841b-d9b5a0f8db2f","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":191,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"2197df92-71b6-445a-93ca-4b120b8099b8","block_type":"box","text":"categories.","page_number":191,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"40f4ce99-f19e-4b89-9354-6f5d67057285","block_type":"box","text":"A-2","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3909650b-a01b-4c0e-be4d-5065a4fb11df","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":191,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"20672fbf-55a2-4752-b621-e0357c4b57f8","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"72698587-1a97-4436-8a60-d01850ef294b","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":192,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"0e7c1fa7-5889-4771-b03b-ae1b6a09097e","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":192,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"fca03658-bfd4-4384-ad84-2f611fc2cc9b","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":192,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"c4bdc86c-6f80-4ee0-95b0-9ac171683351","block_type":"box","text":"an issuer’s self-liquidity.","page_number":192,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"453126dc-eec6-49b7-8153-8c2fd64cbb88","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":192,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"27aadbc5-55eb-4ce2-93aa-38fce7361338","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":192,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"61bbcfe3-9ea9-4273-8dff-a0b36e72d01f","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":192,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"70d9fab2-2dcc-4eca-89cd-638586325696","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":192,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"077b90b3-776a-4cf9-93d2-2c24d968c3f9","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":192,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"b300ff54-1004-4718-8b2f-8dd12f4bb280","block_type":"box","text":"MIG Scale","page_number":192,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"c6a507f7-b46a-4129-bc2a-656bfe6b6e5a","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":192,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"92b93948-8947-41d3-8b3e-8fb52c167c1a","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":192,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"0487c099-27a3-4c89-b428-a6377b97552f","block_type":"box","text":"refinancing.","page_number":192,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"1445eff9-cbe1-489a-9993-ba135d297e52","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":192,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"71dabd24-585a-42cb-bcb3-7c0213e6f0c3","block_type":"box","text":"large as in the preceding group.","page_number":192,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"0277331c-5ccc-4aff-8284-80789d485b1e","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":192,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"5b2cb080-3a74-412c-a5e1-f6630b208b0b","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":192,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"28afe8af-a3bf-438c-b563-68c100cd8192","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":192,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"4601f118-82fe-48ab-baa2-193065f54d74","block_type":"box","text":"lack sufficient margins of protection.","page_number":192,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"1bdf9864-362d-4117-a561-2f10ad715d88","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":192,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"eeb065f0-a901-423e-8624-604c2222bc71","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":192,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"aa76fee1-16bc-4bb6-8f52-58e3bee54704","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":192,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"6994f2e3-26f3-4b95-a75f-b263eab2fbd1","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":192,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"4d276d16-ac4d-4197-87b9-df043beb2229","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":192,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"f47c66c5-ccbd-4295-969c-16e09d37c6ae","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":192,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"81e46ccd-4e49-4b0c-9292-d3e952b7ca75","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":192,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"97974295-f375-495d-9676-5a4a4b89b6f5","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":192,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"001da3c6-d45f-46a0-bb91-6a4d6f199479","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":192,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"b2679f52-87e1-4b45-8467-3d86502648a6","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":192,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"d9bd8205-b35f-4f5d-b45c-89efbeff3960","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":192,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"0a54d909-6289-4cc8-aa10-f72bf897c400","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":192,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"6088b318-db4b-46da-b0ad-ef6a3ca202c4","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":192,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"dd3af9b0-c6f6-410e-b3aa-d6c1891c02c7","block_type":"box","text":"VMIG Scale","page_number":192,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"d2ca6a19-674a-4970-9260-18c359a5b368","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":192,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"8f7f1732-84e9-4b4e-8753-02dbf80527b7","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":192,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"b8bd3fe5-6edb-4159-873b-a4e272591e78","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"4d598e7c-6458-4250-a423-92221cbdff79","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":192,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"a0180e81-fa2d-4970-bad3-718bee946084","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":192,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"c466b00f-f75f-4349-b9f8-9a0240809094","block_type":"box","text":"payment of purchase price upon demand.","page_number":192,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"d73c9323-010a-4473-9faa-b8c046db7ab4","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":192,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"277a88b6-e7ff-4ef8-b7ac-fd13fa378f68","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":192,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"ffa44b57-033e-4935-855b-a84c702eaf0e","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":192,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"3ca399d2-3fef-41c3-9551-31cd31d32751","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":192,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"b547d866-3e1b-4115-814e-d7050e9dfc55","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":192,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"f6aede32-a01e-4d59-9a98-7e02e9ec1c0b","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":192,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"13f0a8cf-e26c-447d-8476-8c04699f2380","block_type":"box","text":"price upon demand.","page_number":192,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"7588f15c-bee4-4814-973b-5294cebcb857","block_type":"box","text":"A-3","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1544c798-40d8-4dd5-b6dc-d4c182ab7636","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":192,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a9a64a22-b23f-4740-86dc-7f0ab297e849","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":193,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c1592713-56d4-4e66-a325-64233b0e58e5","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":193,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"69172844-2469-4c02-ab35-b3f8c55265a8","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":193,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"f9a0c362-690a-4028-9ea2-b2d89df8cb8d","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":193,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"56522466-7707-49be-8bbd-7114a678c7c2","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":193,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"c847c4e4-cb0c-4635-b473-3e108a7725e6","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":193,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"42edb68d-8067-4070-aae4-82d89e3edddd","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":193,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"aea0d54c-749f-499d-9624-2e41a9e70dd5","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":193,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"52e7c882-78ac-4e1f-8c91-aed265f13a79","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":193,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"fa18005a-348f-4879-a7e2-3b74c9a633f9","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":193,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"6c2872a0-9ea7-44ab-ba7f-da60b4daf4a6","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":193,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"9236ce13-6400-47a4-8cb3-ecace18b43e4","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":193,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"911e2f75-9c59-4a3d-b2d0-6b51c32f4b90","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":193,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"7e3dd53d-e7e8-4a65-8b99-708f9c5734f5","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":193,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"b72366e2-2ea4-41cf-86c4-b89358b13f45","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":193,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"8d15639b-9e1c-4548-bc1e-6fc206d108a2","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"27edd554-f5b0-40ed-8823-5ebfd9c8daa8","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":193,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"bedb2656-3a51-4fe3-aefd-d9aca08576ec","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":193,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"b320ceb5-14c8-4602-9e20-662ff5e605d4","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"af77a585-739e-495d-b02a-d73f4d9becf8","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":193,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"61e04717-f94d-4282-871c-4bc5b962e361","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"ae863692-a51e-41fe-bdb2-19df90de35d8","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":193,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"e5251f16-7e09-4a1e-ae7e-996ebef1dabd","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":193,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"713ed70a-c513-4063-91e8-dcdf89d12140","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":193,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"938b0b4e-f49c-49b4-840f-6f0cc0f2dce4","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":193,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"28803fdc-ad93-4e86-97ba-9067d0e8d439","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":193,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"3a0eb97d-0a11-4db0-bb9f-7292ef0a5dc5","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":193,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"61523933-0c60-434e-9c9f-f22b945f8819","block_type":"box","text":"obligations.)","page_number":193,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"5b13fdd1-09d0-4617-8e19-8353f0fea65c","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":193,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"4c664219-b0e3-4428-8776-0884f73ef4cb","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":193,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"d58c4198-5d27-4037-8e73-a313c597e48c","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":193,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"50357775-aad6-4bfe-82d4-cd1511650a65","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":193,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"384f21e8-bfe4-4532-902a-6305fb097667","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":193,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"16123f7f-320d-44cc-8a90-f28b520c475e","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":193,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"ae586273-db30-4edc-87d9-88cee9e8d6e9","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":193,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"1d9fc827-c83c-491b-8a21-4cd2fb593e71","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":193,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"82075104-a03f-4971-b0a1-027ca4ff4533","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":193,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"77ffea59-dfc6-438f-a809-f6a237024b8f","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":193,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"486340f7-5602-4ec2-a775-aee8b28eb51a","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"064aa45e-d87d-4f8c-8132-b23f74975cf9","block_type":"box","text":"BB,","page_number":193,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"e778c653-7c43-441e-8fbc-101c8f77a4c6","block_type":"box","text":"B,","page_number":193,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"5a41c2a0-bd35-46e6-aaec-3770c88b5fff","block_type":"box","text":"CCC,","page_number":193,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"1b9aeeb7-fed8-467c-849f-dee5b6926aeb","block_type":"box","text":"CC,","page_number":193,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"e902ad29-cdfd-4116-b1df-4f97ed8bb218","block_type":"box","text":"and C","page_number":193,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"40082fec-e375-4bbe-b22c-e8287d3b40ca","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":193,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"6e865514-63e6-4d56-a7b2-2cb3712bcec9","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":193,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"77a76583-059d-47e5-8835-d4645b421b08","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":193,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"e915a86f-2f73-4607-8d00-e55ce7a0ba06","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":193,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"eff9bbe3-060c-45f6-8a36-f0b2b75b2904","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":193,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"8c83b229-0940-4cf3-a55c-9fac7eaaa2e0","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":193,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"5c38fc32-eea2-48d2-9107-7ddd7e144ab6","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":193,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"d326fd4f-b723-40bd-8b19-24dc76f9b101","block_type":"box","text":"on the obligation.","page_number":193,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"99792e21-418f-4aaa-bfc1-a939e9aa32a6","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":193,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"c814ee1b-d808-4c66-b105-b6c29f91de66","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":193,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"19553c23-4e6c-40d2-88d1-b0c3e8145e56","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":193,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"62ace358-5e39-46ab-9f67-b4c0032f161f","block_type":"box","text":"financial commitments on the obligation.","page_number":193,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"eddecb26-2d13-4375-a4e9-95aba2f8f0fb","block_type":"box","text":"A-4","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"77a6aedb-770a-43a8-8cd4-cda304a4f300","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":193,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"406e7bfa-75ed-4eb3-b76f-185ef6596826","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":194,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"f7cb8420-7475-4ed3-aee9-0674e79a7365","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":194,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"0ca0ee5f-9839-47c4-ae65-d6b1f0fbaff5","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":194,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"0edfae5d-29bc-41ac-9d63-da37089cdf78","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"bbefd278-e731-4fdc-a8fa-3ff9aa052213","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":194,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"ac27d73f-fd7d-4b72-a6db-5c94597a1be7","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":194,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"6f9d525e-05f1-4181-84ef-f46d2d77fac2","block_type":"box","text":"anticipated time to default.","page_number":194,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"0999d211-debe-42f3-8e65-8e966bf2f4d7","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":194,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"24bfea36-548a-418d-82b8-4d8459dc12e9","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":194,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"94c6b1c3-3f99-4a27-81ef-be99667b2a6b","block_type":"box","text":"higher.","page_number":194,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"46fe3a3b-8b25-4ef9-90a2-cf9b7a72d197","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":194,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"ac2d2d91-bf23-49ff-a1e4-837c80a0f20d","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":194,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"63e571e0-0ebb-4baf-93ff-56364bcde91c","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":194,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"d933cfb3-a518-4cd4-84b1-d416d96356aa","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":194,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"d1f6e03c-1ff4-48c4-8a54-31101627e441","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":194,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"6e021bf5-7547-425a-b67d-bda7bae2e83d","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":194,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"b4ab0323-038f-418e-9b27-9ea2258b7d23","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":194,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"d4dfa392-8e44-41da-8d93-20126d5ecfae","block_type":"box","text":"restructuring.","page_number":194,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"a423a1b0-ccaf-4832-84e4-0a2a81887aa2","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":194,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"5b700607-4067-43f9-83fe-f79f90a49047","block_type":"box","text":"standing within the rating categories.","page_number":194,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"25765f5b-2308-4181-9b4e-e70edd4f2162","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":194,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"eec1c29a-3f43-4392-801e-cea789c47a83","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":194,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c2375bdc-7086-43e4-986b-cb4c071f7dee","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":194,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"f9046889-b36c-4816-9f48-4e9f4c8f7cf4","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":194,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"4b9df6b4-88be-445c-addd-f91a8ad43a30","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":194,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"6a77bd68-5f4f-4dea-96a5-6b0bdf8ba430","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":194,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"0e6f5d9a-74ef-49e0-9f51-18f51f0ec55d","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":194,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"fb537d38-bed8-4b6e-b573-5d484ebc6a72","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":194,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"bd3855f4-7ae2-47a2-aa90-8ce041f1f544","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":194,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"c3849e7d-3cd4-41d1-a9d5-e33b96956f8f","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":194,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"e89cd5dd-ca01-4112-bf71-313e09252da9","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":194,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"04f5bb05-03c4-4b2b-94da-5d34a0671ead","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":194,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"bcc4da73-a2f8-4a6c-986a-ec79ba58e094","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":194,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"9a5325a5-2906-4eb9-b195-ffafd2e205cb","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":194,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"4209fc3e-8bb4-4b77-87c5-af89b28214c1","block_type":"box","text":"financial commitments.","page_number":194,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"7256f3f8-1a9f-4120-876c-5086ccfa9178","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":194,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"4d87c4f1-be65-4d0b-8ac4-605365ff3a31","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":194,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"f51dc3dd-2b11-481e-ac0d-008bd2f9fb1e","block_type":"box","text":"commitments on the obligation.","page_number":194,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"c313eead-c9c6-4d5f-be4c-7fa4328eee13","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":194,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"86342f94-dabf-40a5-aaf4-deb6b9c89ad7","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":194,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"01ef3f4a-e384-4d3a-b4cc-70fcd4a0c1a6","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":194,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"5e536352-1214-423d-b58a-453dead3adcc","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":194,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"713755bf-6d1e-47fd-8e97-f6af9a2381a0","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":194,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"8fc6cc19-10b5-44d4-a014-17d196c616a8","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":194,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"aa28dbec-f974-45ca-a02d-a8032e630b5b","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":194,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"25db5f1c-830b-45a6-9d56-92ab119d2966","block_type":"box","text":"debt restructuring.","page_number":194,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f4cce520-9f20-418e-a84e-8021c6a9e782","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":194,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"b2c23827-5e31-45d5-a40d-fdc7037decc7","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":194,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"59581334-1d5e-4660-bf89-d999deb3ad3d","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":194,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"bb04d064-9441-4414-abee-84f435d7b4ec","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":194,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"cec15d76-635b-488a-85b7-99dd6c9670ed","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":194,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"b576b825-cace-4f08-8d99-ad8531d70475","block_type":"box","text":"A-5","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"3dc3d2e1-474b-480d-a0d4-95ea3f365abd","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":194,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"04d3435e-a188-4837-a8da-cbdb0c84bc67","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d0008064-db3a-4ca2-9e67-6aaa09fc1517","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":195,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"4e337d3e-fbd4-4d04-bdcd-71d8971fc9d2","block_type":"box","text":"as a note; and","page_number":195,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"259e25d1-ae9c-44be-b60d-ba088da98c9a","block_type":"box","text":"•","page_number":195,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"cb53befa-2cda-4b0e-a5bc-0dd145bccb92","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":195,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"864daaf2-caae-43df-b158-0025450ac258","block_type":"box","text":"treated as a note.","page_number":195,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"9335c71a-8225-4e42-97cc-a0aca9a1c339","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":195,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"ab384649-a926-4f2b-92cd-6c5c0bd2d4fd","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":195,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"3ee97e4d-10cf-4bb9-8253-6e605bdb5c31","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":195,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"1ffe6c38-89c3-493b-a12b-0521f48b0c54","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":195,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"229b572d-512b-4e37-83dd-fdd3c0b08411","block_type":"box","text":"economic changes over the term of the notes.","page_number":195,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"9efc4864-a1dd-4721-8a02-659ff688d134","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":195,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"c6976921-0ff6-4e6a-9bb4-94a30ff0d6b8","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":195,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"760d1ba6-6a80-4aae-b60e-53f51a77770f","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":195,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"80150a90-3327-4676-8f8c-a635743bd75b","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":195,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"a4a7fb38-a302-463b-a8c8-b38d25c8a76a","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":195,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"1915d020-9273-483c-8535-68bf72b79629","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":195,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"a7d6474d-2a77-48fd-82b3-cde984d7e465","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":195,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"90a0b675-01a9-41d9-a89d-6a99f408a8ad","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":195,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"8c64489f-408f-45b9-a7a5-d3fe64eb92fa","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":195,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"c944ab6b-d73a-424a-bbe7-bbbc707cd6b2","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":195,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"8a524507-368f-4569-bd8b-157e7ed3e48b","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":195,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"a813a7f2-c238-4eb3-a1f2-b1e4578c9ccd","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":195,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"a5e60749-2885-4848-928c-00aaad8e5d54","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":195,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"ca8ef408-8dc1-4816-a13a-5fa45dfb0978","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":195,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"483bef16-c875-4d76-a91e-93bd1666daa3","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":195,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"bc9c222b-9773-412a-97fb-fa4b38a74d3b","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":195,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"02bdbeb7-76c6-4585-8453-4280615d2710","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":195,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"c673ee60-61b8-4df1-be81-2e4675ff8249","block_type":"box","text":"receivables or other financial assets.","page_number":195,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"bfe293ce-6a56-4b76-a01a-85fd2bc3a1eb","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":195,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"d2474a32-a127-49e5-8e0a-48473628ec50","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":195,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"4c6afe6c-aa81-48fd-915b-cdc677dcdcfa","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":195,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"0cadd65f-ec67-455d-9c8e-2274bf2723a2","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":195,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"24eb068b-e223-4fc5-a397-8329b57d0317","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":195,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"fec35ed3-0a56-410a-b11b-62d41fc73f2b","block_type":"box","text":"occurred.","page_number":195,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"79772e07-8ba4-4985-881f-e4499843a8ef","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":195,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"481dfe2d-dab9-45ae-887a-59b07977c952","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":195,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"a46af0d9-c880-4311-a286-ce4174ec2da5","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":195,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"ec2af850-c723-41e8-b542-729edb8a8015","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":195,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"f129a8b8-8107-44ff-9f06-1347c8d9c703","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":195,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"6141c270-0521-43c7-a06a-4cd3cb247f51","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":195,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"b13ed011-a5d6-41b5-936a-68afb4736ae9","block_type":"box","text":"rates.","page_number":195,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"6d71a62b-fe11-492c-a795-d79a3e9c58a4","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":195,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"f089c449-c5bb-41bc-b05a-14c4dff0e42e","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":195,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"5071bd10-adb1-498c-832b-8e09b3f4f9db","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":195,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"52847d69-5255-4038-831f-c4c11fc7633c","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":195,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"3db02480-ee74-4570-af22-0282f7515e5e","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":195,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"32be214a-59f3-4482-a451-fc3c80659d78","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":195,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"018f183b-e974-459c-bd44-df90506976b5","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":195,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"4365bc99-053d-4479-b2d7-2064076b12e1","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":195,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"304eb205-8993-4dba-acb7-1b588c557c87","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":195,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"25023e6b-5114-491d-bcb7-3bf5f67c22e5","block_type":"box","text":"i.e.","page_number":195,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"0a488405-75f8-4f10-a3ca-58abd5b9203c","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":195,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"0b9abff3-e553-441b-936f-5bd985ec648c","block_type":"box","text":"the obligation’s documentation).","page_number":195,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"a51f980f-0d48-487a-9603-3f34f43892a6","block_type":"box","text":"A-6","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"fc897fc4-c27f-42bf-955b-71792d1da193","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":195,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1900a562-5acc-439b-86f0-e4c1c3baae6c","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":196,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"61dc65af-056c-41bb-a9ea-fe337acdc98a","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":196,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"4efff103-e4a0-477b-af54-0be36b007d68","block_type":"box","text":"agents in the form of a rating letter.","page_number":196,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"3279ec2a-81bc-4f4b-b25f-5f06d426a2f7","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":196,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"829bf0fb-7cf9-412c-b76c-acbfbe4011af","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":196,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"3b32af02-0867-48c4-a758-c1dd757b535d","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":196,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"6952c92c-9517-4cf9-bce0-af28aeaef7ae","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":196,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"0f3efcb1-6f31-4420-baba-0706138b8cb5","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":196,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"08f165d8-752b-4fe5-93c6-fc84e9c32cd4","block_type":"box","text":"e.g.","page_number":196,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"9fb05005-a9e9-400a-b99e-2d42e90feedc","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":196,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"fd3ed2b2-2ae0-46ce-a535-7c711c8b7bb3","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":196,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"9a57920b-a01d-4173-990d-e15fcdb812bf","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":196,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"608bc229-fd33-49bb-b704-caf1b454f0cc","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":196,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"b4bec008-fdbb-4d7a-ae45-d4f2df2370ac","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":196,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"d0f0615e-ffd8-450e-883e-c55211a9dc8d","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":196,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"b15e53c0-a77d-4f94-b139-c316e6188e21","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":196,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"d2abbbbe-a29d-4a37-ab8a-3583fd790218","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":196,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"426d2b6f-9a9c-48bd-90c3-caca129b07e2","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":196,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"dbd9049b-3de6-4b86-a75d-9666b2277f7c","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":196,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"5b006253-bf03-4274-a17b-c0fee30ed04e","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":196,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"87213564-d50b-4e1d-acfa-22adb25ca6c6","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":196,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"8807cec9-a396-4e00-9bf9-5f4487a1e6d8","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":196,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"fef0006a-7bce-4b73-8d42-fabc820b4af2","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":196,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"c6fb7168-9857-42a0-88cc-8abbf86fd3a6","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":196,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"3bd724e2-b7d4-485e-8364-242186b8135c","block_type":"box","text":"Ratings.","page_number":196,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"91a5c0fa-4729-4ab9-870f-73ed4d13d4c7","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":196,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"2fb3a571-9a3c-467b-b5bd-49c41527cbd1","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":196,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"6e8a28af-b1c1-4353-afb0-b01114269f60","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":196,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"e42cd908-6eff-42ce-92c4-51918600a8ce","block_type":"box","text":"obligation ratings.","page_number":196,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"0d200aa4-515e-4ce3-b921-ba87e226c83d","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":196,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"9c3901e3-a642-4005-9329-cb7e16a09845","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":196,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"0a088219-5c26-4510-b292-70ddbe372646","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":196,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"21c62264-a422-441a-9018-806bbaf95df3","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":196,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"9a3be1ea-d8cc-418c-b256-966bfd3b34a4","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":196,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"f63f40ae-80d5-4a1b-8fb0-ab1f85cdbc2e","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":196,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"9e9475bd-ea5a-4f18-b637-f713f37ce24c","block_type":"box","text":"to foreseeable events.","page_number":196,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"188083b5-3e95-4ad1-a975-cc9da7dc9334","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":196,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"c762f11a-7771-46e2-b69b-2c7485e78de7","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":196,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"ef08353a-072e-42c3-afe8-f93c72b61d12","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":196,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"9592e272-2a06-4b9f-b8a9-c813922e48e8","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":196,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"b9d4da64-5d51-4245-8262-815a393c0562","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":196,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"b6b4551a-2ed6-412c-a70b-7f8bb98eba25","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":196,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"aad86946-376a-4307-aa9e-52087680554b","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":196,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"9103d630-0ef7-4c88-bade-e65ff3e43b55","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":196,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"cea0e8a5-5e08-40f2-82e2-f07ce9b1fb85","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":196,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"8d35d412-3ea7-443b-a3cf-60bb0c190548","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":196,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"471d16f7-657f-4a90-b1a4-63197801e322","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":196,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"4ac4ba5e-b213-4e61-8b1d-b7d7e735946a","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":196,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"0a0b5c11-7449-47a2-a0a7-12bde70cd58b","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":196,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"e32fc103-315f-481d-83e5-b3f801345ab4","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":196,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"09357e25-4b4e-4954-8604-994d1ba25d1b","block_type":"box","text":"relative status within major rating categories.","page_number":196,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"cc0e23d8-e5fe-447b-ab4c-abdbda419a9e","block_type":"box","text":"A-7","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"56b89d21-62fd-48dc-aa55-2d5a1ac8b7e4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":196,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"279ac644-ca49-46fb-85a4-f6efe5bf4dc7","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":197,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"4f90188a-f38c-4b9a-becd-a8465cf465d1","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":197,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"d60b4c35-0773-4c54-9c50-068801c2e3a4","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":197,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"54e8dfed-665a-43fc-8167-4dc0b6b533c8","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":197,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"4a8d17d2-d2e2-4fb2-bf7d-1ac0947a7b8f","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":197,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"ee130b7a-909a-4ed9-8a18-fa8ee99edcb0","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":197,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"6fb93a6d-121f-4dcc-8789-d1e7f380fd78","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":197,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"37f12fd4-9db0-4fdf-851c-0bd023d0798e","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":197,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"74db0b95-bb8c-4152-9b37-cffbc1113f91","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":197,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"bb06e3de-5678-4b2d-b370-e31c4c640591","block_type":"box","text":"finance markets.","page_number":197,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"644a182b-34cc-4d10-8ada-9cc994c3fb77","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":197,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"a2d1454b-9e9d-4902-b3ed-2d1ded7cf189","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":197,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"f392bcfe-c272-4dac-9a41-5dcfdf7adf44","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":197,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"1ab2079a-b1c1-46b4-b2ea-0863f000c391","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":197,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"a7050406-0ba0-4566-bef5-24c769c7256e","block_type":"box","text":"commitments.","page_number":197,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"74ab8cf3-ffe5-4f59-812c-76b153485fdf","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":197,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"7bfe33ee-22f8-496e-9189-f8fef940801e","block_type":"box","text":"adequate.","page_number":197,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"25a05ca7-aede-4c36-9b5c-4fa6efc6b261","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":197,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"f3a7dc69-07d6-4d3c-b64c-458d95309869","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":197,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"65b9b431-da70-42d8-b95b-43e393e351c5","block_type":"box","text":"economic conditions.","page_number":197,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"3d5fa8d3-b289-4a28-bf05-bec2530b2fb1","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":197,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"2cc59113-c796-4e11-8a36-db8effc96dfe","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":197,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"a5d149b9-02bd-4e5c-85f2-fca5c1328eb4","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":197,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"f1c652a7-b32a-42fa-85e0-4608298d21f5","block_type":"box","text":"ratings only.","page_number":197,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"821671ea-4578-4a6c-a24d-1d071bb015c5","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":197,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"7583ef55-8eed-4014-8f8a-cfce4253395b","block_type":"box","text":"obligation.","page_number":197,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"20cec383-fe78-4686-9ac0-95d69e728d8e","block_type":"box","text":"A-8","page_number":197,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c2ad5f00-059d-4c48-9b8e-0c208a974066","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":197,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"109f8249-b952-4470-a289-70a701f87237","block_type":"box","text":"APPENDIX B","page_number":198,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"33e4457b-4346-468e-965c-8332e25b2bc9","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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to the","page_number":198,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"252ce843-7daf-44e0-b7b7-6e7b05fcddfa","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":198,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"a9eeecd7-c67e-40f4-9321-7c7b0ffd094e","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":198,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"3abfc6e4-54c7-4f18-8ee9-b101df19c62e","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":198,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"13aef698-1d09-44d8-8faf-a5c9872b9f05","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":198,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"a10c3f64-cf5c-4102-b5a3-ad7de012cc81","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":198,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"e39e3370-d491-45fa-99a3-df50c862bd89","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":198,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"0ac6b99a-9066-41c1-ab3e-7f8c91f619b7","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":198,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"22bb15fe-47b0-4dcd-b54b-ca13d6156d95","block_type":"box","text":"Conflicts Management","page_number":198,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"4276e1d0-76da-4564-b7e8-5237a427835d","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":198,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"5d77539c-1c92-4f84-acb3-91594919445b","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":198,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"d5a96857-4bd1-44c0-9fb1-6890225bfb1c","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":198,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"049c5f0d-53c9-4499-b996-d0522980ff71","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":198,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"5253dbc0-5e02-4286-ada7-ccdb72af371b","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":198,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"85bbfbb7-e03e-40a1-ad67-ba4d5f56afa4","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":198,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"2f97ebb3-34cb-42dd-b9c4-f9ebe464681c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":198,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"cc990fb2-876d-417a-93b5-73d30d589ce9","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":198,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"b71c1943-7185-41f0-9b33-6fabbb0e9d07","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":198,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"f5d95fdf-a9b3-440e-9101-9aa79f6bfb96","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":198,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"ad0529ec-f698-4c54-9fbf-4f181d7557f7","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":198,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"d27ffffa-dff7-4424-a615-b7426d084f55","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":198,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"789e7baf-fdea-4d1f-8ae4-61c8a9687c5a","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":198,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"14bdd749-d178-403f-9b63-2fd489b1e87b","block_type":"box","text":"connection with proxy voting.","page_number":198,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"50b40bd4-dedb-451b-9b01-94647ffcc539","block_type":"box","text":"Reports to the Board","page_number":198,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"407fc25d-a282-4f85-b097-0e8fe3099ab6","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":198,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"9ffc9d7d-c747-4769-bc0b-796c4a0335c0","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":201,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"b0dbc29a-cb87-4c27-aeb7-783d5307c2cb","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":201,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"bd3ce62e-1122-4f7b-a61e-d86d55dbe61b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":201,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"387ae444-3b1d-4b7a-be17-09246b70d68e","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":201,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"c19722e7-1c53-4505-a772-f56ba5478de4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":201,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"4f48aacb-d058-4d6f-8a41-edc35428044c","block_type":"box","text":". 15","page_number":201,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"c3142585-8809-4537-9e21-bc2fa9d07e62","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"417251d4-bd1c-4e99-aac0-67d73666ed9e","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"07c70642-753a-4e1a-a0ea-fdfe229ad36d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":201,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"4222ca95-6723-4b3d-b314-85c9a88b76c5","block_type":"box","text":"OVERVIEW","page_number":202,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"d731d8df-73ec-4889-9c3d-de6186e7edfd","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":202,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"d569511c-649a-44d7-8364-bae526bd8661","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":202,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"0a89455e-ecb7-4b93-9fa4-0ce62c1d676a","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":202,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"68a9d7d7-b898-4ccc-bbfa-29ac5133fc54","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":202,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"8f6538c5-da8f-4fc0-931c-fe22f55b1c59","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":202,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"ae41e104-a773-4814-9657-c3860afd70c1","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":202,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"9695aa84-c443-4e54-8cb4-dd1d14e34ce1","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":202,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"e643c1cf-f3a2-434e-a057-1177f06991cd","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":202,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"85dc7440-9a8e-484d-ac8f-fa3e96d037d2","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":202,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"9b9ade0a-57b7-4771-96eb-d4d4da832639","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":202,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"a5de44d3-edb3-49eb-a474-c28691b7770f","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":202,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"84e66a7c-5ba3-4614-bd37-2e3366c87fbb","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":202,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"55dfceef-bcc1-427c-8e4c-8d2e9add5735","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2bbc94cd-916e-4962-9960-33e3af41b9c7","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"149cf37e-13c3-47a8-a478-7e22b9861634","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":202,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8c52f76e-32dd-48ac-b7a4-3139b81f147e","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":203,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"7ab7cb25-591e-4f85-a4d6-118f0c06d94d","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":203,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"1c01f1e9-e9d7-4159-aac5-bf3bf3315971","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":203,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"a1dc0fad-79ff-4428-8337-a8e48f6fd2bc","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":203,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"6b8c19d1-5f23-4ff2-a552-f5c4f9ef00a7","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":203,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"23ef83e0-7609-4bdf-bec1-aac441b06f74","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":203,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"c3ec331a-6855-4754-bd3b-fd005c489f4c","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":203,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"b46702f9-c1b7-4324-b1b7-2c152dd1bfd7","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":203,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"3addfedf-04df-44b8-8388-c0aeda441944","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":203,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"6973f354-27c9-4379-8594-42dfa382b226","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":203,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"bc1c840c-b8f3-4670-9f4e-8a1f387dde9c","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":203,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"3af40b68-6d48-436a-9266-b8bd5286b64a","block_type":"box","text":"shareholder meetings.","page_number":203,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"6cc42697-23f2-40e5-a50f-a1518b166b3d","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":203,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"e8fc671f-1fd5-4869-a041-95c16e7844ca","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":203,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"9203fff4-079b-4882-a4b7-333346d001c7","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":203,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"a960eaa9-ae03-4404-9e35-9215db7cbbef","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":203,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"51bdeeeb-9139-41df-b1af-5fc02f768bc4","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":203,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"65463fb3-d7a9-46b5-a087-283751ddc3e8","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":203,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"cab32804-ad46-4ecb-b9e3-ec37b0464cad","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":203,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"f2d694ca-b021-4134-a1af-3eb0da7b82a8","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":203,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"1bbee0c6-90ea-4963-8817-cb8f8141042b","block_type":"box","text":"on open dialogue and mutual respect.","page_number":203,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"86131bf0-7128-448a-a066-eeb052d5aba9","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":203,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"6ff9b21d-e7fe-44f6-b0f3-9aa80c5870a6","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":203,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"9c9eff83-9304-4bfa-9b53-2b39d61e810c","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":203,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"224369b3-2e32-4018-a042-115c686bc64b","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":203,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"f0ea5c1d-b7c4-4dbc-9c54-63a9eaba3ace","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":203,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"309741e0-b481-4dd4-82d2-967ced74b8f8","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":203,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"4139e3f8-1c17-4310-8f42-85f0d9fb6c7d","block_type":"box","text":"board directors","page_number":203,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"c1fdd40b-4829-46ed-aa6b-5ca1820260a5","block_type":"box","text":"1","page_number":203,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"8f1ad5a9-2c2e-4391-afc9-7b378ba050f7","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":203,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"2ce66cdc-b5ce-44e9-8cbd-b8c1ae0dd83d","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":203,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"7c3a41e0-3d1e-45e5-a48e-ec0a85fa1bbc","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":203,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"23c4ab13-ddb3-4419-b2ed-ab819870f211","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":203,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"8000dd8e-9e04-4f30-bbfc-757e1a00f05b","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":203,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"21cb9476-ab86-44b1-91e0-b44332d30ca1","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":203,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"d82afef5-0043-4e98-87b9-589b668b2161","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":203,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"b2b79d76-0c4e-4add-b721-e4d274f1703a","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":203,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"537021d1-05e4-4585-90de-4562edcf9a5a","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":203,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"0ea56860-4329-4ca0-aee7-b30215eecd17","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":203,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"da7823f1-6230-4c2a-aa75-b397cd91d3a9","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":203,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"bfe01fe7-a26d-4e0c-9678-b5b36a04b2d8","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":203,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"f39ca376-d625-4ed1-a032-34df5b673d10","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":203,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"3e608e02-ce23-4044-aabb-d128f5687600","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":203,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"dce261f0-c3c9-40eb-914e-322f14f713dd","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":203,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"c6fc1b3d-de4c-4491-8214-1201c18f744a","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":203,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"bbf47773-6b3b-42c3-8b73-c733d6ec595d","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":203,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"e57ae0ab-14db-4e6e-ad8f-b7af28f3d4ae","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":203,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"f2853854-bfed-4196-88cc-f32add1f32ed","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":203,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"3d449912-d86b-4aba-a5d7-e080d34c2067","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":203,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"3f0d4122-834f-4cd8-8301-6f66fcd79b55","block_type":"box","text":"stewardship responsibilities.","page_number":203,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"23e546cb-dec8-4e5b-8483-2c1c24cb133f","block_type":"box","text":"1","page_number":203,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"13554ed1-f261-48f9-9eed-5ed2c2280b3b","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":203,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"5de6d17b-a993-45b3-bada-b534f6f76d62","block_type":"box","text":"boards and their members, where relevant.","page_number":203,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"b4221aec-3f33-4d27-ba6f-b5ac9f7d0e16","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"016e9e84-c169-4681-af78-54a17e9ae8d4","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"50e2bb97-bc20-4915-ab4e-5cf64a32256e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":203,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"30ee4c4d-488a-4c34-bc3e-aa9a9b09884c","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":204,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"e9848c3f-a82a-4662-b8d8-c65c9def9358","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":204,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"a8443b46-380f-4c72-82fd-d0e9ca3aac0e","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":204,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"615bcb20-f1c2-4712-9a65-b2a6102fb0a0","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":204,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"c35ce528-ff73-410c-afe7-21b180f1fd0b","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":204,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"63f880c1-a27e-4280-ad7a-4132349820e3","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":204,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"c571fe84-e5f6-4ed1-8f48-e90271bd8ee7","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":204,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"bd480348-7765-4e21-b819-857ce71843dc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"89d52eec-6ff7-45e6-80bc-b7f8b09fd1e7","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"77cbba04-d254-4bd5-9c88-059ccc49c808","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":204,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"1398226e-9524-4aa4-b3f5-b8c18a4d4d34","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":205,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"e331381a-9ac5-436a-ac78-d99b5ecf13b3","block_type":"box","text":"Roles and responsibilities","page_number":205,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"0287719f-3ba0-45e5-80b2-b81d8bdde0b2","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":205,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"6f961d3f-4ba8-4009-ba87-8689b2167361","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":205,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"5759e88b-e665-4787-8edd-1a63b3bc994c","block_type":"box","text":"2","page_number":205,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"445457cd-de5d-4122-a421-d73de1608b89","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":205,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"942a420d-0b80-46ef-a483-08a4b91da54c","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":205,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"b21f2a93-d350-490e-aeeb-b24e9bd801ac","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":205,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"e773f079-c791-456b-bf27-3c9b42c6f784","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":205,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"ae012280-a026-4f15-b974-e12f256bbdb8","block_type":"box","text":"performance over time.","page_number":205,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"398c1714-479c-431e-b1d3-0b432d21241f","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":205,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"dc271d46-99f6-4a2f-a7e0-0f7f9bbcaf5d","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":205,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"e827b2be-6727-4718-ab47-e9f73a00adab","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":205,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"6335b4f5-19a7-4e40-8634-21db90b6f7e5","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":205,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"237b0500-6edd-4a29-8ee1-c3807640bc51","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":205,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"851d4be4-2f69-48f4-b326-54acae3f6e38","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":205,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"ae921c3a-4f51-4118-8700-8fdfad68ac85","block_type":"box","text":"Composition and effectiveness","page_number":205,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"da167a36-cf45-4767-8c3b-89dda4ebd4cf","block_type":"box","text":"Appointment process","page_number":205,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"d7efee43-b3cb-4f0d-a0af-ecacba06ada5","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":205,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"ff46731f-a273-45a4-92a5-9f86fe8defa8","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":205,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"6a2ba3e4-c98e-44ba-9217-22331487e948","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":205,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"bc961f87-c1c7-40fd-97ec-e243e25ddf56","block_type":"box","text":"e.g.","page_number":205,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"f1739379-3226-479b-9807-c682a891a511","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":205,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"7b158905-2f72-4ad2-9f05-2838b96ea242","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":205,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"0702a4f4-744a-4337-bcb2-b96167ec9ab1","block_type":"box","text":"e.g.","page_number":205,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"0eb93570-c9d0-4654-95f2-3af4654327dd","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":205,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"d8e896fe-3e8d-448f-bcd4-4c8a6938e955","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":205,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"8cf1fbc4-d80b-408b-b0d8-07a74e8f50b8","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":205,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"8e2c6b3b-6bb4-4cd3-adb7-7bbceab4151b","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":205,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"83f972dc-ddf4-4a4c-bb9e-1c727841aa6d","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":205,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"aa9feda6-d372-4bc9-b961-88925c1b1436","block_type":"box","text":"market requirements.","page_number":205,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"b0d19697-5372-42f0-860d-274d7f521f52","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":205,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"fb474f36-b6cb-41fa-b0d7-bf24b9fa152f","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":205,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"1bc16a76-e639-4b29-babe-dbbf02c203c4","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":205,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"13baf9f8-e96a-4c2b-8086-322924d448af","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":205,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"1c578012-66e5-4054-b577-a331106a25f8","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":205,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"b8dbdfaf-965c-4e2a-9b3b-848bf1f93327","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":205,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"654b8514-3893-4200-822f-a4a8ae84c8ce","block_type":"box","text":"Independence","page_number":205,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"8efd2340-c5bb-4133-af05-02c9dd188035","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":205,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"a8011cfd-a994-44bf-b65f-4e9f867abbe0","block_type":"box","text":"e.g.","page_number":205,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"fd7238a2-fc99-4bbe-98b5-2e7f29d60a12","block_type":"box","text":", government or","page_number":205,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"ab0ceb6c-ede9-41fa-93d6-7015b18843bc","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":205,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"d42c611e-539c-412d-a750-453171d77bee","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":205,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"51e69073-6ce7-4b93-b056-872d9b2b3c26","block_type":"box","text":"influence.","page_number":205,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"722b6ed2-e0cb-43bf-8a29-05a818685afe","block_type":"box","text":"3","page_number":205,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"e1cef6fa-20da-45d7-b510-5de6ce793e5a","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":205,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"83891c16-3fe7-414f-91da-b8c122500a6f","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":205,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"75d4c40e-9fbc-49fa-bcaf-6a3f62bcd6f9","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":205,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"c4204c7d-1eff-43d9-a4ff-70f821c2f24e","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":205,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"cb580448-4548-4f6b-981e-48685b62f030","block_type":"box","text":"composition if this is a perennial issue.","page_number":205,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"051826b4-10c7-44a3-85bd-91f056d0ae8a","block_type":"box","text":"Independent board leadership","page_number":205,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"7af40bb9-8284-4102-93eb-5009108c3112","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":205,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"a7f5bc8a-4dc0-417e-86cf-bc307780157a","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":205,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"e2b8c66c-817c-4b30-960f-5e1d1ba4c560","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":205,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"c988d076-ec6f-4a4b-8eb9-2952df4378a3","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":205,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"b30dec0f-a938-45d8-ba48-466b14da7fa2","block_type":"box","text":"2","page_number":205,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"9f288422-c692-4937-8914-8b48ce7b7918","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":205,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"cc4e7419-f77b-444c-9255-6f16be6c848f","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":205,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"f8b200f6-ec8a-4dc6-9097-ee2591fd0c8e","block_type":"box","text":"3","page_number":205,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"7a2a5571-e528-4c76-97f7-380efc54d03e","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":205,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"c15de4db-5171-4375-b43b-1b841100e6e2","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":205,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"dfe095c9-da7e-4da1-972d-55a6f02e53ab","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":205,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"dcd0e7b3-4ab8-4357-b758-d84511a3fc0e","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":205,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"75e866d8-3c93-4581-84a3-3b8d23e277c8","block_type":"box","text":"company and shareholders.","page_number":205,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"05d9ccad-edd2-4d2b-91ea-7b5a263e4eef","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f7f8919f-2854-4ba1-8b98-ed4b710dc76b","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"82577653-082b-4a84-b3a9-2b3970c0a5f1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":205,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"e40feca0-7cb9-4597-b96e-8190bbc45d39","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":206,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"e4e38c05-eca3-44d0-aabe-84b9eac6f739","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":206,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"edaa4e79-2eb5-4d2d-acfc-bdd11c126b39","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":206,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"dd6f7d9d-c95d-45e1-98a2-afccfa31726c","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":206,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"229ddba2-5b1f-4e78-b4b2-269ad0b79d32","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":206,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"783d173f-c152-4923-9b5d-e53669ab0043","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":206,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"80d84896-bca3-4696-b8ec-731257210336","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":206,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"13cd45dd-d858-4e13-bae9-1ef813376c67","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":206,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"4b93c5bc-3425-4cd0-9ee5-e06e2d5d7881","block_type":"box","text":"Tenure and succession","page_number":206,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"bbdb63ec-6698-4406-ae5f-d344fcc0494d","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":206,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"0b2fb3b3-ab32-41ee-becd-7969c717ce7b","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":206,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"7ae33a28-1ec4-46c6-9499-62e1cc7419f7","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":206,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"31632bad-8c11-4ef4-9e2c-f90a54ff68a7","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":206,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"38cafb09-4ec3-40a2-9772-c7403ed84883","block_type":"box","text":"management and involvement in past board decisions.","page_number":206,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"a6ac51a4-543f-413c-b0b7-9c5deb28a619","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":206,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"a32e989b-76b0-48c0-bf30-c24a66d8a90a","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":206,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"4eb0921d-51e5-44da-b825-8a174acebd4a","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":206,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"5be73124-2cd0-475e-9b86-2cf7beaa6d43","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":206,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"6854932a-4513-49e7-88f4-2a01c8c97a0d","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":206,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"ab418a59-574a-4a42-b2f1-99ad65661e76","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":206,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"a154d5c7-f2aa-428c-a9e6-d76e371e04f4","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":206,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"a2cef9f7-47a9-408e-ae69-b03982d8f62b","block_type":"box","text":"Capacity","page_number":206,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"d781c65c-5468-4d17-b060-ab5751d84705","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":206,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"c9a72142-4eec-4dec-b7d1-95da708e8079","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":206,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"93d6a1e3-95c2-4d40-9a58-bbc9cbe76b5e","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":206,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"8e8d4233-8fdd-425d-8510-e727b6517ed6","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":206,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"1f027644-245c-4fce-b6e4-8ac5b774839f","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":206,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"17a3a994-daac-427a-9712-4a5ce13665d9","block_type":"box","text":"markets.","page_number":206,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"5212f106-72ee-4319-8393-874d6c505c35","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":206,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"37f19f54-e3eb-4fd7-acd4-663bc76332fe","block_type":"box","text":"their duties to the board and company.","page_number":206,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"aa4cfed1-c30c-4fe0-99d5-c5c0c967bfd9","block_type":"box","text":"Director elections","page_number":206,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"b2ef0912-6864-4146-9177-8b648e8f6502","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":206,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"dfbab960-cdca-4217-ac4a-14f500e1d774","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":206,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"0f26bd39-360a-4e6a-899e-db0dcadcb235","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":206,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"7749d61c-b86c-4e0e-8e83-b9835f4db1d0","block_type":"box","text":"e.g.","page_number":206,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"0bd98272-9ee2-4745-a4ce-00f536f314da","block_type":"box","text":", a non-operating company such as closed-end","page_number":206,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"2595b6a7-d01b-433d-8ca3-c25edcc330b0","block_type":"box","text":"funds.","page_number":206,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"03156009-706a-465f-af5c-37a0d61cc9ed","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":206,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"6cdd7090-6bcc-4889-b4de-1a080f2740db","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":206,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"730df4ae-1bcf-40b8-b00f-c875820a842b","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":206,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"659d5842-85e5-442e-ae66-2834de34fabc","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":206,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"49b68e0d-9147-4640-a611-5c89e077a19b","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":206,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"d065e42b-2071-4f7e-8f07-4a7b1cb5e997","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":206,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"34848146-3c18-44e9-8303-bc9c8323033d","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":206,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"c6b88319-bf99-42ec-83bc-1c54d4104fb4","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":206,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"b5125537-627e-4ada-bded-c4dc85a953b9","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":206,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"1d1d0b8e-94ff-43a5-9e25-28e8a34563fa","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":206,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"aa4ee1a7-fa45-4c3b-a5be-2685ae7f9060","block_type":"box","text":"Committees","page_number":206,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"a147626e-cd13-48d2-8dbe-139779c569b5","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":206,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"e91282a3-8894-4dc0-ae26-5540683ac73e","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":206,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"3d357c1f-c55e-44de-9f67-e57302149b7b","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":206,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"cd2ff1d3-c3f4-4a49-af0e-f06b34dfb948","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":206,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"8b0bfc70-fdc8-4f4d-afe4-7557c1d40510","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":206,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"ed5f9ea5-8c79-4f33-9fa0-cd1325842cdb","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":206,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"f1ed80ca-08f0-45d7-bccf-494951bf84d8","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":206,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"0078527f-c5ba-42dc-a88e-c2553bfd4697","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":206,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"887ec1a5-5aa4-45ac-9b91-3efecba388ef","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4b475459-346f-4bbc-a3f9-1ba946632e45","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d68172b5-1b78-47a5-80fc-1ad4bff3510c","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":206,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"3fa65148-fe61-4b73-b566-c3a854d0e911","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"8d5da4c1-faae-4b08-9063-60c66ee6245a","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":207,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"d7084ba2-2f8d-4001-a563-6ceb33e0a9a6","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":207,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"aae6392d-9c2e-4f11-900c-3bd0fe5d7162","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":207,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"fda120bc-ec21-44f3-95cb-0213aa4ce2fb","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"6ce717fd-1301-4a11-be18-5763de26921e","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":207,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"c965b6e7-8288-49b8-8370-427f174ccd23","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":207,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"a79c3b35-78f5-4233-94cc-cc19931b3d25","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":207,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"63b1d1a9-3e6a-4776-8dc5-6239d0871717","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":207,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"fcdca1f5-e0e9-4c8e-9692-bba63f1cc479","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"25f31a6f-a4ae-47da-bcbe-67f93a923007","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":207,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"02cd94da-dc1c-41b7-aaed-7e536a87bf71","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":207,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"ffbf7a0f-7eb6-498c-bdc3-57e180710df7","block_type":"box","text":"firm-wide compensation policies.","page_number":207,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"3c06c215-8653-442b-b706-b3e514000897","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":207,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"2125d2f5-693e-4775-b24c-1d41b3084391","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":207,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"83038cec-6bb3-41d8-83bf-8f70047467be","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":207,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"1134d7d2-f764-4062-984e-0578cd7f44ae","block_type":"box","text":"committees.","page_number":207,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"20e2f025-f694-42d7-91f1-c3012226c9d1","block_type":"box","text":"Board and director evaluation","page_number":207,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"3adbe89c-c524-476f-98bc-f413f56eeef8","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":207,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"fefa1c79-840a-4235-8dd4-65b8ae6867f7","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":207,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"2ed19fb5-df70-4528-97aa-42c7834e50dd","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":207,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"065eef4f-8fe2-495d-bfb7-d05a21b03124","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":207,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"e9e7ce9c-587c-4c0d-abe0-a645e0edd033","block_type":"box","text":"result.","page_number":207,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"66b99433-5d38-4ba9-8855-1a530d01b6f0","block_type":"box","text":"Access to independent advice","page_number":207,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"2d53842c-6481-4073-8f01-22ccaacbffd0","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":207,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"fb3cccfc-78cf-42c3-a29b-6437dbeaa375","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":207,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"1b8b594f-3bc3-4d4c-bd03-50c97e098048","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":207,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"0f9f71b2-1f62-4d7e-a688-b3ed8e2046ae","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":207,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"1411faad-227c-47eb-a3be-721ee1ee5c93","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":207,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"8354fbab-dc54-4fb1-9c4c-04edd5b4900f","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":207,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"0104ee95-23c0-45c7-a56e-f90e83fcdca3","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":207,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"d587c3cf-c0b9-4021-9c2e-760b1da8ce93","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":207,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"aa05de2b-a166-404a-af82-ed81b7fc55dc","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":207,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"40e7281f-cfb2-46d8-844d-f0e832f68cc4","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":207,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"dc27f6ee-238c-4bd0-adf9-0c05e39d439f","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":207,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"e59f1302-65b6-45c4-99cb-0235a28d288e","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":207,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"673ab038-6c15-48f9-8db2-eaeeb02ccd25","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":207,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"f9b55e49-63d6-4361-94ab-cf75f0ad15a1","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":207,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"4d02f2cf-0fff-4a38-8bf0-2c94f36b8277","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":207,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"0cabbdb1-3aa0-4bfc-8ac5-597199828d3a","block_type":"box","text":"motivate.","page_number":207,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"0ed1b6aa-5d5f-44e6-bd26-18b861debb8f","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":207,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"6e2d78aa-0182-45d6-871e-cd01bb21d207","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":207,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"f089c887-1b73-4313-886a-b942fc65b74a","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":207,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"174e8875-e647-4a19-af88-25fb56d4fdaf","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":207,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"c5c6cee9-5432-4fb2-9e5a-e707bf3a3caf","block_type":"box","text":"arrangements include:","page_number":207,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"8beaa066-026d-4ebd-b5f9-e4fff7d8ae82","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"fc8974df-6615-47cb-8076-eb8f361e56db","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":207,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"9d7992d8-bc2a-4c5c-828b-8f6fe7671715","block_type":"box","text":"the company’s size, sector and market.","page_number":207,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"2a1bac6e-48f0-491c-9484-f12d69bc2788","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"f3a54265-60df-4bcc-8442-58c3dc244fbc","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":207,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"825a051e-e294-4c9b-ae88-22dccca0caf1","block_type":"box","text":"strategic objectives.","page_number":207,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"a6ed7056-f773-48ca-b73b-fc1e21a91604","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"dcc6e369-d70f-4945-8fe3-e9249a5184c7","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":207,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"da6590ec-efc2-4312-a33e-d79a689cc508","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"e88e6615-7014-4447-aae5-820d91301d5c","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":207,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"dfff76f8-cf58-4324-a682-21670498ff81","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":207,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"317b6cc6-5574-41bd-b4b5-93f5a159aa8e","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"cc14de99-91ee-43c2-801b-0f09b96d9433","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":207,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"3ae5a8d3-fe8f-4f87-a836-7d1e852603bb","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"58985cb4-2b60-4206-af80-6e0ba9d2c6dc","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":207,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"075ca3b1-a50c-481b-9243-810c2d39157b","block_type":"box","text":"transparently.","page_number":207,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"22a9dcf4-f5c6-4686-9e41-ffb2687dd045","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"07116536-d7bb-4ccf-82c0-36d19434d3cc","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":207,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"1902a131-2218-488d-b7f6-e6f0446b0ba1","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":207,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"7edec5b1-dc60-4a89-944c-be39278096d3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2d0e4c09-89a0-463d-94bd-b45d0fb81fa4","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d75f4e47-6c2b-4b2a-897f-1b633b1c8860","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":207,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"23960915-9db7-42da-98c4-743bff3847a8","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"24ce7ca2-a5a9-4c5c-8e34-bb8e433e6105","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":208,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"f8a2e7e0-a599-4c6d-a857-8a412d6800c5","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"5e3b448c-8c01-41c8-aaf7-4bfc5d60a9a4","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":208,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"57fc86bd-835e-4949-bed6-4329700cea12","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":208,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"016128f6-b09d-472b-87c0-4e1044e175f5","block_type":"box","text":"misconduct.","page_number":208,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"2e7cf0be-ad42-4fb0-87f9-1858b7629c40","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"c47ee8d9-003e-4c71-a218-de9c3145a72a","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":208,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"c4d465ff-c07e-490c-8a8e-a2bda8786d33","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":208,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"39929bf0-cd28-4d3c-9752-a218c76e5b84","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":208,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"b00f032b-b599-49dd-8f16-ca97f37899cd","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":208,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"a73be5e4-9209-4f96-aa8a-d06748f74f1d","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":208,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"fe7cce86-2e7c-405e-a084-dc336eb64d6a","block_type":"box","text":"committee, or the most senior independent director.","page_number":208,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"aac812f0-98cc-47bc-bff1-6769a1bf5c68","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":208,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"857a8870-2a59-405e-bf6a-18d80af206af","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":208,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"d0f0fe67-6b4d-4995-aa09-32d32a6f3cf1","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":208,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"ed896f74-5907-4be6-9da9-9817e81bc373","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":208,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"51581417-d7cd-4b93-9e34-6127ec06d80a","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":208,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"eb7aa901-9f32-4a2b-b96b-dab5c779978d","block_type":"box","text":"CAPITAL STRUCTURE","page_number":208,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"74e9eb7d-822a-495e-92e1-cab2560e2c3a","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":208,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"f2efb957-47cc-4ce8-b6f4-2a655130be74","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":208,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"48670688-ed59-44f0-81e2-51b588bf1147","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":208,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"d2adc341-8dbc-428a-aee5-c06bc467a4b3","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":208,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"af36c937-68b2-4cc2-a653-6b70b8fb6857","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":208,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"3856ec09-458c-41be-a2aa-ae2c0456306a","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":208,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"c6379c68-0837-4420-aabd-4b9113dc4f3e","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":208,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"3fcf8d30-cac3-4c75-8f25-789015b6d215","block_type":"box","text":"Share issuance","page_number":208,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"915aac45-c82c-486b-adcf-d3679a991691","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":208,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"3faad3f5-c61f-4e7f-8bec-9e3d214883c5","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":208,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"b7096af4-7747-4c2b-b0b2-b13e50004814","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":208,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"398c40ba-a62e-474c-9fc5-401915d06357","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":208,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"b43ff41f-884f-4be7-af28-df08b25790ba","block_type":"box","text":"Share buybacks","page_number":208,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"89b75f08-4c6b-4e57-88f1-6621aeee9982","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":208,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"ca355831-b550-4c57-91bf-0fbf8c312f8b","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":208,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"2d9a83dd-b512-40d3-9e8a-0db83d755803","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":208,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"a7356db0-74ba-40f1-9b4a-b63a7b403066","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":208,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"9b2b080d-c2a2-41e8-a941-6dc76da79d86","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":208,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"ff9effe8-306e-4214-8b32-81a0cb4f591c","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":208,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"b8e94cb1-a76b-4185-8f2d-c9e824694e52","block_type":"box","text":"market environment.","page_number":208,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"78b9bdad-a7ca-4025-a9c4-9c35f96ffc33","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":208,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"040aee27-2135-46ed-916d-960260211b59","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":208,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"906862c5-3b2d-4094-8fdf-649f776e40d5","block_type":"box","text":"strategy.","page_number":208,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"cb84183c-72d8-485f-bacf-602343fe59e3","block_type":"box","text":"Dividends","page_number":208,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"16ba108c-6a03-49ae-a7e6-5a20a86380fc","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":208,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"cf3994d2-d264-4332-a790-91e79204a3b4","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":208,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"f7bd9c64-a11d-4a0e-b55b-ddd691db584b","block_type":"box","text":"Differentiated voting rights","page_number":208,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"fad0a757-6de0-4bda-93e8-833c9677ec84","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":208,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"88ff6bbe-a55a-40c9-9c1b-fcd2a0a792cb","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":208,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"94c63009-c836-41a1-ae27-256d74814857","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":208,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"14bc7a81-caeb-4878-b3c6-d022571f9f1a","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":208,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"8032b424-18d6-4356-a251-d3ff8a5ea4fa","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":208,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"ffa7ddba-9c4b-4b03-890a-ec360fd84764","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":208,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"39380241-3638-4f2b-98b5-a9406d7f6e69","block_type":"box","text":"analyses of proposals.","page_number":208,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"bbb0aa6e-73c8-41cf-8932-19ab0c53a88a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ee6b4da2-c903-47bc-9ea9-b1388c5b1d5b","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"249ea39a-14b7-4635-af7c-8e01a32e3bde","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":208,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c937ebae-ab1e-47b6-877a-b1793b639d0c","block_type":"box","text":"Mergers and acquisitions","page_number":209,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"b4bcd11d-b1e7-41b2-880b-21724b80d488","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":209,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"a9ded45d-0ade-4a43-ae75-0f8fedf8bbc4","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":209,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"a9924136-e48d-4749-941b-7ce7cb4657e3","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":209,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"87340155-4e54-4381-b8da-2fb2c1bdc94c","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":209,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"428a9a2e-9432-40a9-b0ae-d03e219dc2d4","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":209,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"be1db63e-0ca5-4f4a-9ff8-c32396b353e3","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":209,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"7202af0e-899e-4302-b8c8-969cf67b899c","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":209,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"68da3117-ca3e-490c-9b90-a3803294a446","block_type":"box","text":"Anti-takeover defenses","page_number":209,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"ac674fad-6ac2-4fab-8863-a481f7790ed1","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":209,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"d7d73ca1-1c5b-43db-b274-dcbd296e673a","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":209,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"0137aa21-3313-436f-ad6c-980f340caa90","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":209,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"4586290e-c1cd-4a5e-bf94-1af0be63918f","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":209,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"c75fa6a1-0778-473d-86c1-9fd2d1611587","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":209,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"de52442e-dcc3-4f41-8d52-ae4993675bea","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":209,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"4d44f533-d870-45ad-aba9-e31130ed8e7a","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":209,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"b75ee341-17a4-478e-88ca-d5362f7be287","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":209,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"f748e82f-b892-490d-9707-211023c493a9","block_type":"box","text":"Shareholder activism","page_number":209,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"7ce77310-ab49-4a9e-aa73-e06c284b9880","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":209,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"81f8cd89-f702-412b-816c-fc4618c5e384","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":209,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"9a66dae6-8619-4046-9b99-7f5abae07c30","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":209,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"fdc03d61-5f00-4df3-b686-d327fbf57ba0","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":209,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"8abd3d1b-9bdc-4241-85be-bf82fd2a9d99","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":209,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"4597116e-88b7-4b32-a10f-1cf91c8de65f","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":209,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"3c1ef393-9e9b-4ae2-be33-a8a696720aea","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":209,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"da78cb4c-2c3d-4a5e-b9f8-b353f8550003","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":209,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"6008929b-1602-44bc-9f6a-1f21d16dee40","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":209,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"6016a2d2-2fea-4d77-a6ce-76a111dc583d","block_type":"box","text":"Significant shareholders and related party transactions","page_number":209,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"b6e47666-dec6-4641-8f66-52bc15aef092","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":209,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"f9ecf47d-0928-4b59-b806-ca6c7c65c28c","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":209,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"17501d2b-2958-425c-9410-9dc05fb20c56","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":209,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"8183fd2d-cfe0-4391-b753-0bd043dae72a","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":209,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"976c88c4-5299-429d-9b30-827efcc61c1e","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":209,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"5dcf5a27-af9e-42f6-8cbc-cd68e7a45f25","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":209,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"c14fc07e-9024-44a0-afcc-2c54c2c5b48b","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":209,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"b5c28638-27d8-4b23-961c-7b95030b2d92","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":209,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"eb3c75c7-897e-418e-98d2-4ce86805d892","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":209,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"1cac6b29-323a-425a-8e18-22427699bebe","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":209,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"df241905-098a-47d3-9175-528409dfbe57","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":209,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"3e46a1c1-1b15-400c-b193-0667f05a7165","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":209,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"0b4c7d0c-0e80-4374-ae97-cd639fb8d65e","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":209,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"4845bb9d-390f-4eb6-a2d1-2ca20f4b257c","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":209,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"b82ce518-6ec0-40c8-8213-b439e44a8439","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":209,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"d1339b18-718d-4789-960d-9e664e7ed697","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":209,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"57682b96-0655-44ac-9e3e-71608eab1da1","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":209,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"50d3e61e-094f-4673-8a3a-9437b8fdda53","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":209,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"859ca954-b845-454d-a448-009b3debda55","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":209,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"7d603520-7791-40c4-ba97-73f93a34d867","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":209,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"8291fa59-3423-40dc-84fe-2c3da23b2390","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":209,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"291e390e-9455-41c1-8099-af856e63a072","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":209,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"50b2b6a3-fdb7-4416-8962-e0a4266d2fec","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":209,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"5740c302-b791-4750-b433-a91f25c19694","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":209,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"a046adcf-0416-48c3-87f8-6ad97420f131","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b7d89cf8-b43c-40be-86e9-d8e6d523110f","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"558fa2a3-623c-4843-8eea-2b347f21241a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":209,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b03e6f84-3921-4fc0-8bf6-7b97ff42b052","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":210,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"abc627ad-6687-459a-bf0e-73d5ac2642bf","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":210,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"e7da62ab-83b2-45d2-bda2-c2d3675e3913","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":210,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"587cb5ea-1160-493b-8224-898994f02be2","block_type":"box","text":"4","page_number":210,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"30d3adac-42a2-443e-abe0-fca4044d0f71","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":210,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"b1035bfd-daf9-4198-8a13-972ecdde535e","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":210,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"bafe0e24-4e5f-4643-98d3-9bd2a1bd5ec5","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":210,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"e7572f01-0b9b-447f-876a-55d7e7f5b53b","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":210,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"ca38df5e-c7ef-46cc-b60b-76760d012206","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":210,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"80598703-2724-4c58-b0b7-02a275f26d45","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":210,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"deb9d7fe-c38e-4366-ac39-b11cf31331cf","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":210,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"ade97d38-8930-4f9a-9233-18456cb84818","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":210,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"2c2b14cb-fe95-45a1-a1b1-abb8d1e7f406","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":210,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"67a0a6a2-b11f-4055-bdf2-0a23f1d3bb9a","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":210,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"6246aa96-9cb4-45d8-97e6-92e01891cfc4","block_type":"box","text":"remained independent.","page_number":210,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"a3243f3b-ad89-4411-aa1a-963bb344447c","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":210,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"1b44ee07-c934-43e4-9ea7-fb1bf1d91c91","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":210,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"8c7b36f8-40f5-4dcf-9fd8-739fc2862a9f","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":210,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"427ec4e9-f50f-4bb7-958e-c77200b3d0da","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":210,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"7a2bb475-6338-43aa-a016-c9ee2e4922ab","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":210,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"6af00120-f697-4cfe-a137-cc111733d1fe","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":210,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"b99f8381-1203-4eda-a5f2-dd83e863108d","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":210,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"ef251f6a-89af-411e-81b2-5348d8b79003","block_type":"box","text":"General shareholder meetings","page_number":210,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"30583b16-195c-4f3e-9daa-d6fc43bcba1d","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":210,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"15a85dd8-0a52-4bc2-9f26-d12668f1e26a","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":210,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"58ac0c90-f8ca-4ecf-9259-6a5cff673c18","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":210,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"f2c91f79-1c5e-476b-a8c8-eb40ea2393b1","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":210,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"fd7c3aa0-9e87-44ec-b415-3767c5a5c44e","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":210,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"61813191-9f93-48a2-8f4e-1fea83f6877e","block_type":"box","text":"an in-person meeting.","page_number":210,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"4178137e-5b46-470f-b1f1-1b32972bd420","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":210,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"73a335c4-2fb1-4b18-bd17-b4b809409e6f","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":210,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"50fe1bd6-9e48-4963-a523-15884ff9db85","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":210,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"c418fcd4-68f5-4cab-82d3-291390e52f14","block_type":"box","text":"participation.","page_number":210,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"e65a919d-51e1-4d18-8b0d-833df1adab75","block_type":"box","text":"Bylaw amendments","page_number":210,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"7345135c-100a-47b3-b4ed-24ec3e3c6aa8","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":210,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"75c6fea2-16b2-426e-8965-215a71da00b4","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":210,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"1b79bb81-7c73-4ec4-8669-424479069e64","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":210,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"321c89f5-1a29-4083-85c8-885f3722fdfc","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":210,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"b436f702-e279-4d32-baba-41f8b032754b","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":210,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"06463b99-a123-4a09-bb91-741ed366ff01","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"5ddcd7c0-5884-48c5-8535-10bb3379667c","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":210,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"561c3eeb-e6f7-46e6-8b13-9e1bd428c609","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":210,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"ff25323b-4e0c-441c-afd6-bde7cf5d85fc","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"bfee83dd-dbf7-4117-8087-4e18a72f656c","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":210,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"0a40644b-c3f9-4d92-b45f-7d0eccdea3a3","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":210,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"1ae96cc5-e875-4eda-9de9-5422a3d2a530","block_type":"box","text":"nomination process.","page_number":210,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"3cc744de-afbc-4d41-aa4c-9b92dc9c1881","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":210,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"13ca9979-620d-43c7-9fc5-d429ff33cefd","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":210,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"092d8879-da58-44f4-871e-3966d726a520","block_type":"box","text":"4","page_number":210,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"103915cc-e4f5-4055-a72b-5f22ae1e3759","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":210,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"b0c78269-abdf-4d01-8c92-401f9431d2b0","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":210,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"fe1cf4a9-c8ee-4124-9483-b943a14c9483","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":210,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"ea412296-22b6-49f8-9333-9d6eb23966f3","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":210,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"a94636d1-3a46-49d9-9cc1-b31e2a5a4d9a","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":210,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"ca30f654-1560-4bb4-8566-fe416c2b6982","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":210,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"a7996e3a-4de7-4914-8cef-93b6beb50aeb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f6e8ff56-6e7e-448d-9b47-ec3c9954c629","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"843e26fd-a90e-4914-8ef6-8108d9cd9232","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":210,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"81436407-d045-4e57-9870-32a49d670b3f","block_type":"box","text":"Change of domicile","page_number":211,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"8d061514-df9e-4cd8-a91f-8b488805371a","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":211,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"93c1b95e-d0b7-4352-9335-4e90bda16a10","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":211,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"13bf11ee-7d52-4386-8ad4-5cb6d96b46e8","block_type":"box","text":"immaterial.","page_number":211,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"5f9ef979-2a04-4a19-88bc-fe9b066b734c","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":211,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"d73a5e62-1511-4bc2-86a6-38c7bd58e512","block_type":"box","text":"with our clients’ financial interests.","page_number":211,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"d85f5f20-3758-4a58-a597-ddbb3986255f","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":211,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"2648f58a-bd3b-4c55-a1e6-475f545ae2ee","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":211,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"cdee8057-45f6-4b26-a96f-1cd090dbefbb","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":211,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"3b14b5a7-1596-4e33-ba74-a1b7e06f7a6e","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":211,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"25a1a9dc-c61f-4075-bca7-8bfdaa86f704","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":211,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"68f4e453-3995-4541-b70a-78f063fbb865","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":211,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"ee02dedc-0233-40a0-9424-43e5227590f6","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":211,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"06d35b34-f4bf-4783-bf03-46b50a2e0a92","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":211,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"cbc6468a-3d5c-41f8-a513-4fe88f4be0c6","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":211,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"0455bb9f-bcf2-4993-b401-e18fda6fa314","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":211,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"8e7cb300-a2db-4145-8e22-c8baec7fd18e","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":211,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"e35d07ce-29c6-4f1d-888f-5175931619ae","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":211,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"0df9e51f-a261-47c4-9a02-669b0244303d","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":211,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"42d238ab-2924-4c03-a3ab-540dffdbfad1","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":211,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"9e929122-413c-4e73-ae13-65ec421f0619","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":211,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"54cdddd7-8f53-40ec-8b29-5a26a2ea2264","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":211,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"36f7b693-5094-4629-95ec-704cb10eed91","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":211,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"def69b6f-d031-47b2-ac29-59bf1c847d39","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":211,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"6e021af6-6ec9-4e59-82a7-2b6e57708cea","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":211,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"ba298b82-d8d8-42be-bcf5-1b22cc599bd5","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":211,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"d57d732e-7cc4-4264-982e-f6698a1e2974","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":211,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"afb9993c-5d2f-48d2-9712-50ab042adc4f","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"1562bbfa-8887-436f-a1bf-01b8d72ddaf8","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":211,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"51e93fd9-f3d9-4cc0-b28e-757db7889fbd","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":211,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"29d59246-09c1-4990-ae86-80e8e3ef9f01","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":211,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"183c7503-4d2f-4151-a136-af57a0bef930","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":211,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"91ddef26-55dc-4ec4-8688-544d1671292b","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":211,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"53448e2c-bf78-4b9f-b182-31d214f92893","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":211,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"8b276cf3-0161-4708-999a-f920ff857471","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":211,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"8790bcf3-d0e0-46ee-8069-9a5f1e345a02","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":211,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"c4e25bb4-fc7e-47a4-8ae8-e8bc016a2e16","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":211,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"aaab80c9-9499-4f8c-a2ea-2bfc2b359c68","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":211,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"d5afbc1b-06d5-4f4c-9ce8-ad2d5ab78d0b","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":211,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"9a243b05-bc05-4527-b451-418fc17b9ab5","block_type":"box","text":"are active members and any engagements undertaken by trade associations on behalf of members.","page_number":211,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"9cfe27b5-ed56-4688-9f71-ce6917a8812b","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote","page_number":211,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"5358dcab-2c2d-4a3d-abb6-fdbc1969192a","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":211,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"d04226ae-199b-4478-919c-406647bd74ca","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":211,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"d6fc1633-4f64-4d50-ba44-60b63f46914e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"55dac47a-5fb0-45b8-b7b2-7174f04885ae","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"f736711c-d7b0-4f92-b9fa-a094cbd93f3c","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":211,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"77e9fd19-2e94-46fb-b709-741e5b4d59c2","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":212,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"1fda9114-76fa-4877-b30a-10da479db543","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business","page_number":212,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"f77febea-6848-4e53-a502-30e547255dee","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":212,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"1745a40b-0362-4834-8738-e40ff35ecb6e","block_type":"box","text":"5","page_number":212,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"8f26112c-a052-4603-827c-a7662da322c3","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":212,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"077f81e6-6543-4767-9804-2bdcaa723c46","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":212,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"2b287831-bce3-43e8-b802-ce4a455c11cb","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":212,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"173b15f7-fd6c-41e1-af4b-8b8d373ea975","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":212,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"419874a8-c994-4fe9-a7c2-d9d5e12ba5ba","block_type":"box","text":"regulatory requirements.","page_number":212,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"6ef6bb09-be1a-4a9e-9ce2-5fe246951e67","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":212,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"67320cb7-c238-4c16-a520-eb2bcb36061d","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":212,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"a47c1583-3734-4a5b-8da7-5d6994e23be0","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":212,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"61f2f542-ecd3-4fe0-9c7a-85abf7b7d9e6","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":212,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"b4d64d16-96b4-4c73-9343-0a8eb569603b","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":212,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"7bbcdfb2-48dc-41bf-9cd0-42a2902b970a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":212,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"365e8bd0-79fa-4d5e-ab00-3d95f5664c19","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":212,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9b3f00e3-1517-4678-9cac-e681a9b6aa20","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":212,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"e12b4736-950f-433c-a257-1be3f8b691fa","block_type":"box","text":"returns.","page_number":212,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"81f8ac9f-de0a-468d-b21f-444302a4fb7b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":212,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"827ec005-dc83-40d4-ba52-5416bf8e7751","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":212,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"11c0399c-eeca-42c1-9035-f9c37db170ed","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":212,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"8c35d574-5dff-4aaa-9e6e-a99c5b60fae3","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":212,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"7859bbce-3a67-4380-9e00-33c0d903e7d0","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":212,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"ff4e4a83-edb1-49b7-ad3f-74d5dd90eacb","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":212,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"988ecc02-828a-4877-a6a2-cb8591080fb0","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":212,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"62e41165-0767-40f8-a0b5-f54b02885d38","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":212,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"20a44df1-3150-41ed-a17d-76a1a0efa854","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":212,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"752b9b29-5a19-47f9-a026-bc39be1ef2f9","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":212,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"b62d2e20-e552-46a2-9f2b-333bf6c5debf","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":212,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"bb8741ac-9650-4177-be7b-6cf7b1956efc","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":212,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"26412f17-c509-4d3d-91b5-abdaa2c8e61a","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":212,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"3611e797-1f5a-4c10-801e-bc5636ad69b5","block_type":"box","text":"i.e.","page_number":212,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"a758dd60-d6db-4323-b765-1403c871abe1","block_type":"box","text":", one in which global","page_number":212,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"9aea402b-1f44-4400-ad17-167db4b31359","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":212,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"54e716a3-4f10-4971-a628-5c4e933de2b4","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":212,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"0a2381d4-232f-42ca-bcd4-7833237774a5","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":212,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"9f78d31d-7e53-4e0d-9a3c-896667fd9f66","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":212,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"ef50dce6-57a7-4be0-99e6-de90d0eb700c","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":212,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"9c77bebc-49b1-4543-b435-0d36cd3caffc","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":212,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"34cb0271-17ed-434f-9636-7042a0063f09","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":212,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"8f3fe28b-72ff-4856-91c5-d58e9a921cdb","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":212,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"78c41a5c-c370-46f2-bbc7-b4645a79d716","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":212,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"3d214250-ef1a-484f-945e-8300b1d322fa","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":212,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"6a6981c5-ad08-45ae-9a24-62e5ebdbf396","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":212,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"a3d50ea5-f244-4010-ac11-fc845607b913","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":212,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"9c360bd6-b8b2-4189-9f5a-e40cd1150510","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":212,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"a390ce53-eb2e-48da-b796-6d13e5c6415f","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":212,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"5318338c-5781-46f6-bb30-56e769afe897","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":212,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"0ae8a7fe-4885-4b86-9286-e9fc5b17d46c","block_type":"box","text":"5","page_number":212,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"fe1e04d4-3bfb-47e5-b115-8947a65c2885","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":212,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"732d4743-428b-423b-8cf1-a8c732abdf1c","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":212,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"09aa8dc4-676c-4f6e-8eff-b6718acc9a50","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":212,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"836930bf-41e6-4908-8dac-3b556cf8c180","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":212,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"2564db24-227d-4ce0-8f86-d6c38a1a492a","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":212,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"aed2ee17-580d-4aed-8f13-179e6bb7f391","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":212,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"341f61f0-cf7d-479d-8ec3-ffb3f3f436a1","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":212,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"8258b1e9-8c6d-4798-9812-8f3d98d4fec8","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":212,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"8b31d402-5180-49fb-8094-1f74e96a3980","block_type":"box","text":"sound governance framework.","page_number":212,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"7290aaf0-361f-4263-86ab-8138dfcb021d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"297b4d3a-d1b4-4503-a925-62f6c9f87a14","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2437d370-962a-417a-bb8a-e222b9bb15d2","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":212,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"b72ac069-ad6f-43d0-8d19-4a7363d576c5","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":213,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"ad812a23-6f3f-498b-8600-a9a00cd21cbd","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":213,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"9ab3f8a3-411d-4874-8b70-927c7507bd76","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b5bdd602-ea5f-476a-a638-4dcbb0de6969","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"47125adc-b67e-41f1-9511-3741cd67cd5e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":213,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"955ce566-334b-4163-96dd-3735e9445d56","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":214,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"e38a1c03-1d3c-49c9-af7e-1233eda0a6da","block_type":"box","text":"Oversight","page_number":214,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"aaeccb17-5cdd-44be-8e9e-7fc6b09f5a78","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":214,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"3dd71bbd-9a3a-4011-94d3-362cd17b7326","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":214,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"b64d2220-12d9-4c43-92f8-bfdc9ced554a","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":214,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"a5e2535b-7cda-41e5-8494-7b3ff623688c","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":214,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"fddef35b-64a1-4ffe-96ff-93622acff90b","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":214,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"6e00a7f6-b203-426f-bb4f-205ef54abfa8","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":214,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"69c1b489-c209-4014-bef3-a17f94bf010d","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":214,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"96ed9afc-83b6-46dd-9be9-d7d1a2764c55","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":214,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"638fa015-d8b2-469e-80a7-349764c5c79c","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":214,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"8ef96bf9-8525-4deb-b835-c494e468f8c0","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":214,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"e5447949-0d05-4cfc-86af-4c524d4853fa","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":214,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"176ed153-040f-4e28-ab64-105e01fc2c7b","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":214,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"7f48d503-5baf-4ec4-87c0-158a5dbb9315","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":214,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"d35a1f86-1f8e-41cb-8863-12ff1f4991a4","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":214,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"5fe5a904-2ef1-461e-990a-ba6d4696b8a4","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":214,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"7e6d7b94-e40c-4ab7-ac05-76452b37a261","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":214,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"e517b7a4-cbcd-4834-ac7e-07fbf726a391","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":214,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"105e94ba-488c-4307-b047-f4b952e962f7","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":214,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"86509bde-49c1-45f2-a80e-cdb296dec455","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":214,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"eeed3a2b-ca7f-4351-8b7b-615f4ecd630f","block_type":"box","text":"third-party vote services providers” below).","page_number":214,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"1583e0b6-b387-40aa-a848-86bd07af1102","block_type":"box","text":"Voting guidelines and vote execution","page_number":214,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"35bfe5ad-37ee-4fd0-a521-e6415b128153","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":214,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"6f5a0d34-1226-461c-8f08-34f89dbd378d","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":214,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"f4bdb58d-a914-4e0c-bd0f-f1d9b2e8111e","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":214,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"85ec3029-b32c-4006-822e-c3fb003bec1e","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":214,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"310144ac-f6b7-4125-9e54-ca317414c5ff","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":214,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"784ab83f-326d-4b1a-99dc-0d78fe7b5a75","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":214,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"eefa5194-4b68-42b9-8eb9-658828dcaf44","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":214,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"81f447cd-f925-4f75-aff2-f8ec196763d8","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":214,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"cd40a979-0ac9-4ce8-846a-e8680fbb8351","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":214,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"ec138404-6e55-4841-aa94-9de3219712c9","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":214,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"11d718b3-5166-4975-aba6-4bdcd51d0943","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":214,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"9a368c81-d7a0-4974-9fd2-a044df989a25","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":214,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"ff29b309-a0f1-4f02-baf2-e6d32864232b","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":214,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"a426d3c8-df33-4f8d-9a22-6a7968f8cc78","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":214,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"8376aea0-3d22-4c31-9375-b6c2d85499b1","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":214,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"802a80c6-4a35-4f8c-8dd7-eed01dd80101","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":214,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"892643f9-d12e-4133-ac28-f46f5020fec5","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":214,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"62ef5620-f089-4433-945e-ec6f2dd89920","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":214,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"813c3c60-d8a8-425a-8212-3e73c4665ada","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":214,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"57e0d84a-e696-4753-8bf7-d5db1a6732d5","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":214,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"34144c71-9c8e-43d4-88a0-7ea67ad8e292","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":214,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"f79fbf47-4509-44d6-89c9-5867d21efdf8","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":214,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"9397126e-17ec-4992-b568-b2eca8790363","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":214,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"e42c6d68-9677-41e2-bc4f-5a5bb5f09a8a","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":214,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"0d3c630c-a6a8-465b-8875-fe6ddf557c0b","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":214,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"7da718eb-d6d3-46b4-9801-bd0e4b898d5a","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":214,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"9f0b3584-5f6e-4f17-b7c0-67b5e8a6c685","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":214,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"e98bdd1a-4e37-4871-8f87-6ace8cb72cfe","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":214,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"d5ca95c3-c8dc-4999-9857-b66de6706f76","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":214,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"5724f4ab-1697-4f97-9662-6232850fb9fc","block_type":"box","text":"Voting Choice","page_number":214,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"d7ccde18-f37a-4e41-9282-f50094e4d9d0","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":214,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"251243a2-61d2-4947-a2a0-c5cf319002db","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":214,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"09f0ceb1-bafb-407c-9913-66fd87aa3ccb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0c8b817a-2ad2-4d6e-b25f-30d3bf72679d","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5cfa1b30-6479-4dd5-a0cc-8993c111829f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":214,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c563423e-5ff9-42c2-9b6d-850e85c374bd","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":215,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"3ddd6a1a-a698-45be-9712-c2bdbffe7730","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":215,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"58dfed8e-ddec-47a2-bb2b-5bd18dc0c0b7","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":215,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"dd86b025-e035-4eec-bf4e-25b00b304d00","block_type":"box","text":"strategies.","page_number":215,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"3855a15f-7132-4d78-803d-01d49e3a43c3","block_type":"box","text":"6","page_number":215,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"883f5876-9f81-48d2-ae1f-66f248fda086","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":215,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"66433e9c-9ed9-42f1-84b1-0b23ce89cee3","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":215,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"759972c6-4637-409f-9632-66c8d816659a","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":215,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"35b0edff-70d2-4700-97f3-bc6b4763a8ee","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":215,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"5332cea8-4288-4ef4-9423-3731b689d7c2","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":215,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"ad3106cc-e263-447e-bf7b-cb82bf3d7614","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":215,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"132f5aee-d480-4980-bc88-b5a8dc2955d8","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":215,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"04550dd6-d177-452e-b886-5e053baeff9f","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":215,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"62882fd0-b25b-496b-b426-5106b0b8f4ae","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":215,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"e5586ba0-5c52-4227-8051-9c4df483cb3c","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":215,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"3cb00edd-0d52-4116-af54-e1a23ddcbf4e","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":215,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"958bccf2-ccda-47f8-b466-02358c64a622","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":215,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"dd00c195-753a-45d3-ba96-5994b96913e8","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":215,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"9fad9ef4-b240-4e42-a648-91e8715dce39","block_type":"box","text":"clients.","page_number":215,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"a08b6899-5fd3-4d0f-8a1a-27f540d1f01c","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":215,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"d979bbc5-9b9b-4134-8911-b9b9b742955d","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":215,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"e2ace574-06ff-4193-8272-68313f896141","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":215,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"2a2afbe0-0eca-4643-a768-2440e4a45ffc","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":215,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"c1038695-8581-4d06-9210-a74745c3ef0c","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":215,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"20ecdede-c0bc-462d-a68f-990dde594964","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":215,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"eefe7bce-08a8-4881-b4c6-3bbf0d7e29d9","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":215,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"7188ce43-31c0-4b14-9d0e-58e373fb3dc0","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":215,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"d09b6643-806f-4988-bd03-4205658852a8","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":215,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"d7027c2c-322b-492b-aa2a-eaa70bcb34a4","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":215,"box":{"x":70,"y":469,"width":760,"height":11}},{"id":"081f0613-cfda-444f-89a7-ba70d17abee2","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":215,"box":{"x":69,"y":483,"width":824,"height":12}},{"id":"9463313c-b94e-4fb5-bf7f-11e6ac86f4d7","block_type":"box","text":"policies.","page_number":215,"box":{"x":70,"y":499,"width":56,"height":10}},{"id":"b7c072d9-d47b-4213-8adc-039bc1da91fe","block_type":"box","text":"Conflicts management policies and procedures","page_number":215,"box":{"x":69,"y":521,"width":342,"height":11}},{"id":"742c0e01-e6ce-4e5e-9320-d64b06e3d6ff","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting","page_number":215,"box":{"x":102,"y":539,"width":754,"height":12}},{"id":"3420dcb6-5860-4c15-9f66-7ec60dcd45e8","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":215,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"f714003e-789b-497a-aa04-696fa3700eed","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":215,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"0fe60ac8-6748-4670-9697-45ae7c87fd34","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":216,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"afff6a36-a567-479c-8533-d0077d811ba4","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":216,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"b59a4775-cfe0-4b03-bc37-e8b9e78d9f54","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":216,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"7e7d9180-7144-4b03-b9fd-a2a86212997c","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":216,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"ee12e742-6eb2-4a85-8eb8-4b24a183d86c","block_type":"box","text":"of recall consideration). 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All other trademarks are those of their respective owners.","page_number":217,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"24c43043-3c07-4369-a9d8-147e200badb3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8fb0e20c-3e95-4ccf-887d-ec2724869c7a","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e83130fa-05b8-485f-9678-cf7e1d03c5fd","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":217,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c557f0b4-b494-48e5-ac08-3bebd3ccbc8a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":218,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"687e6213-d42b-4f04-8aa2-d3e65fcfa3ff","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":218,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"9154624d-09d4-430c-86da-41e1456aaaaa","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":218,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"9f390036-1169-4b00-a2c3-daa3686f86e7","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":218,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"83ad52c2-92ae-4432-97db-83374df251d8","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":218,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"06fd4b9f-75f5-418e-bb31-59177da371c6","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":218,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"0237691f-90f7-4d54-a4ae-c9b1de022012","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":218,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"59f3eae7-900d-4f49-9780-4b23735e2138","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":218,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"e88248cc-ef4c-4956-bb81-c19340588e07","block_type":"box","text":"Appendix A.","page_number":218,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"5e2bfea7-38f7-486f-a822-661e8ca76f18","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":218,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"61fdaff9-1b7b-4134-b1f8-055727516ce1","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":218,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"eccc18c1-0432-482f-8394-fbef616e2fb3","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":218,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"e7806f0e-8813-4b39-b97c-d28fa34eda9f","block_type":"box","text":"Conflicts Management","page_number":218,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"a7f41660-7541-4b36-9e87-aac5644377be","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":218,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"6415a2cb-fdf6-40f9-a4db-51a624bf5781","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":218,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"dc5de6af-ed8b-4bb3-975e-a80e5145935c","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":218,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"2b39b36f-9f58-4943-ae8f-e840612fe1c2","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":218,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"ea44c66c-0822-40e7-96b8-a20871b93f80","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":218,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"6812a70b-ef64-4534-84e1-ee1862819e92","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":218,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"07b06ef9-6c9b-41ed-a7a6-ddc5c84ce690","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":218,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"72a79b4e-599e-4e36-864e-abeb046fb358","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":218,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"3b5bfe13-7f42-4674-ae3d-ab2d7f16c784","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":218,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"fc05f6fb-a953-49c3-ad9d-6d38e7aa2eb2","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":218,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"782ac9cc-5ddb-47a2-b4b4-228a07dd1eca","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":218,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"b60f6909-c790-45f5-aa4a-30cf7ec29c85","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":218,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"4b236798-41fc-48b4-beab-809513a9718c","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":218,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"36a0c133-e837-4c63-8b43-2e8928d0b69e","block_type":"box","text":"connection with proxy voting.","page_number":218,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"7fc3821a-91d3-48f1-99b8-7430d856609e","block_type":"box","text":"Reports to the Board","page_number":218,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"e2fefa5f-6c20-4fa0-b43f-e2025372eebc","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":218,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"c1ff91cb-7624-4cb5-90e3-ddff075a286f","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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BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":222,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"8050dade-08d2-41c9-a9df-ea182258b335","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":222,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"51fc1e8e-b464-4f20-b716-e5343a77b35e","block_type":"box","text":"2","page_number":222,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"cf0ea95d-300e-4160-aa42-a79b7368b2d7","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":222,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"5ea81bc8-b686-4c07-8374-97c62d0b7ef5","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":222,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"d2b647b6-d88d-4952-87e6-1b8311d5a3a2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"905d082d-2f1c-4111-8100-eeec5633f727","block_type":"box","text":"Global Principles | 3","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"0b06d96c-242e-4a13-a12d-97d42f4917a3","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":222,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"67149fb4-4c16-4f27-9c44-20f1ee872e65","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":223,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"84b62487-977d-4bea-95f5-6f75e7543cb4","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":223,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"357d3467-d3b9-468b-bf90-e2c362835ac1","block_type":"box","text":"this balance.","page_number":223,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"3070a1c1-e5ff-4eff-9507-7670b8639148","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":223,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"c1093f6e-1d43-4f2e-b536-bb028f4e3f78","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":223,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"a35eab24-5065-45a9-9a6a-3cb265b2f603","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":223,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"95005a94-90a3-4ed9-83a6-95e0169e430c","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":223,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"f47653ad-ff45-4cc9-866f-1898336de37b","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":223,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"8c4a694c-2459-4ea5-8899-e144bba2c850","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":223,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"9c5e0959-f421-4c7e-9216-ba8f6dd526d6","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":223,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"8ef95f4c-16bd-478c-a7f5-476883d15e4c","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":223,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"b23a4874-59a1-4492-b03f-adcc0d38484e","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":223,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"68cdcb2e-92fc-4ede-ba78-f81a04903c6b","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":223,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"8197bc8a-cb34-4958-aace-79856fb2fda3","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":223,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"d1063462-9a92-4bc4-8fa6-b39287ac9038","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":223,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"97ace0fa-419f-4ccf-bd3a-17bb54b1ec56","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":223,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"0fce059a-b19c-429f-9439-9015493cdc1b","block_type":"box","text":"industry peers.","page_number":223,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"aedf2422-0504-4378-ad54-28aa1d29a157","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":223,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"fbf612b4-c09d-4976-af1c-32e21c8892f4","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":223,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"a4efe5ef-e427-4f04-9086-f9812a78414e","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":223,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"82c679fa-765e-4e0c-a559-6736e6f2e2fc","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":223,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"b92b016d-c18a-4f7c-addd-08b37a51912b","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":223,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"155c1276-9d46-4d64-a99c-41701ea22eac","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":223,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"22e5ab48-a131-4ed7-95b1-c293ccbf927f","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":223,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"7fa7d811-fc6d-4acf-be69-ad25091b7e1c","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":223,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"8f7a4d45-8927-4800-8534-8d5d9cb61202","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":223,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"660fb6c5-1889-4f21-ab4a-b553216a7ae3","block_type":"box","text":"drivers of long-term financial performance.","page_number":223,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"0d70698a-0908-49bd-85de-67fa2c3bd376","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":223,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"11dbdc78-81e1-4aa7-83ab-847ae314f375","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":223,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"b08d7c5c-c2a3-4db4-b50e-2b9bfe36d4c6","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":223,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"8848638e-790b-48ca-b47e-58d7d4f29471","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":223,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"5f9a9ba7-2303-43a3-bbfb-a2c634dcfa06","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":223,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"b495e69b-9c33-4cf7-b78f-e2efaae1b0cf","block_type":"box","text":"KEY THEMES","page_number":223,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"12908149-3618-486b-a980-4ffd559b1c46","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":223,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"9e8dcf43-88c1-41b4-bef1-3a0b68902034","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":223,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"aac4d5d1-d25e-40c2-b337-f6d17c10f355","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":223,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"086d3d1a-95a9-4789-b944-93f9fc6934b2","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":223,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"6df66fb6-8f22-483c-9f96-4544fcc599b5","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":223,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"c689f38b-8a9f-4964-9b8e-6e8300925f2a","block_type":"box","text":"their domestic market,","page_number":223,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"fc2001d2-3eb2-4118-999c-4bfccf1b5829","block_type":"box","text":"3","page_number":223,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"5966a6f0-85cc-4a57-a870-58da61ff93c9","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":223,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"ad9f8a14-fb81-4c2c-bc4b-a1c755b56fdb","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"1d90f3f4-022f-4ce3-b5c4-de967c7cd712","block_type":"box","text":"These Principles cover seven key subjects:","page_number":223,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"0ad82dea-fa4a-4105-b33a-a50c75cda583","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"ac4d0dec-eac3-4969-9e36-e6da9a5a2543","block_type":"box","text":"Boards and directors","page_number":223,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"cb9b3aa8-f759-4952-ba8a-56eca9749316","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"b8916ab8-a55f-4935-a711-788d74891f3a","block_type":"box","text":"Auditors and audit-related issues","page_number":223,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"e4bfd49a-483a-4127-99d8-264966356540","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"8e01912e-70d9-481e-9597-f2299e78f253","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":223,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"f1fe6aaa-ac0a-4c67-9eac-9302c5363a19","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"ddc6edd2-cac6-46e5-aeb9-b5de0a538e69","block_type":"box","text":"Executive compensation","page_number":223,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"5631752c-eccb-449f-ad0a-d1001a205c77","block_type":"box","text":"•","page_number":223,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"2991775f-53ce-42c8-b588-8e8abdf9098b","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":223,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"f886202a-7cee-4139-92f2-f1f7095eda57","block_type":"box","text":"3","page_number":223,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"8c259015-0bd7-42f2-ad5e-bb806ca30ba1","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":223,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"06055ae1-04c5-4c63-8d6b-f88a8dda94a6","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":223,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"692504c4-c889-4a8c-a18d-9b2cad46116f","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":223,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"d39485c5-399e-4181-9ce7-6b8162c1edab","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0a39cba3-7142-46e3-8809-1056b615c1ca","block_type":"box","text":"Global Principles | 4","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bc4d346a-1abd-4d28-89aa-1ab834cfa0d7","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":223,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a80b758c-f3f2-4f7c-955c-2a9402dde523","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"b8bb81c2-aa7e-4eaf-b298-ffcb6028f823","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":224,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"378a96ae-8d06-481d-934c-1905ec13a7d4","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"d51ef9c2-8548-452c-bfc9-11ca80342313","block_type":"box","text":"Shareholder proposals","page_number":224,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"bb5066b0-cd10-4460-ae1a-501258cf5ed3","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":224,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"260c27af-7cdf-40e8-9d67-1b0fd484b1a5","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":224,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"efbe66d3-5fbe-45e2-a1b6-85724b4914c7","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":224,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"d79080c5-a52d-4914-9008-5da48511fe7d","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":224,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"f8d966ae-986c-4ac2-8da1-9da835d0b955","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":224,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"a51177cc-97d9-46f8-9c79-02c98f01be80","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":224,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"05def2bd-d12b-4765-990a-642515899351","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":224,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"d4a25ffb-feb2-4f6c-833a-483aa69940dc","block_type":"box","text":"environment within which a company is operating.","page_number":224,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"42d05d97-0838-4f04-ab12-d2ac3041618a","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":224,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"e955c84c-7885-4e17-9fbf-8771d8cd3aa0","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":224,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"efb3fbde-4d63-48c1-8763-8586ec565716","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":224,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"f8b23086-856e-49b9-a5a4-1c7bdb190adf","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":224,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"1273da2e-02bf-4515-ab36-459d941de463","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":224,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"650145f3-26f6-43fc-8dd3-7518df048c04","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":224,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"2884732c-4ef8-43e0-ad4d-0fda569362c3","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":224,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"8f8bc14f-5b81-47ee-831d-71cb72053ee8","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":224,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"4cc365e4-f789-465e-9e07-78c117de2a4a","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":224,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"a6921dc2-a2df-4ba2-847f-af47bd6a3c1e","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":224,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"2c68516d-ddd9-481a-99aa-b124166b4f3e","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":224,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"ef3ed8db-8ee8-4ea9-a670-31f2b65fcfb2","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":224,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"74bf4d2f-3457-44de-a0d7-a2ea1b73568c","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":224,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"7e2a5a8b-7267-473a-8b7d-15ec6ebd7c1d","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":224,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"58fcacf1-96cf-471e-844d-a35bb52e3a39","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":224,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"e2a647c4-9aa4-4436-80bf-e3c588803e01","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":224,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"cd626afa-96a9-4596-8b14-c1284df6a800","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":224,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"44995154-57ef-4a82-aba6-b1c535df3a67","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":224,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"5447f535-f611-4368-a165-f9df7a44598c","block_type":"box","text":"managing, and mitigating such risks.","page_number":224,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"c01dd71b-f473-49cc-a731-1c21c3985efb","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":224,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"c15641d7-3125-4d2e-9250-7c9bf79e957b","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":224,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"c7367758-1b72-4236-aed3-21e0e54042a6","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":224,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"818b93f2-03ba-4f56-9142-6d71262c4a9e","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":224,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"99c15505-88b9-4537-8c39-283be20e91f5","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":224,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"e161705d-0236-461c-a593-cf0a8512a9cb","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":224,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"2939bf5b-aab1-4786-94f2-9141ef826b92","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":224,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"dd76a055-82ff-4a7e-b701-e5102c80f7e0","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":224,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"a8ba6c81-b2ed-4929-b6d8-977b37cd2543","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":224,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"8a76b5e6-08c5-462b-ba3f-15c74d6c48f7","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":224,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"c79979e1-2a52-4279-af6d-97bd16a0e604","block_type":"box","text":"consideration.","page_number":224,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"cb2a1489-0d28-4449-ae09-7e13f413a68e","block_type":"box","text":"Regular accountability through director elections","page_number":224,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"406189a6-b31a-4775-ab9d-029579210746","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":224,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"8e579515-1884-4c23-b9e0-6787a5b338ea","block_type":"box","text":"regular basis, ideally annually.","page_number":224,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"1fd603b9-bb61-4d42-94fd-aa3cddcd3225","block_type":"box","text":"4","page_number":224,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"aa6c1dd9-683c-4dbc-923b-05c3d8b45c52","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":224,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"d28e234f-85d4-40d9-9e70-09ff93cd6755","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":224,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"a4b5cd9b-a4bd-49ef-8513-15de548b4296","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":224,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"11e76267-440f-42ac-b018-74872fdf2cff","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":224,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"6ec3eb41-ba8c-4071-b2b3-2e3ada31d152","block_type":"box","text":"election at each annual general meeting.","page_number":224,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"7d958364-9ad2-4243-b862-17d70adf2329","block_type":"box","text":"4","page_number":224,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"d6d1817a-cbe2-4c50-b634-0a747cfbb3c7","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":224,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"88543957-e430-4421-ad8e-c584f9ecc472","block_type":"box","text":"market regulation or voluntary best practice.","page_number":224,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"a372a727-d935-4b88-bd9f-069dd5db2690","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1a6ab689-b011-4969-b7e2-94a690277a5a","block_type":"box","text":"Global Principles | 5","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bfa379b7-dea4-41c0-b273-964a76455087","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":224,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6cda6bf5-b19b-4081-94de-07d379e0a2f3","block_type":"box","text":"Effective board composition","page_number":225,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"bc2fddeb-ea4c-44a9-a351-c32e791fd74a","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":225,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"a6a634cc-de10-4418-b48f-47914208bcac","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":225,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"652910a7-b8e1-4536-9ac0-2d4e16a4ff56","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":225,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"8943a687-5dd2-488a-b5e6-f70e87e1049e","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":225,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"972184d8-a54b-49d8-88ca-5efc9dd6b99a","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":225,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"0aa41ff8-1ef9-49a3-8a65-358c56f894aa","block_type":"box","text":"recently.","page_number":225,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"63166fe1-b584-4036-ac13-8adbf022d0d5","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":225,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"bb27b016-2317-48c3-bbb3-8ff0aa2dc4e0","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":225,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"738bc53c-0130-44e3-9fe3-79952d267109","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":225,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"2f65065a-1f55-4413-b443-153ce1259022","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":225,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"f152928b-6df3-4acd-b3ff-09d4cf658c64","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":225,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"88eae5f4-a332-444a-a761-56dca6c75414","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":225,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"fd421ab1-84c0-469f-a719-aecd19e01c53","block_type":"box","text":"of sound corporate governance across markets.","page_number":225,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"cd8a19e5-1360-436e-83c5-36fd6222e7b4","block_type":"box","text":"5","page_number":225,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"aaa71456-e0c4-4cf5-b44e-73678add4829","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":225,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"2ed5625b-90ae-47bc-956f-8e6f76f0d7c0","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":225,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"28bc23e6-b563-4759-9cf0-91e9796c7ce7","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":225,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"b95c101d-ad2d-4f2a-bd5f-3a14b9cc4ee1","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":225,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"291ab4ca-c27c-4064-8eb6-3d3980c27a7f","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":225,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"801aeb52-e513-479e-a8ac-41dc282c0614","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"5ae55bd9-bb2b-44ca-a402-451e6b3dab99","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":225,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"dcacaa5e-2166-43be-87b5-fde08e0d9fee","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"bf1cb93e-dad6-40d5-8582-a24aaf6a1e91","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":225,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"9404103a-f6a5-4c6c-a49e-40a5fd8e5b6c","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"a501d3c5-7e1c-4849-a4eb-78a5906cc908","block_type":"box","text":"Interlocking directorships","page_number":225,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"9fc351e4-2ea7-4bab-b94b-0ed044b6a2c2","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"0bd47df0-ccdb-4fa4-a01a-79605a404092","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":225,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"10d7a7aa-61cd-401b-bf27-9ea9359e8bb6","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":225,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"c170c4b0-16a6-4c2a-9e6d-4961d2a0678c","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":225,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"26d4e47b-670e-4fe7-99c0-d80e7f703492","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":225,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"2b80ca52-58e9-4d2a-8546-dcd060b10ef1","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":225,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"a00f42d2-ddc4-46d2-bd46-68af6c6e266f","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":225,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"63d7772e-f0c8-4e22-ae95-f5acb3e5337b","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":225,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"185da4e5-5ad0-45fa-96b2-3364bb4db08c","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":225,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"98dee91b-fb7e-497b-a228-3717274d5af1","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":225,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"aac12bb5-2959-4b13-b397-f0a5a3fca530","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":225,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"c5b0550c-977c-46a8-9b60-7d99a62e415c","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":225,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"b8803369-c61b-47ee-83e2-4ef1d7da3ef0","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":225,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"36b696ab-bcca-46bc-9632-8a45723aba87","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":225,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"524648c5-9c6c-4082-b62c-97743cf61106","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":225,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"bd9d8882-ea72-4afb-9af5-8a997cdb20e1","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":225,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"0927326d-b9b7-447b-b25b-d1e33922d328","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":225,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"a7feb430-840c-4231-8ce0-d26c0ee3c318","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":225,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"fdbf04d6-57d8-4743-9f87-48726073e4cb","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":225,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"8872240e-cd43-468f-9899-15d2bdc0157b","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":225,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"952551fa-203d-4b05-a31e-3beacf97afdd","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":225,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"aba2b75a-a03d-4cdc-85d3-11a8f18cd49b","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":225,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"6221d0d0-7714-46b2-824c-2296254e209c","block_type":"box","text":"board discussions.","page_number":225,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"1da5b6af-2a45-4623-8ba6-1f5b8a474732","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":225,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"1f1cde52-a4dc-450d-9bf7-dfaf6b4a7c6f","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":225,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"07ccc6f7-5a71-41ec-89ba-25e3f6efd35a","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":225,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"9b1e010c-f4a7-4ac9-b81b-c94f09e5f958","block_type":"box","text":"5","page_number":225,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"e95dc304-a093-4f43-95d5-7536cf3873a7","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":225,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"44be8353-0c29-4b75-b740-d78fb8837510","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":225,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"5b019814-7360-4c77-bdbe-9e2accdd9a30","block_type":"box","text":"Principles for US Listed Companies.”","page_number":225,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"1aa0afb7-5010-46d6-812a-4042a37a286f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f951867a-f0e9-4fc1-b445-aa9792ba07d4","block_type":"box","text":"Global Principles | 6","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a3fc8edc-ab7e-4b50-95b5-bda3927cb050","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":225,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"6cac209a-1948-4ee4-9943-80a53e5eb76b","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":226,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"eccff107-dbc6-4e06-88d2-14a6c762db4a","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":226,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"eebef3f1-3b51-4b2a-8878-2bdacfea4e2a","block_type":"box","text":"composition supports the company’s governance practices.","page_number":226,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"db56d06b-86ad-4012-a7a6-a2f4fa5d07ca","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":226,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"92e483ae-4c00-487a-b09b-be214881e4e0","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":226,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"9897804d-9bd1-47c9-85d0-4a57dfe40d61","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":226,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"930b99e9-532b-4e0f-93c3-fee362a3e5b9","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":226,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"567578bb-977f-4c36-8538-a944f689e963","block_type":"box","text":"6","page_number":226,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"f7d9ca37-e987-40ba-a148-5194127024b2","block_type":"box","text":"Sufficient capacity","page_number":226,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"c797d6a5-62af-4227-ae6b-b65a03f6880e","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":226,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"940e88b0-6c9c-4859-9289-941053f2f2b1","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":226,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"7ad41c96-0fe2-4969-9e9b-6cbbe451c785","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":226,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"d103c722-90fa-43a4-88ce-fe952d1ad18d","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":226,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"092b665b-9934-4c93-bc63-d74299e6d250","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":226,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"d3352bdd-5687-427e-a442-23ce119cc8c3","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":226,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"9fecf655-f056-40b3-80d0-901d7da1d9ba","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":226,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"9727bf99-3cea-45ac-91ad-ed5841e830a7","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":226,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"30981fd2-65f1-4c9b-8b63-9f56018111ae","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":226,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"15b841ac-e635-4b58-9a0a-1bbe8cd9c0dd","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":226,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"c90ae005-8934-4730-b966-d9fdea45f727","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":226,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"38b82d00-40cb-4403-9efd-e340fdde2524","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":226,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"4c3e806f-59b2-4350-bed8-da16ae642ed6","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":226,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"fb7d91ed-1264-4b0b-9617-6e0030736d4f","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":226,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"efc1a479-0537-4177-b032-03625434fcff","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":226,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"c6842983-e571-4e63-855c-b5c78b0213f2","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":226,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"94f1342c-1e94-41ed-afbf-0727d7868021","block_type":"box","text":"their guidance to companies.","page_number":226,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"862203b9-663f-4b51-831f-40ffe79c6713","block_type":"box","text":"7","page_number":226,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"1401fee4-1d95-4dcc-84f6-84c0ae5987fd","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":226,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"33a86126-88a6-43df-8b98-04119f4de125","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":226,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"1b1120df-87dc-4513-9ca6-89d747658a4b","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":226,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"06cb2f18-3f38-48a9-bd0d-006d1170e926","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":226,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"fcbc4bf6-97d8-4a5d-bf7a-92ab20e6e409","block_type":"box","text":"8","page_number":226,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"71d6bad7-fdd3-472d-8bf3-dae71263c384","block_type":"box","text":"In our view, effective audit committee","page_number":226,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"6c9f8f6b-d71c-4de7-9a0e-957315cc60d4","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":226,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"f732ee67-6d92-42e7-acf6-5fbde629735f","block_type":"box","text":"of reassurance to shareholders.","page_number":226,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"893492fa-6928-41d0-8452-18c62b4be1e7","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":226,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"bbfe5f61-db17-4403-b32a-4ca99bddf252","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":226,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"688a17e7-3b3c-405d-9b45-f6366bdb95fc","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":226,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"d95372c6-37e5-483a-b720-91e1e051847f","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":226,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"e87efeb8-9a27-471d-8cda-5618505e103f","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":226,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"f56a718a-7082-450a-ad35-0f6dbdbcac3d","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":226,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"3343db54-2a84-44c2-8b68-c817c63c85cc","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":226,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"88ae2a0d-64e4-45b9-a387-81535218b603","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":226,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"59981550-cb7b-4985-9406-e80b8c60463c","block_type":"box","text":"or internal audit function.","page_number":226,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"cdec50ba-baab-4506-a41b-bcd970256fec","block_type":"box","text":"6","page_number":226,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"3987c285-2e1a-4078-b067-47326fbf6700","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":226,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"3427c397-82c7-48ff-b0ac-6d8475b117b7","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":226,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"b6491cab-8b78-431f-b3b9-68153eae20df","block_type":"box","text":"7","page_number":226,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"49027f48-d457-41c8-b4fe-27f2a5b95d12","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":226,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"ac314e93-fbb2-4afb-bc80-0ef99cb22574","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":226,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"92ff36d0-04c6-470e-8b02-3b907601a9ca","block_type":"box","text":"August 2023.","page_number":226,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"acd66265-56ae-4a6c-aef1-61533e386da7","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"99dccb3d-3887-4234-81a7-25ad2fce517a","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":226,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"8d2d654d-31d6-42f3-ae62-7814ac7dfed3","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":226,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"50be80be-2db9-4ae7-a76a-dc048bbd5bfd","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":226,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"617f71ea-2951-4e01-8de5-76e6c2c8a3e5","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":226,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"3f6ec4d1-c4fb-4660-80a5-c612d7a41ae8","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":226,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"429623c7-fdb6-4cc5-969a-74fc031f3c59","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aa2fe2f2-2922-402b-bc38-b8847defc2be","block_type":"box","text":"Global Principles | 7","page_number":226,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"81814d5f-ddc9-421e-9184-77a38c30b16d","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":226,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c95f5c73-9105-47b6-aec3-54c792f7f495","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":227,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"e4bf4965-1992-4ddd-9ecc-60fd718c9f4e","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":227,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"fc231ab6-d2d4-4b91-9bd7-889a16763509","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":227,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"5e22c9a6-7413-402b-b799-136095607912","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":227,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"8e89429a-6af3-492c-ab7f-e0a9517fab02","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":227,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"295f31ee-70fd-432e-9f54-d177037c879c","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":227,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"1ef6c956-002a-48ad-8956-4b1d7fb523ab","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":227,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"8fbc96ff-0700-47dd-9b63-0bd11b83c8ac","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":227,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"632b2e52-fd57-462a-97f7-7d8c57e3959e","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":227,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"c136f469-5026-4301-bee8-780dbe992f96","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":227,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"d3739efe-717f-41c5-a617-a57cae25f119","block_type":"box","text":"adequately managing risk.","page_number":227,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"302340c7-60ee-488b-9be9-1e57d67f02b8","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":227,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"56a38763-5e46-4c0f-85e7-a421e7af994d","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":227,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"cd84f95e-e2e1-4ce0-818a-43e83bc05a5e","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":227,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"e76b4eba-19a5-4588-bc17-e054cf2bfbb1","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":227,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"8c43da55-bf66-4872-b7fc-c98ae3928767","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":227,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"5086a48d-04ee-4b49-aa9b-73fce932eeeb","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":227,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"ef0f8ce0-18ef-4f72-a9c9-ac109f33d3cc","block_type":"box","text":"and voting rights should match economic exposure,","page_number":227,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"4ea68c60-d5b9-4638-b894-95c505b16289","block_type":"box","text":"i.e.","page_number":227,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"84b9d5da-4bf6-4550-8d5d-1026228c655f","block_type":"box","text":"one share, one vote.","page_number":227,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"f28f58be-730e-4869-a2c5-64aa859b7202","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":227,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"2a4c2cf0-e37a-4c76-a839-b45154d8d1da","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":227,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"889cbcba-02bd-4b34-bfcd-2fa7c59056c8","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":227,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"4f66376e-d22f-472a-873a-de995576207c","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":227,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"403527e3-8d6e-4a7f-939e-3aa741adf420","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":227,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"1bc8b680-4c7f-4bbb-931f-64ea39e4c5ce","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":227,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"edb41284-3ac0-4117-ae8d-c4226d65bc3a","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":227,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"ce21b2bc-0b4c-4225-8202-82ac7a18c3a7","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":227,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"c93d94fc-11d8-4873-a44e-b88d4454683f","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":227,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"3cee763d-5550-4540-832f-47add5a305a3","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":227,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"851492cc-c0c2-4b90-a203-6cc6356f6e0a","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":227,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"bdb8c3d7-5afe-4c5d-a425-d457ab4aebd4","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":227,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"69a8f718-be77-431e-ae64-f57a0788f0da","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":227,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"82524d11-aead-41cc-9677-9a5cf76709c6","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":227,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"f33abf0a-d900-4cce-9aa3-850897ff7b4e","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":227,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"d33899f4-fedf-4149-93a9-a0a84b6cd7d1","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":227,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"7a0c9ba3-61bb-42b2-8f40-aa5bbd42198b","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":227,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"75f79cd0-b8fc-4d2e-aa02-0e1b2b2ff5c3","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":227,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"2c4b0fc3-84ab-44d8-90be-491c33c4bfc0","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":227,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"7f56e417-e400-4a92-a611-44ab9d9452d1","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":227,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"2c34c26f-2105-4dc7-92ba-e452af02e50c","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":227,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"d5171d1f-f3bc-4ae4-8fac-3ff8bba15ddb","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":227,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"6157eae8-bcae-4728-bc99-4f30738457d2","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":227,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"90b136c8-b9fe-49ef-9f1c-b1f118a806ec","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":227,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"19a94f86-c56c-4ded-9925-3040e69d0fc2","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":227,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"a7c95a8c-4e8c-4791-a161-c7306723d577","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":227,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"4e268445-fc20-4461-acd9-a8c6cf9860a2","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":227,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"f102433a-69df-4ce7-9d32-0d62dd163536","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":227,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"276011cb-2ab5-402c-9045-af37878961d1","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":227,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"298a5691-e1d9-434d-b1d4-2f6f8d25911d","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":227,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"09c1c54b-a741-49b5-8adc-21861b7176cc","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":227,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"c05e8304-39f5-4ead-a0e8-54e7b6a8158b","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":227,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"b8c8495e-2e44-4ca9-9247-a78c9345684a","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":227,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"e7cf1153-be02-4d37-8daa-593d23532f51","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":227,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"808b8c27-ca49-4ded-b417-771e9ba212e5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c47cc48d-bdb1-424e-af9b-c51d6aaf19c0","block_type":"box","text":"Global Principles | 8","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d43288ea-7406-4ef5-b8fb-063513c4adc8","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":227,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"0273693d-530f-4a36-9b17-6bb1d34e5faf","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":228,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"c3b39ce1-bfef-486d-bab0-b53bda082737","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":228,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"5c9325cf-32d7-4549-b031-95acfa926056","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":228,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"5c3fd961-7f20-40e8-8792-7f7fe4da22d2","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":228,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"61ab2846-7d3c-405c-bd28-16c0fcadc0ee","block_type":"box","text":"period of years.","page_number":228,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"c876c965-995c-48c8-a7cc-3fb2ae81487a","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":228,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"3feb2aad-c517-4802-8e94-aaebd278b3b2","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":228,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"8bd6773d-b2be-4a44-9153-4670d3ffb0a9","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":228,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"af41af29-1a4e-41d2-907e-1268b194f4a6","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":228,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"e0e8c38a-dfe7-4334-bea7-fefc5529e7b5","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":228,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"c30bafd9-c4c3-4dd3-b481-6a87e96dc5d2","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":228,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"ea027223-e0f1-4fb3-8ed9-d4d9e7b31099","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":228,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"f7959cbf-17f4-4cf2-b7d7-e2ac439cedff","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":228,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"69a8e923-e0c0-4a6d-99c8-bcfeb12dc103","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":228,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"94ecd022-ec7d-4729-ae70-6fac44e51a4f","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":228,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"83e03887-2920-4f10-a24b-e956f8806dbd","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":228,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"53424645-6d13-4e52-95f0-20b95c3d6b5d","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":228,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"7914d8a4-a764-4167-9d3a-555f546bcda2","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":228,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"fab85604-8c21-4a18-b8b3-c2aa1b1b72a0","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":228,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"973ed2a4-1fd2-4399-95c0-fe9b31c0ee65","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":228,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"ea5c45b6-fd2c-46d6-ae5b-8052d1cc642e","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":228,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"7f538bad-ef05-4f03-9310-61ecf789b03a","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":228,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"90573ec3-9530-4501-ba6d-c2eac7eb070b","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":228,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"5461ee0a-6ff6-4174-84e6-f3866b611b55","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":228,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"423053cc-f2e7-41b6-b8fc-2a26464b1a45","block_type":"box","text":"restatement of past results.","page_number":228,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"bc91d907-3710-4797-9496-20c4b716226b","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":228,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"c62d57db-6261-4f56-aed3-8ee4ba16daa2","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":228,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"0d6342b5-9cc3-49f7-8f43-898d9cdcc2b5","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":228,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"a5e61e17-ff46-4ef3-bbf9-1a38af524e1a","block_type":"box","text":"whom they are charged with overseeing.","page_number":228,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"d7508e6c-d178-4572-8f8b-08de565b2a99","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":228,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"ac4098e1-6d43-4936-bcf3-cbe5469a8c00","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":228,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"57721bbf-4628-4cc2-94a3-3d23c32464f2","block_type":"box","text":"for poor compensation practices or structures.","page_number":228,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"05211bab-9847-4de9-a8b2-0b3b695a6125","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"eec94d55-2301-4031-b472-a266ee028eb2","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":228,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"9ee22e34-0742-4874-9dbf-5c77bfbaf486","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":228,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"66e100c9-f5e4-4ca3-a01b-cf2e19d8a20f","block_type":"box","text":"9","page_number":228,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"d159839f-d725-483c-839d-141da98e432e","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":228,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"4491d2d9-02e6-4638-83a5-013415827fe5","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":228,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"7c635195-2ce1-4833-bb6f-a68cf3808d60","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":228,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"73f8cdb7-fd24-4639-8c96-81a97ceb0aa4","block_type":"box","text":"9","page_number":228,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"ebc86c2b-e655-414a-bf4f-8a806e7f5025","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":228,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"f4d3806f-1b27-460f-8c52-3ef28d9cd83c","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"044f4e9b-81ff-4e3c-9ea2-46ea18abe750","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":228,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"f44a65aa-eb08-41c4-b6c9-56d3a5ae4e02","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"7167375c-c5b5-4a74-bbd6-cae24be46c91","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"c52b5b2d-276f-4b20-a0b8-901afa008e7c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"956ad984-6515-43b7-816e-bc1d41367c1b","block_type":"box","text":"Global Principles | 9","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"20069947-b5c2-41db-92f3-4f0ef3c6dac4","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":228,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8ce07fa0-027c-4e29-a321-eae8881bf186","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":229,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"b79aca0a-f1aa-48f6-8fbe-4597f5cbb9b0","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":229,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"b2837a38-2347-4041-b610-42c1482d195c","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":229,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"73f140ad-85db-4e8d-a7b6-86480d413f3b","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":229,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"e6d4ce23-3809-4a7d-9239-42310e245728","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":229,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"4e3387af-04e3-4881-b880-30cee3963939","block_type":"box","text":"10","page_number":229,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"3d1f15b5-8978-41d9-8de8-893272f23abf","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":229,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"9c541ebb-c706-488f-b92c-8996fb9d2b9e","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":229,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"0b632d03-dc88-4be5-ae29-82ed01cef039","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":229,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"f36b8105-4b90-4dee-b6a3-6711bb2a52cf","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":229,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"33613fa7-d743-4a6a-8061-ecef44e791f6","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":229,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"87c21908-83ed-4398-97e7-fb13c63d1a79","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":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"77079ef2-893b-48c9-94bb-9ae862c99394","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":229,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"10e517f5-493c-4db0-9aee-b8137bdc6002","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":229,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"756f529a-cd10-4387-8bfd-2cd2f1d5e00c","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":229,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"9ef2560d-2656-4812-9b7b-c6805ed4b3fc","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":229,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"09684863-a276-4de7-819e-b30dbeecaa6b","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":229,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"8255f3f5-938e-4f27-b8bc-7b15e916fee3","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":229,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"8b75ef05-901d-49ac-949c-ce0084a5e892","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":229,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"520872b9-11be-47db-9a9d-5532d31161c5","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":229,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"d4084948-2857-4bd3-83b7-089806f49e8b","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":229,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"3ad889ed-cd6c-49c8-8842-344443009990","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":229,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"e0197984-cb29-413f-94c2-125ddc3e19a4","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":229,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"17a1135d-7a06-45f0-ae9f-d344b384dbe4","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":229,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"72c5fe9f-c153-4f00-8412-638562adc764","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":229,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"cad41e2a-7b25-4d88-acf4-59920831eb2e","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":229,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"3fdd0278-cca8-4c44-b033-aebdab1ff84e","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":229,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"05a11932-08d9-4612-98e6-0e9323a7cc27","block_type":"box","text":"10","page_number":229,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"03ea1aff-e346-4312-8f73-fc40ce0ff16a","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":229,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"ab310777-7cad-466d-9ccc-f1819f3df8b2","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":229,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"1c13196f-fae6-4c4d-bfb2-72ba75e948e6","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":229,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"d4c5e712-666e-4d1c-be7f-4bd3eab8b4f3","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":229,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"65214008-6438-4137-8a2a-13a5dd9901e2","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":229,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"f0222302-3ae0-491a-81c4-9981d3b02b88","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":229,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"9cb30044-4bc4-4711-98ec-5afdab40d3e2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5b0c3620-026f-4e4b-a0e0-39ed802974f8","block_type":"box","text":"Global Principles | 10","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"30922c4a-08e5-456f-9f03-b37cb025ff5a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":229,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"043ce097-fbe9-44e5-ae76-3180d41a1afd","block_type":"box","text":"Climate and nature-related risk","page_number":230,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"b7ef9b82-a411-4d81-830d-df3b3e633e27","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":230,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"e087ea7f-d473-405a-b785-3c6a1293c2fa","block_type":"box","text":"11","page_number":230,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"c3459f04-2964-4ec1-b623-c2fdffab7101","block_type":"box","text":"Our","page_number":230,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"09b3d3ae-c271-4bb8-9aad-6cf1c324d03e","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":230,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"d68eb1f9-00e5-4fef-a58f-0b8bc225995a","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":230,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"dfd0feb5-5c12-4993-bed8-425d4c6296d7","block_type":"box","text":"companies.","page_number":230,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"71770325-0ee9-40c7-990a-2f9a68bb6251","block_type":"box","text":"12","page_number":230,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"01fb8350-6be9-4679-b053-33e09e49afb1","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":230,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"e38481a7-a49b-408a-9151-167008fbc84e","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":230,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"986e012e-1559-457a-92a0-dcc5d0ff7ca7","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":230,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"af1a5191-4fab-49dd-aa03-9cd1c8666cee","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":230,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"fce27a6e-798f-4a51-9869-cf02fd9e7067","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":230,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"4e4139d8-37a1-4df3-8b87-461162443c05","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":230,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"fecb79e5-3cac-47b2-ac18-b0a75f390cbd","block_type":"box","text":"economy, including where available, their transition plan.","page_number":230,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"a5adb833-b90c-471d-af14-735d6c8729c9","block_type":"box","text":"13","page_number":230,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"bfc1b938-9094-404b-bc3a-71a92f5d22e7","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":230,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"91594c9c-b99e-4d49-8f24-bfb5240eae1b","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":230,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"2573907f-9908-4f58-84d0-4b40bcb29518","block_type":"box","text":"14","page_number":230,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"e128a9ff-f770-45b7-8bb9-d029b3e417a5","block_type":"box","text":"Such","page_number":230,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"62a173bf-9654-4dc2-b9b0-511d765e8a37","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":230,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"8bfc8087-b38d-4831-b9eb-855390e7f20e","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":230,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"8c640270-d53c-41dc-81fb-dacc24b927f3","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":230,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"c6ad29dc-d923-4bb3-af50-a0174adc0e72","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":230,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"696b908e-97fc-42ac-acc4-4a42f7e297b2","block_type":"box","text":"as best practice in the market.","page_number":230,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"8f5e1123-797b-4b41-90b2-5774b74dbbbe","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":230,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"f4157355-c773-43ab-a030-e8bdbe208558","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":230,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"c8de9283-c225-4e54-aeda-077de9976f90","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":230,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"0b503ccf-0874-4352-a935-c2fb99591b88","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":230,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"b97f34be-c63e-4ab3-a2fe-22e2bbf12a17","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":230,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"c0408058-5ab2-4ebb-b10d-a7a836f34ed2","block_type":"box","text":"15","page_number":230,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"f929d791-e78e-4bcf-b60e-f558729f8967","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":230,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"48e3fec2-ff21-4465-bed7-0de6f5514cd7","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":230,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"17c6d151-0d3e-44e0-93dc-e99dc41eb5d8","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":230,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"357c36e5-c531-4204-900e-7f10e4610d58","block_type":"box","text":"interests of their investors.","page_number":230,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"2fb339b5-b9a6-40c4-ba7e-882078b24547","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":230,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"5ef71a22-4ad8-4f1a-aa2e-ec45745db1ba","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":230,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"1ac24487-1168-4afa-ad9c-3b47a3eb013c","block_type":"box","text":"11","page_number":230,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"9119c241-8fdf-45a4-ad7d-a4f69d97449a","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":230,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"f149285e-8abc-4f10-b169-ee5e7316f644","block_type":"box","text":"12","page_number":230,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"88aeb014-c877-4ef3-9a5e-5810297a9734","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":230,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"e3cb79c8-d39b-498d-9fae-9dc57503916f","block_type":"box","text":"13","page_number":230,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"816fa421-3406-4d9d-8624-95e050e358a5","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":230,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"339fd93b-94da-421d-9078-0f613107687a","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":230,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"6d2b0e60-f8e1-4151-94fb-1f676bf58ac2","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":230,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"49adaea7-4e77-4fff-adea-8cbfd2c2a29b","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":230,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"8dbad624-2ea9-407d-835f-d1608f9fcc33","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":230,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"2e032d63-68a3-454f-a9fc-fd2835fd79a0","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":230,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"bd1dca8c-822d-464f-b164-e45bca2dbfc7","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":230,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"59b0c031-1ccc-4a4c-9809-71c2b8e6131d","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":230,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"9897d654-0b86-407e-87a0-53633e57b2f4","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":230,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"c69850cb-bc46-429d-b505-439e61230ba8","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":230,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"e63cf229-41ce-4845-bc03-3cb0acb65cc8","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":230,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"ebb0fd50-50c0-4872-af69-01bbf1564088","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":230,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"4118d3a5-9d89-4498-8998-9d8eb8003836","block_type":"box","text":"actions and resource implications.","page_number":230,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"8d3986c3-bbfb-4fee-81d1-626822a2dda2","block_type":"box","text":"14","page_number":230,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"e2235fb6-3dc6-4717-9dd0-0ea35e0ea672","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":230,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"6df39460-fe4b-48a1-a6f6-f8aa36caef17","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":230,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"f5bb7c76-5e53-4a22-8105-a25d25ee9d39","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":230,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"a1f1592e-c4bf-4e1b-9bf4-e7fd82c550cd","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":230,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"c893f3a5-fd6e-4692-a2b4-c10c05be30c5","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":230,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"926142e8-dbdf-4870-8fa8-a4ba1537446e","block_type":"box","text":"that are industry- or company-specific.","page_number":230,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"8138de6d-82cc-4af5-91b2-c9857fbbfea6","block_type":"box","text":"15","page_number":230,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"2eed8b2c-4d2c-4c91-af81-bf1b2bb88494","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":230,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"9e1d19e5-5274-4c35-803c-e18839054508","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":230,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"ad584aa4-3433-471c-a309-b1206080cdbc","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":230,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"26df850d-e597-4848-8053-9765d3fa6f57","block_type":"box","text":"about two-thirds of the world population.","page_number":230,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"f2686e0b-531c-4b94-8389-96dbec0562ce","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7e93b8d6-d58c-43e3-a3c4-e43274b20d9b","block_type":"box","text":"Global Principles | 11","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"2a39be34-af17-4c62-9c7b-857251551857","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":230,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5c2f4cd3-96c8-411a-88a4-c379ac1952fc","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":231,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"d4cf9bca-075a-4d87-afbe-c7c92974f17e","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":231,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"956f566a-73cb-4af4-8601-31fcc787d7d6","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":231,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"623cb7a3-9ab7-4ab9-a7da-84ede454679f","block_type":"box","text":"climate-related risks and opportunities.","page_number":231,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"d78bb540-4d9c-4394-9cbe-084b25348fbd","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":231,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"c35f0574-abac-43e6-8fc2-2b627ac0b7d6","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":231,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"3fb34ab9-15d3-4276-a814-52f058e7f455","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":231,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"46c218a6-7c1e-4f03-9637-b74e02de2c24","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":231,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"b45410c9-a00e-4168-a1b7-3304766ad7f1","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":231,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"dcdf995c-78cf-439c-bc33-9295aa96cbff","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":231,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"2dfe0658-7084-41ea-beb1-b196cc6953de","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":231,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"34411fdf-ab65-4527-8145-a0b1d63a0d21","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":231,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"918974cc-5b08-4015-ad14-812349fd224f","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":231,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"796c139c-2851-404f-b38e-1a81becce556","block_type":"box","text":"16","page_number":231,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"81627cc8-8466-4e13-853e-fd9005656033","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":231,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"87de6ec8-bf8a-4081-a831-2da498c43188","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":231,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"486a85c8-540b-4cb9-8687-13586c33ca2f","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":231,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"47dc8f56-910e-4a45-9f1f-049779ccd6c7","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":231,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"fcd1e6d4-bf77-4efc-9e47-0b8915d6d558","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":231,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"43125105-dae9-4f94-bef3-979ee07590d7","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":231,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"9a9a05fb-0f6c-4ce3-9303-7c90b819d1b9","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":231,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"895ddfc5-afa6-44b4-bf24-413265271d53","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":231,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"15eaf6dd-1485-47f9-973a-4c01865c2257","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":231,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"b0d09a59-80df-490c-a5d1-7bde83b93da4","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":231,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"c35f5900-80d8-499c-9e42-abae64e60598","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":231,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"44130aa1-687d-447a-97ce-37195f1b3096","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":231,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"bdd45c5b-b3fb-4ea7-a4d0-6b2d775d8f97","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":231,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"03f1feb3-6cb8-4916-8bef-17ddaad225ef","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":231,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"61e1f297-a95a-4c04-9ae9-c2a0a926913a","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":231,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"334641ae-1f5b-42b6-9827-571b2dbab6aa","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":231,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"75456f8e-08af-408e-9a53-b2a2e16fd542","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":231,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"f3566f19-ad52-423c-90e9-68c802d34a39","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":231,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"bcbc6d46-f882-4c82-a30a-9fc965c707b9","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":231,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"f1787bc6-b9a2-4429-a22b-69bc4ecfa320","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":231,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"556c3dff-e90a-4105-8415-3b0963038643","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":231,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"6896399f-4870-44bd-a4d6-b156e0c5114e","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":231,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"ccf1c12e-1d05-4c8a-9906-3b6fd2cbb843","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":231,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"5d165976-7023-4166-bdf3-1c492fbd331b","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":231,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"1ed7d7df-b944-4b81-80e1-1f0b0b5ddef1","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":231,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"ffb6c33f-baf6-494f-a9f4-e9d27fd9bb62","block_type":"box","text":"16","page_number":231,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"c999b50b-d3b0-4836-9d1a-d69501cc6fc5","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":231,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"a59b1e1e-926c-4946-86cc-a9e47cdbcd7d","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":231,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"031ef5bb-0366-4f29-a134-34118a89a54a","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":231,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"f0400c61-58f7-498e-ba6d-cfc0b24c8946","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":231,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"92582745-2ea0-4c5b-9a49-8bdc2839a699","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":231,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"7e93e255-8861-48e1-8359-bb59c7418bf2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c13a53a5-c5fc-4baf-a92e-febdf3dcf3ff","block_type":"box","text":"Global Principles | 12","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"ea9312ab-2389-4143-b0a5-c23d5c91e57e","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":231,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"5a6330c4-2cfd-49ec-bf82-42da4714bfd6","block_type":"box","text":"Corporate form","page_number":232,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"85db581e-7ad8-4b74-9423-cfe2d2e68805","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":232,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"6cd6deff-9da7-476a-9050-8fbf4c434fb7","block_type":"box","text":"the company’s purpose and business model.","page_number":232,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"771867b7-170e-4718-ac4f-8fed1d219878","block_type":"box","text":"17","page_number":232,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"4e073f06-cf64-4608-be1f-5631ed2c651e","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":232,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"586e33e3-5afc-4fd5-b49e-0fc187afc521","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":232,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"62503ad9-cacd-48ab-b1a3-138c43579d89","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":232,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"1d05b3b0-d73b-469a-9d14-513c14e21d22","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":232,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"34b2c4d1-b599-4fa3-b4dd-be5af2e95858","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":232,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"ce065c83-835e-4926-a781-3403eeb30cc8","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":232,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"49e5b8f4-919b-4f5f-a1aa-4c0959366669","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":232,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"359163a0-7bc3-4af4-97a9-7aed5baeb084","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":232,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"b52c2f34-1f5e-401c-99fa-1112f4bfd32a","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":232,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"7b6f8d6f-18a0-4867-966c-4c99128487f6","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":232,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"6697017e-b2ad-48c3-8997-4153f717d45d","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":232,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"0407f03a-9275-427a-aab0-ab85757a0971","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":232,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"b65de3f2-efc6-4752-8bea-d48f3ce8d1b8","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":232,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"a7467c6e-2486-4832-a0b6-45235900128b","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":232,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"38d70b0f-0fa7-45e9-98a3-f75d09241854","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":232,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"27d1bee0-aba8-4ee8-9f13-bccbf7aed5b3","block_type":"box","text":"others.","page_number":232,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"0f12fbe0-b0bf-45db-8485-81751b5d2077","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":232,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"c180f501-cc4f-4b7e-bee5-8ab3ae8d0cec","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":232,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"df9ecc43-ff33-4709-ab2a-04e6e1ec878a","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":232,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"795a7911-20b4-410e-8f3b-f75b03e6254a","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":232,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"f40932cc-666d-4115-a5fa-b1babf3d11ec","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":232,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"f2c0f135-e13e-4c23-87e1-44bf4df9fc9a","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":232,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"2f35a5a1-59cd-4cc7-9e30-ae6a1aed6dbc","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":232,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"5d9c823a-df60-4bf7-abee-87505e654be4","block_type":"box","text":"of their peers.","page_number":232,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"7f19d559-de3e-4123-beb1-6502f3ed8dc8","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":232,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"4ab9e69b-2c39-47c6-80b5-37020545e9fd","block_type":"box","text":"submitted or advised on the proposal.","page_number":232,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"18aaac10-93fc-46b6-b06c-4f418c742b2a","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":232,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"f57ef7ef-e5d9-473c-beae-707b36cbbb5d","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":232,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"ab225b3d-3b1b-4186-a8ce-63cece7d638f","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":232,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"d32357f4-0974-487c-86e5-b30355805e13","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":232,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"7028668f-2df2-4270-8368-4ede58de9f36","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":232,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"08fbf70c-60f4-4c3d-9693-fb3361614315","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":232,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"e4979b46-7493-4f49-be78-604bfc41d7c0","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":232,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"8a992356-874d-4fc5-8488-b570cbe01b9b","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":232,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"0445948d-28d3-4017-ade9-6ebedafe9c75","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":232,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"6e118d43-2c15-4434-902a-f40829bb4d84","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":232,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"27f6313b-b89c-4553-8ea7-fae7e5166d0e","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":232,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"94f8839d-b3b3-4157-9d61-5b3033a29f26","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":232,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"42c2d6d3-6dfa-46f5-8b04-42dddffc4d39","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":232,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"bd028718-dc29-4a0f-9838-ab2b4b3920ad","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":232,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"582a0675-5a20-4c73-89d1-b5935bf80a6c","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":232,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"4a11a9a2-32a5-4652-8c03-cb7179faf9a4","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":232,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"0a453e85-5418-48a8-b630-d3a8ca3990af","block_type":"box","text":"such proposals.","page_number":232,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"0fc2e9da-1431-40db-82e4-feef212155fe","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":232,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"8574573d-ceeb-4d2d-a6cc-aedbf6510eba","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":232,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"8ec3f259-d10b-4742-b898-259fa9b5db57","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":232,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"b5003f02-6d91-4b93-b9d9-c62c2189dbcb","block_type":"box","text":"material risk.","page_number":232,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"8acee2bb-01af-4176-b9d0-5db04e10ed81","block_type":"box","text":"17","page_number":232,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"6c17638f-6eef-4f8a-a2af-4adae6a68d1d","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":232,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"e9f467b4-db75-49d0-a32c-c5d5a1e25aad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d8e0d901-c17e-4f90-ac2a-b755483214bf","block_type":"box","text":"Global Principles | 13","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d3b73b74-c267-45bd-83f5-897911190cb1","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":232,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a5827bff-7ec9-46a1-8280-7e35ef39c662","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":233,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"7cb1ec35-e46f-4970-9a82-dba1fc63025a","block_type":"box","text":"Oversight","page_number":233,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"4bb33b9d-488c-497a-93e5-f086ee4df005","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":233,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"0cc199e0-f833-459e-95dd-ceab38da424b","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":233,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"f9146201-e01c-42e4-ba68-a95e15a7899f","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":233,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"4c07d545-edec-49b3-a661-8f51c3ec1a85","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":233,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"f69deb30-5c9c-470f-ad2c-f7f55da74fd1","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":233,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"ffe199e5-4725-40a0-beac-e01b2579f3c5","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":233,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"ed095689-621e-421b-bdd8-37ef672ddee5","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":233,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"03b7ec9f-2f12-457a-b283-c2c15528648f","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":233,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"0637a1a0-b4ab-4c07-b928-b14d53a82263","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":233,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"a24ff531-f678-47e7-917a-14224a231c6f","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":233,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"a3523f47-36df-4174-970b-20f26529688f","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":233,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"449b79ab-d65f-4bea-a774-58c2356c0453","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":233,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"31e6b5f6-7ff2-4382-8d87-cded081918a2","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":233,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"6a80182c-049b-4dd1-b5ad-a7a8416adcff","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":233,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"beb0cd46-41a1-4f38-80eb-f69d0f27bb88","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":233,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"62f355e8-ffc5-499f-b2ad-76467d5323aa","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":233,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"75d633da-6da4-45ff-ac94-7c00b135a3a6","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":233,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"ea9b6105-18a8-4d80-916e-b190f2f07eae","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":233,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"40973015-97b7-40ad-b150-91c875036565","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":233,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"65603423-66d4-4a87-9703-166f389f96bb","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":233,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"32bab4d3-86e9-4c0b-9dd5-be69a27fb982","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":233,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"690a4997-bc1f-4a35-8f53-b2e2944e6fc3","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":233,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"046263d0-8beb-4840-a154-2fc3750574e7","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":233,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"90c67090-82f1-4d38-9e69-f731b29c43ac","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":233,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"2467c10d-ae07-4065-9aa7-9813966e9a35","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":233,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"825b66c6-05aa-4c6e-847e-060cfb874b92","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":233,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"d1b339e5-82db-48c4-a53b-e7b219c178da","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":233,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"b48e0a13-7177-4ee3-99c9-6a92a86e926f","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":233,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"f486783d-3e49-440c-9c44-00f766b2039e","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":233,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"8b2ad77f-d8d0-4c9b-933e-6347e3c594cb","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":233,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"a97e0557-a0f5-4d1d-8cba-cfc31e2a843c","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":233,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"98f19826-4f05-4265-84f0-58997dc054bf","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":233,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"67f1321b-1675-4fc0-a5a9-c09941e51199","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":233,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"5cb53865-0a88-4ca4-b965-a670de4d963b","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":233,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"79d6d66e-d4f2-4a14-b81c-6085c5bfc05e","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":233,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"157fa02c-c39d-4b9c-a1b6-e0fd07429f86","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":233,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"4f12b634-e521-4e4f-978b-4bf4149e9bc1","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":233,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"09b79963-8f7a-4a0a-adf0-e63bc427430d","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":233,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"633354c7-3dc1-45e4-ac0c-7eac622eecf0","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":233,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"5a37105e-be30-4108-95ca-bf42be51c084","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":233,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"d4098394-8dcf-4561-ab05-0286c606f69b","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":233,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"4d7389fd-02f8-458f-8e1c-800ec4f9bda3","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":233,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"fa0a0fe8-5ab8-43ef-a7e7-cbde1262d21c","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":233,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"62864631-1422-4448-b195-cff4a34099be","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":233,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"c5f6036d-3b6e-4302-a38d-106fd6c3f47b","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":233,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"4bde0ec5-1701-4e47-af9e-861a95b56b59","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":233,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"5f59989a-e904-40d2-8585-e91fae5d191e","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":233,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"1bfdc677-6df0-41e4-b7c7-10a68c99814a","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":233,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"11240783-4974-40df-8043-617a8fc0f15e","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":233,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"cd6ebccf-c189-4c5a-b4a9-430793e15d40","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":233,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"b7338c18-0cf6-46ca-b151-14e207ebc627","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c72c8044-69e5-4a72-9094-b3ed011be5c1","block_type":"box","text":"Global Principles | 14","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"ad834419-6645-40a9-90cf-9fb7f4faa212","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":233,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"2e266162-e68b-4828-871d-bc0890216a17","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":234,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"fbcec5df-82f3-4974-8c30-1ed32e43c659","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":234,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"6185294a-42e5-412c-a224-47e4aad98d6f","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":234,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"97d58089-7468-4199-be36-2b7d4ee82e65","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":234,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"c04bef0a-3e55-4a49-be00-cb07f69bb129","block_type":"box","text":"VOTING CHOICE","page_number":234,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"5377b8ba-6c03-4ffe-872b-2edce1a97ee9","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":234,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"9a226b47-8f3d-4b68-aa2e-74b9ce6e4221","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":234,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"13bb90fc-09e7-4103-8226-e2c3600f0df2","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":234,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"1912e034-f404-435c-9cb0-ddcfff185cdb","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":234,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"76d3aa55-d8f8-4ca2-8bd2-0903e53ac0b0","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":234,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"b980bbc5-f675-4361-bd07-baf3f15fb672","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":234,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"afed0e0d-fead-462b-8ed2-f30bda2fe442","block_type":"box","text":"regardless of their investment strategies.","page_number":234,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"0c875201-ed52-45e5-abc7-8f8c2bc4165f","block_type":"box","text":"18","page_number":234,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"98a4fb06-ab81-45e3-953f-392ec1507eb1","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":234,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"6d0d5b54-9a31-483e-bdf8-66984ae66980","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":234,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"b07262d5-3178-423f-9887-d9c94895cfe1","block_type":"box","text":"19","page_number":234,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"374b5dc3-9317-4766-a703-d09fafde26d1","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":234,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"812db11d-11e4-4146-a4cf-6760a11adbb8","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":234,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"12867407-be52-4a00-b2e2-ff075be185c2","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":234,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"6ed36b63-18e7-4757-9858-89a7b28ff105","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":234,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"f98177dd-ee2c-4fcb-a47e-3d4e76f93480","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":234,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"f01e07e9-3dd6-4959-8d81-6dc0ae1bda0f","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":234,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"1e691bfb-1fd3-48eb-baca-b87e9003b019","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":234,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"27e3b806-8fbf-49be-a751-260ec18d92e2","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":234,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"4185ce29-5f71-48dc-a11e-a4cb0c3a8876","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":234,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"106307b8-d061-4798-aa3e-2a9b9ac1b2c1","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":234,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"5cb4ab4b-167a-4c6a-bc30-72516da842d2","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"242b5763-3be2-48e0-ae88-6e7563fef9ba","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":234,"box":{"x":102,"y":458,"width":660,"height":11}},{"id":"0d45ad0f-4a65-485d-80b7-92989b53d803","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":481,"width":6,"height":4}},{"id":"d1709b62-5213-4093-b822-dd4a4bf7e03f","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":234,"box":{"x":102,"y":478,"width":772,"height":11}},{"id":"51471a75-f6c0-46ae-8ab9-36439152d47e","block_type":"box","text":"resolutions","page_number":234,"box":{"x":102,"y":493,"width":78,"height":9}},{"id":"d7aa08d5-e385-4dd2-bf5e-da0742cca487","block_type":"box","text":"•","page_number":234,"box":{"x":69,"y":516,"width":6,"height":5}},{"id":"d9b67a7c-0d3a-405c-8fe3-1e17b7b78ed4","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by 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In the U.S., for example, the record","page_number":235,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"acc28c31-7374-4516-b0c0-f588607769e7","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":235,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"a45026a3-c2a5-4737-957f-95e8659db332","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":235,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"8b99948b-08bf-4611-92a7-10fb3ac7c045","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. 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We inform clients about","page_number":236,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"044cbe7f-2c6c-4dae-8181-dfb20f3b1aac","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":236,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"4ddbb589-1134-46d9-9369-9bf06db5c317","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":236,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"c055cf17-1460-4c42-b0b9-4ba048c62709","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":236,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"cb6d2731-2cd0-4939-a53a-ee1f427faeea","block_type":"box","text":"and emerging key themes.","page_number":236,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"e78e496b-7a8a-453d-aac2-ac02452b07f0","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":236,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"0d612e59-9479-4d78-9d94-ad09bdad333e","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":236,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"fdf75176-4794-44f4-abe5-1860938c3e5c","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":236,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"442fb27f-df5c-40f8-9b26-c77db34b88b2","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":236,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"512fd5a8-4f56-40c5-900c-c87a65f58762","block_type":"box","text":"explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the","page_number":236,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"c7eafaff-5c3a-4944-9851-d704b60513b1","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":236,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"f78c4646-f939-4ea1-9c88-b382dea9ec8f","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":236,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"a66225bf-6ddd-4637-8db5-3ca621bb98fd","block_type":"box","text":"business practices that support durable, long-term financial value creation by companies.","page_number":236,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"93435182-f080-46cd-a5f8-126360580969","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f9940ece-b436-4b40-bddf-c8f35ccb3f16","block_type":"box","text":"Global Principles | 17","page_number":236,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"325f6c92-f760-44da-afa6-eb0625c772ea","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":236,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"bbf1dc3e-46bd-426d-9661-f8e34db7d770","block_type":"box","text":"Want to know more?","page_number":237,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"6b77dabd-e3f1-4a31-ae87-f1611ca49b8c","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":237,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"75f528d9-3e1d-44ac-b118-a30f2a8f6dfd","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":237,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"decfc067-b496-4efb-a788-663f1095e8cf","block_type":"box","text":"principal.","page_number":237,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"5f8eae47-fd61-43fe-8459-1d22fb817ea5","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":237,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"5844cf3f-a838-4643-b8ea-ad4f2f78023a","block_type":"box","text":"©","page_number":237,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"4738584b-8e62-44aa-bc0e-c29605586530","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":237,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"6cc9bf21-ad48-4b8f-bcb6-3b07739e5e8c","block_type":"box","text":"BLACKROCK","page_number":237,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"3be1dd1c-47ac-47ff-83d2-52288c4e4b3a","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":237,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"c89a89af-05a2-400a-a4e5-de2838f468a5","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":237,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"7ba6412c-affe-44dd-a01b-2422ca0cb403","block_type":"box","text":"BlackRock","page_number":237,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"bc871e5f-6a0c-4c61-8a1c-006cc436717f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":237,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"7fa2b584-e077-422a-bb69-c86b8037b29e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"cc93e499-127e-4c86-96ec-adc81c5ce99c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":238,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"3526d4c3-0e4a-4494-b4a3-55631dce2fe1","block_type":"box","text":"Published July 2024","page_number":238,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"92f337bb-df80-4743-bab7-f08ecd31f6df","block_type":"box","text":"BlackRock","page_number":238,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"6275f9cf-6bd6-4233-90ef-ea1db035450a","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":238,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"93681475-7459-4bbf-a5a2-b48e48aab8e8","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":239,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"8b584b97-580b-4a49-8068-f2401be290c2","block_type":"box","text":"1","page_number":239,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"13c82c7e-ae59-40db-b525-6c099e43022a","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"c1223419-39b3-4f7a-9121-d27a9ed5fab7","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":239,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"58a1a4c4-b63c-4658-b86d-dd30abbc844f","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":239,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"1ddabb03-0304-402f-8af5-7886fdeb9fd3","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":239,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"0c877377-7abb-47d8-abea-16525817db1f","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":239,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"f3517006-e7fa-4ec8-a4da-92b70cf025bb","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":239,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"606cc2d5-491d-49a3-94c4-6fb1c4493825","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":239,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"818434e7-2256-421a-804b-7232e070e032","block_type":"box","text":"1.","page_number":239,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"fadcae4a-92e4-468e-851c-46461e020c0e","block_type":"box","text":"Engaging with companies","page_number":239,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"52f28746-fcea-471b-acff-01b3697a7d9f","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":239,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"1f88e223-96d5-407d-aa3f-ac78cb05c4bb","block_type":"box","text":"our voting decisions.","page_number":239,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"239c2e75-22a2-4cdd-acfb-61d574eee554","block_type":"box","text":"2.","page_number":239,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"66fa37af-d56b-44fb-9784-cfe5dbdb16b7","block_type":"box","text":"Voting at shareholder meetings","page_number":239,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"e34812ed-1da8-47cf-85e9-625310ac8f27","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":239,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"cbba59d3-fa50-4fdb-8fc9-0db1ceda15fa","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":239,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"c682cb39-aca3-422c-81e9-c123ce9cf39a","block_type":"box","text":"3.","page_number":239,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"3f2d9d05-d281-49b6-b486-40f04ee7b0de","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":239,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"5119208d-18b9-455a-a74f-419aba03f5c7","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":239,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"15ec3d75-6c87-4546-99ba-7bd824aa0234","block_type":"box","text":"clients’ investments.","page_number":239,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"bcd6c47e-0024-43c4-b352-5d2c388243a9","block_type":"box","text":"4.","page_number":239,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"2148a5ba-7d8c-419d-ab85-5f0283230439","block_type":"box","text":"Reporting on our activities","page_number":239,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"9b7a3a24-3cf4-4ec8-9157-8dd84cb51b0d","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":239,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"716a7b5a-72a6-4785-8920-84f03452084f","block_type":"box","text":"publications and direct reporting.","page_number":239,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"e9209f53-d3c4-4cd8-b0ee-5f59368858bb","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":239,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"3e3a7d3e-3810-4efd-94d9-4fced9c1eeb6","block_type":"box","text":"2","page_number":239,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"73938b25-8575-47a2-8fc3-1d0c34f61cb0","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied","page_number":239,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"23df7719-ac9a-4786-8078-11d9626b7889","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":239,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"89ddeb75-2bee-4344-85da-0ec60e96cc70","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":239,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"6388fdf9-8019-4394-97cc-545c93d178d3","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":239,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"bfb02d7e-1e23-4b09-b4b3-391342e72b35","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":239,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"812547f3-f2be-44a1-bad5-87ee9048097d","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":239,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"5dc46080-6fc2-4c1f-9c42-0f57da2c53fd","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":239,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"e5a4cc89-9130-4ce2-80f5-59ec8853af38","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":239,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"6947c186-ae06-4acc-91e4-fb3f8327e54f","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":239,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"08b10c35-28c4-4ef5-93ba-dc58604508b6","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":239,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"be864041-ecc8-421c-b0b4-e7ebea3a9aae","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":239,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"7430f9dd-594b-4cab-9dec-b6fcc7c46bb2","block_type":"box","text":"3","page_number":239,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"fcb9bff3-9c17-4830-ad28-283c8c6524c1","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":239,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"015e3ac0-4525-4e3c-b457-aa7ab39e7b6b","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":239,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"41ca2aee-efb2-4b38-8f01-09759eb69151","block_type":"box","text":"4","page_number":239,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"90063cb0-5103-4e0a-924d-d8a142e0e433","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":239,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"4dff32d0-b56a-4820-ab55-ae108a2bcb42","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":239,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"156cbf34-ec5e-4186-8c3f-865a83ded2a0","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":239,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"e2ad2d46-bee0-43b1-b281-107e7ce30ba8","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":239,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"779c0560-3e83-4530-81b0-c66f7b09798f","block_type":"box","text":"1","page_number":239,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"d4a49ec0-5af8-4667-bd6f-22bd6515b425","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":239,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"266738e2-d4a6-4000-b6e6-20a66319f591","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":239,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"6c7e95ec-bfb4-48ac-8644-886f3f308fde","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":239,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"c869cb5f-c47d-4500-9f13-b783d9cadf29","block_type":"box","text":"commitment to offer clients choice.","page_number":239,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"14a7e8c1-9fa2-495e-986c-1304bdd1e0f7","block_type":"box","text":"2","page_number":239,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"d2e2d594-27cf-4488-9fdf-c33e93c962d3","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":239,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"5141adc0-8da6-4e4a-ab7d-fbe2b3b8d91f","block_type":"box","text":"appendix 1.","page_number":239,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"31f5a802-10d2-427c-a1ba-68f67723525e","block_type":"box","text":"3","page_number":239,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"da14bbae-a0f5-4280-b78d-e70e19f1b480","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":239,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"95f696dc-044a-40a0-9025-1b2103829e6c","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":239,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"a9380de6-2fc8-43f4-a79c-39436d9a3aa2","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":239,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"6495d3cd-9554-4304-9ae7-9e337153c620","block_type":"box","text":"4","page_number":239,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"a68479d4-6181-49e8-8270-99a4b4525119","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":239,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"c0f0e24a-4d97-49e9-afe7-57bb0209b96b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9f51ec0e-47ee-4b20-8169-dd59a3b648dc","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"86060f73-f8bf-4786-a8ec-c3b9799dd220","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":239,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"9f39c495-6fb9-41b8-b83f-5916753f5976","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":240,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"c965a774-c389-4524-a189-c8f94b1c5f2d","block_type":"box","text":"5","page_number":240,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"e10d235e-9aed-4ad7-a25a-0bd3bc87027f","block_type":"box","text":"and are focused on matters","page_number":240,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"d8409c2a-8a0d-4146-aa2a-6df69dd46af0","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":240,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"2d5af6c9-15be-4841-8394-c5953520dd84","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":240,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"82179027-b2e4-47a8-83d6-0010892622ab","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":240,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"dc06af77-776e-4389-bbc3-96a1060d8965","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":240,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"b76a86b8-eb7c-4ed1-bbdd-44b6eaf9523d","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":240,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"1e3777d4-762f-4ff1-a21e-aea303e101dd","block_type":"box","text":"Agreement,","page_number":240,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"a51da4d9-6ec4-4cf8-b5ee-47b25d28eab3","block_type":"box","text":"6","page_number":240,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"928ca7d4-c188-407e-87b7-11bfb098cc90","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":240,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"d3960cdc-4cf6-4edd-856a-94b06c4a4da8","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":240,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"7d337c69-7e61-42a0-be9f-e7cc0687e40d","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":240,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"ee23e69a-1da1-452a-ace2-78a72456bae7","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":240,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"5ebcf890-fa67-4001-a887-984b94245d77","block_type":"box","text":"7","page_number":240,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"ea95cdf0-4c53-415a-aa14-2455b1d4d8b2","block_type":"box","text":"We estimate these companies","page_number":240,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"a465813a-83be-46b4-9065-55e6684fadee","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":240,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"63cc44ea-9bc4-443f-9679-e4c979d66f03","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":240,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"3ecad4c9-c941-457e-9715-ec1d17f51cfa","block_type":"box","text":"apply.","page_number":240,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"33c7ace8-96dc-4b41-b672-007c62c583ab","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":240,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"b421c255-098f-4ef1-9103-65dd5b7c3a0a","block_type":"box","text":"benchmark policies.","page_number":240,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"3472660f-79ab-4600-9c45-13487505b37a","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":240,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"f4b25b73-1a70-4303-897b-347989f587ed","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":240,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"190e74ee-87f8-4475-8af8-59f7e9420a4f","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":240,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"94080421-f858-4617-a25b-334dbfdf55d4","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":240,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"018dc140-a03f-42ed-9d44-d28719223503","block_type":"box","text":"financial returns.","page_number":240,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"bdd65dc7-4148-41ce-b4f8-59cad3a2b413","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":240,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"a306b417-04cc-4976-bef1-f4f69fdf58ce","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":240,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"58358720-0a63-42d6-854f-e816be64ae7f","block_type":"box","text":"5","page_number":240,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"562b1eac-ecbf-4eb2-88a0-c12fb5bd219b","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":240,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"7edcb33d-7374-4d05-bbdf-a0202c34f2ef","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":240,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"a29ea049-7938-479f-8109-eebb5e42f56e","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":240,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"3f1b02d8-d7d5-4ea9-a675-60133e54aa7b","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":240,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"9a0123f6-da5a-4cc0-a1f2-d9ffc9b75940","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":240,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"76271345-8fe0-4210-a1b3-ea8309da67cc","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":240,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"9ee6727b-d551-4854-ab6a-026ff1561ecd","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":240,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"abb6cc26-2307-4e50-8942-c4420b3c9094","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":240,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"04031c88-41ce-4207-8414-1909649fc4e4","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":240,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"a9ca2b67-e477-4933-8e68-9e33e1cc359f","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":240,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"d2170064-df84-4476-ab54-4e9493b6781c","block_type":"box","text":"6","page_number":240,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"1d901f38-78d4-46f8-8c33-139577d27dac","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":240,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"5bce7eae-93fb-44e7-afce-54fe762f1a27","block_type":"box","text":"7","page_number":240,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"15f55830-b854-4c80-a5d1-d2f499c190f6","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":240,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"c7150b1a-2eae-4ef4-afa9-ebc0822a2aff","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":240,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"e44b71bc-c429-4fd9-898d-0130501f3013","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":240,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"97184bd4-d065-483d-ac40-bca0c9236e48","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"84869b23-3b4b-450e-8628-38dbd0b43177","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"1e3c0754-5dc6-44f5-9302-dbb17abea0f3","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":240,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"a65876ba-071b-4f46-81df-1decdd4eb905","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":241,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"0e2f1c40-935f-44b4-bebe-d6874a7e2cfb","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":241,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"d2f1084d-902e-4a50-b74d-dfd55c231f6a","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":241,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"b3e6fffa-bea3-4afb-80ac-c8d781ebf4ef","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":241,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"8f97818a-248d-4342-a519-c868f8107e5d","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":241,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"e4e65d2d-8e50-4959-a5b2-cef91908534e","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":241,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"e57ae12a-f58f-4a62-b428-7d21906bfd3b","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":241,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"e94c3db3-ef07-47c4-b81e-31f7da28d63a","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":241,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"822b2e58-34d0-4b64-9cc1-6eb3a449df17","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":241,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"5822fd7a-92a4-4d88-a685-fd9901b4e62e","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":241,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"92310b76-1b2b-4f70-89be-99ea69800260","block_type":"box","text":"by Aladdin","page_number":241,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"1d89d04d-bd3a-4157-908b-2b7ffa79f333","block_type":"box","text":"®","page_number":241,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"7e7e2de3-7798-4783-8e21-c63ce02b7b41","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":241,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"3dd971b0-11c6-41af-9668-5556f9d65571","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":241,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"9a811e76-efdb-4bbc-8db7-791b52210a01","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":241,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"8de92f6b-7a0d-435c-9f50-b54f02de0baa","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":241,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"1826ae6f-743f-4404-beb6-39b77f0dbdb4","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":241,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"fac87ef6-ff2d-482d-937e-f4abad0ecc2d","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":241,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"70f2a4da-0482-4910-9b9c-65c2e182836e","block_type":"box","text":"®","page_number":241,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"5453de3f-5b4a-4830-a335-09faa4be8fd7","block_type":"box","text":"Climate,","page_number":241,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"b49edf30-427d-4c77-91fb-fff5a63d8d80","block_type":"box","text":"8","page_number":241,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"27508c20-cbe2-4b21-b2b5-19f2d9701dce","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":241,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"fd141fad-6b61-46b6-8e29-338aef19571f","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":241,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"d2e5fc36-fe27-4a8a-a55d-63ee646121f0","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":241,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"c67e32ab-cf3c-42d1-aa35-01aeeb56b51f","block_type":"box","text":"increasing number of jurisdictions.","page_number":241,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"12326d8c-0e3c-4ef8-9b37-92a8dafe69b3","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":241,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"0be4a78a-a306-4cdf-975d-599d62a154bb","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":241,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"820ea772-816f-4df6-930f-dcbe71d29c26","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"0024d64b-8f8b-4312-83e6-eb6bd8ebd86a","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":241,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"3ce5f329-9b93-49a3-b3a2-f30c3f841718","block_type":"box","text":"This includes","page_number":241,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"7baadf60-3f87-4e0a-b41d-6940578b3ffe","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":241,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"0f894442-4a0f-4dc8-86e1-ab29e41bc448","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":241,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"053a3912-2dcb-4033-99bd-8c6681b45557","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"e588302c-16c5-42d7-b76c-96af9fc52553","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":241,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"663fdf2a-c571-4430-81d1-14ea244ccd9c","block_type":"box","text":"across sectors and markets:","page_number":241,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"cc320ba0-d5f8-4f01-b5b0-6ffebfea3937","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":241,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"17520998-614e-44ab-a3f3-5a1b15b12d6d","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":241,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"dedf4d1b-b522-4e26-89bb-f6b2c9693d3b","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":241,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"f35ad80d-4f25-4531-98e4-57dde4cc48f0","block_type":"box","text":"evolve our approach as necessary.","page_number":241,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"55dbf98c-e77d-4957-b8d2-41197996bc6a","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"603f2dce-951a-434d-98d8-eebf595b9d32","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":241,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"ccfa14dc-7379-4deb-ba55-cb4aa2494f34","block_type":"box","text":"their key stakeholders:","page_number":241,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"f8dacaec-055c-4162-b43d-88b6c0281ed6","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":241,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"58e6941d-223c-464d-9a0b-e35425a81a48","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":241,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"79fbe380-fbf8-419e-81d3-d5d1ce0eecdb","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":241,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"0123b11b-d383-4cdd-b389-19495ffd7858","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Further, we consider the","page_number":241,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"b1f27ddf-e860-4a5a-9835-abe2b428c15e","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":241,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"33b71e42-33f0-42ba-8869-864655c8494d","block_type":"box","text":"does not.","page_number":241,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"938ac36b-fa39-47e0-b9aa-2a3e1d4b65e0","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"d4a6ffbc-9163-49f4-9a66-b4561da92ad0","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":241,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"78415a3f-bbfd-4d18-b04c-5e7a96931a04","block_type":"box","text":"limitations:","page_number":241,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"f3c2766e-7ccb-4df7-b9d5-58a65f767be1","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":241,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"d82e76e7-91ea-4f39-bfa5-99f86210a194","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":241,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"3fe19b91-39b8-42d5-89e3-54284b1cd1b7","block_type":"box","text":"include relevant data and narrative.","page_number":241,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"eeb6b5a6-432d-46d6-ba5c-4ddc6f7a6686","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"76a2033f-20c5-4f15-8526-e96e86fcf51b","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":241,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"8c3cca6f-f109-4d56-914b-5d6b0703f8ad","block_type":"box","text":"The boards and executive","page_number":241,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"a6091da2-5de3-4136-8e18-546e6af32240","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":241,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"f98b7206-9db4-4148-9cce-a35aa4c5e53c","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":241,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"445bfd15-735a-41d4-8a38-96a155e855da","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":241,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"916f17dc-ff18-4aa0-834f-e5cc63fa42a6","block_type":"box","text":"8","page_number":241,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"d624b737-98ed-49d8-838a-c8fe33093b92","block_type":"box","text":"Aladdin","page_number":241,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"9b7b059d-8561-428f-8715-1b31c85ee55d","block_type":"box","text":"®","page_number":241,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"fadf51ca-e409-44dc-a954-541466d5997c","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":241,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"48ede392-8c80-4318-a3e3-2c3ede2af41d","block_type":"box","text":"analytics. 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As a general","page_number":242,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"6a15ef2f-aa7b-4ec4-8d1f-eb28eb619221","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":242,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"424132c5-3453-45a5-88e0-6f3d7b87812d","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":242,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"0a51d351-618f-4db8-9d3d-bc9dd73b34a3","block_type":"box","text":"appropriate, which may include:","page_number":242,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"b831d696-58c3-4764-80d1-8e7c254fa275","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":242,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"34cb54d4-19f7-4e92-9ed0-7e29422d1072","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":242,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"f6569004-9e81-44f6-b008-dac1893a6fd5","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":242,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"d6573301-3b92-4862-8216-bbe980a20ed3","block_type":"box","text":"milestones to assess their progress.","page_number":242,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"4076c75c-e9b7-43e0-9f78-5fa923b2ede7","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":242,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"d279f26b-7a69-41c1-ac70-55e95df6ef54","block_type":"box","text":"Standards Board (ISSB).","page_number":242,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"b2aefc8d-19ad-4f3e-bb8a-c9c894f3fca3","block_type":"box","text":"11","page_number":242,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"e8f666f0-b992-481f-92c3-1e7e1bfe8947","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":242,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"01ec24f0-ea37-4b99-989b-f1957e06fade","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":242,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"f5f0fe6e-5c29-4a4d-9147-7b26c9ef3a2d","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":242,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"23b39318-2200-4d7a-aab0-93b02862e803","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":242,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"17ed4c48-3dd6-4c5f-a3cb-414efe63d8dd","block_type":"box","text":"independent, third-party assurance.","page_number":242,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"cc1efcd8-ce21-44cc-91ae-65f0238edfa1","block_type":"box","text":"9","page_number":242,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"8c8eb287-0008-473b-af73-7180fa0b3049","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":242,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"a8c20566-1999-4a54-b05a-7fd91c3acdeb","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":242,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"3f5dbe03-ec2d-42df-855f-955091a768ea","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":242,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"02f3206d-acb0-4b38-8e86-088cb863866a","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":242,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"48b3090e-e95f-425d-9516-b88d323c77f9","block_type":"box","text":"10","page_number":242,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"feae1789-6819-4a05-af93-8a872801cdc3","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":242,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"0f9d8285-c90a-42ce-b9b9-56f04246d2ef","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":242,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"3cc6a1c1-1393-4853-8742-9c72d00c291e","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":242,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"20182959-0c69-4323-bc9d-0585c18a887b","block_type":"box","text":"11","page_number":242,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"06623b5b-4310-4a46-96cc-a5b9da22d776","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":242,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"7264bac9-b3e3-47ad-bf68-137ce578210f","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":242,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"0a333cf3-5266-41ed-ac24-0c6106ba9654","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":242,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"a57dcf88-c776-4133-9bb6-0f0705ae359a","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":242,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"7585a2b0-5972-4bff-a40d-397c31616305","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":242,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"88fced62-7684-4190-afbb-43b715315257","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":242,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"3bef0336-1231-40ba-ba0d-fdb80ffe472b","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":242,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"cb09a64d-b6b7-4b5b-bdc1-ff3b8804cf24","block_type":"box","text":"already committed to doing so.","page_number":242,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"7e6b5136-67e7-486c-a49b-7961ad0b5ff3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ab8cd775-7f7d-40c3-9d2e-b3aa0bb9e307","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":242,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"14d6e246-9935-4550-a2a6-8966315e78f7","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":242,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"ced21d9c-c7db-4a22-b3be-d60fe28653cf","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":243,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"6eb554e3-6160-43e9-bc87-882b24598827","block_type":"box","text":"12 13","page_number":243,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"232fd7ce-a718-4e16-9052-fc93862e183e","block_type":"box","text":"In addition, we look to companies to disclose","page_number":243,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"638da166-c073-44e4-aaee-a82e9af7157a","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":243,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"0164c170-42e7-40b4-9ead-68489bf30f51","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":243,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"fa6632ba-be6a-4482-a4f4-e8f12a58c96b","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":243,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"4422eb12-72a5-460d-b53d-8aa45bea7719","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":243,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"39642239-9542-48d7-a23c-04faadae46a9","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":243,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"4aaf14cd-3dfe-4c36-ad26-0c4be56d1796","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":243,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"1fc70655-d20d-499b-9afa-6b36944b24f2","block_type":"box","text":"14","page_number":243,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"8b1cd8b9-fa0a-4a2b-957a-1fc602931ce1","block_type":"box","text":"However, we recognize that","page_number":243,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"d0ca0d24-28fa-4e0a-adfc-090afbb3a2c9","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":243,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"f83121c3-7be4-40cc-a878-a04ea00f2170","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":243,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"6942eeb0-a3bc-43f8-95b8-1c2462006f8c","block_type":"box","text":"Transition plans","page_number":243,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"6316b6a6-a45d-49fd-8ac0-088b4084cb66","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":243,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"0583a4bf-c014-44b7-9bc6-76b399d434ba","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":243,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"8448c8b9-de5e-47ab-af87-82add9bbb914","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":243,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"e4fbbd60-c3cc-4e0d-9be6-531890b78fcb","block_type":"box","text":"appendix 1).","page_number":243,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"cf368968-5223-44b9-a875-10d565788440","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":243,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"8e2b6c64-da61-4688-bdc7-9c95cc537731","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":243,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"ad480013-85b5-4bed-8556-eb049385c376","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":243,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"47200df2-4e18-48c4-9655-e887475080ec","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":243,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"b5fa4d83-0eed-4c82-a249-4ad9827d0c13","block_type":"box","text":"Boards and directors","page_number":243,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"0314ecf1-08b1-4c0e-9b0a-144c577f3452","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":243,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"81710959-a87f-4140-8073-425c0d06a930","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":243,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"9897e92f-b759-48e4-8fe4-921d1637c985","block_type":"box","text":"transition strategy.","page_number":243,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"548ec0f5-c709-4595-8bf8-d70f92a3f563","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":243,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"ece61a1c-170e-4e65-8195-c7ffe9309872","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"0a882472-e823-4837-85e3-58db055669eb","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":243,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"2dc91ad3-a9e6-4d0a-a20a-b6e1cbaa36cf","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":243,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"faf0b18d-d483-4b7f-8735-f5c2a64e8466","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":243,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"c22a0c7f-4e52-4f4f-a806-7fabcf3678b9","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"3bb714d0-7c3a-48ea-af4c-145e8c41c4cb","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":243,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"e1d39e15-5da3-46fe-89f1-771f65ab1273","block_type":"box","text":"accountability for delivery by senior executives.","page_number":243,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"ebde656b-08de-4f87-a25a-ff435f1e58da","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"8bc606f6-775c-4f1a-8bbb-eb97728d0fab","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":243,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"b399a6d7-9cab-496a-9853-68778077fb9a","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":243,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"147cb9a9-f6d2-4273-941f-ef3a7515a24b","block_type":"box","text":"transition strategy.","page_number":243,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"a1736d68-e261-4333-a245-2805a4481e9d","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"8bed7ac1-f28c-484a-8cff-1941182b495f","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":243,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"f102ba49-aeb9-4944-9cad-d49f08c46fef","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":243,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"246251f2-6120-4e71-aeb2-3ca7ff9029cd","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"fe45e7af-dd69-4476-b404-6001c969c0dc","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":243,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"e64a7597-9a05-4290-862c-7d76232c0daf","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":243,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"2ce63ab9-653b-4491-88b2-2d4d6ce9464f","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":243,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"3593969a-f377-45ef-a78f-615eb763d593","block_type":"box","text":"•","page_number":243,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"8fcea6ed-21f7-43dd-942a-b57c49f6b337","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":243,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"566b26a0-c0a5-4d64-865a-e87176ea1b9b","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":243,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"a78fa402-1512-4104-9619-86ab4aa87787","block_type":"box","text":"12","page_number":243,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"cd716e37-3949-47e7-b33b-88afb4f6c089","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":243,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"de1a8437-890a-424c-bc0f-eea00a35297a","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":243,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"1c678a59-08c9-42b0-8b09-f54fb39f2c0b","block_type":"box","text":"13","page_number":243,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"ed2945cd-0005-4da9-9ba4-bad1d12f0084","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":243,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"ee9bfabe-0abb-4590-a017-743c53bc31de","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":243,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"9820fbe1-47d8-456c-a429-ccf22a8fbf6b","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":243,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"bfd754fd-02f5-4b22-ae18-8a8395d3d881","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":243,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"a7a30f31-afa7-4f89-a284-52f077757e3c","block_type":"box","text":"14","page_number":243,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"6a3d5135-162e-4e48-9551-e08834cee9ab","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":243,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"b2e90d0c-1898-41f6-8d1b-f991587987cb","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":243,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"dabe16dd-f0cb-4560-9c31-da92b8b81d44","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":243,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"b8700ce2-be04-435c-93d6-9def6e16c24a","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":243,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"b50b3889-2053-4395-835b-564769f1e946","block_type":"box","text":"business models.","page_number":243,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"1d958380-6cb4-47ef-b42b-75ceca533d27","block_type":"box","text":"BlackRock Investment Stewardship","page_number":243,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5b75f3aa-b693-469f-907a-559dadf06cb9","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":243,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"891a848d-fdfb-4371-926f-6f0e1e47a559","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":243,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"8f4aeddb-ab0e-47d5-a31d-5170650a6ad1","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"331d3a0d-a7cc-4f3b-ac60-7c2f70ed9df9","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":244,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"fba9828d-82c7-4a8c-a97e-5f039fd23358","block_type":"box","text":"15","page_number":244,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"e6df3166-a9a0-4c68-95fd-31205e133355","block_type":"box","text":"and disclosing these where it is confident in the","page_number":244,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"5823e761-9599-4af0-abb6-29155e45d702","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":244,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"37501b0d-a1aa-4862-a346-ca6071359385","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":244,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"bc28977f-6818-4829-b9dd-b40f3c806fc3","block_type":"box","text":"with the different constituents in their value chain.","page_number":244,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"efc3c768-49cd-4a20-9a97-b506114203ee","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"d63e5419-5aac-461b-bb70-a23a7c69803b","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":244,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"e079fd90-cd31-4a84-9438-ca0210d0be26","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":244,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"b2def211-db49-44bd-9378-6f983df9728e","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":244,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"f67f3aef-b885-4f65-b027-53f5c05611e5","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":244,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"158eca18-27db-4841-8e1c-fc29fceeb93e","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":244,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"33389211-5324-43b7-9f7f-a4ebfbd6ecdd","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":244,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"b5c5572f-1378-4dcb-bb2e-8ca56a184847","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":244,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"4c203d28-6b40-4913-969c-224b86e40d93","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":244,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"c004eaae-1552-4953-8740-d7f06b372f81","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":244,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"f18f3130-9ec4-4aa4-ba8b-5cbfe1a238ce","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":244,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"508983ef-b921-471f-b36a-ea3d24f43f36","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":244,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"e30e0257-b619-44fb-897b-0b9f46d39d98","block_type":"box","text":"or equivalent.","page_number":244,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"c349ea85-89e4-4c3a-a221-2f4c5e3e9c13","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":244,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"e73f3ae1-29af-42da-8884-1f6d4d45a062","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":244,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"0346e391-9227-41c8-b305-0cf7bc4b4820","block_type":"box","text":"16","page_number":244,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"d3371067-74f9-45e8-81d4-cae62d14740f","block_type":"box","text":"by","page_number":244,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"084734ff-0be2-4ba2-98e6-55077c4e3601","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":244,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"09135ae7-1064-409e-8974-296f6ba85f6e","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":244,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"fef33c89-eba6-4f40-ad3f-d0e12c69136b","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":244,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"3222f48d-1b1d-4d72-b2ff-5f05af121f5f","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":244,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"7de42ca5-dcf4-4a8b-9a25-444d0dbb9e58","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":244,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"bd10c768-6bb2-4f44-849d-c72916f72db4","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":244,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"5d4de282-b5da-4cde-8207-20cc8cfa41b7","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":244,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"e04c51c8-48d8-4696-9fa0-4a5466d46d3b","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":244,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"c4996fc7-e49a-45cb-8043-d96dcd508508","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":244,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"f4393592-9097-4dff-a219-adbc7d58dbd0","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":244,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"ca552397-5fb9-4bb7-a8ae-cbc4ea6a2666","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":244,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"e948ea94-d3df-43df-93dd-6bf98b9c958d","block_type":"box","text":"company to:","page_number":244,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"b224cf12-942e-432d-90c4-074b69c3a7ac","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"6adc29e0-1cf1-48fe-b26a-287cc019211e","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":244,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"c1646bc2-31b8-4000-b866-df50574d5af4","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":244,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"d74057b7-9b83-49c3-8525-ccc8f37a3083","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"11ea32b0-a3b8-4866-bde8-fba6646909c7","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":244,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"03dbd6d3-01c4-4cd6-a4f0-0f89fe635d3d","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":244,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"23975752-29b9-47fa-9e2a-0368578cf616","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"0df9eac7-60e5-4d72-8779-3b253177ca92","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":244,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"37e46d37-8ff8-4236-994e-28ec2675d00e","block_type":"box","text":"•","page_number":244,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"e9ee0a92-d5ca-4bde-8ead-7176aedb1172","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":244,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"16d2ede8-3cd4-4941-b31e-f7c836228285","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":244,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"bf12d0b6-6ba8-4792-9f59-aea6687aedd8","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":244,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"e5d62c89-91fb-4029-981d-a16542269f40","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":244,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"8661ceb4-0e98-4f73-aea1-af224ddae96f","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":244,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"6687d630-d314-4059-b690-8337ca170037","block_type":"box","text":"15","page_number":244,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"b89e7c85-18e5-43a7-b1ea-a1ddd68c9dde","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":244,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"5c71523f-be4d-42b7-911f-4ce06c4f16bf","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":244,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"41bb0ab7-4f41-4456-af1e-a72f6c668d1f","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":244,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"07f52dfa-8646-4bdc-b50c-eeaf0ce31299","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":244,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"09d564f5-30fd-492b-ae80-e2c0c0da6021","block_type":"box","text":"16","page_number":244,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"dac8f0eb-b4ff-4178-bbce-f795a1060e1b","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":244,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"48e33805-5ee8-4577-a391-8b65ec3caa2b","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":244,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"2f09f189-caca-4238-97b3-c57fb23a4a58","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":244,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"dcb55282-5891-4be5-aa16-67b96a7fc901","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":244,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"cab8c61f-51eb-464f-acc7-1c97089328aa","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"05ca0262-dcf9-4fbc-9a6b-ac394bbdef8e","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":244,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"a883056d-21e9-4027-89ac-a2e1b35f5ce2","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":244,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"dbcba6a9-e277-43e0-a0b6-d5dfa0a02166","block_type":"box","text":"RELATED MATTERS","page_number":245,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"6a60975e-f6b2-4490-9e9f-8df4e4f88c3a","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":245,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"120c6582-c7ff-4960-b792-ee204c5e9503","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":245,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"3b5f6c65-b538-4004-b8a2-92e7abf35e76","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":245,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"4c26867d-508c-44e1-a6c4-ca6c763ef8a0","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":245,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"42c7538b-6ecd-4e02-b388-75edc9692343","block_type":"box","text":"Executive compensation","page_number":245,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"58b05cac-20f3-48c1-b007-dd571c65a30c","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":245,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"21e55bed-b284-4bae-b401-ef3bb1b099e4","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":245,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"1dffcfa8-82dc-4411-bc83-6153bc74bc44","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":245,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"c0332b5f-910a-4b4f-9a5d-327d79ee78d1","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":245,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"478e4eae-2c76-4acb-84d3-4c3c0b0a7e23","block_type":"box","text":"Auditors and audit-related issues","page_number":245,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"7c76218b-411e-46f5-9947-6912c5d45889","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":245,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"d185b5c0-d5b1-47f5-a2ea-0367e1c175a7","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":245,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"99706695-5a7f-4cb4-be02-a2d16be34e27","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":245,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"21e12601-86a1-4e6c-9a17-bd4751ab4b6c","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":245,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"f62c3dff-5959-4518-8aee-27c32b9cd75f","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":245,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"d44af82b-4df4-4a6d-9b3b-f123bde252df","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":245,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"2d4fc19f-aa70-4dae-befe-705095b3adb6","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":245,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"3f2b0a79-bc26-4ed1-804c-0c37a990f277","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":245,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"75a0db89-cc5f-47bc-877e-563ef0318240","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":245,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"5b339782-fd72-4c56-a17b-5cbc0fc06b03","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":245,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"1ed41357-a7af-4fe2-af2a-df7f00134401","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":245,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"1ec0b37a-bb29-4451-9ee8-d3b792098530","block_type":"box","text":"shareholder activism.","page_number":245,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"222fe3d4-4cac-409e-b4af-602b4c3817c9","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":245,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"29e52450-8352-473c-9df1-69a319038799","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":245,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"0826a3c4-987a-456e-b116-0b318413a9f4","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":245,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"d688316a-4082-40f2-ae96-debfd45a190e","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":245,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"6ae744b8-e7a8-4376-becc-8d97a4cc596a","block_type":"box","text":"17","page_number":245,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"65766b80-fd84-4451-9ff0-3e1408986db3","block_type":"box","text":"In the context of","page_number":245,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"8c996e36-afdc-4f6b-b12c-c130eab1201a","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":245,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"5ebab98b-eccf-43a0-8d1d-7fa707964962","block_type":"box","text":"e.g.","page_number":245,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"8555fe3d-7a77-4458-beb2-b68ca6d177d4","block_type":"box","text":",","page_number":245,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"12d25658-6f0d-408a-a74f-1991c455f94d","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":245,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"1e44107a-0d00-4e48-ae24-c81f0e6b7110","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":245,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"991f02b2-2dd5-49e5-a604-e855e66b1921","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":245,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"d4822bde-78a9-489a-b1bb-70215b699b99","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":245,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"a870fe9b-e567-4e09-a2a0-3c83099469ed","block_type":"box","text":"17","page_number":245,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"31eaeaeb-5d06-4603-83ed-2f7c503b5abe","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":245,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"ee34e03c-7e9f-4ac7-aada-df9304e6d6a0","block_type":"box","text":"capital management and human rights.","page_number":245,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"e916227a-131f-4d89-9698-8050aa682026","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b1fdbdc4-121f-44fd-b265-f1373d75b4c6","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"acac2857-8260-4ec3-8de0-ee41e47c217f","block_type":"box","text":"BNM1026U-6032956-19204431","page_number":245,"box":{"x":647,"y":981,"width":170,"height":7}},{"id":"c33ce677-0c72-4071-b008-3c52c381b520","block_type":"box","text":"Appendix 1","page_number":246,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"d450f869-da40-49a8-a0f9-6a11503bd54c","block_type":"box","text":"Terminology","page_number":246,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"baaad1c2-9026-411a-8447-efcf77f21602","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":246,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"186d8780-3377-4bb1-a66e-ec59d19bb2eb","block_type":"box","text":"Climate risk:","page_number":246,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"529493e2-c669-4a89-a134-05c2d4a6ede0","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":246,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"26cf3310-edd0-48bd-9a5e-9903c89e6b64","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":246,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"f74e7054-54db-42cf-9d96-55295d7accd3","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":246,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"3ee434c9-a1bf-406d-99e3-8bf7a2b4c9ce","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":246,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"35f6d64d-4c6f-40ec-92de-c022663e28d8","block_type":"box","text":"The global economic shift toward lower","page_number":246,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"256fa656-782b-4f1c-a264-4967a705a4c7","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":246,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"80a4473c-4b39-48a4-8b0e-bfc9e8565cf0","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":246,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"bf84381b-5152-4226-82b2-47238f6537b3","block_type":"box","text":"change (","page_number":246,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"6ff5cf09-c193-4f7b-8783-4814ce1ed37c","block_type":"box","text":"e.g.","page_number":246,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"92964a41-60f8-4805-b730-12ba66db7397","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":246,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"0d9a128a-6446-4e02-91a1-ea38fba7c07e","block_type":"box","text":"Decarbonization:","page_number":246,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"606cceb2-e817-4c1a-b1eb-26371291771d","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":246,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"e41b8519-7c12-4310-a5ed-fec1b81be4ce","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":246,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"3e5f0cad-68e4-42f2-bc14-82246580083a","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":246,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"fae3e4f1-cca6-49c2-83c8-174e6f277717","block_type":"box","text":"e.g.","page_number":246,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"584ab51c-ca67-4269-b5a4-40b6dd5ba732","block_type":"box","text":", methane.","page_number":246,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"2ca621f7-ecbe-417a-b8c2-cbaea9ee60a2","block_type":"box","text":"Climate-related risks and opportunities:","page_number":246,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"4d81a572-895a-4e23-b322-3a788bd281b8","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":246,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"9c8a1695-79f0-4c9d-b260-4e7b434e7474","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":246,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"49392123-2c1e-4283-aba4-c9cc718f0442","block_type":"box","text":"to physical climate change.","page_number":246,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"04ea89ec-141c-45c3-90c4-6750283708ca","block_type":"box","text":"Climate-related transition plan:","page_number":246,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"748c7f05-5534-4a84-8600-5ea73b563f77","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":246,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"61de990f-6ccd-4a56-a93e-b6e4a1b766e5","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":246,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"3dc9e2ab-a2f6-4e9d-9476-5e781683ec2f","block_type":"box","text":"greenhouse gas emissions.”","page_number":246,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"d4fadf04-db73-4a83-83cd-ac93d0c93163","block_type":"box","text":"18","page_number":246,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"b72d21a0-516e-40b4-b620-772b5c9eced5","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":246,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"b582d436-5844-4676-9bff-0f0e24a47ab2","block_type":"box","text":"Targets that “","page_number":246,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"d8aa024d-c1b3-436b-8f60-44fccf8026a6","block_type":"box","text":"are in line with what the latest climate science","page_number":246,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"ee81cbcf-4642-457b-85ab-8a277e00d87a","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial","page_number":246,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"7c9e016a-9e86-4a33-94fc-3a904334cde9","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":246,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"b5f83adf-fe1c-433a-bf8a-10b9cc1334e8","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":246,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"9004d0ba-4d34-4d94-8f06-532fc7de5893","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":246,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"11ab22e8-6250-475a-82fc-c32cd2269612","block_type":"box","text":"19","page_number":246,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"27f199a8-60cc-4ddc-9036-e531814ed106","block_type":"box","text":"18","page_number":246,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"e2acac36-e45c-4a1f-a52e-bccf4724f732","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":246,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"85f5fe57-d647-4fe4-a495-fb3321a80934","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":246,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"67c1e543-ccef-4536-80b6-36336cb53d53","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":246,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"00e36392-1efa-4e61-abe7-420b967a7ad1","block_type":"box","text":"19","page_number":246,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"d0c8f92a-066e-43a2-9ed0-3d16e9dfb6a3","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":246,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"5bbe3add-5561-47c8-a62b-03db8d37421f","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. 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